# EDGAR Filing Document

**Accession Number:** 0000875186
**File Stem:** 0000950130-25-000314
**Filing Date:** 2025-12
**Character Count:** 2994150
**Document Hash:** a9e0351c228e3f575c78a22d0e959ff9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950130-25-000314.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0000950130-25-000314

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 240

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20260101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY PATHWAY FUNDS
- **CENTRAL INDEX KEY:** 0000875186

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06318
- **FILM NUMBER:** 251601982

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577
- **BUSINESS PHONE:** 8883749999

**MAIL ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSULTING GROUP CAPITAL MARKETS FUNDS
- **DATE OF NAME CHANGE:** 19950125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUST FOR TRAK INVESTMENTS
- **DATE OF NAME CHANGE:** 19920929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL ADVISORS PORTFOLIOS
- **DATE OF NAME CHANGE:** 19600201
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MORGAN STANLEY PATHWAY FUNDS
- **CENTRAL INDEX KEY:** 0000875186

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-40823
- **FILM NUMBER:** 251601983

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577
- **BUSINESS PHONE:** 8883749999

**MAIL ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CONSULTING GROUP CAPITAL MARKETS FUNDS
- **DATE OF NAME CHANGE:** 19950125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRUST FOR TRAK INVESTMENTS
- **DATE OF NAME CHANGE:** 19920929

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INSTITUTIONAL ADVISORS PORTFOLIOS
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### Municipal Bond Fund (Series ID: S000008430)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023138 | Municipal Bond Fund | TMUUX           |

### International Equity Fund (Series ID: S000008435)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000023143 | International Equity Fund | TIEUX           |

### Emerging Markets Equity Fund (Series ID: S000008436)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000023144 | Emerging Markets Equity Fund | TEMUX           |

### Core Fixed Income Fund (Series ID: S000008437)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000023145 | Core Fixed Income Fund | TIIUX           |

### High Yield Fund (Series ID: S000008438)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000023146 | High Yield Fund | THYUX           |

### International Fixed Income Fund (Series ID: S000008439)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000023147 | International Fixed Income Fund | TIFUX           |

### Inflation-Linked Fixed Income Fund (Series ID: S000052236)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000164312 | Inflation-Linked Fixed Income Fund | TILUX           |

### Ultra-Short Term Fixed Income Fund (Series ID: S000052237)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000164313 | Ultra-Short Term Fixed Income Fund | TSDUX           |

### Alternative Strategies Fund (Series ID: S000060155)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000196891 | Alternative Strategies Fund |  |

### Morgan Stanley Pathway Large Cap Equity ETF (Series ID: S000088119)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000254172 | Morgan Stanley Pathway Large Cap Equity ETF | MSLC            |

### Morgan Stanley Pathway Small-Mid Cap Equity ETF (Series ID: S000088120)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000254173 | Morgan Stanley Pathway Small-Mid Cap Equity ETF | MSSM            |

?xml version='1.0' encoding='ASCII'? 485BPOS

------

As filed with the Securities and Exchange Commission on December 23, 2025

#### Securities Act File No. 033-40823

#### Investment Company Act No. 811-06318

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON D.C. 20549

### FORM N-1A

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| **THE SECURITIES ACT OF 1933** |  |
| **Post-effective Amendment No. 94** | ☒ |

---

#### and/or

### REGISTRATION STATEMENT

#### UNDER

#### THE INVESTMENT COMPANY ACT OF 1940

---

| | |
|:---|:---|
| **Amendment No. 96** | ☒ |

---

#### (Check appropriate box or boxes)

## Morgan Stanley Pathway Funds

#### 2000 Westchester Avenue

#### Purchase, NY 10577

#### (Address of Principal Executive Offices) (Zip Code)

#### Registrant's Telephone Number, including Area Code:
(800) 869-3326

#### CT Corp

#### 155 Federal Street Suite 700

#### Boston, MA 02110

#### (Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b)

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

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

☐ On (date) pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(3)

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

☐ On (date) pursuant to paragraph (a)(2) of rule 485

------

![LOGO](g767768g01g01.jpg)

 Prospectus » January 1, 2026 ● Morgan Stanley Pathway Large Cap Equity ETF **(MSLC)** Principal Listing Exchange: NYSE Arca, Inc. ● Morgan Stanley Pathway Small-Mid Cap Equity ETF **(MSSM)** Principal Listing Exchange: NYSE Arca, Inc. ● International Equity Fund **(TIEUX)** ● Emerging Markets Equity Fund **(TEMUX)** ● Core Fixed Income Fund **(TIIUX)** ● High Yield Fund **(THYUX)** ● International Fixed Income Fund **(TIFUX)** ● Municipal Bond Fund **(TMUUX)** ● Inflation-Linked Fixed Income Fund **(TILUX)** ● Ultra-Short Term Fixed Income Fund **(TSDUX)** ● Alternative Strategies Fund **(TALTX)** 

 INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

The Securities and Exchange Commission has not approved or disapproved these securities or determined whether this Prospectus is accurate or complete. Any statement to the contrary is a crime.

------

![LOGO](g767768g99a01.jpg)

## Morgan Stanley Pathway Funds
**Table of Contents**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Summaries** |
| &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Morgan Stanley Pathway Large Cap Equity ETF](#toc767768_2) |
| &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Morgan Stanley Pathway Small-Mid Cap Equity ETF](#toc767768_3) |
| 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Equity Fund](#toc767768_4) |
| 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Emerging Markets Equity Fund](#toc767768_5) |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Core Fixed Income Fund](#toc767768_6) |
| 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [High Yield Fund](#toc767768_7) |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Fixed Income Fund](#toc767768_8) |
| 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Municipal Bond Fund](#toc767768_9) |
| 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Inflation-Linked Fixed Income Fund](#toc767768_10) |
| 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Ultra-Short Term Fixed Income Fund](#toc767768_11) |
| 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Alternative Strategies Fund](#toc767768_12) |
| 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fund details](#toc767768_13)** |
| 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment objectives, strategies and risks](#toc767768_14) |
| 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[About the Funds](#toc767768_15)** |
| 86 | &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 multi-manager strategy](#toc767768_16) |
| 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [About the Morgan Stanley-sponsored investment advisory programs](#toc767768_17) |
| 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio holdings](#toc767768_18) |
| 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fund Management](#toc767768_19)** |
| 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Investment and account information](#toc767768_20)** |
| 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Information Concerning the Morgan Stanley Pathway ETFs](#toc767768_21) |
| 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Account transactions](#toc767768_22) |
| 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Valuation of shares](#toc767768_23) |
| 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dividends and distributions](#toc767768_24) |
| 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Taxes](#toc767768_25) |
| 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#toc767768_26)** |

---

------

## Morgan Stanley Pathway Large Cap Equity ETF
Ticker: MSLC

Stock Exchange: NYSE Arca, Inc.

#### Investment objective
Capital appreciation.

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

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory program (as a percentage of prior quarter-end net assets)<sup>1</sup> | 2.00% |

---

#### Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment in the Fund)<sup>1</sup>

---

| | |
|:---|:---|
|  Management Fees<sup>2</sup> | 0.55% |
|  Other Expenses | 0.08% |
|  Total Annual Fund Operating Expenses | 0.63% |
|  Waiver<sup>2</sup> | (0.24%) |
|  Net Annual Fund Operating Expenses<sup>2</sup> | 0.39% |

---

<sup>1</sup>The Morgan Stanley Annual Advisory Program Fees are only applicable to shareholders who own shares of the Fund through a Morgan Stanley-sponsored investment advisory program.

<sup>2</sup>CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses, and, for applicable shareholders as stated below, a maximum annual fee of 2.00% for the

applicable Morgan Stanley-sponsored investment advisory program through which you invest. Your actual costs may be higher or lower.

If you do not own Fund shares through a Morgan

Stanley-sponsored investment advisory program, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| $40 | $178 | $327 | $763 |

---

If you own Fund shares through a Morgan Stanley-sponsored investment advisory program, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| $242 | $795 | $1374 | $2946 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate of the Morgan Stanley Pathway Large Cap Equity ETF was 13% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of large capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines large cap companies as companies whose market capitalizations typically fall within the range of the Russell 1000<sup>®</sup> Index. The market capitalization of the companies in large-cap market indices and the Fund's portfolio changes over time. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

MORGAN STANLEY \| 2026<sub>1</sub>

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

**ETF Structure Risks.** The Fund is structured as an ETF and is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;• *Not Individually Redeemable.* Shares are not individually redeemable to retail investors and may be redeemed by the Fund only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Issues.* An active trading market for the Fund's shares may not be developed or maintained. Trading in shares on NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Price Variance Risk.* The market price of the Fund's shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that shares may trade at a discount to NAV, and, therefore, shareholders could receive less or pay more than NAV when selling or purchasing shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Trading Risk.* The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• *Fluctuation of Net Asset Value Risk.* The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of the Fund's shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Fund's shares on the Exchange. The Adviser cannot predict whether the shares will trade

below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the Fund's shares will be closely related to, but not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any point in time.<br>

&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participant Concentration Risk.* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

• **Market Risk**, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Market risk may affect a single company, sector of the economy or the market as a whole.

• **Equity Risk**, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• **Exchange-Traded Funds ("ETFs") Risk**, which is the risk of owning shares of an ETF and generally reflects 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.

• **Investment Style Risk**, which means large cap and/or growth stocks could fall out of favor with investors and trail the performance of other types of investments.

• **Foreign Investment Risk**, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• **Securities Lending Risk**, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• **Manager Risk**, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

2 MORGAN STANLEY \| 2026

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
• **Multi-Manager Risk**, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager.

• **Issuer Risk**, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• **Sector Risk ,** which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
Before the Fund commenced operations, the Fund acquired the assets and liabilities of the Large Cap Equity Fund, a former series of the Trust (the "Predecessor Large Cap Equity Fund") (the "Large Cap Equity Fund Reorganization") on December 9, 2024. As a result of the Large Cap Equity Fund Reorganization, shareholders of the Predecessor Large Cap Equity Fund received shares of the Fund, and the Fund assumed the performance and accounting history of the Predecessor Large Cap Equity Fund prior to the date of the

Large Cap Equity Fund Reorganization. Accordingly, the performance shown below for periods prior to the Large Cap Equity Fund Reorganization represents the performance of the Predecessor Large Cap Equity Fund. The Predecessor Large Cap Equity Fund's investment objective was identical to the Fund's, and the Predecessor Large Cap Equity Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund.

The Predecessor Large Cap Equity Fund's returns in the bar chart and table reflect the Predecessor Large Cap Equity Fund's expenses but have not been adjusted to reflect the Fund's expenses. If the Predecessor Large Cap Equity Fund's performance information had been adjusted to reflect the Fund's expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Predecessor Large Cap Equity Fund for that period. Additionally, if the Predecessor Large Cap Equity Fund had operated as an ETF, its performance may have differed.

The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. **The performance information in the bar chart and table below does not reflect the Morgan Stanley Annual Advisory Program Fee applicable to investors participating in Morgan Stanley sponsored investment advisory programs (see Annual Advisory Program Fees above). These fees would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

MORGAN STANLEY \| 2026<sub>3</sub>

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Annual total returns (%) calendar years
Morgan Stanley Pathway Large Cap Equity ETF

![LOGO](g767768g06a01.jpg)

Fund's best and worst calendar quarters

Best: 21.65% in 2nd quarter of 2020

Worst: -21.39% in 1st quarter of 2020

Year-to-date: 13.21% (through 3rd quarter 2025)

#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
|  | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** | &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** | &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** | &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** |
| &nbsp;&nbsp; Return Before Taxes | 21.85% | 12.23% | 11.25% |
| &nbsp;&nbsp; Return After Taxes on Distributions | 20.70% | 10.45% | 9.09% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 12.48% | 9.17% | 8.40% |
| &nbsp;&nbsp; Russell 1000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 24.51% | 14.28% | 12.87% |

---

<sup>1</sup> The Predecessor Fund's inception date was November 18, 1991.

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's benchmark is the Russell 1000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Index is composed of the 1,000 largest U.S. companies by market capitalization. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Sub-advisers and portfolio managers
BlackRock Financial Management, Inc. ("BlackRock")

ClearBridge Investments, LLC ("ClearBridge")

Great Lakes Advisors, LLC ("Great Lakes")

Principal Asset Management ("Principal")

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO MANAGER SINCE | PREDECESSOR<br>FUND'S PORTFOLIO <br>MANAGER SINCE |
| &nbsp;&nbsp; Jennifer Hsui, CFA<sup>®</sup> Managing Director, Global Head of Index Equity | BlackRock | 2024 | 2018 |
| &nbsp;&nbsp; Peter Sietsema, CFA<sup>®</sup> Director and Senior Portfolio Manager | BlackRock | 2024 | 2022 |
| &nbsp;&nbsp; Matt Waldron, CFA<sup>®</sup> Managing Director and Portfolio Manager | BlackRock | 2024 | 2022 |
| &nbsp;&nbsp; Steven White, Director and Portfolio Manager, Head of Active Risk ETF | BlackRock | 2025 | N/A |
| &nbsp;&nbsp; Erica Furfaro, Director and Portfolio Manager | ClearBridge | 2024 | 2024 |
| &nbsp;&nbsp; Margaret Vitrano, Managing Director and Portfolio Manager | ClearBridge | 2024 | 2017 |
| &nbsp;&nbsp; Paul Roukis, CFA<sup>®</sup>, Portfolio Manager and Managing Director | Great Lakes | 2024 | 2023 |
| &nbsp;&nbsp; Jeff Agne, Portfolio Manager and Managing Director | Great Lakes | 2024 | 2023 |
| &nbsp;&nbsp; Bill Nolan, Chief Investment Officer and Portfolio Manager | Principal | 2024 | 2023 |
| &nbsp;&nbsp; Tom Rozycki, Director of Research and Portfolio Manager | Principal | 2024 | 2023 |

---

#### Purchase and sale of Fund shares
Individual Fund shares may only be bought and sold in the secondary market through a broker or dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid/ask spread"). Information on the Fund's NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.morganstanley.com/wealth-investmentsolutions/cgcm.

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

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

MORGAN STANLEY \| 2026<sub>5</sub>

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## Morgan Stanley Pathway Small-Mid Cap Equity ETF
Ticker: MSSM

Stock Exchange: NYSE Arca, Inc.

#### Investment objective
Capital appreciation.

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

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory program (as a percentage of prior quarter-end net assets)<sup>1</sup> | 2.00% |

---

#### Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment in the Fund)<sup>1</sup>

---

| | |
|:---|:---|
|  Management Fees<sup>2</sup> | 0.75% |
|  Other Expenses | 0.14% |
|  Total Annual Fund Operating Expenses | 0.89% |
|  Waiver<sup>2</sup> | (0.27%) |
|  Net Annual Fund Operating Expenses<sup>2</sup> | 0.62% |

---

<sup>1</sup>The Morgan Stanley Annual Advisory Program Fees are only applicable to shareholders who own shares of the Fund through a Morgan Stanley-sponsored investment advisory program.

<sup>2</sup>CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses, and, for applicable shareholders as stated below, a maximum annual fee of 2.00% for the

applicable Morgan Stanley-sponsored investment advisory program through which you invest. Your actual costs may be higher or lower.

If you do not own Fund shares through a Morgan

Stanley-sponsored investment advisory program, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| $63 | $257 | $467 | $1071 |

---

If you own Fund shares through a Morgan Stanley-sponsored investment advisory program, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| $265 | $869 | $1500 | $3195 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate of the Morgan Stanley Pathway Small-Mid Cap Equity ETF was 45% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of small-mid capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines small-mid cap companies as companies with market caps not exceeding the highest month-end market cap value of any stock in the Russell 2500<sup>®</sup> or Russell Mid Cap Index for the previous 12 months, whichever is greater. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

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**ETF Structure Risks.** The Fund is structured as an ETF and is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;• *Not Individually Redeemable.* Shares are not individually redeemable to retail investors and may be redeemed by the Fund only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;• *Trading Issues.* An active trading market for the Fund's shares may not be developed or maintained. Trading in shares on NYSE Arca, Inc. (the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Price Variance Risk.* The market price of the Fund's shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that shares may trade at a discount to NAV, and, therefore, shareholders could receive less or pay more than NAV when selling or purchasing shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Trading Risk.* The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Any of these factors, among others, may lead to the Fund's shares trading at a premium or discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• *Fluctuation of Net Asset Value Risk.* The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of the Fund's shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the Fund's shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the Fund's shares will be closely related to, but not identical

to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any point in time.

&nbsp;&nbsp;&nbsp;&nbsp;• *Authorized Participant Concentration Risk.* Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

• **Market Risk**, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Market risk may affect a single company, sector of the economy or the market as a whole.

• **Equity Risk**, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• **Exchange-Traded Funds ("ETFs") Risk**, which is the risk of owning shares of an ETF and generally reflects 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.

• **Investment Style Risk**, which means small cap and/or growth stocks could fall out of favor with investors and trail the performance of other types of investments.

• **Small-Mid Cap Risk**, which refers to the fact that historically, small-mid cap companies tend to be more vulnerable to adverse business and economic events, have been more sensitive to changes in earnings results and forecasts and investor expectations, and experience sharper swings in market values than larger, more established companies. At times, small-mid cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate.

• **Foreign Investment Risk**, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• **Securities Lending Risk**, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

MORGAN STANLEY \| 2026<sub>7</sub>

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• **Manager Risk**, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• **Multi-Manager Risk**, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager.

• **Issuer Risk**, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• **Sector Risk**, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
Before the Fund commenced operations, the Fund acquired the assets and liabilities of the Small-Mid Cap Equity Fund, a former series of the Trust (the "Predecessor Small-Mid Cap Equity Fund") (the "Small-Mid Cap Equity Fund Reorganization") on December 9, 2024. As a result of the Small-Mid Cap Equity Fund Reorganization, shareholders of the Predecessor Small-Mid Cap Equity Fund received shares of the Fund, and the Fund assumed the performance and accounting history of the Predecessor Small-Mid Cap Equity

Fund prior to the date of the Small-Mid Cap Equity Reorganization. Accordingly, the performance shown below for periods prior to the Small-Mid Cap Equity Fund Reorganization represents the performance of the Predecessor Small-Mid Cap Equity Fund. The Predecessor Small-Mid Cap Equity Fund's investment objective was identical to the Fund's, and the Predecessor Small-Mid Cap Equity Fund was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund.

The Predecessor Small-Mid Cap Equity Fund's returns in the bar chart and table reflect the Predecessor Small-Mid Cap Equity Fund's expenses but have not been adjusted to reflect the Fund's expenses. If the Predecessor Small-Mid Cap Equity Fund's performance information had been adjusted to reflect the Fund's expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Predecessor Small-Mid Cap Equity Fund for that period. Additionally, if the Predecessor Small-Mid Cap Equity Fund had operated as an ETF, its performance may have differed.

The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. **The performance information in the bar chart and table below does not reflect the Morgan Stanley Annual Advisory Program Fee applicable to investors participating in Morgan Stanley sponsored investment advisory programs (see Annual Advisory Program Fees above). These fees would reduce your return**. The Predecessor Small-Mid Cap Equity Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years
Morgan Stanley Pathway Small-Mid Cap Equity ETF

![LOGO](g767768g07a01.jpg)

Fund's best and worst calendar quarters

Best: 25.93% in 4th quarter of 2020

Worst: -26.41% in 1st quarter of 2020

Year-to-date: 8.40% (through 3rd quarter 2025)

8 MORGAN STANLEY \| 2026

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#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
|  | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** | &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** | &nbsp;&nbsp; **Fund (without advisory program fee) <sup>1</sup>** |  |
| &nbsp;&nbsp; Return Before Taxes | 9.69% | 7.81% | 7.24% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 7.26% | 5.28% | 4.38% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 1.96% | 4.95% | 4.66% |
| &nbsp;&nbsp; Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 23.81% | 13.86% | 12.55% |
| &nbsp;&nbsp; Russell 2500<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes) | 12.00% | 8.77% | 8.85% |

---

<sup>1</sup> The Predecessor Fund commenced operations on November 18, 1991.

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's broad-based securities market index is the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index represents the 3,000 largest publicly traded U.S. companies, based on market

capitalization. The Fund also compares its performance to the Russell 2500 Index<sup>®</sup>, which is a secondary benchmark that includes the smallest 2,500 U.S. companies out of the Russell 3000<sup>®</sup> Index universe. Unlike the Fund, the benchmarks are unmanaged and do not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-advisers and portfolio managers
AllianceBernstein L.P. ("AllianceBernstein")

BlackRock Financial Management, Inc. ("BlackRock")

Neuberger Berman Investment Advisers LLC ("Neuberger")

Westfield Capital Management Company, L.P. ("Westfield")

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO<br> MANAGER SINCE | PREDECESSOR<br> FUND'S PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; James MacGregor, CFA<sup>®</sup>, Chief Investment Officer | AllianceBernstein | 2024 | 2024 |
| &nbsp;&nbsp; Erik Turenchalk, CFA<sup>®</sup>, Portfolio Manager | AllianceBernstein | 2024 | 2024 |
| &nbsp;&nbsp; Jennifer Hsui, CFA<sup>®</sup> Managing Director, Global Head of Index Equity | BlackRock | 2024 | 2018 |
| &nbsp;&nbsp; Peter Sietsema, CFA<sup>®</sup> Director and Senior Portfolio Manager | BlackRock | 2024 | 2022 |
| &nbsp;&nbsp; Matt Waldron, CFA<sup>®</sup> Managing Director and Portfolio Manager | BlackRock | 2024 | 2022 |
| &nbsp;&nbsp; Steven White, Director and Portfolio Manager, Head of Active Risk ETF | BlackRock | 2025 | N/A |
| &nbsp;&nbsp; Benjamin H. Nahum, Managing Director | Neuberger | 2024 | 2016 |
| &nbsp;&nbsp; William A. Muggia, President, CEO and CIO | Westfield | 2024 | 2004 |
| &nbsp;&nbsp; Richard D. Lee, CFA<sup>®</sup>, Managing Partner and CIO | Westfield | 2024 | 2004 |
| &nbsp;&nbsp; Matthew R. Renna, Managing Partner, | Westfield | 2025 | N/A |
| &nbsp;&nbsp; Edward D. Richardson, Partner | Westfield | 2025 | N/A |

---

MORGAN STANLEY \| 2026<sub>9</sub>

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#### Purchase and sale of Fund shares
Individual Fund shares may only be bought and sold in the secondary market through a broker or dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid/ask spread"). Information on the Fund's NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund's website at www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

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## International Equity Fund

#### Investment objective
Capital appreciation.

#### Fund Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA, or Portfolio Management investment advisory programs (as a percentage of average prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
|  Management Fees\* | 0.70% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses | 0.13% |
|  Total Annual Fund Operating Expenses | 0.83% |
|  Waiver\* | (0.23)% |
|  Net Annual Fund Operating Expenses\* | 0.60% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| &nbsp;&nbsp; $263 | $855 | $1474 | $3140 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of companies located outside the U.S. The Fund focuses on companies located in developed markets, but also may invest a portion of its assets in securities of companies located in emerging markets. The Fund intends to diversify its assets by investing primarily in securities of issuers located in at least three foreign countries. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions or currency swaps and trading currency futures contracts and options on these futures. However, a Sub-adviser (as defined below) may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Market risk may affect a single company, sector of the economy or the market as a whole.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

MORGAN STANLEY \| 2026<sub>11</sub>

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• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *Forwards, Futures, Options and Swaps Risk*, which means that the Fund's use of forwards, futures, options and swaps to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in forwards, futures, options or swaps can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using forwards, futures, options or swaps can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forwards, futures, options or swaps if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. Investing in forwards, futures, options or swaps can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Emerging Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Small and Mid Cap Risk*, which refers to the fact that historically, small and mid cap stocks tend to be more vulnerable to adverse business and economic events, more sensitive to changes in earnings results and forecasts and investor expectations and will experience sharper swings in market values than larger, more established companies. At times, small and mid cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate.

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a

higher portfolio turnover rate, which can increase the Fund's transaction costs and result in more taxable short-term gains for shareholders.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

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#### Annual total returns (%) calendar years

#### International Equity Fund
![LOGO](g767768g08a01.jpg)

#### Fund's best and worst calendar quarters
Best: 18.66% in 4th quarter 2022

Worst: (25.29)% in 1st quarter 2020

Year-to-date: 23.91% (through 3rd quarter 2025)

#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 11/18/1991 | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 2.98% | 5.25% | 5.35% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 1.56% | 4.12% | 4.59% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 2.91% | 4.05% | 4.26% |
| &nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index (Net)<br> (reflects no deduction for fees, expenses or taxes) | 3.82% | 4.73% | 5.20% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's benchmark is the MSCI EAFE<sup>®</sup> Index (Net). The Benchmark is a composite portfolio of equity total returns for developed countries in Europe and the Far East and Australia and New Zealand. Unlike the Fund, the benchmark is

unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

MORGAN STANLEY \| 2026<sub>13</sub>

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#### Sub-advisers and portfolio managers
BlackRock Financial Management, Inc. ("BlackRock")

Causeway Capital Management LLC ("Causeway")

Schroder Investment Management North America Inc. ("Schroders")

Victory Capital Management, Inc. ("Victory Capital")

Walter Scott & Partners Limited ("Walter Scott")

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO<br>MANAGER SINCE |
| &nbsp;&nbsp; Jennifer Hsui, CFA<sup>®</sup> Managing Director, Global Head of Index Equity | BlackRock | 2024 |
| &nbsp;&nbsp; Peter Sietsema, CFA<sup>®</sup> Director and Senior Portfolio Manager | BlackRock | 2024 |
| &nbsp;&nbsp; Matt Waldron, CFA<sup>®</sup> Managing Director and Portfolio Manager | BlackRock | 2024 |
| &nbsp;&nbsp; Steven White, Director and Portfolio Manager, Head of Active Risk ETF | BlackRock | 2025 |
| &nbsp;&nbsp; Alessandro Valentini, CFA<sup>®</sup>, Portfolio Manager | Causeway | 2021 |
| &nbsp;&nbsp; Jonathan P. Eng, Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Harry W. Hartford, President and Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Sarah H. Ketterer, Chief Executive Officer and Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Ellen Lee, Portfolio Manager | Causeway | 2015 |
| &nbsp;&nbsp; Conor S. Muldoon, CFA<sup>®</sup>, Portfolio Manager | Causeway | 2014 |
| &nbsp;&nbsp; Steven Nguyen, Portfolio Manager | Causeway | 2019 |
| &nbsp;&nbsp; Brian Cho, Portfolio Manager | Causeway | 2021 |
| &nbsp;&nbsp; James Gautrey, CFA<sup>®</sup>, Portfolio Manager | Schroders | 2014 |
| &nbsp;&nbsp; Simon Webber, CFA<sup>®</sup>, Portfolio Manager | Schroders | 2011 |
| &nbsp;&nbsp; Daniel B. LeVan, CFA<sup>®</sup>, Chief Investment Officer of Trivalent Investments, a Victory Capital investment franchise | Victory Capital | 2017 |
| &nbsp;&nbsp; John W. Evers, CFA<sup>®</sup>, Senior Portfolio Manager | Victory Capital | 2017 |
| &nbsp;&nbsp; Jane Henderson, Managing Director | Walter Scott | 2021 |
| &nbsp;&nbsp; Roy Leckie, Executive Director – Investment & Client Service | Walter Scott | 2021 |
| &nbsp;&nbsp; Maxim Skorniakov, Investment Manager | Walter Scott | 2022 |
| &nbsp;&nbsp; Fraser Fox, Investment Manager | Walter Scott | 2022 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

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## Emerging Markets Equity Fund

#### Investment objective
Long-term capital appreciation.

#### Fund Fees and Expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA, or Portfolio Management investment advisory programs (as a percentage of average prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
|  Management Fees\* | 0.90% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses | 0.21% |
|  Total Annual Fund Operating Expenses | 1.11% |
|  Waiver\* | (0.36)% |
|  Net Annual Fund Operating Expenses\* | 0.75% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| &nbsp;&nbsp; $278 | $926 | $1599 | $3395 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of issuers organized, domiciled or with substantial operations in emerging markets countries, which are defined as countries included in an emerging markets index by a recognized index provider, such as the MSCI Emerging Markets Index (Net), or 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. Certain emerging market countries may also be classified as "frontier" market countries, which are a subset of emerging countries with even smaller national economies. To diversify its investments, the Fund invests primarily in securities of issuers located in at least three foreign countries. The Fund also may invest a portion of its assets in closed-end investment companies that invest in emerging markets. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions and trading currency futures contracts and options on these futures; however, a Sub-adviser (as defined below) may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that stock prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **15** |

---

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both the short and long-term. Market risk may affect a single company, sector of the economy or the market as a whole.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *Emerging Markets and Frontier Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank. Certain emerging market countries may also be classified as "frontier" market countries, which are a subset of emerging countries with even smaller national economies. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets. These risks tend to be even more prevalent in frontier market countries. 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 more than more developed markets. Frontier market countries may also be more affected by government activities 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.

• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *Forwards, Futures and Options Risk*, which means that the Fund's use of forwards, futures and options to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in forwards, futures or options can have a large impact on the Fund's Interest rate, securities market and currency exposure. Therefore, using forwards, futures or

options can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forwards, futures or options if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. Investing in forwards, futures or options can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued. <br>

• *Closed-End Investment Company Risk*, which means that since closed-end investment companies issue a fixed number of shares they typically trade on a stock exchange or over-the-counter at a premium or discount to their net asset value per share. The Fund will also bear its pro rata portion of any costs of a closed-end fund in which it invests.

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Strategy Risk*, the Fund invests a portion of its assets in stocks believed by a Sub-adviser to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The Fund also invests a portion of its assets in stocks believed by a Sub-adviser to have the potential for growth, but that may not realize such perceived growth potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company's growth potential. The stocks in which the Fund invests may respond differently to market and other developments than other types of stocks.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and result in more taxable short-term gains for shareholders.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *LIBOR Transition Risk,* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

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• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### Emerging Markets Equity Fund
![LOGO](g767768g09a01.jpg)

#### Fund's best and worst calendar quarters
Best: 19.72% in 4th quarter 2020

Worst: (26.64)% in 1st quarter 2020

Year-to-date: 27.31% (through 3rd quarter 2025)

#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 4/21/1994 | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 5.45% | (0.57)% | 2.68% |
| &nbsp;&nbsp; Return After Taxes on Distributions | 4.98% | (1.07)% | 2.32% |
| &nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares | 3.63% | (0.33)% | 2.21% |
| &nbsp;&nbsp; MSCI Emerging Markets Index (Net) (reflects no deduction for fees, expenses or taxes) | 7.50% | 1.70% | 3.64% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns

depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's benchmark is the MSCI Emerging Markets Index (Net). The benchmark is composed of equity total returns of countries with low to middle per capita incomes, as determined by the World Bank. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.

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| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **17** |

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#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets

among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-advisers and portfolio managers
BlackRock Financial Management, Inc. ("BlackRock")

Lazard Asset Management LLC ("Lazard")

ClearBridge Investment Management Limited ("CIML") *(Previously known as "Martin Currie")* 

Van Eck Associates Corporation ("VanEck")

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; Jennifer Hsui, CFA<sup>®</sup> Managing Director, Global Head of Index Equity | BlackRock | 2024 |
| &nbsp;&nbsp; Peter Sietsema, CFA<sup>®</sup> Director and Senior Portfolio Manager | BlackRock | 2024 |
| &nbsp;&nbsp; Matt Waldron, CFA<sup>®</sup> Managing Director and Portfolio Manager | BlackRock | 2024 |
| &nbsp;&nbsp; Steven White, Director and Portfolio Manager, Head of Active Risk ETF | BlackRock | 2025 |
| &nbsp;&nbsp; James M. Donald, CFA<sup>®</sup>, Managing Director, Portfolio Manager/Analyst and Head of Emerging Markets | Lazard | 2009 |
| &nbsp;&nbsp; Rohit Chopra, Managing Director and Portfolio Manager Analyst | Lazard | 2009 |
| &nbsp;&nbsp; Monika Shrestha, Managing Director and Portfolio Manager Analyst | Lazard | 2015 |
| &nbsp;&nbsp; Ganesh Ramachandran, Managing Director and Portfolio Manager Analyst | Lazard | 2020 |
| &nbsp;&nbsp; Alastair Reynolds, ASIP, Managing Director, Portfolio Manager | CIML | 2021 |
| &nbsp;&nbsp; Andrew Mathewson, CFA, Managing Director, Portfolio Manager | CIML | 2021 |
| &nbsp;&nbsp; Colin Dishington, CFA, Managing Director, Portfolio Manager | CIML | 2021 |
| &nbsp;&nbsp; Divya Mathur, ASIP, Managing Director, Portfolio Manager | CIML | 2021 |
| &nbsp;&nbsp; Paul Desoisa, CFA, Managing Director, Portfolio Manager | CIML | 2021 |
| &nbsp;&nbsp; Paul Sloane, ASIP, Managing Director, Portfolio Manager | CIML | 2021 |
| &nbsp;&nbsp; Aimee Truesdale, CFA, Managing Director, Portfolio Manager | CIML | 2022 |
| &nbsp;&nbsp; Angus Shillington, Deputy Portfolio Manager | VanEck | 2016 |
| &nbsp;&nbsp; Ola El-Shawarby, Portfolio Manager | VanEck | 2023 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

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

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **19** |

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## Core Fixed Income Fund

#### Investment objective
Maximum total return, consistent with preservation of capital and prudent investment management.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
|  Management Fees\* | 0.40% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses | 0.16% |
|  Total Annual Fund Operating Expenses | 0.56% |
|  Waiver\* | (0.09)% |
|  Net Annual Fund Operating Expenses\* | 0.47% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| &nbsp;&nbsp; $250 | $788 | $1352 | $2888 |

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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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 136% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. Fixed income instruments include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-related and mortgage-backed (mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities (interest-only or principalonly), commercial mortgage-backed securities and mortgage pass-through securities) and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities and event-linked bonds; loan participations and assignments (including commitments to purchase loan assignments ("Unfunded Commitments"); delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers' acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities.

The Fund may also invest in derivatives based on fixed income instruments, including futures, forwards, options, swaps, and swaptions, and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales. The Fund may also invest in Exchange-Traded Funds ("ETFs") to gain exposure to a particular portion of the market while allocating assets among Sub-advisers (as defined below), transitioning the Fund's portfolio or awaiting an opportunity to purchase securities directly.

Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest-only rates of interest. The Fund may invest up to 30% of its total assets in securities denominated in foreign

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currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 20% of the Fund's total assets. The Fund may invest up to 15% in emerging market securities. The Fund may also invest up to 10% of its total assets in preferred stocks, convertible securities and other equity-related securities. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.

**Credit quality.** The Fund invests primarily in investment grade debt securities, but may invest up to 25% of its total assets in non-investment grade securities (sometimes called "high yield securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-advisers to be of comparable quality.

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-advisers, normally ranges within two years (plus or minus) of the duration of the benchmark index. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. 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.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.

• *U.S. Government Securities Risk,* which means that 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.

• *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*, exists when the Fund invests in mortgage-backed securities, which represent an interest in a pool of mortgages. Mortgage-backed securities are subject to prepayment and extension risk as well as the risk that underlying borrowers will be unable to meet their obligations.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including

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| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **21** |

---

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prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

• *Portfolio Turnover Risk,* which is the risk that 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.

• *Liquidity Risk*, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.

• *Derivatives Risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets.

• *Leverage Risk*, which means the Fund's use of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities and cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *Emerging Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Currency Risk*, which refers to the risk that as a result of the Fund's active positions in currencies and investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

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

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to the Fund. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Delayed Funding Loans and Revolving Credit Facilities Risk,* the Fund's investments in delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so. Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.

• *Event-Linked Exposure Risk,* event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events such as hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred, such extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to liquidity risk and certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

• *Repurchase Agreements and Reverse Repurchase Agreements Risk,* is the risk that 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.

• *LIBOR Transition Risk*, refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

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• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and result in more taxable short-term gains for shareholders.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Exchange-Traded Funds (ETFs) Risk,* which is the risk of owning shares of an ETF and generally reflects 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.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### Core Fixed Income Fund
![LOGO](g767768g10a01.jpg)

#### Fund's best and worst calendar quarters
Best: 7.43% in 4th quarter 2023

Worst: (6.60)% in 1st quarter 2022

Year-to-date: 6.18% (through 3rd quarter 2025)

#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 11/18/1991 | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 0.61% | (0.60)% | 1.32% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | (1.17)% | (2.05)% | (0.06)% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 0.35% | (0.95)% | 0.47% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate<br> Bond<sup>TM</sup> Index (reflects no<br> deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.35% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's benchmark is the Bloomberg U.S. Aggregate Bond<sup>TM</sup> Index. The benchmark is composed of debt securities of the U.S. government and its agencies and publicly issued, fixed rate, non-convertible, investment-grade domestic corporate debt with at least one year remaining to maturity.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **23** |

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Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset

classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-advisers and portfolio managers
Allspring Global Investments, LLC ("Allspring (US)")

Allspring Global Investments (UK) Limited ("Allspring (UK)")

BlackRock Fund Advisors, Inc. ("BFA")

J.P. Morgan Investment Management Inc. ("JPMIM")

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; Janet Rilling, CFA<sup>®</sup>, Senior Portfolio Manager, Team Leader | Allspring (US) | 2024 |
| &nbsp;&nbsp; Noah Wise, CFA<sup>®</sup>, Senior Portfolio Manager | Allspring (US) | 2024 |
| &nbsp;&nbsp; Christopher Kauffman, CFA<sup>®</sup>, Senior Portfolio Manager | Allspring (US) | 2024 |
| &nbsp;&nbsp; Michal Stanczyk, Portfolio Manager | Allspring (US) | 2024 |
| &nbsp;&nbsp; Michael J, Schueller, CFA<sup>®</sup>, Senior Portfolio Manager | Allspring (US) | 2024 |
| &nbsp;&nbsp; Sarah Harrison, Senior Portfolio Manager | Allspring (UK) | 2025 |
| &nbsp;&nbsp; James Mauro, CFA<sup>®</sup>, Managing Director | BlackRock | 2024 |
| &nbsp;&nbsp; Jonathan Graves, Managing Director | BlackRock | 2025 |
| &nbsp;&nbsp; Marcus Tom, Director | BlackRock | 2025 |
| &nbsp;&nbsp; Kay Herr, CFA<sup>®</sup>, Managing Director, GFICC U.S. Chief Investment Officer, Portfolio Manager | JPMIM | 2025 |
| &nbsp;&nbsp; Andrew Norelli, Managing Director, Portfolio Manager | JPMIM | 2025 |
| &nbsp;&nbsp; Priya Misra, Managing Director, Portfolio Manager | JPMIM | 2025 |
| &nbsp;&nbsp; Richard Figuly, Managing Director, Portfolio Manager | JPMIM | 2025 |
| &nbsp;&nbsp; Lisa Coleman, CFA<sup>®</sup>, Managing Director, Portfolio Manager | JPMIM | 2025 |
| &nbsp;&nbsp; Thomas Hauser, CFA<sup>®</sup>, Managing Director, Portfolio Manager | JPMIM | 2025 |
| &nbsp;&nbsp; Vikas Pathani, Managing Director, Portfolio Manager | JPMIM | 2025 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

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

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

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

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|:---|:---|
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## High Yield Fund

#### Investment objective
A high level of current income primarily through investment in below-investment grade debt securities.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fees\* | 0.70% |
| &nbsp;&nbsp; Distribution (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses | 0.32% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | 1.02% |
| &nbsp;&nbsp; Waiver\* | (0.20)% |
| &nbsp;&nbsp; Net Annual Fund Operating Expenses\* | 0.82% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER <br> 1 YEAR | AFTER <br> 3 YEARS | AFTER <br> 5 YEARS | AFTER <br> 10 YEARS |
| &nbsp;&nbsp; $285 | $915 | $1569 | $3323 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 76% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated high yield fixed income securities of corporate issuers rated below investment grade by two or more nationally recognized statistical rating organizations (commonly called "junk bonds"), or, if unrated, of equivalent quality as determined by the Sub-advisers. These securities include all types of debt obligations, such as corporate bonds and notes, collateralized mortgage obligations and variable and floating rate securities. The Fund may invest up to 20% of its assets in securities not denominated in U.S. dollars, including securities of issuers located in emerging market foreign countries. The Fund also may invest up to 20% of its assets in equity and equity-related securities, including common stock, convertible securities, preferred stock, warrants and rights. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

**Credit quality.** The Fund invests primarily in high yield securities or junk bonds.

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-adviser (as defined below), ranges from two to six years. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual securities may be of any maturity.

The Fund employs a "multi-manager" strategy whereby portions of the Fund are allocated to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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.

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Generally, the Fund's fixed income securities will decrease in value if interest rates rise and vice versa. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. 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.

• *Derivatives Risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

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

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.

• *Mortgage-Backed Securities Risk*, exists when the Fund invests in mortgage-backed securities, which represent an interest in a pool of mortgages. Mortgage-backed securities are subject to prepayment and extension risk as well as the risk that underlying borrowers will be unable to meet their obligations.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

• *Liquidity Risk*, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.

• *LIBOR Transition Risk,* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Foreign Investment Risk*, which means risks unique to investing in foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *Emerging Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **27** |

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• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *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.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to the Fund. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund may experience a higher portfolio turnover rate, which can increase the Fund's transaction costs and result in more taxable short-term gains for shareholders.

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

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Leverage Risk* means that the Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and that 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.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's broad-based index and an additional index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### High Yield Fund
![LOGO](g767768g00z11.jpg)

#### Fund's best and worst calendar quarters
Best: 6.95% in 1st quarter 2019

Worst: (12.56)% in 1st quarter 2020

Year-to-date: 6.49% (through 3rd quarter 2025)

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#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 7/13/1998 | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 7.42% | 2.56% | 3.58% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 4.20% | 0.12% | 1.03% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 4.34% | 1.02% | 1.60% |
| &nbsp;&nbsp; Bloomberg U.S. Universal Bond Index (reflects no deduction for fees, expenses or taxes) | 2.04% | 0.06% | 1.73% |
| &nbsp;&nbsp; Bloomberg U.S. Corporate High Yield Bond Index (reflects no deduction for fees, expenses or taxes) | 8.19% | 4.21% | 5.17% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's broad-based securities market index is the Bloomberg U.S. Universal Bond Index, which measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar

bonds. The Fund also compares its performance to the Bloomberg U.S. Corporate High Yield Bond Index, a broad-based market measure of high yield bonds, commonly known as "junk bonds." The benchmark is designed to mirror the investible universe of the dollar-denominated high yield debt market. Unlike the Fund, the benchmarks are unmanaged and do not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-advisers and portfolio managers
PineBridge Investments LLC ("PineBridge")

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; John Yovanovic, CFA<sup>®</sup>, Managing Director and Portfolio Manager | PineBridge | 2021 |
| &nbsp;&nbsp; Jeremy Burton, CFA<sup>®</sup>, Managing Director and Portfolio Manager | PineBridge | 2021 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

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

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **29** |

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#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

#### Payments to financial intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its

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

30 MORGAN STANLEY \| 2026

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## International Fixed Income Fund

#### Investment objective
Maximize current income, consistent with the protection of principal.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fees\* | 0.50% |
| &nbsp;&nbsp; Distribution (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses<sup>(1)</sup> | 0.73% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | 1.23% |
| &nbsp;&nbsp; Waiver\* | (0.05)% |
| &nbsp;&nbsp; Net Annual Fund Operating Expenses\*<sup>(1)</sup> | 1.18% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

<sup>(1)</sup> Includes Interest expense which represents 0.01%.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER <br> 1 YEAR | AFTER <br> 3 YEARS | AFTER <br> 5 YEARS | AFTER <br> 10 YEARS |
| &nbsp;&nbsp; $321 | $990 | $1684 | $3527 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 280% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. The Fund invests primarily in fixed income instruments of issuers located outside the U.S. Up to 15% of the Fund's total assets may be invested in fixed income instruments of issuers located in emerging markets countries. The fixed income instruments in which the Fund may invest include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (Note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including preferred and convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank loans; bank certificates of deposit, fixed time deposits and bankers' acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by foreign sovereigns, states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities.

The Fund also may invest in derivatives based on fixed income instruments including futures, forwards, options, swaps, and swaptions and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales and invest in privately placed securities.

Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest-only rates of interest. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 30% of the Fund's total assets. The Fund may also invest up to 10% of its total assets in preferred stocks, convertible securities and other equity-related securities. The

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|:---|:---|
| MORGAN STANLEY \| 2026 | **31** |

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Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

**Credit Quality.** The Fund invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in non-investment grade securities (sometimes called "high yield

securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable quality.

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-adviser, normally ranges within two years (plus or minus) of the duration of the benchmark index. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. The Fund may invest in individual securities of any maturity.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. 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.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Portfolio Turnover Risk,* which is the risk that 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.

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

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.

• *Mortgage-Backed Securities Risk*, exists when the Fund invests in mortgage-backed securities, which represent an interest in a pool of mortgages. Mortgage-backed securities are subject to prepayment and extension risk as well as the risk that underlying borrowers will be unable to meet their obligations.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

• *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.

• *Derivatives Risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures,

32 MORGAN STANLEY \| 2026

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forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets.

• *Delayed Funding Loans and Revolving Credit Facilities Risk,* the Fund's investments in delayed funding loans and revolving credit facilities may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so. Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.

• *Event-Linked Exposure Risk,* event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events such as hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred, such extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to liquidity risk and certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *Emerging Markets Risk*, which refers to the fact that in addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Currency Risk*, which refers to the risk that as a result of the Fund's active positions in currencies and investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to the Fund. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Liquidity Risk*, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.

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

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily due to factors affecting individual companies, particular industries or the equity market as a whole.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Leverage Risk* means that the Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and that 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 Sovereign Debt securities risk* includes 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, due to 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 the Fund, as a holder 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.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **33** |

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#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs.

These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### International Fixed Income Fund
![LOGO](g767768g00z12.jpg)

#### Fund's best and worst calendar quarters
Best: 6.46% in 4th quarter 2023

Worst: (5.91)% in 2nd quarter 2022

Year-to-date: 2.07% (through 3rd quarter 2025)

#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 11/18/1991 | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 3.93% | 0.10% | 1.91% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 2.94% | (1.08)% | 0.58% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 2.20% | (0.47)% | 0.82% |
| &nbsp;&nbsp; FTSE Non-U.S. Dollar World Government Bond Index<br> (USD)-Hedged (reflects no<br> deduction for fees, expenses or taxes) | 3.61% | (0.12)% | 1.93% |
| &nbsp;&nbsp; FTSE Non-U.S. Dollar World Government Bond Index<br> (USD)-Unhedged (reflects no deduction for fees, expenses or taxes) | (5.32)% | (4.81)% | (1.53)% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's benchmark is the FTSE Non-U.S. Dollar World Government Bond Index (USD)-Hedged. The benchmark is a market capitalization-weighted index consisting of government bond markets in developed countries, excluding the U.S., as the term "developed countries" is defined by the benchmark. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index. Unlike the FTSE Non-U.S. Dollar World Government Bond Index (USD)-Hedged, the Fund may invest in U.S. securities.

34 MORGAN STANLEY \| 2026

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#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets

among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-adviser and portfolio manager
Pacific Investment Management Company LLC ("PIMCO")

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGER | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO MANAGER SINCE | FUND'S PORTFOLIO MANAGER SINCE |
| &nbsp;&nbsp; Sachin Gupta, Managing Director and Global Portfolio Manager | PIMCO |  | 2014 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **35** |

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## Municipal Bond Fund

#### Investment objective
A high level of interest income that is excluded from federal income taxation, to the extent consistent with prudent investment management and the preservation of capital.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Management Fees\* | 0.40% |
| &nbsp;&nbsp; Distribution (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses | 0.30% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | 0.70% |
| &nbsp;&nbsp; Waiver\*^ | 0.00% |
| &nbsp;&nbsp; Net Annual Fund Operating Expenses\* | 0.70% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

^ No portion of the management fees were waived during the most recent fiscal year.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER <br> 1 YEAR | AFTER <br> 3 YEARS | AFTER <br> 5 YEARS | AFTER <br> 10 YEARS |
| &nbsp;&nbsp; $273 | $838 | $1430 | $3032 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 68% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam). Tax-exempt means that the bonds pay interest that is excluded from gross income for regular federal income tax purposes but such bonds may pay income that is subject to the alternative minimum tax.

**Credit quality.** The Fund limits its investments to 20% in municipal obligations that are rated below investment grade by a nationally recognized statistical rating organization, or, if unrated, of equivalent quality as determined by the Sub-adviser (as defined below).

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-adviser, is typically maintained at +/- 3 years of the average benchmark duration, which is the average duration of all the constituent bonds in the Bloomberg U.S. Municipal Bond Index. The Sub-adviser seeks to target the average duration of the benchmark which varies over time and may be impacted by market conditions. Duration is an approximate measure of the sensitivity of the market value of the portfolio holdings to changes in interest rates.

The Fund may engage in transactions in certain derivatives, such as financial futures contracts and options thereon, indexed and inverse floating rate obligations and swap agreements, including credit default swap agreements. The Fund may use derivative instruments to hedge its investments or to seek to enhance returns.

The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special purpose entity. A TOB Trust typically issues two classes of beneficial interests: short-term floating rate interests ("TOB Floaters"), which are sold to third party investors, and residual inverse floating rate interests ("TOB Residuals"), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund's 80% policy.

36 MORGAN STANLEY \| 2026

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#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that municipal bond prices decline overall. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Market risk may affect a single company, sector of the economy or the market as a whole. 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.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price.

• *Municipal Securities Risk*, which includes the risk that new federal or state legislation or Internal Revenue Service determinations may adversely affect the tax-exempt status of securities held by the Fund or the financial ability of the municipalities to repay these obligations. 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 meet their obligations. 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 that 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 the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Due to local economic and financial conditions, certain municipal issuers will be more susceptible to default on their obligations than others. Each of these risks may be heightened with respect to investments in U.S. instrumentalities, such as Guam, the Virgin Islands and Puerto Rico. <br>

• *Liquidity Risk*, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.

• *Taxation Risk*, which means the possibility that some of the Fund's income distributions, and distributions of the Fund's gains, may be subject to federal taxation. The Fund will rely on the opinions of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-adviser 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. In addition, the Fund may realize taxable gains on the sale of its securities or other transactions, and some of the Fund's income distributions may be subject to the federal alternative minimum tax. This may result in a lower tax-adjusted return. Additionally, distributions of the Fund's income and gains generally will be subject to state taxation. Municipal bond funds are generally not appropriate investments for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan, because the funds' tax advantages are not applicable if investing through such an account.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **37** |

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• *Manager Risk*, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Leverage Risk,* which means the Fund's use of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities and cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.

• *Tender Option Bonds and Related Securities Risk*, which means the Fund's participation in tender option bond transactions may reduce the Fund's returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The Fund may invest in TOB Trusts on either a non-recourse or recourse basis. If the Fund invests in a TOB Trust on a recourse basis, it could suffer losses in excess of the value of its TOB Residuals.

• *Derivatives Risk,* which means that the Fund's use of futures, options and swaps based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, options and swaps can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore,

using futures, options and swaps can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, options and swaps if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, options and swaps presents the same types of credit risks as issuers of fixed income securities. Investing in futures, options and swaps can also make the Fund's assets less liquid and harder to value, especially in declining markets. <br>

• *Floating Rate Obligations Risk*, which is the risk that unexpected changes in the interest rates on floating rate obligations could result in losses to the Fund. The price of inverse floating rate obligations (inverse floaters) is expected to decline when interest rates rise, and generally will be more volatile and decline further than the price of a bond with a similar maturity.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's benchmark index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### Municipal Bond Fund
![LOGO](g767768g13g13.jpg)

#### Fund's best and worst calendar quarters
Best: 7.28% in 4th quarter 2023

Worst: (5.68)% in 1st quarter 2022

Year-to-date: 1.99% (through 3rd quarter 2025)

38 MORGAN STANLEY \| 2026

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#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 11/18/1991 | 1 YEAR | 5 YEARS | 10 YEARS |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 1.46% | 0.51% | 1.70% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 1.34% | 0.39% | 1.51% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 2.01% | 0.91% | 1.84% |
| &nbsp;&nbsp; Bloomberg U.S. Municipal Bond Index (reflects no deduction for fees, expenses or taxes) | 1.05% | 0.99% | 2.25% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

The Fund's primary benchmark is the Bloomberg U.S. Municipal Bond Index. The benchmark is a composite measure of the total return performance of the municipal bond market. Unlike the Fund, the benchmark is unmanaged and does not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-adviser and portfolio managers
BlackRock Financial Management, Inc. ("BlackRock")

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND' PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; Michael Kalinoski, CFA<sup>®</sup> Director and Portfolio Manager | BlackRock | 2019 |
| &nbsp;&nbsp; Kevin Maloney, CFA<sup>®</sup> Director and Portfolio Manager | BlackRock | 2019 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally expected to be exempt from regular federal income tax.

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

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **39** |

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## Inflation-Linked Fixed Income Fund

#### Investment objective
Total return that exceeds the rate of inflation over an economic cycle.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
|  Management Fees\* | 0.50% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses<sup>(1)</sup> | 1.82% |
|  Total Annual Fund Operating Expenses | 2.32% |
|  Waiver\* | (0.05)% |
|  Net Annual Fund Operating Expenses\*<sup>(1)</sup> | 2.27% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

<sup>(1)</sup> Includes interest expense which represents 1.51%.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| $429 | $1305 | $2193 | $4467 |

---

#### 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 112% of the average value of its portfolio.

#### Principal investment strategies
Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities. The Fund seeks to allocate assets among investments to achieve the highest level of real return (total return less the rate of inflation). The Fund will shift its investments among the following general asset classes: inflation-indexed securities issued by governments, corporations, and municipal issuers; investment grade fixed income securities and high-yield fixed income securities (i.e., junk bonds) issued by governments, corporations, and municipal issuers; and short-term non-dollar denominated debt securities. The Fund may also, to a lesser extent, invest in equity securities with high correlation to broad measures of inflation.

Inflation-indexed securities are fixed income securities that are structured to provide protection against inflation. The value of the security's principal or the interest income paid on the security will be adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as their inflation measure. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government.

The Fund invests primarily in investment grade debt securities; however, the Fund may invest up to 20% of its total assets in below investment grade debt securities (i.e., junk bonds), as rated by Moody's, S&P or Fitch or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable credit quality to such a rating. The Fund may also invest up to 30% of its total assets in foreign currency denominated securities, including emerging market securities. For purposes of pursuing its investment goal, the Fund may enter into currency-related transactions involving certain derivative instruments, including currency and cross currency forward contracts. The use of derivative currency transactions may allow the Fund to reduce a specific risk exposure of a portfolio security or its denominated currency or to obtain net long exposure to selected currencies. Under normal market conditions, the Fund will seek to limit its foreign currency exposure to 20% of its total assets.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts, or swap agreements, or in mortgage- or asset- backed securities, subject to applicable law and any other restrictions described

40 MORGAN STANLEY \| 2026

------

in this Prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred stocks.

The Fund's investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Interest Rate Risk,* the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with longer average portfolio duration will be more sensitive to changes in interest rates than a fund with shorter average portfolio duration.

• *Call Risk,* the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

• *Credit Risk,* the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

• *High Yield Risk,* the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

• *Market Risk,* the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. 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.

• *Issuer Risk,* the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Liquidity Risk,* the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector.

Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity. <br>

• *Derivatives Risk,* the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities), include liquidity, interest rate, market, and credit risks, each of which is described herein. Derivative instruments also may be difficult to accurately price due to their complexity, particularly derivative instruments that are traded off an exchange (also known as "over the counter"). Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. For derivatives traded on exchanges, the primary credit risk is the creditworthiness of the Fund's clearing broker or the exchange itself.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Equity Risk,* the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

• *Mortgage-Related and Other Asset-Backed Securities risk,* the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **41** |

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• *Foreign (Non-U.S.) Investment Risk,* the risk that investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

• *Emerging Markets Risk,* the risk of investing in emerging market securities, primarily increased foreign investment risk.

• *Sovereign Debt Risk,* the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from the issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

• *Currency Risk,* the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies.

• *Leveraging Risk,* the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

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

• *Short Sale Risk,* the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

• *Portfolio Turnover Risk,* which is the risk that 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.

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's broad-based index and an additional index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### Inflation-Linked Fixed Income Fund
![LOGO](g767768g14g14.jpg)

#### Fund's best and worst calendar quarters
Best: 6.18% 2nd quarter 2020

Worst: (6.42)% 2nd quarter 2022

Year-to-date: 7.51% (through 3rd quarter 2025)

42 MORGAN STANLEY \| 2026

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#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 3/8/2016 | 1 YEAR | 5 YEAR | SINCE<br> INCEPTION |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |  |
| &nbsp;&nbsp; Return Before Taxes | 1.86% | 1.90% | 2.45% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 0.34% | (0.47)% | 0.57% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 1.09% | 0.71% | 1.16% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.23% |
| &nbsp;&nbsp; Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (reflects no deduction for fees, expenses or taxes) | 1.84% | 1.87% | 2.49% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's broad-based securities market index is the Bloomberg U.S. Aggregate Bond Index, which is composed of debt securities of the U.S. government and its agencies and

publicly issued, fixed rate, non-convertible, investment-grade domestic corporate debt with at least one year remaining to maturity. The Fund also compares its performance to the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index. Unlike the Fund, the benchmarks are unmanaged and do not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-adviser and portfolio managers
Pacific Investment Management Company LLC ("PIMCO")

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO <br> MANAGER SINCE  | FUND'S PORTFOLIO <br> MANAGER SINCE  |
| &nbsp;&nbsp; Daniel He, Executive Vice President and Portfolio Manager | PIMCO |  | 2019 |
| &nbsp;&nbsp; Lorenzo Pagani, Managing Director and Portfolio Manager | PIMCO |  | 2025 |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

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

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **43** |

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

44 MORGAN STANLEY \| 2026

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## Ultra-Short Term Fixed Income Fund

#### Investment objective
Total return, consistent with preservation of capital.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
|  Management Fees\* | 0.50% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses<sup>(1)</sup> | 0.18% |
|  Total Annual Fund Operating Expenses | 0.68% |
|  Waiver\* | (0.15)% |
|  Net Annual Fund Operating Expenses\*<sup>(1)</sup> | 0.53% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if the Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. This fee waiver and/or reimbursement will continue for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

<sup>(1)</sup> Includes interest expense which represents 0.01%.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waiver is only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| $256 | $818 | $1407 | $3001 |

---

#### 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 transactions 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 above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 123% of the average value of its portfolio.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments with maturities of less than or equal to two year.

Under normal market conditions, the Fund invests primarily in investment-grade securities and will seek to maintain an average portfolio duration of two years or less. The Fund seeks to outperform the FTSE 3-Month U.S. Treasury Bill Index over a full market cycle, while maintaining overall risk similar to the index. The Fund will invest in government and corporate debt securities, mortgage- and asset-backed securities, money market instruments, collateralized loan obligations ("CLOs"), and derivatives, including futures contracts, forward contracts (such as currency and cross-currency forwards), options and swaps (such as interest rate swaps and credit default swaps). The Fund may invest up to 20% of net assets in securities rated below investment grade. It may also invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. Under normal market conditions, the Fund will seek to limit its foreign currency exposure to 20% of its total assets. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.

The Fund may invest up to 20% of its total assets in non-investment grade securities (sometimes called "high yield securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable credit quality.

The Fund's average portfolio duration, as calculated by the Sub-adviser is normally less than two years. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. In addition, the dollar-weighted average portfolio maturity of the Fund, under normal circumstances, is expected not to exceed three years. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis and may engage in short sales. The Fund may seek to obtain market exposure to the securities in which it primarily invests by

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|:---|:---|
| MORGAN STANLEY \| 2026 | **45** |

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entering into a series of purchase and sales contracts or by using other investment techniques (such as buy-backs or dollar rolls).

The Fund's investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Interest Rate Risk,* the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

• *Call Risk,* the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.*, declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

• *Credit Risk,* the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

• *High Yield Risk* **,** the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

• *Market Risk,* the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. 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.

• *Issuer Risk,* the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Liquidity Risk,* the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed

income mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

• *Derivatives Risk,* the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities), include liquidity, interest rate, market, and credit risks, each of which is described herein. Derivative instruments also may be difficult to accurately price due to their complexity, particularly derivative instruments that are traded off an exchange (also known as "over the counter"). Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. For derivatives traded on exchanges, the primary credit risk is the creditworthiness of the Fund's clearing broker or the exchange itself.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Securities Lending Risk*, which includes the potential insolvency of a borrower and losses due to the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Equity Risk,* the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

• *Mortgage-Related and Other Asset-Backed Securities Risk,* the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

• *U.S. Government Securities Risk,* which means that 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.

46 MORGAN STANLEY \| 2026

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• *Money Market Securities Risk,* means that an investment in the Fund is subject to the risk that the value of its investments in high-quality short-term obligations ("money market securities") may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments of interest and principal.

• *Foreign (Non-U.S.) Investment Risk,* the risk that investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

• *Currency Risk,* the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies.

• *Leveraging Risk,* the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

• *Short Sale Risk,* the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

• *Collateralized Loan Obligations Risk,* collateralized loan obligations ("CLOs") are a type of asset-backed security that

is typically structured as a trust collateralized by a pool of loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests. In addition to the normal risks associated with fixed income securities, CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. <br>

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. For more information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's broad-based index and an additional index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not necessarily indicate how the Fund will perform in the future. For current performance information please see

www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### Ultra-Short Term Fixed Income Fund
![LOGO](g767768g10k10.jpg)

#### Fund's best and worst calendar quarters
Best: 3.64% 2nd quarter 2020

Worst: (2.34)% 1st quarter 2020

Year-to-date: 3.71% (through 3rd quarter 2025)

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|:---|:---|
| MORGAN STANLEY \| 2026 | **47** |

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#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 3/8/2016 | 1 YEAR | 5 YEAR | SINCE<br> INCEPTION |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |  |
| &nbsp;&nbsp; Return Before Taxes | 6.03% | 2.83% | 2.51% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 3.88% | 1.59% | 1.35% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 3.54% | 1.75% | 1.41% |
| &nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 1.25% | (0.33)% | 1.23% |
| &nbsp;&nbsp; FTSE 3-Month U.S.<br> Treasury Bill Index (reflects no deduction for fees,<br> expenses or taxes) | 5.45% | 2.54% | 2.03% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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. The Fund's broad-based securities market index is the Bloomberg U.S. Aggregate BondTM Index, which is composed of debt securities of the U.S. government and its agencies and publicly issued, fixed rate,

non-convertible, investment-grade domestic corporate debt with at least one year remaining to maturity. The Fund also compares its performance to the FTSE 3-Month U.S. Treasury Bill Index. Unlike the Fund, the benchmarks are unmanaged and do not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund. Subject to Board review, the Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Fund. The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among one or more Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

#### Sub-adviser and portfolio manager
Pacific Investment Management Company LLC ("PIMCO")

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGER | SUB-ADVISER OR ADVISER | SUB-ADVISER OR ADVISER | FUND'S PORTFOLIO<br> MANAGER SINCE | FUND'S PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; Jerome M. Schneider, Managing Director and Portfolio Manager |  | PIMCO |  | Since Inception |

---

#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

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

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

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|:---|:---|
| MORGAN STANLEY \| 2026 | **49** |

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## Alternative Strategies Fund

#### Investment objective
Long term growth of capital.

#### Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the Fund.

#### Annual Advisory Program Fees
(fees paid directly from your investment in the applicable Morgan Stanley-sponsored investment advisory program)

---

| | |
|:---|:---|
| &nbsp;&nbsp; Maximum annual fees in the Consulting Group Advisor, Select UMA or Portfolio Management investment advisory programs (as a percentage of prior quarter-end net assets)\* | 2.00% |

---

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

---

| | |
|:---|:---|
|  Management Fees\* | 1.20% |
|  Distribution (12b-1) Fees |  |
|  Other Expenses | 0.18% |
|  Acquired Fund Fees and Expenses\*\* | 1.23% |
|  Total Annual Fund Operating Expenses\* | 2.61% |
|  Waiver\* | (1.00)% |
|  Net Annual Fund Operating Expenses\* | 1.61% |

---

\* CGAS (defined herein) has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. Because the Fund does not currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. In addition, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Fund's total annual operating expenses, (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), from exceeding 0.70%. These contractual arrangements shall remain in effect for at least one year from the date of this prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

\*\*The Fund may invest a portion of its assets in other investment companies (the "Acquired Funds"). The Fund's shareholders indirectly bear a pro rata portion of the expenses of the Acquired Funds in which the Fund invests. "Acquired Fund Fees and Expenses" in the table is an estimate of those expenses. The estimate is based upon the average allocation of the Fund's investments in the Acquired Funds and upon the actual total operating expenses of the Acquired Funds (including any current waivers and expense limitations) for the fiscal year ended August 31, 2025. Actual Acquired Fund Fees and Expenses incurred by the Fund may vary with changes in the allocation of Fund assets among the Acquired Funds and with other events that directly affect the fees and expenses of the Acquired Funds. Since "Acquired Fund Fees and Expenses" are not directly borne by the Fund, they are not reflected in the Fund's financial statements, with the result that the Information presented in the table will differ from that presented in the Financial Highlights.

#### Examples
These examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the

Fund for the time periods indicated. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The effect of the Fund's contractual fee waivers are only reflected in the first year of the example. The figures are calculated based upon total annual Fund operating expenses and a maximum annual fee of 2.00% for the applicable Morgan Stanley-sponsored investment advisory program through which you invest. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AFTER<br> 1 YEAR | AFTER<br> 3 YEARS | AFTER<br> 5 YEARS | AFTER<br> 10 YEARS |
| &nbsp;&nbsp; $364 | $1302 | $2248 | $4645 |

---

#### 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 total annual Fund operating expenses or in the above examples, affect the Fund's performance. During the fiscal year ended August 31, 2025, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

#### Principal investment strategies
Under normal market conditions, the Fund seeks to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. The Fund seeks to achieve its investment objective by allocating its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by third-party professional money managers ("Underlying Funds").

The Underlying Funds may apply a variety of alternative investment strategies, but will typically apply one or more of four main investment strategies, including: (i) investments in real asset strategies, (ii) equity-based tactical, value or event-driven strategies, (iii) absolute return strategies that seek to generate returns independent of market conditions, and (iv) equity hedged (i.e., long/short) strategies.

The Underlying Funds' investment strategies may rely in part on derivative investments, such as futures, forwards, swaps, swaptions, and options, to implement their investment strategies, to generate positive returns, for hedging or risk management purposes, to limit volatility and to provide exposure to an instrument without directly purchasing it. The Underlying Funds' investments may also include exposure to companies located both in the U.S. and in foreign countries, including companies located in emerging market countries. The Underlying Funds may invest in securities and other investments of all capitalization sizes, including securities and other investment that have exposure to small- and mid-capitalization issues. The Underlying Funds may also invest in investment grade fixed income securities of any maturity or duration.

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The Fund may, in the future, allocate all or a portion of its assets directly to professional money managers (each, a "Sub-Adviser," collectively, the "Sub-Advisers"), each of which would be responsible for investing its portion of the Fund's assets. Currently, the Fund does not use any Sub-Advisers.

The Fund's investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.

Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

#### Principal risks of investing in the Fund
Loss of money is a risk of investing in the Fund.

#### The following principal risks are applicable to the Fund:
• *Allocation Risk*, which refers to the risk that the Adviser's judgment about, and allocations among, strategies through investments in Underlying Funds may adversely affect the Fund's performance.

• *Closed-end fund risk*, which means that since closed-end funds issue a fixed number of shares they typically trade on a stock exchange or over-the-counter at a premium or discount to their net asset value per share. The Fund will also bear its pro rata portion of any costs of a closed-end fund in which it invests.

• *Investment company and exchange-traded funds (ETFs) risk*, which is 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.

• *Manager risk*, which is the risk that poor selection of Underlying Funds by the Adviser will cause the Fund to underperform.

• *Portfolio turnover risk*, 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.

#### The following principal risks are applicable to the Fund's investment in Underlying Funds:
• *Absolute Return Investing Risk*, which refers to the risk that an Underlying Fund's investment returns may converge with the investment returns of equity or fixed income markets during a period of declining stock prices, thereby eliminating the diversification benefit that the Underlying Fund expects from the strategies. During these times, the strategies' correlations could increase, which in turn could increase the Underlying Fund's overall volatility.

• *Active Management Risk*, due to the active management investment strategies used by the Underlying Funds, the

Underlying Funds could underperform their benchmark indexes and/or other funds with similar investment objectives and/or strategies.

• *Arbitrage Strategies Risk*, which involves engaging in transactions that attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. The Underlying Funds may realize losses or reduced rate of return if underlying relationships among securities in which they take 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 an Underlying Fund's portfolio turnover rate to be substantially higher than that of the average equity-oriented investment company.

• *Alternative Strategies Risk*, pursued by the Underlying Funds may be subject to risks including, but not limited to, derivatives risk, liquidity risk, credit risk, commodities risk and risks associated with the use of leverage.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause an Underlying Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

• *Currency Risk*, which refers to the risk that as a result of an Underlying Fund's active positions in currencies and investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *Derivatives Risk*, which means that an Underlying Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Underlying Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on an Underlying Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. An Underlying Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Underlying Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Underlying Fund's assets less liquid and harder to value, especially in declining markets.

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|:---|:---|
| MORGAN STANLEY \| 2026 | **51** |

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• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The U.K. Financial Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies and markets are slowly responding to these new rates. It is difficult to predict the full impact of the transition away from LIBOR on the Fund.

• *Event-Linked Exposure Risk*, event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events such as hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. If a trigger event occurs, an Underlying Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred, such extension of maturity may increase volatility. Event-linked exposure may also expose an Underlying Fund to liquidity risk and certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

• *Emerging Markets Risk*, emerging markets countries may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. An Underlying Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *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, due to 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.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time, thereby affecting the value of certain investments of the Fund.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

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

• *Investment Limitation Risk*, which refers to the potential that the Fund may want to invest in an Underlying Fund that is not available in sufficient quantities for the Fund to participate fully due to capacity constraints of the strategy. The Fund may therefore have reduced exposure to a capacity constrained Underlying Fund, which could adversely affect the Fund's return.

• *Leverage Risk*, which means an Underlying Fund's use of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities and cause the Underlying Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.

• *Liquidity Risk* exists when securities are difficult or impossible for an Underlying Fund to sell at the time and the price that the Underlying Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.

• *Market Risk*, which is the risk that an Underlying Fund will be affected by changes in the markets for the various securities in which the Underlying Fund invests. 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.

• *MLP Risk*, which is the risk that, to the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation, and the fact that MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to an Underlying Fund.

• *Small and Medium Capitalization Company Risk*, which is the risk that small and medium capitalization companies in which the Underlying Funds invest may be more vulnerable to adverse business or economic events than larger, more established companies.

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. For more

information on the risks of investing in the Fund please see the **Fund details** section of the Fund's Prospectus.

#### Performance
The bar chart below shows how the Fund's investment results have varied from year to year, and the following table shows how the Fund's annual total returns for various periods compare to those of the Fund's broad-based index and an additional index. This information provides some indication of the risks of investing in the Fund. The Fund is available only to investors participating in Morgan Stanley-sponsored investment advisory programs. These programs charge an

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annual fee (see Annual Advisory Program Fees above). **The performance information in the bar chart and table below does not reflect this fee, which would reduce your return.** The Fund's past performance, before and after taxes, does not

necessarily indicate how the Fund will perform in the future. For current performance information please see

www.morganstanley.com/wealth-investmentsolutions/cgcm.

#### Annual total returns (%) calendar years

#### Alternative Strategies Fund
![LOGO](g767768g11k11.jpg)

#### Fund's best and worst calendar quarters
Best: 6.64% in 2nd quarter 2020

Worst: (9.43)% in 1st quarter 2020

Year-to-date: 4.07% (through 3rd quarter 2025)

#### Average Annual Total Returns
(for the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INCEPTION DATE: 2/15/2018 | 1 YEAR | 5 YEARS | SINCE<br> INCEPTION |
| &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** | &nbsp;&nbsp; **Fund (without advisory program fee)** |
| &nbsp;&nbsp; Return Before Taxes | 6.59% | 3.95% | 3.39% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions | 5.55% | 2.88% | 2.40% |
| &nbsp;&nbsp; Return After Taxes on<br> Distributions and Sale of Fund Shares | 3.90% | 3.01% | 2.21% |
| &nbsp;&nbsp; Bloomberg U.S. Universal Bond Index (reflects no deduction for fees, expenses or taxes) | 2.04% | 0.06% | 1.44% |
| &nbsp;&nbsp; HFRX Global Hedge Index (reflects no deduction for fees, expenses or taxes) | 5.27% | 2.81% | 2.05% |

---

The after-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor's tax situation and may differ from those shown, and 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 return after taxes may exceed the 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.

The Fund's broad-based securities market index is the Bloomberg U.S. Universal Bond Index, which measures the performance of U.S. dollar-denominated taxable bonds that are rated either investment grade or high yield. The index includes U.S. Treasury bonds, investment-grade and high yield U.S. corporate bonds, mortgage-backed securities, and Eurodollar bonds.

The Fund also compares its performance to the HFRX Global Hedge Index, which is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies falling within four principal strategies: equity hedge, event driven, macro/CTA and relative value arbitrage. Unlike the Fund, the benchmarks are unmanaged and do not include any fees or expenses. An investor cannot invest directly in an index.

#### Investment adviser and portfolio managers
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for the Fund.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PORTFOLIO MANAGERS | ADVISER | FUND'S PORTFOLIO<br> MANAGER SINCE | FUND'S PORTFOLIO<br> MANAGER SINCE |
| &nbsp;&nbsp; Andrew Nania, Vice President and Portfolio Manager | CGAS |  | 2023 |
| &nbsp;&nbsp; Andrew Cohen, Executive<br> Director and Portfolio Manager | CGAS |  | 2025 |

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|:---|:---|
| MORGAN STANLEY \| 2026 | **53** |

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#### Purchase and sale of Fund shares
Purchases of shares of the Fund must be made through an investment advisory program with Morgan Stanley. You may purchase or sell shares of the Fund at net asset value on any day the New York Stock Exchange ("NYSE") is open by contacting your Morgan Stanley Financial Advisor.

• The minimum initial aggregate investment in the Morgan Stanley-sponsored investment advisory programs is $1,000.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

For more information about the Morgan Stanley-sponsored investment advisory programs, see the About the Funds section of this Prospectus.

#### Tax information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two.

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

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## Fund details

#### Investment objectives, strategies and risks

#### Morgan Stanley Pathway Large Cap Equity ETF

#### Investment objective
Capital appreciation.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of large capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines large cap companies as companies whose market capitalizations typically fall within the range of the Russell 1000<sup>®</sup> Index. The market capitalization of the companies in large-cap market indices and the Fund's portfolio changes over time. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

#### How the Sub-advisers select the Fund's investments
**BlackRock Financial Management, Inc. ("BlackRock")** will employ a "passive" investment approach. This means that BlackRock will attempt to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Russell 1000<sup>®</sup> Index before deduction of Fund expenses. The Fund will buy or sell securities only when BlackRock believes it is necessary to do so in order to match the performance of the index. Accordingly, it is anticipated that the Fund's portfolio turnover and trading costs will be lower than those of an "actively" managed fund. However, the Fund has operating and other expenses, while an index does not. Therefore, the Fund will tend to underperform its target index to some degree over time. At times, the portfolio composition of the Fund may be altered (or rebalanced) to reflect changes in the characteristics of the index that the Fund tracks. BlackRock may invest a portion of the account in Exchange Traded Funds ("ETFs") to reflect a growth or value tilt as directed by the Manager.

**ClearBridge Investments, LLC ("ClearBridge")** invests in large capitalization companies that it believes are dominant in their industries due to product, distribution or service strength. ClearBridge emphasizes individual security selection while diversifying the Fund's investments across industries, which may help to reduce risk. ClearBridge attempts to identify established large capitalization companies with the highest growth potential, then analyze each company in detail, ranking its management, strategy and competitive market position. Finally, ClearBridge attempts to identify the best values available among the growth companies identified. ClearBridge may sell a security if it no longer meets the Fund's investment criteria or for other reasons, including to meet redemptions or to redeploy assets to better investment opportunities.

ClearBridge defines large cap companies as those within the range of the Russell 1000<sup>®</sup> Index and the strategy may include

investments in REITs and ADRs, as well as ordinary shares of non-U.S. companies. ClearBridge may sometimes invest portions of the account in cash equivalents and/or ETFs.

**Great Lakes Advisors, LLC ("Great Lakes")** In managing its portion of the Fund's assets, Great Lakes believes that a bottom-up focused portfolio targeting stocks with attractive valuations and improving fundamentals, coupled with a disciplined use of risk controls, has the potential to deliver consistent outperformance as well as protection in down markets with lower volatility than the benchmark. Great Lakes employs an integrated approach which balances quantitative analysis, fundamental research, and risk management guidelines to identify stocks within the broader market that align with this investment philosophy. Great Lakes will sell securities that no longer meet the investment criteria of its portfolio management team and will seek to replace them with stocks deemed to produce a portfolio with a better combination of risk and reward.

**Principal Asset Management ("Principal")** In managing its portion of the Fund's assets, Principal believes that a focus on high quality companies led by owner-operators with attractive valuations and strong business fundamentals, alongside a valuation discipline, has the potential to deliver consistent long-term outperformance. Principal employs fundamental analysis with a focus on risk-adjusted returns over full market cycles to identify stocks within the market that align with its investment philosophy.

#### Principal risks
Loss of money is a risk of investing in the Fund.

**ETF Structure Risks.** The Fund is structured as an ETF and is subject to the special risks, including:

**Trading Risk.** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Fund's shares may not be developed or maintained by market makers or Authorized Participants (as defined below). Authorized Participants are not obligated to make a market in the Fund's shares or to submit purchase or redemption orders for Creation Units (as defined below). In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Fund's shares and its underlying NAV. Trading in shares on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. Any of these factors could lead the Fund's shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market, particularly during times of market stress. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the

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spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Fund will continue to be met.

**Authorized Participant Concentration Risk.** Only broker-dealers (referred to "Authorized Participants" or "APs") that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Fund, and no AP is obligated to engage in creation and/or redemption transactions. To the extent that APs exit the business or are unable to proceed with orders, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices or face trading halts or delisting.

**Not Individually Redeemable.** Shares are not individually redeemable to retail investors and may be redeemed by the Fund only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur brokerage costs purchasing enough shares to constitute a Creation Unit.

• *Market Risk,* which is the risk that stock prices decline overall. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Market risk may affect a single company, sector of the economy or the market as a whole.

• *Equity Risk,* which is the risk that prices of equity securities rise and fall daily. Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole.

• *Exchange-Traded Funds ("ETFs") Risk,* which is the risk of owning shares of an ETF and generally reflects 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.

• *Investment Style Risk,* which means large cap and/or growth stocks could fall out of favor with investors and trail the performance of other types of investments. Many of the risks of this Fund are associated with its emphasis on large cap and growth stocks. Both types of style tend to go in and out of favor. Additionally, the Fund generally will be more volatile

than Large Capitalization Value Equity Investments because of the Fund's focus on growth stocks.

• *Foreign Investment Risk,* which means risk unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk,* which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund's exposure to a particular stock, industry or technique could be greater or smaller than if the Fund had a single Sub-adviser.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

#### Morgan Stanley Pathway Small-Mid Cap Equity ETF

#### Investment objective
Capital appreciation.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of small-mid capitalization (or "cap") companies or in other investments with similar economic characteristics. The Fund defines small-mid cap companies as companies with market caps not exceeding the highest month-end market cap value of any stock in the Russell 2500<sup>®</sup> or Russell Mid Cap Index for the previous 12 months, whichever is greater. The Fund may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

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#### How the Sub-advisers select the Fund's investments
**AllianceBernstein L.P. ("AllianceBernstein")** seeks to purchase attractively valued stocks with compelling company and/or industry-level investment catalysts to outperform the market. AllianceBernstein employs a systematic and disciplined bottom-up investment process characterized by a unique integration of fundamental and quantitative research. All of AllianceBernstein's investment decisions are made based upon its analysts' proprietary internal research and the judgment of the U.S. Small & Mid-Cap Value Equities strategy's portfolio management team. AllianceBernstein's investment process has three main components: (1) identifying and researching attractive opportunities, (2) rigorous research review, and (3) portfolio construction. AllianceBernstein begins with a universe of approximately 2,500 small- and mid-capitalization stocks and focuses on those with market capitalizations between $1 billion and $5 billion at the time of initial purchase or are members of the Russell 2500 Value Index.

**BlackRock Financial Management, Inc. ("BlackRock")** uses a representative sampling indexing strategy to manage the Fund. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Russell 2500<sup>®</sup> Index (the "Underlying Index"). The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The Fund may or may not hold all of the securities in the Underlying Index. BlackRock may invest a portion of the account in ETFs to reflect a growth or value tilt as directed by the Manager.

**Neuberger Berman Investment Advisers LLC** ("Neuberger") uses a bottom-up, research driven approach to identify stocks of companies that are available at market prices below Neuberger's estimate of their intrinsic value and that Neuberger believes has the potential for appreciation in value over time. Neuberger's estimate of a company's intrinsic value represents its view of the company's true, long-term economic value, which may be currently distorted by market inefficiencies. This estimate of intrinsic value represents what Neuberger believes a company could be worth if it is acquired, if its profitability normalizes to its long-term average level, or if its valuation moves in line with valuations of publicly traded peers. Neuberger believes that while markets are often efficient, certain investment opportunities tend to be mispriced due to market inefficiencies. For example, market inefficiencies may exist at times in the small capitalization segment of the market due to a lack of widely available research on these companies. The portfolio managers attempt to exploit these market inefficiencies and look for opportunities to invest in companies they believe to be undervalued, such as companies with complex corporate structures, cyclical business and growing franchises whose growth has been temporarily interrupted.

**Westfield Capital Management Company, L.P. ("Westfield")** uses a fundamental bottom-up research

approach, which seeks to identify reasonably priced stocks with high earnings potential. In order to seek the highest returns with the least degree of risk, Westfield generally favors stocks that, in the judgment of the firm, have: (i) sizeable management ownership; (ii) strong financial conditions; (iii) sufficient cash flow to fund growth internally; and (iv) strong pricing power. Westfield also considers factors such as earnings growth forecasts, price target estimates, total return potential, and business developments. Stocks may be sold when Westfield believes that the stocks no longer represent attractive investment opportunities, based on the factors described above.

#### Principal risks
Loss of money is a risk of investing in the Fund.

**ETF Structure Risks.** The Fund is structured as an ETF and is subject to the special risks, including:

**Trading Risk.** The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Fund's shares may not be developed or maintained by market makers or Authorized Participants. Authorized Participants are not obligated to make a market in the Fund's shares or to submit purchase or redemption orders for Creation Units. In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Fund's shares and its underlying NAV. Trading in shares on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. Any of these factors could lead the Fund's shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market, particularly during times of market stress. The Adviser cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Fund will continue to be met.

**Authorized Participant Concentration Risk.** Only broker-dealers (referred to "Authorized Participants" or "APs") that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Fund, and no AP is obligated to engage in creation and/or redemption transactions. To the extent that APs exit the business or are unable to proceed with orders, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices or face trading halts or delisting.

**Not Individually Redeemable.** Shares are not individually redeemable to retail investors and may be redeemed by the Fund only to Authorized Participants at NAV in large blocks known as "Creation Units." An Authorized Participant may incur

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brokerage costs purchasing enough shares to constitute a Creation Unit and investor expectations and will experience sharper swings in market values. At times, small-mid cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate. Additionally, the Fund generally will be more volatile than large cap funds because of the Fund's focus on small-mid cap stocks. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Foreign Investment Risk*, which means risk unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund's exposure to a particular stock, industry or technique could be greater or smaller than if the Fund had a single Sub-adviser. Also, the Fund may experience a higher portfolio turnover rate, which is the frequency with which the Fund sells and replaces its securities within a given period. Higher turnover can increase the Fund's transaction costs, thereby lowering its returns. It also may generate more taxable short-term gains for shareholders.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

• *Market Risk*, which is the risk that stock prices decline overall. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Market risk may affect a single company, sector of the economy or the market as a whole. <br>

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily. Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole.

• *Exchange-Traded Funds ("ETFs") Risk*, which is the risk of owning shares of an ETF and generally reflects 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.

• *Investment Style Risk*, which means small cap and/or growth stocks could fall out of favor with investors and trail the performance of other types of investments. Many of the risks of this Fund are associated with its emphasis on small cap and growth stocks. Both types of style tend to go in and out of favor.

• *Small-Mid Cap Risk*, which refers to the fact that historically, small-mid cap stocks have been riskier than large cap stocks. Small-mid cap companies tend to be more vulnerable to adverse business and economic events than larger, more established companies. Small-mid cap companies tend to have more limited product lines, capital resources and/or management depth. Small-mid cap companies tend to be more sensitive to changes in earnings results and forecasts

#### International Equity Fund

#### Investment objective
Capital appreciation.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in the equity securities of companies located outside the U.S. The Fund focuses on companies located in developed markets, but also may invest a portion of its assets in securities of companies located in emerging markets. The Fund intends to diversify its assets by investing primarily in securities of issuers located in at least three foreign countries. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions or currency swaps and trading currency futures contracts and options on these futures. However, a Sub-adviser (as defined below) may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may

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also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

#### How the Sub-advisers select the Fund's investments
**BlackRock Financial Management, Inc. ("BlackRock")** will employ a "passive" management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the MSCI EAFE<sup>®</sup> Index (Net). The Fund will be substantially invested in securities in the MSCI EAFE<sup>®</sup> Index (Net), and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the MSCI EAFE<sup>®</sup> Index (Net). The Fund will invest in a statistically selected sample of equity securities included in the MSCI EAFE<sup>®</sup> Index (Net) and in derivative instruments linked to the MSCI EAFE<sup>®</sup> Index (Net). Equity securities include common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. The Fund will, under normal circumstances, invest in all of the countries represented in the MSCI EAFE<sup>®</sup> Index (Net). The Fund may not, however, invest in all of the companies within a country represented in the MSCI EAFE<sup>®</sup> Index (Net), or in the same weightings as in the MSCI EAFE<sup>®</sup> Index (Net).

**Causeway Capital Management LLC ("Causeway")** follows a value style, performing fundamental research supplemented by quantitative analysis. Beginning with a universe of companies throughout the non-U.S. developed and emerging markets, Causeway uses quantitative market capitalization and valuation screens to narrow the potential investment candidates to approximately 2,000 securities. To select investments, Causeway then performs fundamental research, which generally includes company specific research, company visits, and interviews of suppliers, customers, competitors, industry analysts, and experts. Causeway also applies a proprietary quantitative risk model to adjust return forecasts based on risk assessments. Using a value style means that Causeway buys stocks that it believes have lower prices than their true worth. For example, stocks may be "undervalued" because the issuing companies are in industries that are currently out of favor with investors. However, even in those industries, certain companies may have high rates of growth of earnings and be financially sound. Causeway considers whether a company has each of the following value characteristics in purchasing or selling securities for the Fund: (i) low price-to earnings ratio relative to the sector, (ii) high yield relative to the market, (iii) low price-to-book value ratio relative to the market, (iv) low price-to-cash flow ratio relative to the market, and (v) financial strength. Generally, price-to-earnings ratio and yield are the most important factors.

**Schroder Investment Management North America Inc. ("Schroders")** seeks to invest in securities of international companies where it has identified a significant growth gap, which is defined as forward earnings growth that is not yet recognized by the market. Schroders leverages the extensive knowledge of, and recommendations generated by,

approximately 100 regional analysts located across the globe. The strongest ideas of these local analysts are then overlaid with the global perspective of an international team of global sector specialists. In Schroders' view, this combination of local expertise and global analysis provides an optimal framework for identifying strong investment candidates and building high-quality efficient portfolios across multiple regions and sectors. Schroder Investment Management North America Limited, an affiliate of Schroders, serves as sub-adviser to the portion of the Fund's assets allocated to Schroders.

**Victory Capital Management, Inc., ("Victory Capital")** pursues the Fund's investment objective by investing primarily in equity securities of companies principally in countries represented in the S&P<sup>®</sup> Developed ex-U.S. SmallCap Index ("Index"). Under normal circumstances, at least 80% of the Fund's assets will be invested in securities of small-capitalization companies. The Sub-adviser considers any company with a market capitalization at the time of purchase that is within such country's smallest 15% based on market capitalization to be a small-capitalization company. The size of companies in the Index changes with market conditions and the composition of the Index. The Sub-adviser employs a bottom-up investment approach that emphasizes individual stock selection. The Sub-adviser's investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify attractive stocks with low relative price multiples and positive trends in earnings forecasts, high profitability and companies with a strong or positively trending environmental, social, and governance ("ESG") profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below-average price-to-earnings ratio and an above-

average earnings growth trend and above average return on invested capital. ESG investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to Victory Capital's process. The Fund's investment allocation to countries and sectors tends to approximate the country and sector allocations of the Index, which concentrates its exposure in one or more countries, regions or sectors. The Index consists of the stocks representing the lowest 15% of float-adjusted market capitalization in each country other than the U.S. represented in the S&P<sup>®</sup> Developed Broad Market Index (BMI). The S&P<sup>®</sup> Developed BMI includes all listed shares of companies from 24 developed countries with float-adjusted market capitalizations of at least US$100 million and annual trading value of at least US$50 million. The Fund normally invests in a minimum of ten countries.

**Walter Scott & Partners Limited ("Walter Scott")** believes that, over time, the returns derived from investing in the shares of a company will reflect the internal wealth generated by that business. By investing in companies capable of sustaining exceptional rates of internal wealth creation over the long term, superior investment returns can be achieved. In-house fundamental research, rigorous analysis and collegiate decision-making are at the core of Walter Scott's investment process. Walter Scott's long-term strategy is to protect and grow its client's assets over time by acting as responsible

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stewards of capital. To deliver this strategy effectively, the firm must seek to understand as fully as possible the risks and opportunities, including those relating to sustainability, faced by the companies in which it invests and the impact these could have on the performance of its clients' investments. The team-based approach draws on the combined knowledge and experience of investment professionals. Collective discussion and debate around investment ideas and all portfolio holdings is integral to the investment approach. The industrial and geographic structure of portfolios reflects the bottom-up stock selection process, rather than the composition of indices. Portfolios are comprised of a carefully selected group of companies that satisfy Walter Scott's strict investment criteria and the firm expects 100% of the alpha to come either directly or indirectly from stock selection. Walter Scott's investment style is long-term growth at a reasonable price, paying close attention to valuation.

The Adviser regularly reviews the Fund's investments and will sell a security if the Adviser believes there has been a deterioration in the rank of the security in accordance with the Adviser's process, the security's valuation has become unattractive relative to other stocks in the universe or other available investments are considered to be more attractive.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that stock prices decline overall. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Market risk may affect a single company, sector of the economy or the market as a whole.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily. Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole.

• *Foreign Investment Risk*, which means risks unique to investing in foreign issuers. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• Less information about foreign issuers or markets may be available because of less rigorous accounting standards or regulatory practices.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Sub-advisers may not be able to sell securities held by the

Fund in amounts and at prices they consider reasonable. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• Economic, political or social instability in foreign countries may significantly disrupt the principal financial markets in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, or nationalize a company, which could have a severe effect on the Fund's ability to bring its capital or income back to the U.S. or on security prices.

&nbsp;&nbsp;&nbsp;&nbsp;• Withholding and other foreign taxes may decrease the Fund's return.

• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged. In either event, the value of your investment in the Fund would be adversely affected.

• *Forwards, Futures, Options and Swaps Risk*, which means that the Fund's use of forwards, futures, options and swaps to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Forwards, futures, options and swaps will obligate or entitle the Fund to deliver or receive an asset or a cash payment based on the change in value of one or more designated securities, currencies or indices. Even a small investment in forwards, futures, options or swaps can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using forwards, futures, options or swaps can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forwards, futures, options or swaps if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain forward, futures or swap contracts presents the same types of credit risks as issuers of fixed income securities. Investing in forwards, futures, options or swaps can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Emerging Markets Risk*, which refers to the fact that the market value for emerging market equity securities historically has been very volatile and an investment in the Fund involves a substantial degree of risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

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• *Small and Mid Cap Risk*, which refers to the fact that historically, small and mid cap stocks have been riskier than large cap stocks. Small and mid cap companies tend to be more vulnerable to adverse business and economic events than larger, more established companies. Small and mid cap companies tend to have more limited product lines, capital resources and/or management depth. Small and mid cap companies tend to be more sensitive to changes in earnings results and forecasts and investor expectations and will experience sharper swings in market values. At times, small and mid cap stocks may be less liquid and harder to sell at prices the Sub-advisers believe are appropriate. Additionally, the Fund generally will be more volatile than large cap funds because of the Fund's focus on small and mid cap stocks. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund's exposure to a particular stock, industry or technique could be greater or smaller than if the Fund had a single Sub-adviser. Also, the Fund may experience a higher portfolio turnover rate, which is the frequency with which the Fund sells and replaces its securities within a given period. Higher turnover can increase the Fund's transaction costs, thereby lowering its returns. It also may generate more taxable short-term gains for shareholders.

• LIBOR Transition Risk refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund.

Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

#### Emerging Markets Equity Fund

#### Investment objective
Long-term capital appreciation.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in equity securities of issuers organized, domiciled or with substantial operations in emerging markets countries, which are defined as countries included in an emerging markets index by a recognized index provider, such as the MSCI Emerging Markets Index (Net), or 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. Certain emerging market countries may also be classified as "frontier" market countries, which are a subset of emerging countries with even smaller national economies. To diversify its investments, the Fund invests primarily in securities of issuers located in at least three foreign countries. The Fund also may invest a portion of its assets in closed-end investment companies that invest in emerging markets. The Fund may attempt to hedge against unfavorable changes in currency exchange rates by engaging in forward currency transactions and trading currency futures contracts and options on these futures; however, a Sub-adviser (as defined below) may choose not to, or may be unable to, hedge the Fund's currency exposure. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

#### How the Sub-advisers select the Fund's investments
**BlackRock Financial Management, Inc. ("BlackRock")** will employ a "passive" management approach, attempting to invest in a portfolio of assets whose performance is expected to match approximately the performance of the MSCI

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Emerging Markets Index (Net). The Fund will be substantially invested in securities in the MSCI Emerging Markets Index (Net), and will invest, under normal circumstances, at least 80% of its assets in securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the MSCI Emerging Markets Index (Net). The Fund will invest in a statistically selected sample of equity securities included in the MSCI Emerging Markets Index (Net) and in derivative instruments linked to the MSCI Emerging Markets Index (Net). Equity securities include common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock. The Fund will, under normal circumstances, invest in all of the countries represented in the MSCI Emerging Markets Index (Net). The Fund may not, however, invest in all of the companies within a country represented in the MSCI Emerging Markets Index (Net), or in the same weightings as in the MSCI Emerging Markets Index (Net).

**Lazard Asset Management LLC ("Lazard")** manages a relative value strategy ("Strategy") and invests primarily in equity securities, principally common stocks, of non-U.S. companies whose principal business activities are located in emerging or developing market countries. The Strategy is based on value creation through a process of bottom-up stock selection. The Strategy consists of an analytical framework, accounting validation, fundamental analysis and portfolio construction parameters. In the Strategy, assets are invested in companies that are believed to be undervalued based on their earnings, cash flow or asset values.

**ClearBridge Investment Management Limited ("CIML")** In July 2025, the business of Martin Currie became operationally integrated and aligned with ClearBridge Investments, LLC, a US-based adviser registered with the SEC ("ClearBridge"). Effective as of September 30, 2025, Martin Currie Inc. was replaced as a sub-adviser to the Emerging Markets Equity Fund by its affiliate, Martin Currie Investment Management Limited, a UK-based adviser with a principal place of business in Edinburgh, Scotland and registered with the Financial Conduct Authority in the UK and the SEC in the United States, which also changed its name to ClearBridge Investment Management Limited" ("CIML"). As a part of this integration and alignment, a number of ClearBridge's policies were adopted by CIML. UK-specific policies were retained to comply with certain UK-specific regulations.

CIML employs an active management approach, attempting to invest in a portfolio of assets whose performance is expected to exceed that of the MSCI Emerging Markets Index (Net). CIML seeks to invest in companies that can generate economic value in excess of the market's existing expectations. The Sub-adviser adopts a long-term view when making this assessment, believing that a three- to five-year investment horizon best captures such opportunities. CIML adopts a fundamental, bottom-up approach aiming to identify companies with sustainable growth potential with this research being enhanced by consideration of top-down risks that could impact the investment case. In addition, environmental, social

and governance (ESG) factors are fully integrated into the process.

**Van Eck Associates Corporation ("VanEck")** seeks long-term capital appreciation by investing primarily in securities of companies that are organized in, maintain at least 50% of their assets in, or derive at least 50% of their revenues from, emerging market countries. VanEck has broad discretion to identify countries that it considers to qualify as emerging markets. VanEck selects emerging market countries that the Fund will invest in based on VanEck's evaluation of economic fundamentals, legal structure, political developments and other specific factors VanEck believes to be relevant. Utilizing qualitative and quantitative measures, the Fund's portfolio manager seeks to invest in reasonably-priced companies that have strong structural growth potential. The portfolio manager seeks attractive investment opportunities in all areas of emerging markets and utilizes a flexible investment approach across all market capitalizations. VanEck seeks to (i) integrate financially-material environmental, social and governance ("ESG") factors into the Fund's investment process and (ii) reduce material exposure to issuers that VanEck deems controversial in the ESG universe. The Fund's holdings may include issues denominated in currencies of emerging market countries, investment companies (like country funds) that invest in emerging market countries, and American Depositary Receipts, and similar types of investments, representing emerging market securities.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that stock prices decline overall. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Market risk may affect a single company, sector of the economy or the market as a whole.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily. Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole.

• *Foreign Investment Risk*, which means risks unique to investing in foreign issuers. These include:

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&nbsp;&nbsp;&nbsp;&nbsp;• Less information about foreign issuers or markets may be available because of less rigorous accounting standards or regulatory practices.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Sub-advisers may not be able to sell securities held by the

Fund in amounts and at prices they consider reasonable. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

&nbsp;&nbsp;&nbsp;&nbsp;• Economic, political or social instability in foreign countries may significantly disrupt the principal financial markets in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, or nationalize a company, which could have a severe effect on the Fund's ability to bring its capital or income back to the U.S. or on security prices.

&nbsp;&nbsp;&nbsp;&nbsp;• Withholding and other foreign taxes may decrease the Fund's return.

• *Emerging Markets and Frontier Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank. Certain emerging market countries may also be classified as "frontier" market countries, which are a subset of emerging countries with even smaller national economies. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets. These risks tend to be even more prevalent in frontier market countries. 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 more than more developed markets. Frontier market countries may also be more affected by government activities 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.

• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case

of hedged positions, the U.S. dollar will decline in value relative to the currency hedged. In either event, the value of your investment in the Fund would be adversely affected.

• *Forwards, Futures and Options Risk,* which means that the Fund's use of forwards, futures and options to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Futures or options will obligate or entitle the Fund to deliver or receive an asset or a cash payment based on the change in value of one or more designated currencies or indices. Even a small investment in forwards, futures or options can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using forwards, futures and options can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in forwards, futures or options if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain forwards, futures or options presents the same types of credit risks as issuers of fixed income securities. Investing in forwards, futures and options can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Closed-End Investment Company Risk*, which means that since closed-end investment companies issue a fixed number of shares they typically trade on a stock exchange or over-the-counter at a premium or discount to their net asset value per share. The Fund will also bear its pro rata portion of any costs of a closed-end fund in which it invests.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Strategy Risk,* the Fund invests a portion of its assets in stocks believed by a Sub-adviser to be undervalued, but that may not realize their perceived value for extended periods of time or may never realize their perceived value. The Fund also invests a portion of its assets in stocks believed by a Sub-adviser to have the potential for growth, but that may not realize such perceived growth potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company's growth potential. The stocks in which the Fund invests may respond differently to market and other developments than other types of stocks.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund's exposure to a

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particular stock, industry or technique could be greater or smaller than if the Fund had a single Sub-adviser. Also, the Fund may experience a higher portfolio turnover rate, which is the frequency with which the Fund sells and replaces its securities within a given period. Higher turnover can increase the Fund's transaction costs, thereby lowering its returns. It also may generate more taxable short-term gains for shareholders.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Sector Risk*, which is the risk that the value of securities in a particular industry or sector will decline because of changing expectations for the performance of that industry or sector. From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

#### Core Fixed Income Fund

#### Investment objective
Maximum total return, consistent with preservation of capital and prudent investment management.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. Fixed income instruments include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank certificates of deposit, fixed time deposits and bankers' acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities.

The Fund may also invest in derivatives based on fixed income instruments, including futures, forwards, options, swaps, and swaptions, and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales. The Fund may also invest in Exchange-Traded Funds ("ETFs") to gain exposure to a particular portion of the market while allocating assets among Sub-advisers (as defined below), transitioning the Fund's portfolio or awaiting an opportunity to purchase securities directly.

Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest-only rates of interest. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 20% of the Fund's total assets. The Fund may invest up to 15% in emerging market securities. The Fund may also invest up to 10% of its total assets in preferred stocks, convertible securities and other equity-related securities. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.

**Credit quality.** The Fund invests primarily in investment grade debt securities, but may invest up to 25% of its total assets in non-investment grade securities (sometimes called "high yield

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securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-advisers to be of comparable quality.

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-advisers, normally ranges within two years (plus or minus) of the duration of the benchmark index. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.

#### How the Sub-advisers select the Fund's investments
**Allspring Global Investments, LLC ("Allspring (US)") and Allspring Global Investments (UK) Limited ("Allspring (UK)" and together with Allspring (US), "Allspring")** Allspring's Plus Fixed Income team uses a relative value framework for duration (within one year of the benchmark), yield curve positioning, sector allocation, and security selection decisions. Allspring combines a top-down and bottom up approach using a six-month investment horizon to anticipate market cycles and then position the portfolio accordingly. The portfolio managers then utilize a robust portfolio construction and risk control process to tactically allocate to plus sectors in an effort to enhance the portfolio's total return and manage risks over a market cycle. Pursuant to a sub-advisory agreement between Allspring (US) and Allspring (UK), Allspring (UK) assists Allspring (US) in the provision of investment advisory services with respect to the portion of the Fund's assets allocated to Allspring (US) by the Manager, from which Allspring (US) may assign a portion to Allspring (UK).

**BlackRock Financial Management, Inc. ("BlackRock")** will employ a "passive" investment approach. This means that BlackRock will attempt to invest in a portfolio of assets whose performance is expected to match approximately the performance of the Bloomberg U.S. Aggregate Bond Index before deduction of Fund expenses. The Fund will buy or sell securities only when BlackRock believes it is necessary to do so in order to match the performance of the index. Accordingly, it is anticipated that the Fund's portfolio turnover and trading costs will be lower than those of an "actively" managed fund. However, the Fund has operating and other expenses, while an index does not. Therefore, the Fund will tend to underperform its target index to some degree over time. At times, the portfolio composition of the Fund may be altered (or rebalanced) to reflect changes in the characteristics of the index that the Fund tracks. BlackRock may invest a portion of the account in Exchange Traded Funds ("ETFs") to reflect a growth or value tilt as directed by the Manager.

**J.P. Morgan Investment Management Inc. ("JPMIM")** employs an investment philosophy that bond portfolios managed by a globally integrated fixed income team, within a disciplined risk-controlled framework, will help produce strong risk-adjusted returns. JPMIM believes inefficiencies in the fixed income market are pervasive and will continue and that it can identify inefficiencies through a combination of active investment management and disciplined risk control. JPMIM

aims to deliver a ballast to portfolios while providing a disciplined yield advantage relative to the benchmark in order to deliver strong risk adjusted returns. JPMIM targets diversified sources of portfolio returns and does not rely on any single strategy or market directionality. JPMIM's investment process includes utilizing bottom-up research with top-down macro positioning to select high quality investment grade securities across multiple sectors of the U.S. fixed income market. JPMIM draws on diversified sources of alpha and seeks to deliver positive excess returns over a full market cycle, drawing returns from sector allocation, security selection, duration and yield curve positioning.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. As the yields of the underlying investments change over time, the Fund's yield will change. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. The longer the Fund's maturity or duration, the more sensitive its share price will be to interest rate movements. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if

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interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Although the Fund invests primarily in investment grade securities, the Fund 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. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade and are more volatile than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. Additionally, issuers of non-investment grade securities may be more susceptible than other issuers to economic downturns. Such securities 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 securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price. Additionally, rising interest rates tend to extend the duration of certain fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility. This is known as extension risk. When interest rates decline, borrowers may pay off their fixed income securities sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk.

• *U.S. Government Securities Risk*, it means that 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 the 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. <br>

• *Convertible Securities and Preferred Stocks Risk,* 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 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.

• *Mortgage-Backed Securities Risk*, exists when the Fund invests in mortgage-backed securities which represent an interest in a pool of mortgages. Mortgage-backed securities are subject to prepayment and extension risk, but the negative effect of a rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of a portfolio. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

• *Portfolio Turnover Risk*, which is the risk that 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.

• *Liquidity Risk* exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. This may result in a loss or may otherwise be costly to the Fund. Additionally, the market for certain investments may become illiquid under adverse market or

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economic conditions independent of any specific adverse changes in the conditions of a particular issuer. These securities may also need to be fair valued.

• *Derivatives Risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Futures, forwards, options, swaps and swaptions will obligate or entitle the Fund to deliver or receive an asset or a cash payment based on the change in value of one or more designated securities, currencies or indices. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Leverage Risk*, which means the Fund creates an opportunity for increased net income but, at the same time, creates special risks. For example, leveraging may exaggerate changes in and increase the volatility of the net asset value of Fund shares. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The use of leverage also may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.

• *Foreign Investment Risk*, which means risks unique to investing in foreign issuers. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• Less information about foreign issuers or markets may be available because of less rigorous accounting standards or regulatory practices.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Sub-advisers may not be able to sell securities held by the Fund in amounts and at prices they consider reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;• Economic, political or social instability in foreign countries may significantly disrupt the principal financial markets in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, or nationalize a company, which could have a severe effect on the Fund's ability to bring its capital or income back to the U.S. or on security prices.

&nbsp;&nbsp;&nbsp;&nbsp;• Withholding and other foreign taxes may decrease the Fund's return.

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

• *Emerging Markets Risk,* which refers to the fact that the market value for emerging market equity securities historically has been very volatile and an investment in the Fund involves a substantial degree of risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Currency Risk*, which refers to the risk that as a result of the Fund's active positions in currencies and investments in securities denominated in, and/or receiving revenues in foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the value of your investment in the Fund would be adversely affected.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover and result in increased transaction costs to the Fund. In addition, selling short magnifies the potential for both gain and loss to the Fund. The larger the Fund's short position, the greater the potential for gain and loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Delayed Funding Loans and Revolving Credit Facilities Risk*, the Fund's investments in delayed funding loans and revolving credit facilities may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when such company's financial condition makes it unlikely that such additional funding commitments will be repaid). Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.

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• *Event-Linked Exposure Risk*, event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked exposures may also be subject to liquidity risk.

• *Repurchase Agreements and Reverse Repurchase Agreements Risk,* is the risk that 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.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Manager Risk*, which is the risk that poor security selection by a Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

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

• *Multi-Manager Risk*, which is the risk that the investment styles of the Sub-advisers may not complement each other as expected by the Manager. The Fund's exposure to a particular stock, industry or technique could be greater or smaller than if the Fund had a single Sub-adviser. Also, the Fund may experience a higher portfolio turnover rate, which is the frequency with which the Fund sells and replaces its securities within a given period. Higher turnover can increase the Fund's transaction costs, thereby lowering its returns. It also may generate more taxable short-term gains for shareholders.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Exchange-Traded Funds ("ETFs") Risk*, which is the risk of owning shares of an ETF and generally reflects 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.

#### High Yield Fund

#### Investment objective
A high level of current income primarily through investment in below-investment grade debt securities.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. dollar-denominated high yield fixed income securities of corporate issuers rated below investment grade by two or more nationally recognized statistical rating organizations (commonly called "junk bonds"), or, if unrated, of equivalent quality as determined by the Sub-adviser. These securities include all types of debt obligations, such as corporate bonds and notes, collateralized mortgage obligations and variable and floating rate securities.

The Fund may invest up to 20% of its assets in securities not denominated in U.S. dollars, including securities of issuers located in emerging market foreign countries. The Fund also may invest up to 20% of its assets in equity and equity-related securities, including common stock, convertible securities, preferred stock, warrants and rights. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund

performance.

**Credit quality.** The Fund invests primarily in high yield securities or junk bonds.

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-adviser (as defined below), ranges from two to six years. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest

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rates. Maturity means the date on which the principal amount of a debt security is due and payable. Individual securities may be of any maturity.

How the Sub-adviser selects the Fund's investments

**PineBridge Investments LLC ("PineBridge")** PineBridge's High Yield Bond Strategy (the "strategy") seeks to achieve its objective by investing primarily in a diversified portfolio of high-yield, lower-quality fixed-income securities of U.S. and foreign issuers, the risks of which are, in the judgement of PineBridge, consistent with the Strategy's investment objective. PineBridge applies a team oriented fundamental analysis approach to the investment decision-making process to uncover value in the marketplace. By applying in-depth fundamental research to determine individual issuer weights as well as aggregate sector weights and by constantly monitoring those securities selected to avoid unexpected events, they seek to achieve consistent outperformance over an economic cycle. The investment process is focused on bottom-up credit analysis and security selection, driven by a proprietary credit rating process. The credit rating process specifically focuses on three sequential steps: evaluation of credit risk, appropriately pricing credit risk, and identifying and monitoring issuer specific metrics for early warning of changes in credit risk. Bonds are selected on a company by company basis with the goal of being appropriately compensated for the credit risk.

Under normal circumstances, the Strategy invests at least 80% of its net assets in non-investment grade debt securities, commonly called "high yield" or "junk" bonds. Such bonds include debt securities rated BB+ or lower by S&P Global Ratings, a division of S&P Global Inc. ("S&P"), or comparably rated by another recognized statistical rating organization ("NRSRO"), or, if unrated, determined by PineBridge to be of comparable quality.

The Strategy also may invest up to 20% of its total assets in debt securities that are considered investment grade. Such securities include those rated BBB+, BBB or BBB- by S&P (or comparably rated by another NRSRO, or, if unrated, determined by PineBridge to be of comparable quality). The Strategy may invest in fixed-income securities of any maturity and in companies of any size, but intends to invest primarily in intermediate and long-term corporate obligations. The Strategy may also invest in foreign debt securities that are denominated in U.S. dollars or foreign currencies. Such securities include those rated BBB+, BBB or BBB- by S&P (or comparably rated by another NRSRO, or, if unrated, determined by PineBridge to be of comparable quality). The Strategy may invest in fixed-income securities of any maturity and in companies of any size, but intends to invest primarily in intermediate and long-term corporate obligations. The Strategy may also invest in foreign debt securities that are denominated in U.S. dollars or foreign currencies.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

• *Derivatives Risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Futures, forwards, options, swaps and swaptions will obligate or entitle the Fund to deliver or receive an asset or a cash payment based on the change in value of one or more designated securities, currencies or indices. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

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• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily. Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. As the yields of the underlying investments change over time, the Fund's yield will change. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. The longer the Fund's maturity or duration, the more sensitive its share price will be to interest rate movements. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Investment in high yield securities or junk bonds involves substantial risk of loss. The Fund could lose money if the issuer or guarantor of a Fund security or a counterparty to a derivative contract fails to make timely payment or otherwise honor its obligations. Junk bonds involve greater risks of default or downgrade and are 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. Additionally, issuers of junk bonds may be more susceptible than other issuers to economic downturns. Such securities 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 securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower than market rates of interest, which could hurt the Fund's yield or share price. Additionally, rising interest rates tend to extend the duration of certain fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility. This is known as extension risk. When interest rates decline, borrowers may pay off their fixed income securities sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk.

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

• *Mortgage-Backed Securities Risk*, exists when the Fund invests in mortgage-backed securities which represent an interest in a pool of mortgages. Mortgage-backed securities are subject to prepayment and extension risk but the negative effect of a rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of a portfolio. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

• *Liquidity Risk*, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. This may result in a loss or may otherwise be costly to the Fund. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. These securities may also need to be fair valued.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Foreign Investment Risk*, which means risks unique to investing in foreign issuers. These include:

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&nbsp;&nbsp;&nbsp;&nbsp;• Less information about foreign issuers or markets may be available because of less rigorous accounting standards or regulatory practices.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Sub-adviser may not be able to sell securities held by the Fund in amounts and at prices they consider reasonable. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

&nbsp;&nbsp;&nbsp;&nbsp;• Economic, political or social instability in foreign countries may significantly disrupt the principal financial markets in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, or nationalize a company, which could have a severe effect on the Fund's ability to bring its capital or income back to the U.S. or on security prices.

&nbsp;&nbsp;&nbsp;&nbsp;• Withholding and other foreign taxes may decrease the Fund's return.

• *Emerging Markets Risk*, which refers to the fact that the market value for emerging market equity securities historically has been very volatile and an investment in the Fund involves a substantial degree of risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Currency Risk*, which refers to the risk that as a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged. In either event, the value of your investment in the Fund would be adversely affected.

• *Convertible Securities and Preferred Stocks Risk,* 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 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.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover and result in increased transaction costs to the Fund. In addition, selling short magnifies the potential for both gain and loss to the Fund. The larger the Fund's short position, the greater the potential for gain and loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Leverage Risk* means that the Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and that 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.

#### International Fixed Income Fund

#### Investment objective
Maximize current income, consistent with the protection of principal.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments. The Fund

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invests primarily in fixed income instruments of issuers located outside the U.S. Up to 15% of the Fund's total assets may be invested in fixed income instruments of issuers located in emerging markets countries. The fixed income instruments in which the Fund may invest include securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises (Note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury); corporate debt securities of U.S. and non-U.S. issuers, including preferred and convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities and event-linked bonds; loan participations and assignments; delayed funding loans and revolving credit facilities; bank loans; bank certificates of deposit, fixed time deposits and bankers' acceptances; repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments; debt securities issued by foreign sovereigns, states or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities.

The Fund also may invest in derivatives based on fixed income instruments including futures, forwards, options, swaps, and swaptions and may use other investment techniques such as mortgage dollar rolls, buy-backs and securities lending to earn additional income. The Fund also may engage in short sales and invest in privately placed securities.

Investments may be structured to provide all types of interest rate payments, including fixed, variable, floating, inverse, zero or interest-only rates of interest. The Fund may invest in currency spot and forward transactions for the purpose of active currency exposure. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 30% of the Fund's total assets. The Fund may also invest up to 10% of its total assets in preferred stocks, convertible securities and other equity-related securities. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help Fund performance.

**Credit Quality.** The Fund invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in non-investment grade securities (sometimes called "high yield securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable quality.

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-adviser, normally ranges within two years (plus or minus) of the duration of the benchmark index. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. Maturity means the date on which the principal amount of a debt

security is due and payable. The Fund may invest in individual securities of any maturity.

#### How the Sub-adviser selects the Fund's investments
**Pacific Investment Management Company LLC ("PIMCO")** employs a total return approach that focuses on both capital appreciation and income while managing overall risk. PIMCO manages global bond investments by focusing on both economic and credit fundamentals as key determinants of value in fixed income markets, limiting volatility with respect to the benchmark index.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. As the yields of the underlying investments change over time, the Fund's yield will change. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. The longer the Fund's maturity or duration, the more sensitive its share price will be to interest rate movements. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if

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interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Portfolio Turnover Risk*, which is the risk that 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.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Although the Fund invests primarily in investment grade securities, the Fund 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. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade and are more volatile than investment grade securities due to actual or perceived changes in an issuer's creditworthiness. Additionally, issuers of non-investment grade securities may be more susceptible than other issuers to economic downturns. Such securities 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 securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt the Fund's yield or share price. Additionally, rising interest rates tend to extend the duration of certain fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility. This is known as extension risk. When interest rates decline, borrowers may pay off their fixed income securities sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk.

• *Mortgage-Backed Securities Risk*, exists when the Fund invests in mortgage-backed securities which represent an interest in a pool of mortgages. Mortgage-backed securities are subject to prepayment and extension risk but the negative effect of a rate increase on the market value of mortgage-backed securities is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of a portfolio. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real

and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited. <br>

• *Convertible Securities and Preferred Stocks Risk,* 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 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.

• *Derivatives risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Futures, forwards, options, swaps and swaptions will obligate or entitle the Fund to deliver or receive an asset or a cash payment based on the change in value of one or more designated securities, currencies or indices. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

• *Delayed Funding Loans and Revolving Credit Facilities Risk*, the Fund's investments in delayed funding loans and revolving credit facilities may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when such company's financial condition makes it unlikely that such additional funding commitments will be repaid).

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Delayed funding loans and revolving credit facilities are subject to credit, interest rate and liquidity risk and the risks of being a lender.

• *Event-Linked Exposure Risk*, event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events. Examples of trigger events include hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences. Event-linked exposures may also be subject to liquidity risk.

• *Foreign Investment Risks*, which means risks unique to investing in foreign issuers. These include:

&nbsp;&nbsp;&nbsp;&nbsp;• Less information about foreign issuers or markets may be available because of less rigorous accounting standards or regulatory practices.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign markets are smaller, less liquid and more volatile than U.S. markets. In a changing market, the Sub-adviser may not be able to sell securities held by the Fund in amounts and at prices it considers reasonable. The Fund may hold illiquid securities that may be difficult to sell and may be required to be fair valued.

&nbsp;&nbsp;&nbsp;&nbsp;• Economic, political or social instability in foreign countries may significantly disrupt the principal financial markets in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, or nationalize a company, which could have a severe effect on the Fund's ability to bring its capital or income back to the U.S. or on security prices.

&nbsp;&nbsp;&nbsp;&nbsp;• Withholding and other foreign taxes may decrease the Fund's return.

• *Emerging Markets Risk*, which refers to the fact that the market value for emerging market equity securities historically has been very volatile and an investment in the Fund involves a substantial degree of risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Currency Risk*, which refers to the risk that as a result of the Fund's active positions in currencies and investments in securities denominated in, and/or receiving revenues in,

foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged. In either event, the value of your investment in the Fund would be adversely affected.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover and result in increased transaction costs to the Fund. In addition, selling short magnifies the potential for both gain and loss to the Fund. The larger the Fund's short position, the greater the potential for gain and loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could increase the cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Liquidity Risk*, exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. This may result in a loss or may otherwise be costly to the Fund. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. These securities may also need to be fair valued.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Manager Risk*, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Equity Risk*, which is the risk that prices of equity securities rise and fall daily. Price movements may occur due to factors affecting individual companies, such as the issuance of an unfavorable earnings report, or other events affecting particular industries or the equity market as a whole.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September

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2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Leverage Risk* means that the Fund's use of derivatives may result in the Fund's total investment exposure substantially exceeding the value of its portfolio securities and that 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 Sovereign Debt Securities Risk* includes 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, due to 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 the Fund, as a holder 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.

#### Municipal Bond Fund

#### Investment objective
A high level of interest income that is excluded from federal income taxation, to the extent consistent with prudent investment management and the preservation of capital.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam). Tax-exempt means that the bonds

pay interest that is excluded from gross income for regular federal income tax purposes but such bonds may pay income that is subject to the alternative minimum tax.

**Credit quality.** The Fund limits its investments to 20% in municipal obligations that are rated below investment grade by a nationally recognized statistical rating organization, or, if unrated, of equivalent quality as determined by the Sub-adviser (as defined below).

**Duration.** The Fund's average portfolio duration, as calculated by the Sub-adviser, is typically maintained at +/- 3 years of the average benchmark duration, which is the average duration of all the constituent bonds in the Bloomberg U.S. Municipal Bond Index. The Sub-adviser seeks to target the average duration of the benchmark which varies over time and may be impacted by market conditions. Duration is an approximate measure of the sensitivity of the market value of the portfolio holdings to changes in interest rates.

The Fund may engage in transactions in certain derivatives, such as financial futures contracts and options thereon, indexed and inverse floating rate obligations and swap agreements, including credit default swap agreements. The Fund may use derivative instruments to hedge its investments or to seek to enhance returns.

The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special purpose entity. A TOB Trust typically issues two classes of beneficial interests: short-term floating rate interests ("TOB Floaters"), which are sold to third party investors, and residual inverse floating rate interests ("TOB Residuals"), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund's 80% policy.

#### How the Sub-adviser selects the Fund's investments
**BlackRock Financial Management, Inc. ("BlackRock")** seeks to achieve its objective by investing at least 80% of its assets in municipal bonds. Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying issuer that pay interest that is, in the opinion of bond counsel to the issuer, generally excludable from gross income for Federal income tax purposes (except that the interest may be includable in taxable income for purposes of the Federal alternative minimum tax). Municipal bonds may be obligations of a variety of issuers, including governmental entities or other qualifying issuers. Issuers may be states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like municipal notes and variable rate demand obligations. The Fund limits its investments to 20% in municipal obligations that are rated below investment grade by a nationally recognized statistical rating organization, or, if unrated, of equivalent quality as determined by the Sub-adviser.

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#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Market Risk*, which is the risk that municipal bond prices decline overall. Bond markets tend to move in cycles, with periods of rising prices and periods of falling prices. Markets are volatile and can decline significantly in response to real or perceived adverse issuer, political, regulatory, market or economic developments in the U.S. and in other countries. 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. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. Market risk may affect a single company, sector of the economy or the market as a whole. 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.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. As the yields of the underlying investments change over time, the Fund's yield will change. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. The longer the Fund's maturity, the more sensitive its share price will be to interest rate movements. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Inverse floating rate securities may decrease in value if interest rates increase. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause the Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

• *Prepayment and Extension Risks*, which means a debt obligation may be paid off earlier or later than expected. Either situation could cause the Fund to hold securities paying lower-than-market rates of interest, which could hurt

the Fund's yield or share price. Additionally, rising interest rates tend to extend the duration of certain fixed income securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility. This is known as extension risk. When interest rates decline, borrowers may pay off their fixed income securities sooner than expected. This can reduce the returns of the Fund because the Fund will have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk. <br>

• *Municipal Securities Risk*, which includes the risk that new federal or state legislation or Internal Revenue Service determinations may adversely affect the tax-exempt status of securities held by the Fund or the financial ability of the municipalities to repay these obligations. 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 meet their obligations. 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 that 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 the Fund. Any changes in the financial condition of municipal issuers may also adversely affect the value of the Fund's securities. Due to local economic and financial conditions, certain municipal issuers will be more susceptible to default on their obligations than others. Each of these risks may be heightened with respect to investments in U.S. instrumentalities, such as Guam, the Virgin Islands and Puerto Rico.

• *Liquidity Risk*, which means when there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Fund's share price may fall dramatically, even during periods of declining interest rates. The secondary market for certain municipal bonds tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund's ability to sell such municipal bonds at attractive prices.

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• *Taxation Risk*, which means the possibility that some of the Fund's income distributions may be, and distributions of the Fund's gains may be subject to federal taxation. The Fund will rely on the opinions of issuers' bond counsel on the tax-exempt status of interest on municipal bond obligations. Neither the Fund nor its Sub-adviser 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. In addition, the Fund may realize taxable gains on the sale of its securities or other transactions, and some of the Fund's income distributions may be subject to the federal alternative minimum tax. This may result in a lower tax-adjusted return. Additionally, distributions of the Fund's income and gains generally will be subject to state taxation. Municipal bond funds are generally not appropriate investments for those investing through a tax-deferred account, such as an individual retirement account or employer-sponsored retirement plan, because the funds' tax advantages are not applicable if investing through such an account.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Manager Risk*, which is the risk that poor security selection by the Sub-adviser will cause the Fund to underperform relevant benchmarks or other investments with similar strategies. This risk is common for all actively managed funds.

• *Issuer Risk,* which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Leverage Risk*, which means the Fund's use of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities and cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.

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

• *Tender Option Bonds and Related Securities Risk*, which means the Fund's participation in tender option bond transactions may reduce the Fund's returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The Fund may invest in TOB Trusts on either a non-recourse or recourse basis. If the Fund invests in a TOB Trust on a recourse basis, it could suffer losses in excess of the value of its TOB Residuals.

• *Derivatives Risk,* which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets.

• *Floating Rate Obligations Risk*, which is the risk that unexpected changes in the interest rates on floating rate obligations could result in losses to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there will be no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that they may have delayed settlement periods. As a result, the Fund may be unable to sell such instruments at the desired time or may be able to sell only at a price less than fair market value. The price of inverse floating rate obligations (inverse floaters) is expected to decline when interest rates rise, and generally will be more volatile and decline further than the price of a bond with a similar maturity. These risks can be particularly high if leverage is used in the formula that determines the interest payable by the inverse floater, which may make the

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Fund's returns more volatile and increase the risk of loss. Additionally, these securities may lose some or all of their principal and, in some cases, the Fund could lose money in excess of its investment.

#### Inflation-Linked Fixed Income Fund

#### Investment objective
Total return that exceeds the rate of inflation over an economic cycle.

#### Principal investment strategies
Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income securities. The Fund seeks to allocate assets among investments to achieve the highest level of real return (total return less the rate of inflation). The Fund will shift its investments among the following general asset classes: inflation-indexed securities issued by governments, corporations, and municipal issuers; investment grade fixed income securities and high-yield fixed income securities (i.e., junk bonds) issued by governments, corporations, and municipal issuers; and short-term non-dollar denominated debt securities. The Fund may also, to a lesser extent, invest in equity securities with high correlation to broad measures of inflation.

Inflation-indexed securities are fixed income securities that are structured to provide protection against inflation. The value of the security's principal or the interest income paid on the security will be adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for Urban Consumers as their inflation measure. Inflation-indexed securities issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government.

The Fund invests primarily in investment grade debt securities; however, the Fund may invest up to 20% of its total assets in below investment grade debt securities (i.e., junk bonds), as rated by Moody's, S&P or Fitch or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable credit quality to such a rating. The Fund may also invest up to 30% of its total assets in foreign currency denominated securities, including emerging market securities. For purposes of pursuing its investment goal, the Fund may enter into currency-related transactions involving certain derivative instruments, including currency and cross currency forward contracts. The use of derivative currency transactions may allow the Fund to reduce a specific risk exposure of a portfolio security or its denominated currency or to obtain net long exposure to selected currencies. Under normal market conditions, the Fund will seek to limit its foreign currency exposure to 20% of its total assets.

The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts, or swap agreements, or in mortgage- or asset- backed securities, subject to applicable law and any other restrictions described in this Prospectus or Statement of Additional Information. The

Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred stocks.

The Fund's investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.

#### How the Sub-adviser selects the Fund's investments
**Pacific Investment Management Company LLC ("PIMCO")** employs a total return approach that focuses on maximum real return, consistent with preservation of capital and prudent investment management. PIMCO manages real return investments by focusing on both macro inflation outlook and bottom-up research capabilities as key determinants of value in fixed income markets, limiting volatility with respect to the benchmark index.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Interest Rate Risk,* the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with longer average portfolio duration will be more sensitive to changes in interest rates than a fund with shorter average portfolio duration.

• *Call Risk,* the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

• *Credit Risk,* the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

• *High Yield Risk*, the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

• *Market Risk,* the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. Environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur,

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may impact markets adversely and cause market volatility in both the short- and long-term. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

• *Issuer Risk,* the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Liquidity Risk,* the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

• *Derivatives Risk,* the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities), include liquidity, interest rate, market, and credit risks, each of which is described herein. Derivative instruments also may be difficult to accurately price due to their complexity, particularly derivative instruments that are traded off an exchange (also known as "over the counter"). Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. For derivatives traded on exchanges, the primary credit risk is the creditworthiness of the Fund's clearing broker or the exchange itself.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance

or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted. <br>

• *Equity Risk,* the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

• *Mortgage-Related and Other Asset-Backed Securities Risk,* the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

• *Asset-Backed Securities Risk*, exists when the Fund invests in asset-backed securities which are structured like mortgage-backed securities, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements. Asset-backed securities are subject to many of the same risks as mortgage-backed securities including prepayment and extension risk. The ability of an issuer of asset-backed securities to enforce its security interest in the underlying assets may be limited.

• *Foreign (Non-U.S.) Investment Risk,* the risk that investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

• *Emerging Markets Risk,* the risk of investing in emerging market securities, primarily increased foreign investment risk.

• *Sovereign Debt Risk,* the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from the issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

• *Currency Risk,* the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies.

• *Leveraging Risk,* the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had

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not been leveraged. This means that leverage entails a heightened risk of loss.

• *Short Sale Risk,* the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

• *Portfolio Turnover Risk,* which is the risk that 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.

#### Ultra-Short Term Fixed Income Fund

#### Investment objective
Total return, consistent with preservation of capital.

#### Principal investment strategies
The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments with maturities of less than or equal to two year.

Under normal market conditions, the Fund invests primarily in investment-grade securities and will seek to maintain an average portfolio duration of two years or less. The Fund seeks to outperform the FTSE 3-Month U.S. Treasury Bill Index over a full market cycle, while maintaining overall risk similar to the index. The Fund will invest in government and corporate debt securities, mortgage- and asset-backed securities, money market instruments, collateralized loan obligations ("CLOs"), and derivatives, including futures contracts, forward contracts (such as currency and cross-currency forwards), options and swaps (such as interest rate swaps and credit default swaps). The Fund may invest up to 20% of net assets in securities rated below investment grade. It may also invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. Under normal market conditions, the Fund will seek to limit its foreign currency exposure to 20% of its total assets. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.

The Fund may invest up to 20% of its total assets in non-investment grade securities (sometimes called "high yield securities" or "junk bonds") rated CCC- or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable credit quality.

The Fund's average portfolio duration, as calculated by the Sub-adviser is normally less than two years. Duration is an approximate measure of the sensitivity of the market value of the Fund's holdings to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. In addition, the dollar-weighted average portfolio maturity of the Fund, under normal circumstances, is expected not to exceed three years. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.

The Fund may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis and may engage in short sales. The Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sales contracts or by using other investment techniques (such as buy-backs or dollar rolls).

The Fund's investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.

#### How the Sub-adviser selects the Fund's investments
**Pacific Investment Management Company LLC ("PIMCO")** employs a total return approach that seeks maximum current income, consistent with preservation of capital and daily liquidity. PIMCO manages short-term return investments by focusing on ultra-short, high quality fixed income securities, offering higher potential than traditional cash investments, with modest additional risk.

#### Principal risks
Loss of money is a risk of investing in the Fund.

The Fund's principal risks include:

• *Interest Rate Risk,* the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

• *Call Risk,* the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

• *Credit Risk,* the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

• *High Yield Risk,* the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

• *Market Risk,* the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries. 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. Recent examples include

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pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

• *Issuer Risk,* the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Liquidity Risk,* the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

• *Derivatives Risk,* the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities), include liquidity, interest rate, market, and credit risks, each of which is described herein. Derivative instruments also may be difficult to accurately price due to their complexity, particularly derivative instruments that are traded off an exchange (also known as "over the counter"). Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter derivatives are also subject to the risk that the other party in the transaction will not fulfill its contractual obligations. For derivatives traded on exchanges, the primary credit risk is the creditworthiness of the Fund's clearing broker or the exchange itself.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or provide the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at

the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Securities Lending Risk*, which includes the potential insolvency of the borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the re-investment of collateral received on loaned securities in investments that default or do not perform well.

• *Equity risk,* the risk that the value of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

• *Mortgage-Related and Other Asset-Backed Securities Risk,* the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

• *U.S. Government Securities Risk,* it means that 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.

• *Money Market Securities Risk,* means that an investment in the Fund is subject to the risk that the value of its investments in high-quality short-term obligations ("money market securities") may be subject to changes in interest rates, changes in the rating of any money market security and in the ability of an issuer to make payments of interest and principal.

• *Foreign (Non-U.S.) Investment Risk,* the risk that investing in foreign securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests

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exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

• *Currency Risk,* the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund's investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies.

• *Leveraging Risk,* the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

• *Short Sale Risk,* the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund.

• *Collateralized Loan Obligations Risk,* collateralized loan obligations ("CLOs") are a type of asset-backed security that is typically structured as a trust collateralized by a pool of loans. The cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the instrument in which the Fund invests. In addition to the normal risks associated with fixed income securities, CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CLOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

#### Alternative Strategies Fund

#### Investment objective
Long term growth of capital.

#### Principal investment strategies
Under normal market conditions, the Fund seeks to generate long term growth across market cycles with reduced correlation to the equity and fixed income markets. The Fund seeks to achieve its investment objective by allocating its assets among shares of mutual funds, exchange-traded funds or closed-end funds managed by third-party professional money managers ("Underlying Funds"). The Adviser determines which Underlying Funds in which to invest the Fund's assets through

a diligence process that is designed to identify the most appropriate Underlying Funds under the circumstances. The Adviser then uses a risk-budgeting technique to allocate the Fund's assets among the identified Underlying Funds, based on the investment exposure that each Underlying Fund represents and the Adviser's views on various sectors, industries and investment strategies. The Adviser then monitors the Fund's investments in Underlying Funds on an ongoing basis to determine whether the Fund's assets should be reallocated among the existing Underlying Funds, whether the Fund should invest in a new Underlying Fund and/or whether the Fund should sell out of its position in an Underlying Fund. As a result of this process, no single Underlying Fund should contribute excessively to the risk of the Fund's overall portfolio.

The Underlying Funds may apply a variety of alternative investment strategies, but will typically apply one or more of four main investment strategies, including: (i) investments in real asset strategies, (ii) equity-based tactical, value or event-driven strategies, (iii) absolute return strategies that seek to generate returns independent of market conditions, and (iv) equity hedged (i.e., global macro, managed futures, multi strategy and long/short) strategies.

The Underlying Funds may apply a variety of alternative investment strategies, but will typically apply one or more of four main investment strategies, including:

1. Real Assets: Real assets strategies may include investments in (i) US or international real estate and securities of companies tied to the real estate industry; (ii) interests in natural resources and commodities; (iii) master limited partnerships; and (iv) infrastructure or utilities.

2. Equity Trading: Equity-based strategies encompass a wide range of investment programs, including (i) directional or tactical strategies, such as long/short (strategies that seek to profit from both increases and decreases in security prices) and global tactical asset allocation; (ii) relative value (strategies that seek to profit from price differences between related assets); and (iii) event driven strategies (such as distressed securities, special situations and merger arbitrage).

3. Absolute Return: Absolute return strategies seek to generate absolute returns independent of market conditions, while minimizing volatility by combining strategies with different volatility patterns. Absolute return strategies may include (i) long/short credit allocation; (ii) arbitrage strategies, such as fixed income or interest rate arbitrage, convertible arbitrage, and equity market neutral arbitrage; and (iii) unconstrained bond strategies.

4. Equity Hedged Strategies: Equity hedged strategies take long and short positions in equities (and related instruments) believed to be under- and overvalued, respectively. Short positions may also be used solely to hedge broad market exposure. Equity hedged strategies may include (i) managed futures; (ii) global macro; and (iii) multi-strategy funds.

The Underlying Funds' investment strategies may rely in part on derivative investments, such as futures, forwards, swaps,

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swaptions, and options, to implement their investment strategies, to generate positive returns, for hedging or risk management purposes, to limit volatility and to provide exposure to an instrument without directly purchasing it. The Underlying Funds' investments may also include exposure to companies located both in the U.S. and in foreign countries, including companies located in emerging market countries. The Underlying Funds may invest in securities and other investments of all capitalization sizes, including securities and other investment that have exposure to small- and mid-capitalization issues. The Underlying Funds may also invest in investment grade fixed income securities of any maturity or duration.

The Fund may, in the future, allocate all or a portion of its assets directly to professional money managers (each, a "Sub-adviser," collectively, the "Sub-advisers"), each of which would be responsible for investing its portion of the Fund's assets. Currently, the Fund does not use any Sub-Advisers.

The Fund's investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.

Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently.

#### Principal risks
Loss of money is a risk of investing in the Fund.

• *Absolute Return Investing Risk*, which refers to the risk that the Fund's investment returns may converge with the investment returns of equity or fixed income markets during a period of declining stock prices, thereby eliminating the diversification benefit that an Underlying Fund expects from the strategies. During these times, the strategies' correlations could increase, which in turn could increase the Fund's overall volatility.

• *Active Management Risk*, due to the active management investment strategies used by the Fund, the Fund could underperform its benchmark index and/or other funds with similar investment objectives and/or strategies.

• *Arbitrage Strategies Risk*, which involves 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 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.

• *Allocation Risk*, which refers to the risk that the Adviser's judgment about, and allocations among, strategies may adversely affect the Fund's performance.

• *Closed-End Fund Risk*, which means that since closed-end funds issue a fixed number of shares they typically trade on a stock exchange or over-the-counter at a premium or discount to their net asset value per share. The Fund will also bear its pro rata portion of any costs of a closed-end fund in which it invests.

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

• *Credit and Junk Bond Risk*, which means the credit quality of an investment could cause an Underlying Fund to lose money. Non-investment grade securities (sometimes called "high yield securities" or "junk bonds") involve greater risks of default or downgrade, are more volatile and may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity, which could substantially adversely affect the market value of the securities.

• *Currency Risk*, which refers to the risk that as a result of the Fund's active positions in currencies and investments in securities denominated in, and/or receiving revenues in, foreign currencies, those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, the U.S. dollar will decline in value relative to the currency hedged.

• *Derivatives Risk*, which means that the Fund's use of futures, forwards, options, swaps and swaptions based on fixed income instruments to enhance returns or hedge against market declines subjects the Fund to potentially greater volatility and/or losses. Even a small investment in futures, forwards, options, swaps and swaptions can have a large impact on the Fund's interest rate, securities market and currency exposure. Therefore, using futures, forwards, options, swaps and swaptions can disproportionately increase losses and reduce opportunities for gains when interest rates, stock prices or currency rates are changing. The Fund may not fully benefit from or may lose money on its investment in futures, forwards, options, swaps and swaptions if changes in their value do not correspond accurately to changes in the value of the Fund's holdings. The other party to certain futures, forwards, options, swaps and swaptions presents the same types of credit risks as issuers of fixed income securities. Investing in futures, forwards, options, swaps and swaptions can also make the Fund's assets less liquid and harder to value, especially in declining markets.

• *LIBOR Transition Risk* refers to the fact that the elimination of the London Inter-Bank Offered Rate ("LIBOR") rate may adversely affect the interest rates on, and value of, certain Fund investments that are tied to LIBOR. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, ceased publishing all LIBOR settings on a representative basis after June 30, 2023. Some LIBOR rates continued to be published, but only on a temporary, synthetic, and non-representative basis. These temporary, synthetic LIBOR rates were discontinued in September 2024. Alternatives to LIBOR are established or in development in most major currencies, including the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. Accordingly, it is difficult to predict the full impact of the

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transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

• *Event-Linked Exposure Risk*, event-linked exposure results in gains or losses that typically are contingent, or formulaically related to defined trigger events such as hurricanes, earthquakes, weather-related phenomena, or statistics relating to such events. If a trigger event occurs, a Fund may lose a portion of or the entire principal investment in the case of a bond or a portion of or the entire notional amount in the case of a swap. Event-linked exposure instruments often provide for an extension of maturity to process and audit loss claims where a trigger event has, or possibly has, occurred, such extension of maturity may increase volatility. Event-linked exposure may also expose a Fund to liquidity risk and certain unanticipated risks including credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

• *Emerging Markets Risk*, emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank. In addition to foreign investment and currency risks, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries. The Fund also could experience a loss from settlement and custody practices in some emerging markets.

• *Foreign Investment Risk*, which means risks unique to foreign securities, including less information about foreign issuers, less liquid securities markets, political instability and unfavorable changes in currency exchange rates.

• *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, due to 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.

• *Interest Rate Risk*, which is the risk that interest rates rise and fall over time. When interest rates are low, the Fund's yield and total return also may be low. When interest rates rise, bond prices generally fall, which might cause the Fund's share price to fall. When the Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

• *Investment Company and Exchange-Traded Funds (ETFs) Risk*, which is 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. <br>

• *Issuer Risk*, which is the risk that the value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

• *Investment Limitation Risk*, which refers to the potential that the Fund may want to invest in an Underlying Fund that is not available in sufficient quantities for the Fund to participate fully due to capacity constraints of the strategy. The Fund may therefore have reduced exposure to a capacity constrained Underlying Fund, which could adversely affect the Fund's return.

• *Leverage Risk*, which means the Fund's use of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities and cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to maintain asset coverage.

• *Liquidity Risk* exists when securities are difficult or impossible for the Fund to sell at the time and the price that the Fund would like due to a limited market or to legal restrictions. These securities may also need to be fair valued.

• *Manager Risk*, which is the risk that poor security selection by the Investment Adviser will cause the Fund to underperform. This risk is common for all actively managed funds.

• *Market Risk*, which is the risk that the Fund will be affected by broad changes in the fixed income markets. 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. 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. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar. 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. Similarly, Environmental and public health risks, such as natural disasters, epidemics, pandemics or widespread fear that such events may occur, may impact markets adversely

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and cause market volatility in both the short- and long-term. Recent examples include pandemic risks related to a coronavirus (COVID-19) and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

• *MLP Risk*, which is the risk that, to the extent that an MLP's interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors.

• *Portfolio Turnover Risk*, 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.

• *Short Sale Risk*, selling short may produce higher than normal portfolio turnover, result in increased transaction costs and magnify the potential for both gain and loss to the Fund. In addition, because the Fund's loss on a short sale arises from increases in the value of the security sold short, such loss is theoretically unlimited. By contrast, the Fund's loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot drop below zero.

• *Small and Medium Capitalization Company Risk*, which is the risk that small and medium capitalization companies in which the Fund invests 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 or listed on an exchange.

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## About the Funds
Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management ("MSWM"), serves as the investment adviser for each series of the Morgan Stanley Pathway Funds (the "Trust," and each series, a "Fund," and collectively, the "Funds"). The Funds share a "multi-manager" strategy. Other than with respect to the Alternative Strategies Fund, the Manager selects and oversees professional money managers (each a "Sub-adviser," and collectively, the "Sub-advisers") who are responsible for investing the assets of the Funds.

The investments and strategies described in this Prospectus are those that CGAS and the Sub-advisers use under normal conditions. During unusual economic or market conditions or for temporary defensive or liquidity purposes, each Fund may invest up to 100% of its assets in cash, money market instruments and other short-term obligations that would not ordinarily be consistent with a Fund's objectives. A Fund will do so only if CGAS or the Sub-advisers believe that the risk of loss outweighs the opportunity for capital gains or higher income. There is no guarantee that any Fund will achieve its investment objective. Unless otherwise explicitly stated herein, or in the Statement of Additional Information ("SAI"), the investment policies and restrictions of the Funds are not fundamental and may be changed by the Board of Trustees of the Trust ("Board"), upon 60 days' written notice to shareholders and without shareholder approval.

Currently the Alternative Strategies Fund gets its investment exposure through investments in non-affiliated mutual funds, exchange traded funds or closed end funds ("Underlying Funds"), as determined by CGAS. Over time and depending on the particular facts and circumstances, CGAS may hire sub-advisers to directly manage a portion of the Alternative Strategies Fund's assets and may eventually move the entire Alternative Strategies Fund's portfolio to a manager-of-managers model, consistent with other funds within the Trust.

#### The multi-manager strategy
Subject to Board review and approval, and in reliance on an exemptive order obtained from the SEC, the Manager selects and oversees professional money managers (the Sub-advisers) who are responsible for investing the assets of the Funds. The exemptive order permits CGAS, with the approval of the Board, to retain unaffiliated sub-advisers for a Fund without submitting the sub-advisory agreements to a vote of the Fund's shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by CGAS to individual unaffiliated sub-advisers under such sub-advisory agreements.

The Sub-advisers are selected based primarily upon the research and recommendation of the Manager, which includes a quantitative and qualitative evaluation of a Sub-adviser's skills and investment results in managing assets for specific asset classes, investment styles and strategies. The Manager allocates and, when appropriate, reallocates the Fund's assets among the Sub-advisers, continuously monitors and evaluates Sub-adviser performance (including trade execution), performs

other due diligence functions (such as an assessment of changes in personnel or other developments at the Sub-advisers), and oversees Sub-adviser compliance with the Fund's investment objectives, policies and guidelines. The Manager also monitors changes in market conditions and considers whether changes in the allocation of Fund assets or the lineup of Sub-advisers should be made in response to such changes in market conditions. Sub-advisers may also periodically recommend changes or enhancements to the Fund's investment objectives, policies and guidelines, which are subject to the approval of the Manager and may also be subject to the approval of the Board.

The Manager screens a universe of registered investment advisory firms and tracks the performance of these advisory firms. The Manager continually evaluates the strength and performance of these firms, focusing on a number of key issues, which may include:

• level of expertise

• relative performance and consistency of performance

• strict adherence to investment discipline or philosophy

• personnel, facility and financial strength

• quality of service and communication

The Manager employs a rigorous evaluation process to select Sub-advisers that have distinguished themselves through consistent and superior performance. The Manager recommends the portion of assets of each Fund to be managed by each Sub-adviser and may adjust each allocation by up to 10% without Board approval under normal circumstances. During unusual economic or market conditions or in response to developments at one or more Sub-advisers, the Manager may adjust allocations without limitation.

Many of the Funds feature multiple Sub-advisers chosen to complement each other's specific style of investing.

#### About the Morgan Stanley-sponsored investment advisory programs
Shares of the Funds, except the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, are only available to participants in certain investment advisory programs sponsored by Morgan Stanley. The services offered through these programs may provide investors with asset allocation recommendations, which are implemented through the Funds.

These services generally include:

• evaluating the investor's investment objectives and time horizon

• analyzing the investor's risk tolerance

• recommending an allocation of assets among the Funds in the Trust

• providing monitoring reports containing an analysis and evaluation of an investor's account and recommending any changes

While an investment advisory program makes recommendations, the ultimate investment decision is typically up to the investor and not the provider of the investment advisory program. Under an investment advisory program, an

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investor typically pays an advisory fee that may vary based on a number of factors. The maximum shareholder fee (in addition to annual fund operating expenses) for assets invested in the Trust through the Consulting Group Advisor, Select UMA or the Portfolio Management investment advisory programs is 2.00% of average quarter-end net assets.

From time to time, the Manager and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, are not paid by the Funds, directly or indirectly. The recipients of such payments may include affiliates of the Manager, broker-dealers, financial institutions and other financial intermediaries through which investors may purchase shares of a Fund. In some circumstances, such payments may create an incentive for an intermediary or its employees or associated persons to.

#### Portfolio holdings
A description of each Fund's policies and procedures with respect to the disclosure of its portfolio securities is available in the Fund's SAI.

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## Fund Management
The Manager's address is 2000 Westchester Avenue, Purchase, NY 10577. CGAS was formed as a Delaware corporation on September 21, 2005 and was reorganized as a Delaware limited liability company in May 2009. Morgan Stanley Smith Barney LLC, which serves as the distributor to the International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund, and Alternative Strategies Fund, is an affiliate of the Manager. The Manager was established to match the investment needs of institutional investors and substantial individual investors with appropriate and well qualified investment advisers.

Subject to the review and approval of the Board, and in reliance on an exemptive order obtained from the SEC, the Manager is responsible for selecting, supervising, monitoring and evaluating the Sub-advisers. The Manager may adjust the allocation of a Fund's assets among Sub-advisers by up to 10%. Only the Board can make any adjustment affecting more than 10% of a Fund's assets. The Manager also is responsible for recommending to the Board whether a Sub-adviser should be replaced. The Funds rely upon an exemptive order from the SEC that permits the Manager to select new Sub-advisers or replace existing Sub-advisers without first obtaining shareholder approval. One of the conditions of the exemptive order is that the Board, including a majority of the

"non-interested" Trustees, must approve each new Sub-adviser. In accordance with the exemptive order, the Funds will provide investors with information about each new Sub-adviser within 90 days of the hiring of any new Sub-adviser. The exemptive order also permits the non-disclosure of amounts payable by CGAS to each individual Sub-adviser.

A discussion regarding the Board's basis for approving the investment advisory and sub-advisory agreements is available in the Trust's Form N-CSR filing with the SEC, which covers the fiscal year ended August 31, 2025. For Sub-advisers approved after August 31, 2025, a discussion of the Board's basis for approval of such agreement(s) will be in the Trust's Form N-CSRS filing with the SEC, which will cover the six-month period ending February 28, 2026.

**The Sub-advisers.** The Sub-advisers are responsible for the day-to-day investment management of the Funds. The names and addresses of the Sub-advisers, the percentage of Fund assets each Sub-adviser manages and certain information about the Fund manager or portfolio management team for each Fund are set forth below. The Fund's SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in each Fund.

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| &nbsp;&nbsp; FUND | PERCENTAGE | FUND<br> MANAGER<br> SINCE |
| **Morgan Stanley Pathway Large Cap Equity ETF**<br> BlackRock Financial<br> Management, Inc.<br> ("BlackRock")<br> Park Avenue Plaza<br> 55 East 52<sup>nd</sup> St.<br> New York, NY 10055 | 63% **Jennifer Hsui, CFA<sup>®</sup>** <br> **Managing Director, Global Head of Index Equity** <br> (2006-present). Mrs. Hsui is the Chief Investment Officer for Global Portfolio Management within BlackRock's EII business. She is responsible for setting direction, establishing policy, and guiding investment decisions across Index Equity products. | 2018 |
|  | **Peter Sietsema, CFA<sup>®</sup>**<br> **Director and Senior Portfolio Manager** <br> Mr. Sietsema is the Head of Sub-Advised, US Institutional, and Canada/LatAm ETF Portfolio Management within BlackRock's EII business. Mr. Sietsema's service with the firm dates back to 2007. | 2022 |
|  | **Matt Waldron, CFA<sup>®</sup>**<br> **Managing Director** <br> Mr. Waldron is US Head of International Portfolio Management within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for the management of ETFs, sub-advised, and Institutional pooled & separate accounts that are predominantly invested in developed and emerging markets. Mr. Waldron's service with the firm dates back to 2003. Prior to his current role, Mr. Waldron was a portfolio manager in Blackrock's Multi Asset Client Solutions Group (BMACS), where he was responsible for the management of asset allocation portfolios for Institutional and HNW clients. | 2025 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Morgan Stanley Pathway Large Cap Equity ETF**<br> (continued) |  |  | **Steven White**<br> **Director**<br> Mr. White is Head of the Active Risk Index ETF team in the Americas, and co-CIO for Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for all complex, alternatively-weighted equity index ETFs. As co-CIO, he is responsible for leading efforts to drive scaled investment decisions across the global index equity book, resulting in consistent, risk managed investment outcomes for clients. He leads oversight of investment risk, performance oversight and equity index provider engagement. Steven is a member of the Index Equity Leadership Team. Steven's service with the firm began in 2011. | 2025 |
|  | ClearBridge Investments, LLC ("ClearBridge") <br>One Madison Avenue New York, New York 10010 | 8% | **Erica Furfaro** <br> **Director and Portfolio Manager**<br> (2019-Present) Ms. Furfaro has 20 years of investment industry experience. Erica Furfaro joined the firm in 2019. | 2024 |
|  |  |  | **Margaret Vitrano** <br> **Managing Director and Portfolio Manager**<br> (1997-Present). Ms. Vitrano has 28 years of investment industry experience. Margaret Vitrano joined the firm in 1997. | 2017 |
|  | Great Lakes Advisors, LLC ("Great Lakes") <br>231 S. Lasalle Street, <br>4<sup>th</sup> Floor <br>Chicago, IL 60604 | 17% | **Paul Roukis, CFA<sup>®</sup>**<br> **Portfolio Manager and Managing Director**<br> Paul is a Portfolio Manager on the Great Lakes Advisors Fundamental Equity Large Cap team. Paul joined the firm in 2005 and has been in the industry since 1992. Previously, he served as a Portfolio Manager on the Large Cap team at Rothschild & Co Asset Management US (acquired by Great Lakes Advisors in 2023). Paul was also a Research Analyst for over 12 years with Sidoti & Company, Schroders, NatWest Securities, and Value Line. Paul is a CFA<sup>®</sup> charter holder. | 2023 |
|  |  |  | **Jeff Agne, Portfolio Manager and**<br> **Managing Director** <br> Jeff is a Portfolio Manager on the Great Lakes Advisors Fundamental Equity Large Cap team. Jeff joined the firm in 2015 and has been in the industry since 2001. Previously, he served as a portfolio manager on the Large Cap strategies at Rothschild & Co Asset Management US (acquired by Great Lakes Advisors in 2023). Prior to that Jeff worked as a co-portfolio manager for the Global Focus strategy at PineBridge Investments. He was also an Equity Research Analyst at Banc of America Securities and Schwab Soundview Capital Markets, and a Consultant for FactSet Research Systems. | 2023 |

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|:---|:---|
| MORGAN STANLEY \| 2026 | **89** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND<br>MANAGER<br>SINCE |
| **Morgan Stanley Pathway Large Cap Equity ETF**<br> (continued) | Principal Asset Management ("Principal") <br>801 Grand Avenue, Des<br> Moines, Iowa 50392 | 12% **Bill Nolin, CFA<sup>®</sup> - CIO,** <br> **Portfolio Manager** <br> Bill is the chief investment officer for Principal Aligned. He has served as lead portfolio manager of the MidCap strategy since 1999. Bill and his dedicated investment team subsequently introduced the Aligned Blue Chip strategy in 2012, utilizing the same philosophy and process while extending the team's reach to larger companies. Bill joined Principal in 1993 in corporate credit research and transitioned to equities research in 1996. He earned his MBA from the Yale School of Management, and a bachelor's degree in finance from the University of Iowa. Bill is a CFA**<sup>®</sup>** charterholder and a member for the CFA**<sup>®</sup>** Institute. | 2023 |
|  |  | **Tom Rozycki, CFA<sup>®</sup> - Director of Research, Portfolio Manager**<br> Tom is the director of research for Principal Aligned. He is responsible for coordinating the research effort at Principal Aligned and also serves as portfolio manager for the team's strategies. Tom joined the firm in 2001. He received his bachelor's degree in finance from Drake University. Tom is a CFA**<sup>®</sup>** charterholder and a member for the CFA**<sup>®</sup>** Institute. | 2023 |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF** | AllianceBernstein L.P. ("AllianceBernstein")<br>501 Commerce Street<br>Nashville, TN 37203 | 20% **James W. MacGregor, CFA<sup>®</sup> - Chief Investment Officer** <br> James MacGregor is the Chief Investment Officer for the U.S. Small & Mid-Cap Value Equities team at AllianceBernstein, and has served in this role since 2009. He previously held the roles of the Director of Research of Small & Mid-Cap Value Equities and as the Chief Investment Officer for the Canadian Value Equities team at AllianceBernstein. He earned a bachelor's degree in economics from McGill University, a master's degree in economics from the London School of Economics and Political Science, and a master's degree of business administration with an emphasis in analytic finance from the University of Chicago. Mr. MacGregor is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charterholder. | 2024 |
|  |  | **Erik Turenchalk, CFA<sup>®</sup> - Portfolio Manager** <br> Erik Turenchalk is a portfolio manager for the U.S. Small & Mid-Cap Value Equities team at AllianceBernstein, and has served in that role since 2020. He previously held the roles of Research Analyst and Senior Research Analyst at AllianceBernstein. He earned a bachelor's degree in business administration from the University of Connecticut.<br> Mr. Turenchalk is a Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) charterholder. | 2024 |
|  | BlackRock Financial<br> Management, Inc.<br> ("BlackRock")<br>Park Avenue Plaza<br>55 East 52<sup>nd</sup> St.<br>New York, NY 10055 | 40% **Jennifer Hsui, CFA<sup>®</sup>**<br> **Managing Director, Global Head of Index Equity**<br> (2006-present). Mrs. Hsui is the Chief Investment Officer for Global Portfolio Management within BlackRock's EII business. She is responsible for setting direction, establishing policy, and guiding investment decisions across Index Equity products. | 2018 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF**<br> (continued) |  |  | **Peter Sietsema, CFA<sup>®</sup>**<br> **Director and Senior Portfolio Manager** <br> Mr. Sietsema is the Head of Sub-Advised, US Institutional, and Canada/LatAm ETF Portfolio Management within BlackRock's EII business. Mr. Sietsema's service with the firm dates back to 2007. | 2022 |
|  |  |  | **Matt Waldron, CFA<sup>®</sup>**<br> **Managing Director** <br> Mr. Waldron is US Head of International Portfolio Management within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for the management of ETFs, sub-advised, and Institutional pooled & separate accounts that are predominantly invested in developed and emerging markets. Mr. Waldron's service with the firm dates back to 2003. Prior to his current role, Mr. Waldron was a portfolio manager in Blackrock's Multi Asset Client Solutions Group (BMACS), where he was responsible for the management of asset allocation portfolios for Institutional and HNW clients. | 2025 |
|  |  |  | **Steven White**<br> **Director**<br> Mr. White is Head of the Active Risk Index ETF team in the Americas, and co-CIO for Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for all complex, alternatively-weighted equity index ETFs. As co-CIO, he is responsible for leading efforts to drive scaled investment decisions across the global index equity book, resulting in consistent, risk managed investment outcomes for clients. He leads oversight of investment risk, performance oversight and equity index provider engagement. Steven is a member of the Index Equity Leadership Team. | 2025 |
|  | Neuberger Berman<br> Investment Advisers LLC ("Neuberger") <br>1290 Avenue of the Americas <br>New York, NY 10104 | 17% | **Benjamin H. Nahum** <br> **Managing Director** <br> Mr. Nahum is the portfolio manager for the fund. Mr. Nahum launched the fund's strategy in 1997 and has been the Portfolio Manager for the strategy since its inception. | 2016 |
|  | Westfield Capital<br> Management Company, L.P. ("Westfield") <br>One Financial Center <br>23<sup>rd</sup> Floor <br>Boston, MA 02111 | 23% | **William A. Muggia** <br> **President, CEO and CIO** <br> William A. Muggia is President, Chief Executive Officer and Chief Investment Officer of Westfield. He provides market outlook and strategy. Mr. Muggia has been at Westfield since 1994 and has managed the Fund since 2004. | 2004 |
|  |  |  | **Richard D. Lee, CFA<sup>®</sup>**<br> **Managing Partner and CIO**<br> Richard D. Lee is a Managing Partner and Chief Investment Officer of Westfield. He covers Hardware, Semiconductors and IT Services.<br> Mr. Lee has been at Westfield since 2004 and has managed the Fund since 2004. | 2004 |

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|:---|:---|
| MORGAN STANLEY \| 2026 | **91** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF**<br> (continued) |  | **Matthew R. Renna** <br> **Managing Partner**<br> Matthew R. Renna is a Managing Partner and covers Biopharma, and Life Sciences and Tools. Mr. Renna has been at Westfield since 2013 and has managed the Fund since 2025. | 2025 |
|  |  | **Edward D. Richardson** <br> **Partner** <br> Edward D. Richardson is a Partner<br>and covers A&D, Consumer Cyclicals, and Restaurants. Mr. Richardson has been at Westfield since 2014 and has managed the Fund since 2025. | 2025 |
| **International Equity Fund**<br> BlackRock Financial<br> Management, Inc.<br> ("BlackRock") <br>Park Avenue Plaza <br>55 East 52<sup>nd</sup> St. <br>New York, NY 10055 | 35% | **Jennifer Hsui, CFA<sup>®</sup>**<br> **Managing Director and Global Head of Index Equity** <br> (2006-present). Mrs. Hsui is the Chief Investment Officer for Global Portfolio Management within BlackRock's EII business. She is responsible for setting direction, establishing policy, and guiding investment decisions across Index Equity products. | 2018 |
|  |  | **Peter Sietsema, CFA<sup>®</sup>**<br> **Director and Senior Portfolio Manager** <br> Mr. Sietsema is the Head of Sub-Advised, US Institutional, and Canada/LatAm ETF Portfolio Management within BlackRock's EII business. Mr. Sietsema's service with the firm dates back to 2007. | 2022 |
|  |  | **Matt Waldron, CFA<sup>®</sup>**<br> **Managing Director** <br> Mr. Waldron is US Head of International Portfolio Management within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for the management of ETFs, sub-advised, and Institutional pooled & separate accounts that are predominantly invested in developed and emerging markets. Mr. Waldron's service with the firm dates back to 2003. Prior to his current role, Mr. Waldron was a portfolio manager in Blackrock's Multi Asset Client Solutions Group (BMACS), where he was responsible for the management of asset allocation portfolios for Institutional and HNW clients. | 2025 |
|  |  | **Steven White**<br> **Director**<br> Mr. White is Head of the Active Risk Index ETF team in the Americas, and co-CIO for Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for all complex, alternatively-weighted equity index ETFs. As co-CIO, he is responsible for leading efforts to drive scaled investment decisions across the global index equity book, resulting in consistent, risk managed investment outcomes for clients. He leads oversight of investment risk, performance oversight and equity index provider engagement. Steven is a member of the Index Equity Leadership Team. Steven's service with the firm began in 2011. | 2025 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **International Equity Fund**<br> (continued)<br> Causeway Capital<br> Management LLC<br> ("Causeway") <br>11111 Santa Monica Blvd. <br>15<sup>th</sup> Floor <br>Los Angeles, CA 90025 | 24% | **Alessandro Valentini, CFA<sup>®</sup>**<br> **Portfolio Manager** <br> (2013-present). Mr. Valentini is a portfolio manager of Causeway and is responsible for investment research in the global health care and financials sectors. He joined the firm in July 2006 and has been a portfolio manager since April 2013. | 2014 |
|  |  | **Jonathan P. Eng** <br> **Portfolio Manager** <br> (2002-present). Mr. Eng is a director of Causeway and is responsible for investment research in the global consumer discretionary, industrials and materials sectors. He joined the firm in July 2001 as a research associate and has been a portfolio manager since February 2002. | 2014 |
|  |  | **Harry W. Hartford** <br> **President and Portfolio Manager** <br> (2001-present). Mr. Hartford is the president of Causeway, portfolio manager for the firm's fundamental and absolute return strategies, and director of research. He co-founded the firm in June 2001. | 2014 |
|  |  | **Sarah H. Ketterer <br>Chief Executive Officer and Portfolio Manager**<br> (2001-present). Ms. Ketterer is the chief executive officer of Causeway, portfolio manager for the firm's fundamental and absolute return strategies and is responsible for investment research across all sectors. She co-founded the firm in June 2001. | 2014 |
|  |  | **Ellen Lee** <br> **Portfolio Manager** <br> (2007-present). Ms. Lee is a director of Causeway and is responsible for investment research in the energy and global utilities sectors. Ms. Lee joined the firm in August 2007 as a research associate and has been a portfolio manager since January 2015. | 2015 |
|  |  | **Conor S. Muldoon, CFA<sup>®</sup>**<br> **Portfolio Manager** <br> (2010-present). Mr. Muldoon is a director of Causeway and is responsible for investment research in the global financials and<br> materials sectors. He joined the firm in August 2003 as a research associate and has been a portfolio manager since<br> September 2010. | 2014 |
|  |  | **Steven Nguyen** <br> **Portfolio Manager** <br> (2019-present). Mr. Nguyen is a director of Causeway and is responsible for investment research in the global energy, utilities and health care sectors. He joined the firm in April 2012 as a research associate and has been a portfolio manager since January 2019. | 2019 |

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|:---|:---|
| MORGAN STANLEY \| 2026 | **93** |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **International Equity Fund**<br> (continued) |  |  | **Brian Cho**<br> **Portfolio Manager**<br> (2021-present) Mr. Cho is a director and fundamental portfolio manager at Causeway. He joined the firm in September 2013 and has been a portfolio manager since January 2021. His current responsibilities include coverage of companies in the technology and communication services sectors. | 2021 |
|  | Schroder Investment<br> Management <br>North America Inc.<br> ("Schroders") <br>7 Bryant Park <br>New York, NY 10018 | 16% | **James Gautrey, CFA<sup>®</sup>**<br> **Portfolio Manager** <br> (2001-present). Mr. Gautrey became a portfolio manager for International Equities at Schroders in 2014. He began his career in 2001 with Schroders. | 2014 |
|  |  |  | **Simon Webber, CFA<sup>®</sup>**<br> **Portfolio Manager** <br> (1999-present). Mr. Webber has been a portfolio manager of the fund since 2011. He joined Schroders as a research analyst in 1999. | 2011 |
|  | Victory Capital Management, Inc. ("Victory Capital") <br>15935 La Cantera Parkway <br>San Antonio, TX 78256 | 8% | **Daniel B. LeVan, CFA<sup>®</sup>**<br> **Chief Investment Officer of Trivalent Investments, a Victory Capital investment franchise** <br> Chief Investment Officer of Trivalent Investments, a Victory Capital investment franchise, has been with Victory Capital since 2014. From 2007-2014, Mr. LeVan was a Senior Portfolio Manager of Munder Capital Management, which was acquired by Victory Capital in 2014. | 2017 |
|  |  |  | **John W. Evers, CFA<sup>®</sup>**<br> **Senior Portfolio Manager** <br> Senior Portfolio Manager, has been with Victory Capital's Trivalent Investments since 2014. From 2007-2014, Mr. Evers was a Senior Portfolio Manager of Munder Capital Management, which was acquired by Victory Capital in 2014. | 2017 |
|  | Walter Scott & Partners<br> Limited ("Walter Scott") <br>One Charlotte Square, <br>Edinburg, EH2 4DR, Scotland | 17% | **Jane Henderson** <br> **Managing Director** <br> Jane is Managing Director of Walter Scott. Having joined the firm in 1995 as an investment analyst, she has held a range of investment, management, client service and governance responsibilities and was instrumental in the development of the firm's US investment strategy. Jane co-chaired Walter Scott's Investment Management Group before becoming Managing Director in 2010. She holds a BSc (Hons) in Marine and Environmental Biology from the University of St Andrews. | 2021 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **International Equity Fund**<br> (continued) |  | **Roy Leckie** <br> **Executive Director – Investment & Client Service** <br> Roy is Executive Director, Investment & Client Service at Walter Scott. Since joining the firm in 1995, he has held a range of investment, management, client service and governance responsibilities. Roy was integral to the development of the firm's emerging market capabilities, and he has played a central role in the stewardship of Walter Scott's global and international strategies since 2007. Roy joined the firm's Board in 2008 and is Co-Chair of the Investment Management Committee. He holds a BSc (Hons) in Statistics from the University of Glasgow. | 2021 |
|  |  | **Maxim Skorniakov** <br> **Investment Manager** <br> Maxim is an Investment Manager at Walter Scott, who joined the firm in 2003. He holds an MA in Economics from the University of Colorado and an MS in Investment Analysis from the University of Stirling. Maxim is a CFA<sup>®</sup> charterholder. He joined the Investment Executive (IE) in 2022. | 2022 |
|  |  | **Fraser Fox** <br> **Investment Manager** <br> Fraser is an Investment Manager at Walter Scott, who joined the firm in 2003. He has experience across each of the three regional research teams, and he joined the Investment Executive (IE) in 2022. Fraser holds a first class LLB (Hons) in Law from the University of Edinburgh and is a CFA<sup>®</sup> charterholder. | 2022 |
| **Emerging Markets Equity Fund**<br> BlackRock Financial<br> Management, Inc.<br> ("BlackRock")<br>Park Avenue Plaza<br>55 East 52<sup>nd</sup> St.<br>New York, NY 10055 | 35% | **Jennifer Hsui, CFA<sup>®</sup>**<br> **Managing Director and Global Head of Index Equity**<br> (2006-present). Mrs. Hsui is the Chief Investment Officer for Global Portfolio Management within BlackRock's EII business. She is responsible for setting direction, establishing policy, and guiding investment decisions across Index Equity products. | 2018 |
|  |  | **Peter Sietsema, CFA<sup>®</sup>**<br> **Director and Senior Portfolio Manager**<br> Mr. Sietsema is the Head of Sub-Advised, US Institutional, and Canada/LatAm ETF Portfolio Management within BlackRock's EII business. Mr. Sietsema's service with the firm dates back to 2007. | 2022 |

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|:---|:---|
| MORGAN STANLEY \| 2026 | **95** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Emerging Markets Equity Fund** (continued) |  | **Matt Waldron, CFA<sup>®</sup>**<br> **Managing Director**<br> Mr. Waldron is US Head of International Portfolio Management within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for the management of ETFs, sub-advised, and Institutional pooled & separate accounts that are predominantly invested in developed and emerging markets. Mr. Waldron's service with the firm dates back to 2003. Prior to his current role, Mr. Waldron was a portfolio manager in Blackrock's Multi Asset Client Solutions Group (BMACS), where he was responsible for the management of asset allocation portfolios for Institutional and HNW clients. | 2025 |
|  |  | **Steven White**<br> **Director**<br> Mr. White is Head of the Active Risk Index ETF team in the Americas, and co-CIO for Index Equity Investments within BlackRock Global Markets & Index Investments ("BGM"). He is responsible for all complex, alternatively-weighted equity index ETFs. As co-CIO, he is responsible for leading efforts to drive scaled investment decisions across the global index equity book, resulting in consistent, risk managed investment outcomes for clients. He leads oversight of investment risk, performance oversight and equity index provider engagement. Steven is a member of the Index Equity Leadership Team. Steven's service with the firm began in 2011. | 2025 |
| Lazard Asset Management LLC ("Lazard") 30 Rockefeller Plaza 57<sup>th</sup> Floor New York, NY 10112 | 17.5% | **Rohit Chopra, Managing Director and Portfolio Manager/Analyst**<br> (1999-present). Mr. Chopra is a Portfolio Manager/ Analyst on the Emerging Markets Equity team, focusing on consumer and telecommunications research and analysis. | 2009 |
|  |  | **James M. Donald, CFA<sup>®</sup>, Managing Director, Portfolio Manager/Analyst and Head of Emerging Markets**<br> (1996-present). Mr. Donald is a Managing Director and Head of Emerging Markets and Portfolio Manager/Analyst on the Emerging Markets Equity team. He is also a member of the International Equity Select with Emerging Markets team. | 2009 |
|  |  | **Monika Shrestha, Managing Director and Portfolio Manager/Analyst**<br> (2003-present). Ms. Shrestha is a Portfolio Manager/ Analyst on the Emerging Markets Equity team, responsible for research coverage of companies in the financial sector. | 2015 |
|  |  | **Ganesh Ramachandran, Managing Director and Portfolio Manager/Analyst** <br> (1997-present) Mr. Ramachandran is a Portfolio Manager/ Analyst on the Emerging Income and Emerging Markets Equity teams. | 2020 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Emerging Markets Equity <br>Fund** (continued) | ClearBridge Investment Management Limited ("CIML") *("Previously known as Martin Currie")* <br>Saltire Court, 20 Castle<br> Terrace, <br>Edinburgh, EH1 2ES,<br> Scotland | 30% | **Alastair Reynolds, ASIP**<br> **Managing Director, Portfolio Manager**<br> Alastair has been investing in equities for over 30 years. He joined the firm in 2010, when CIML expanded its commitment to the Emerging Market asset class. During his career, Alastair has managed a broad range of emerging market equity strategies, including frontier markets and small caps. Prior to joining CIML, Alastair worked at Scottish Widows Investment Partnership, Edinburgh Fund Managers and Scottish Amicable Investment Management. He is an associate of the UK Society of Investment Professionals (ASIP), the predecessor of the CFA Society of the UK. | 2021 |
|  |  |  | **Andrew Mathewson, CFA** <br> **Managing Director, Portfolio Manager** <br> Andrew is a co-manager of our Emerging Markets strategy. Andrew is also responsible for the overall management of our Emerging Markets team. He has had responsibility for researching stocks in the consumer and healthcare sectors since the formation of the Emerging Markets team in 2010. Prior to this, he worked in CIML's Asia and Emerging Markets team, as an investment manager for the Emerging Markets product with a research focus on EMEA markets. Andrew joined CIML in 2005 from the Scottish Investment Trust, where he was an investment manager for UK equities. Andrew is a CFA<sup>®</sup> charterholder. He has a BSc (Hons) in Economics from the University of St. Andrews. | 2021 |
|  |  |  | **Colin Dishington, CFA** <br> **Managing Director, Portfolio Manager** <br> Colin is a co-manager of our Emerging Markets strategy, with responsibility for researching stocks in the communication services sector. Before re-joining the firm in 2018, he worked as a research analyst at Matthews Asia, an Asia-only investment specialist. Before this, Collin worked at CIML from 2010-2012, initially as Assistant Research Analyst, working on global financial stocks, before progressing to Assistant Portfolio Manager in our Japan team. Collin is a chartered accountant (CA), beginning his professional career at Chiene & Tait Chartered Accountants. He was then at Lloyds Banking Group before he first joined CIML. He is a CFA<sup>®</sup> Charterholder and has an MA in Economics from the University of Glasgow. | 2021 |

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|:---|:---|
| MORGAN STANLEY \| 2026 | **97** |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Emerging Markets Equity <br>Fund** (continued) |  |  | **Divya Mathur, ASIP** <br> **Managing Director, Portfolio Manager**<br> Divya is a co-manager of our Emerging Markets strategy, with responsibility for technology sector research. He joined the firm in 2010 from SWIP, where he was investment director on its GEMs desk. As portfolio manager, Divya was lead manager of the Global Emerging Markets Infrastructure fund and co-manager of the balanced mandates. As sector analyst, he was responsible for stocks across the technology and utilities sectors in emerging markets. Earlier, Divya spent over a decade at Henderson Global Investors in London, where he began his career as a quantitative strategist, before managing GEM and dedicated Indian equity portfolios for eight years. Divya has an MSc in investment analysis from the University of Stirling and a BSc (Hons) in Computer Science and Accounting from the University of Manchester. He is an associate of the UK Society of Investment Professionals (ASIP), the predecessor of the CFA Society of the UK. | 2021 |
|  |  |  | **Paul Desoisa, CFA** <br> **Managing Director, Portfolio Manager** <br> (2013-present). Mr. Desoisa is a co-manager of our Emerging Markets strategy, with responsibility for researching stocks in the industrial, financial and utilities sectors. Mr. Desoisa joined the firm in 2013 researching technology, media and telecoms stocks in the Global team, before progressing into a portfolio management role in the North America team. He joined the Emerging Markets team as a portfolio manager in 2017. Before CIML, Mr. Desoisa worked as a trainee actuary for Punter Southall. Mr. Desoisa is a CFA<sup>®</sup> charterholder and has a BSc (Hons) in Mathematics and Statistics from the University of York. | 2021 |
|  |  |  | **Paul Sloane, ASIP**<br> **Managing Director, Portfolio Manager**<br> Paul is a co-manager of our Emerging Markets strategy with responsibility for researching financials stocks. Paul first joined the firm in 2003, leading our global financials research and co-managing our Global Financials Absolute Return Fund from 2006 to 2011 and Global Alpha strategy from 2013. Paul left the firm in 2017 and re-joined in 2018 as part of the Emerging Markets team. Prior to his time at CIML, he was at Deutsche Bank, where he was responsible for specialist sales in the pan-European insurance sector. He started his career in 1993 as a Trainee Chartered Accountant at Standard Life before moving into an investment analyst role at Standard Life Investments in 1997. Paul is a Chartered Accountant (CA) and an associate of the UK Society of Investment Professionals (ASIP). Paul has a PGDip in Investment Analysis from the University of Stirling and a BA (Hons) Accounting from the University of Ulsher. | 2021 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Emerging Markets Equity Fund** (continued) |  |  | **Aimee Truesdale <br>Managing Director, Portfolio Manager** <br> Aimee joined CIML in 2021. Aimee is part of the Emerging Markets strategy team and has responsibility for researching stocks in the healthcare sector. Before joining CIML, Aimee was an assistant fund manager and equities analyst at Jupiter Asset Management, where she managed and conducted research on the firm's Indian equities strategy. Part of her role involved collaborating with Jupiter's Stewardship team to oversee ESG issues at investee companies. Prior to this, she worked in the Global equities and Asia equities teams at Waverton Investment Management. Before joining the investment management industry, Aimee was a nuclear physicist at AWE. Aimee is a CFA (Chartered Financial Analyst) charterholder and has a B.Sc. in Physics with honours from the University of Edinburgh. CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are registered trademarks owned by CFA Institute. | 2022 |
|  | Van Eck Associates<br> Corporation ("VanEck") <br>666 Third Avenue <br>New York, NY 10017 | 17.5% | **Ola El-Shawarby-** <br> **Portfolio Manager** <br> (2024-present) Ms. El-Shawarby serves as Portfolio Manager and is responsible for asset allocation and stock selection in global emerging markets. Prior to that, she served as Deputy Portfolio Manager (2023) and as Senior Analyst from 2017-2023. | 2023 |
|  |  |  | **Angus Shillington** <br> **Deputy Portfolio Manager** <br> (2014-present). Mr. Shillington is a Deputy Portfolio Manager of the strategy. Prior to that, he was a Senior Analyst at VanEck from 2009-2014. | 2016 |
| **Core Fixed Income Fund** | Allspring Global Investments, LLC ("Allspring (US)") 1415 Vantage Park Dr. 3<sup>rd</sup> Floor, Charlotte, NC 28203<br>Allspring Global<br> Investments (UK) Limited<br> ("Allspring (UK)")<br> 30 Cannon Street, Third Floor<br> London, EC4M 6XH | 40% | **Janet Rilling, CFA<sup>®</sup> - Senior Portfolio Manager, Team Leader (Allspring (US))** Janet Rilling is a senior portfolio manager and the head of the Plus Fixed Income team at Allspring Global Investments. In this capacity, she has oversight and portfolio management responsibilities for separate accounts, mutual funds, and commingled vehicles across a range of strategies. Janet joined Allspring from its predecessor, Wells Fargo Asset Management (WFAM). She joined WFAM from Strong Capital Management. Prior to joining WFAM, she was a high-yield and investment-grade credit research analyst and a portfolio manager. Janet began her investment industry career in 1990 as an auditor with Coopers & Lybrand, specializing in the manufacturing and financial services industries. She earned a bachelor's degree in accounting and finance and a master's degree in finance from the University of Wisconsin, Madison. Janet is a certified public accountant and has earned the right to use the Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) designation. | 2024 |

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| MORGAN STANLEY \| 2026 | **99** |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Core Fixed Income Fund** (continued) |  |  | **Noah Wise, CFA<sup>®</sup> - Senior Portfolio Manager (Allspring (US))** Noah Wise is a senior portfolio manager for the Plus Fixed Income team at Allspring Global Investments. He joined Allspring from its predecessor, Wells Fargo Asset Management (WFAM). Noah joined WFAM as a research analyst and later became a portfolio manager. Prior to joining the firm, Noah worked as a lead market maker for Interactive Brokers. Noah began his investment industry career in 2001. He earned a bachelor's degree in finance and a master's degree in business administration with an emphasis in securities analysis from the University of Wisconsin, Madison. Noah has earned the right to use the Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) designation. | 2024 |
|  |  |  | **Christopher Kauffman, CFA<sup>®</sup> - Senior Portfolio Manager (Allspring (US))** Christopher Kauffman is a senior portfolio manager for the Plus Fixed Income team at Allspring Global Investments. He joined Allspring from its predecessor, Wells Fargo Asset Management (WFAM). Christopher joined WFAM from Tattersall Advisory Group, where he served in a similar role. Before that, he was an investment officer for NISA Investment Advisors, where he was responsible for MBS analysis, risk assessment, and trading. He began his investment industry career in 1997.<br> Christopher earned a bachelor's degree in finance and economics and a master's degree in business administration with an emphasis in finance from Washington University in St. Louis. He has earned the right to use the Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) designation and is a member of CFA Institute. | 2024 |
|  |  |  | **Michal Stanczyk - Portfolio**<br> **Manager (Allspring (US))** Michal Stanczyk is a portfolio manager and research analyst for the Plus Fixed Income team at Allspring Global Investments. He joined Allspring from its predecessor, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, Michal worked for Wells Fargo within the Wholesale Leadership Pipeline Program. He began his investment industry career in 2006. Michal earned a bachelor's degree in economics from Indiana Wesleyan University. | 2024 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Core Fixed Income Fund** (continued) |  |  | **Michael Schueller, CFA<sup>®</sup> - Senior Portfolio Manager (Allspring (US))** Michael (Mike) Schueller is a senior portfolio manager for the Plus Fixed Income team at Allspring Global Investments. He joined Allspring from its predecessor, Wells Fargo Asset Management (WFAM). He joined WFAM as a senior investment research analyst from Strong Capital Management, where he held a similar position. Mike rejoined Strong in 2000, having left the firm to start a trust department for Community Bank & Trust in Sheboygan, Wisconsin. Before that, he served as associate counsel for Strong's legal department. Prior to this, Mike practiced law with Reinhart, Boerner, Van Deuren, Norris & Rieselbach, S.C., in Milwaukee, specializing in corporate reorganizations, mergers, and acquisitions. He began his investment industry career in 1998. Mike earned a bachelor's degree in economics from the University of Minnesota and a law degree from the University of Wisconsin, Madison. He has earned the right to use the Chartered Financial Analyst<sup>®</sup> (CFA<sup>®</sup>) designation. | 2024 |
|  |  |  | **Sarah Harrison - Senior Portfolio Manager (Allspring (UK))** Sarah Harrison is a senior portfolio manager specializing in European high yield for the Plus Fixed Income team at Allspring Global Investments. In this capacity, she has oversight and portfolio management responsibilities for separate accounts and commingled vehicles across a range of strategies. She joined Allspring from Morgan Stanley, where she most recently was a credit portfolio manager serving as the lead on the European high yield strategies and as a co-portfolio manager on the global high yield strategies. Before that, Sarah served as a credit analyst for the firm. She began her investment industry career in 2009. Sarah earned a bachelor's degree in business administration from the Schulich School of Business. | 2025 |
|  | BlackRock Fund Advisors ("BFA") 400 Howard Street, San Francisco, CA 94105 | 30% | **James Mauro, CFA<sup>®</sup> - Managing Director, is the Head of Index Fixed Income (IFI) Portfolio**<br> Management in the Americas within the Portfolio Management Group (PMG). Mr. Mauro's investment team is responsible for management of US based iShares and Index Funds. Other responsibilities include oversight of the index investment process, portfolio construction and risk. Prior to joining BlackRock in 2010, Mr. Mauro was Head of US-based government and inflation strategies with State Street Global Advisors. Mr. Mauro earned a BS degree in business finance from Saint Michaels College in 1992 and an MBA from Boston University in 1997. | 2024 |

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| MORGAN STANLEY \| 2026 | **101** |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Core Fixed Income Fund** (continued) |  |  | **Jonathan Graves - Managing Director**, is the Deputy Head of Index Fixed Income (IFI) Portfolio Management in the Americas and is a member of the San Francisco Portfolio Management team within the BlackRock Global Markets & Index Investments group. Mr. Graves' team is responsible for managing all Investment Grade Corporate, High Yield Corporate, Emerging Market and Municipal index strategies. Previously, Mr. Graves was a senior portfolio manager in the US Fixed Income Group. Prior to joining BGI in 2003, Mr. Graves' managed active investment grade corporate bond portfolios at Banc of America Capital Management. Mr. Graves earned a BS degree in finance from the California State University, Northridge in 1987 and an MBA in finance from the University of California, Los Angeles in 1997. | 2025 |
|  |  |  | **Marus Tom - Director**, is head of BlackRock's Indexed Fixed Income Portfolio Management Team in Atlanta. Mr. Tom's service with the firm dates back to 2000, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. At BGI, he was an institutional index portfolio manager/trader. Currently, he leads the Securitized, US Rates, and Optimized Outcome Solutions teams across Indexed Fixed Income's suite of portfolios. His sector specialties include Agency MBS, US Treasuries, TIPS, Agencies, and Listed and OTC Derivatives. Mr. Tom earned a BA degree in Managerial Economics from the University of California, Davis, in 1999. | 2025 |
|  | J.P. Morgan Investment Management Inc. ("JPMIM")<br> 270 Park Avenue New York, NY 10017-2014 | 30% | **Kay Herr, CFA<sup>®</sup>**<br> **Managing Director, GFICC U.S. Chief Investment Officer, Portfolio Manager** <br> (2023-Present). Ms. Herr is the U.S. Chief Investment Officer ("CIO") for the Global Fixed Income, Currency, & Commodities ("GFICC") group, responsible for all fixed income investment strategies in the U.S. Prior to becoming the U.S. CIO, Ms. Herr was the Head of Research for the GFICC team. Ms. Herr returned to Fixed Income in 2019 after having spent the prior 17 years in Equity Research as a portfolio manager, research analyst, and Associate Director of Global Developed Market Equity Research. An employee since 1999, Ms. Herr was a credit research analyst for investment grade and high yield securities in U.S. Fixed Income before moving to U.S. Equity in 2002. She holds a B.A. in economics from the University of Virginia, where she was an Echols Scholar, and an M.B.A. with distinction from New York University Stern School of Business. She is also a CFA charterholder. | 2025 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Core Fixed Income Fund** <br> (continued) |  |  | **Andrew Norelli**<br> **Managing Director, Portfolio Manager**<br> (2014-Present). Mr. Norelli is a member of the GFICC group. Based in Columbus, Ohio, Mr. Norelli is a portfolio manager for the JPM Income Fund and Core Plus strategies and is a member of the Asset Allocation Committee for JPMIM's Investor Funds. Mr. Norelli focuses on portfolio construction, asset allocation, macroeconomic strategy, and global market dynamics. Additionally, Mr. Norelli's specialist knowledge of emerging markets and distressed credit resolution are integral to the assessment of global investment opportunities and proactive risk mitigation. Prior to joining the firm in 2012, Mr. Norelli spent eleven years as a trader at Morgan Stanley, ultimately serving as co-head of the firm's emerging markets credit trading desk from 2008 to 2012. Mr. Norelli holds an A.B. summa cum laude in economics from Princeton University. | 2025 |
|  |  |  | **Priya Misra**<br> **Managing Director, Portfolio Manager**<br> (2024-Present). Ms. Misra is a member of the GFICC group. Based in New York, New York, Ms. Misra is a portfolio manager for the Core Plus team. Prior to joining JPMIM, she was head of Global Rates Strategy at TD Securities. In that role, Ms. Misra was responsible for the U.S. and global interest rate markets and provided investment advice for clients. Ms. Misra has been a member of several prestigious industry groups including the Alternative Reference Rate Committee (ARRC) and Treasury Market Practices Group (TMPG). She ranked in the top 6 in Institutional Investor's All- America Fixed Income Research team surveys among all U.S. rates categories from 2019-22, and ranked in the top three for U.S. Governments Strategy and Federal Agency Debt Strategy in 2014 and 2015 and from 2003 to 2008. Ms. Misra joined TD Securities in September 2015. Prior to this she ran U.S. rates strategy research at BofA Merrill Lynch for 6 years. From 2001 to 2008, she worked at Lehman Brothers as an interest rate strategist, at Barclays Capital as a mortgage strategist and at Nomura Securities, where she was head of U.S. rates strategy. In 2007, she authored a chapter in Frank Fabozzi's Handbook of Fixed Income Securities. Ms. Misra graduated from the Lady Sri Ram College, University of Delhi, with a bachelor's degree in economics. She has a postgraduate diploma in management, majoring in finance, from the Indian Institute of Management, Bangalore, India. | 2025 |

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| MORGAN STANLEY \| 2026 | **103** |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Core Fixed Income Fund** <br> (continued) |  |  | **Richard Figuly**<br> **Managing Director, Portfolio Manager**<br> (2006-Present). Mr. Figuly is Head of Core Strategy within JPMIM's GFICC group. Based in Columbus, Ohio, Mr. Figuly leads a group of portfolio managers on the Core Strategy team who are responsible for managing institutional taxable bond portfolios and fund vehicles. Mr. Figuly is the Lead Portfolio Manager on the Core Bond Fund and Mortgaged Backed Securities Fund. An employee since 1993, Mr. Figuly previously served as a fixed income trader trading all taxable fixed income securities while specializing in structured products. Prior to joining the firm, Mr. Figuly was a fiduciary tax accountant at the Bank One Ohio Trust Company. Rick is also a retired Major of the Ohio Army National Guard. He holds a B.S. in finance from The Ohio State University. | 2025 |
|  |  |  | **Lisa Coleman, CFA<sup>®</sup>**<br> **Managing Director, Portfolio Manager**<br> (2020-Present). Ms. Coleman is the head of<br> the Global Investment Grade Corporate Credit team in the GFICC group. Prior to joining the firm in 2008, Ms. Coleman was at Schroders Investment Management for eight years, serving as the head of Global Credit Strategies and the head of European Fixed Income. Previously, she was at Allmerica Financial for six years, managing core and corporate bond portfolios. Before this, Ms. Coleman was Deputy Manager of Global Fixed Income at Brown Brothers Harriman for five years, managing corporate bond, asset- backed security, mortgage- backed security and government bond portfolios. Prior to Brown Brothers Harriman, Ms. Coleman worked at Merrill Lynch in foreign exchange sales and at Travelers Insurance Company as an analyst and portfolio manager. Ms. Coleman began her career at the Federal Reserve Bank of New York, holding roles in the foreign exchange and foreign relations departments. Ms. Coleman holds a B.A. in economics from Trinity College, Hartford, Connecticut and a Master's in international affairs from the School of International and Public Affairs (SIPA) at Columbia University, New York. She is a member of the SIPA Advisory Board. In addition, she is a CFA charterholder and holds the Investment Management Certificate from the UK Society of Investment Professionals.  | 2025 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Core Fixed Income Fund** <br> (continued) |  |  | **Thomas Hauser, CFA<sup>®</sup>**<br> **Managing Director, Portfolio Manager**<br> (2020-Present). Mr. Hauser is a senior portfolio manager within the Global High Yield team. Prior to joining the firm in 2004, Mr. Hauser was at 40\|86 Advisors, most recently serving as a co-portfolio manager on three mutual funds and as the co-head of the Collateralized Bond Obligation (CBO) Group. Previously, Mr. Hauser worked at Van Kampen Investments co- managing several high yield mutual funds and leading the high yield trading desk. Mr. Hauser holds a B.S. in finance from Miami (Ohio) University, is a member of the CFA Society of Indianapolis, and is a CFA charterholder. | 2025 |
|  |  |  | **Vikas Pathani - Managing Director, Portfolio Manager**<br> (2025-present) Mr. Pathani is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, he is Head of U.S. Investment Grade Credit and a portfolio manager on the Global Investment Grade Corporate Credit Team, with a focus on financial and corporate hybrid capital, which include subordinated debt, preferred stock and other capital securities. An employee since 2004, Vikas started his career in J.P. Morgan's Investment Bank as a Collateralized Debt Obligations (CDO) market maker where he analyzed and traded CDOs backed by high yield bonds, leveraged loans, asset backed securities, and trust preferred securities. Subsequently he headed the fixed income trading and solutions effort for a group within J.P. Morgan Private Bank that specializes in opportunistic, absolute return focused investments. In this role, he was responsible for developing investment ideas, constructing portfolios and trading across all taxable fixed income products. Most recently Vikas was the head of the preferred stock strategy within the Customized Bond Portfolios team. Vikas graduated from The Pennsylvania State University's Smeal College of Business with Honors. He was selected as the Student Marshall of his class for outstanding academic achievement and contributions to student life. He received a Bachelor of Science in Finance. | 2025 |

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| MORGAN STANLEY \| 2026 | **105** |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **High Yield Fund** | PineBridge Investments LLC ("PineBridge") <br>Park Avenue Tower <br>65 E 55th Street <br>New York, NY 10022 | 100% | **John Yovanovic, CFA<sup>®</sup>**<br> **Managing Director and Portfolio Manager** <br> (2000-Present). Mr. Yovanovic became Portfolio Manager of High Yield for the firm in 2005 and was promoted to lead PM in September of 2010. Prior to 2005, he held positions as a senior research analyst and as head of AIG's high yield trading desk; while in investment research, he served as the energy/utilities group head. Previously, Mr. Yovanovic was a senior research analyst and trader at Mentor Investment Advisors, a division of Wachovia Corporation.<br> Mr. Yovanovic started his career in equity research at VanKampen Funds, where he subsequently moved into high yield research and trading. He received a BBA from the University of Houston and is a CFA**<sup>®</sup>**<br> charterholder. | 2021 |
|  |  |  | **Jeremy Burton, CFA<sup>®</sup>**<br> **Managing Director and Portfolio Manager** <br> (2014-Present). Mr. Burton is a portfolio manager for PineBridge's high yield bond and leveraged loan strategies. He has served as a portfolio manager since 2014. Previously, he was a credit research analyst covering a number of industries in the Communications and Consumer Cyclical sectors from 2004 to 2007 and from 2009 to 2017. Prior to that, he was an investment banking analyst with CIBC World Markets and an investment analyst with Linden Advisors. Mr. Burton received a BA with a concentration in History from Harvard College in 2000 and an MBA with a concentration in Finance from the Wharton School of Business at the University of Pennsylvania in 2004. He is a CFA<sup>®</sup> charterholder. | 2021 |
| **International Fixed Income Fund** | Pacific Investment<br> Management<br>Company LLC ("PIMCO")<br>650 Newport Center Drive<br>Newport Beach, CA 92660 | 100% | **Sachin Gupta**<br> **Managing Director and Portfolio Manager**<br> (2003-Present). Mr. Gupta is a managing director in the Newport Beach office, global portfolio manager and leader of the global desk. He is a member of the Asia-Pacific portfolio committee, and European portfolio committee. Previously at PIMCO, he was in the London office managing European liability-driven investment (LDI) portfolios, and in the Singapore office on the global portfolio management team. In these roles, he focused on investments in government bonds, foreign exchange, and interest rate derivatives across global markets. Prior to joining PIMCO in 2003, he was in the fixed income and currency derivatives group at ABN AMRO Bank. He has 28 years of investment experience and holds an MBA from XLRI, India. He received an undergraduate degree from Indian Institute of Technology, Delhi. He is a director of The Global FoodBanking Network, an international nonprofit that is working toward a hunger-free future in more than 30 countries. He is currently chair of the board of directors of GFN. | 2014 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Municipal Bond Fund** | BlackRock Financial<br> Management, Inc.<br> ("BlackRock")<br>Park Avenue Plaza<br>55 East 52<sup>nd</sup> St.<br>New York, NY 10055 | 100% | **Michael Kalinoski, CFA<sup>®</sup>**<br> **Director**<br> (1999-Present). Mr. Kalinoski's is a portfolio manager on the Municipal Mutual Fund Desk within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group. Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management. Mr. Kalinoski earned a Bachelor of Science in Accounting from Marquette University in 1992. | 2019 |
|  |  |  | **Kevin Maloney, CFA<sup>®</sup>**<br> **Director**<br> (2011-Present). Mr. Maloney is a Portfolio Manager for the mutual fund desk within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Mr. Maloney began his career at BlackRock in 2011 as an Analyst on the Municipal Credit Research Team. He currently serves as a Portfolio Manager for the Municipal Mutual Fund Desk within BlackRock's Global Fixed Income Group. Mr. Maloney graduated from Drexel University in 2011 with a Bachelor of Science in Finance. | 2019 |
| **Inflation-Linked Fixed**<br> **Income Fund** | Pacific Investment<br> Management <br>Company LLC ("PIMCO") <br>650 Newport Center Drive <br>Newport Beach, CA 92660 | 100% | **Daniel He** <br> **Executive Vice President and Real Return Portfolio Manager** <br> (2011-Present). Mr. He is an executive vice president and portfolio manager in the Newport Beach office. He is currently a member of the liquid products group specializing in real return and mortgage-backed securities and serves as a member of Americas portfolio committee. Previously, he was a member of the global rates desk focusing on government bonds, foreign exchange, and interest rate derivatives. Prior to joining PIMCO in 2011, he structured and traded derivative strategies in foreign exchange and interest rates for a global macro hedge fund in Singapore. He has 20 years of investment experience and holds an MBA from the University of Chicago Booth School of Business. He also holds a master's degree in financial engineering and an undergraduate degree in computer science from the National University of Singapore. | 2019 |

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| MORGAN STANLEY \| 2026 | **107** |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND MANAGER/FUND MANAGEMENT TEAM<br>MEMBERS, TITLE, PAST 5 YEARS' BUSINESS<br>EXPERIENCE | FUND<br>MANAGER<br>SINCE |
| **Inflation-Linked Fixed**<br> **Income Fund**<br> (continued) |  |  | **Lorenzo Pagani** <br> **Managing Director and Real Return Portfolio Manager** <br> (2004-Present). Dr. Pagani is a managing director and portfolio manager in the London office. He leads the European rates desk and is a member of the global bond and real return portfolio management teams, and is responsible for European and UK liability-driven investing (LDI) portfolio management. Additionally, he is a member of the European portfolio committee, the counterparty risk committee, and the best execution committee. He also serves as lead of talent management for portfolio management outside of the U.S. Dr. Pagani is also a director of PIMCO Europe Ltd. Prior to joining PIMCO in 2004, he was with the nuclear engineering department at the Massachusetts Institute of Technology (MIT) and with Procter & Gamble in Italy. He has 22 years of investment experience and holds a Ph.D. in nuclear engineering from MIT. He graduated from the Financial Technology Option program of MIT/Sloan Business School and holds a joint master of science degree from the Politecnico di Milano in Italy and the Ecole Centrale de Paris in France. | 2025 |
| **Ultra-Short Term Fixed Income Fund** | Pacific Investment Management<br>Company LLC ("PIMCO")<br>650 Newport Center Drive<br>Newport Beach, CA 92660 | 100% | **Jerome M. Schneider**<br> **Managing Director and Portfolio Manager**<br> (2008-present). Mr. Schneider is a managing director in the Newport Beach office and leader of short-term portfolio management and funding. Morningstar named him Fixed-Income Fund Manager of the Year (U.S.) for 2015. Prior to joining PIMCO in 2008, Mr. Schneider was a senior managing director with Bear Stearns. There he most recently specialized in credit and mortgage-related funding transactions and helped develop one of the first "repo" conduit financing companies. Additionally, during his tenure at Bear Stearns he held various positions on the municipal and fixed income derivatives trading desks. He has 30 years of investment experience and holds an undergraduate degree in economics and international relations from the University of Pennsylvania and an MBA from the Stern School of Business at New York University. | Since<br> Inception |

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| &nbsp;&nbsp; FUND | SUB-ADVISER OR ADVISER | PERCENTAGE | FUND<br>MANAGER<br>SINCE |
| **Alternative Strategies Fund** | Consulting Group Advisory Services LLC ("CGAS")<br>2000 Westchester Avenue<br>Purchase, NY 10577 | 100% **Andrew Nania<br>Vice President and Portfolio Manager**<br> Mr. Nania is a Vice President and Portfolio Manager in the Morgan Stanley Wealth Management Global Investment Office since the acquisition of E\*TRADE in 2021. He joined E\*TRADE in 2014 where he held multiple roles including Portfolio Manager, Investment Strategist, and Financial Consultant. Previously, Andrew was a Private Client Banker at JPMorgan Chase, where he was responsible for working with high-net worth households on banking and investing. Andrew is a graduate of Amherst College with a Bachelor of Arts (B.A.) in religion and political science. He is a Chartered Financial Analyst (CFA<sup>®</sup>) charterholder and member of the CFA Institute and CFA Society New York. | 2023 |
|  |  | **Andrew Cohen**<br> **Executive Director and Portfolio Manager**<br> Mr. Cohen is a Portfolio Manager for Morgan Stanley Portfolio Solutions (MSPS). He joined Morgan Stanley via the acquisition of E\*TRADE Financial where he was a member of the Investment Strategy team. Prior to joining E\*TRADE in 2015, he was the Director of Investments and Operations for a large Registered Investment Advisor, where his responsibilities included investment manager research, asset allocation, and portfolio construction. Previously, he was a Senior Research Analyst and Team Leader in investment manager research for Morgan Stanley. He is a graduate of Virginia Tech with a Bachelor of Science (B.S.) in finance and is a CFA<sup>®</sup> charterholder and member of the CFA Institute and CFA Society New York. | 2025 |

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**Management Fees.** The Manager receives a management fee from each Fund for its services. In turn, the Manager pays each Sub-adviser a fee for its sub-advisory services. The Manager may voluntarily waive a portion or all of the management fees otherwise payable to it by a Fund. The chart below shows the contractual management fees for each Fund and the actual management fees paid to the Manager for the fiscal year ended August 31, 2025, based on a percentage of average daily net assets:

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| &nbsp;&nbsp;&nbsp; FUND | CONTRACTUAL<br>MANAGEMENT<br>FEE | ACTUAL<br>MANAGEMENT FEE<br>PAID DURING MOST<br>RECENT FISCAL YEAR |
| &nbsp;&nbsp; Morgan Stanley Pathway Large Cap Equity ETF | 0.55% | 0.31% |
| &nbsp;&nbsp; Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.75% | 0.48% |
| &nbsp;&nbsp; International Equity Fund | 0.70% | 0.47% |
| &nbsp;&nbsp; Emerging Markets Equity Fund | 0.90% | 0.54% |
| &nbsp;&nbsp; Core Fixed Income Fund | 0.40% | 0.31% |
| &nbsp;&nbsp; High Yield Fund | 0.70% | 0.50% |
| &nbsp;&nbsp; International Fixed<br> Income Fund | 0.50% | 0.45% |
| &nbsp;&nbsp; Municipal Bond Fund | 0.40% | 0.40% |
| &nbsp;&nbsp; Inflation-Linked Fixed Income Fund | 0.50% | 0.45% |
| &nbsp;&nbsp; Ultra-Short Term Fixed Income Fund | 0.50% | 0.35% |
| &nbsp;&nbsp; Alternative Strategies Fund | 1.20% | 0.20% |

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**Potential Conflicts of Interest.** The management fees paid by each Fund to the Manager and the sub-advisory fees paid by the Manager to each Sub-adviser vary depending upon the Fund. The Manager intends to comply with the standards of fiduciary duty that require it to act solely in the best interest of a participant when making such investment recommendations and to avoid any conflict of interest. Due to the structure of its contractual fee waiver, which was designed to mitigate potential conflicts of interest, the Manager will not retain a larger portion of its management fees for any Fund, relative to any other Fund.

The SAI provides additional information about each Sub-adviser, including more information about their investment strategies and techniques, compensation paid to each Sub-adviser's portfolio manager(s), other accounts managed by such portfolio managers and the portfolio managers' ownership of the Fund's shares.

Morgan Stanley affiliates, including their directors, officers or employees, may have banking or investment banking relationships with the issuers of securities that are held in the Funds. They may also own the securities of these issuers. However, in making investment decisions for the Funds, the

Manager does not obtain or use inside information acquired by any division, department or affiliate of Morgan Stanley in the course of those relationships. To the extent the Funds acquire securities from an issuer that has a borrowing or other relationship with Morgan Stanley or its affiliates, the proceeds of the purchase may be used to repay such borrowing or otherwise benefit Morgan Stanley and/or its affiliates.

Additional information regarding various former or current affiliates of, or predecessors to, CGAS or Morgan Stanley is included in the Trust's Annual Report and the Form ADV of CGAS.

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## Investment and account information
**Information Concerning the Morgan Stanley Pathway ETFs**

The Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (together, the "Morgan Stanley Pathway ETFs") each issues or redeems its shares at NAV per share only in Creation Units. Shares of each Fund are listed for trading on a national securities exchange and trade on the secondary market during the trading day. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. There is no minimum investment. When buying or selling Fund shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and offered price in the secondary market on each purchase and sale transaction. Fund shares are traded on NYSE Arca, Inc. under the trading symbol MSLC for the Morgan Stanley Pathway Large Cap Equity ETF and MSSM for the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Share prices are reported in dollars and cents per share.

APs may acquire Fund shares directly from each Fund, and APs may tender their Fund shares for redemption directly to the Fund, at NAV per share, only in Creation Units and in accordance with the procedures described in the Funds' SAI.

**Purchasing and Selling Shares**. Shares of the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF are listed for trading on a national securities exchange during the trading day. Shares can be bought and sold throughout the trading day like shares of other publicly traded companies. However, there can be no guarantee that an active trading market will develop or be maintained, or that each Fund's share listing will continue or remain unchanged. Each Fund does not impose any minimum investment for shares of the Fund purchased on an exchange. Buying or selling each Fund's shares involves certain costs that apply to all securities transactions. When buying or selling shares of each Fund through a financial intermediary, you may incur a brokerage commission or other charges determined by your financial intermediary. Due to these brokerage costs, if any, frequent trading may detract significantly from investment returns. In addition, you may also incur the cost of the spread (the difference between the bid price and the ask price). The commission is frequently a fixed amount and may be a significant cost for investors seeking to buy or sell small amounts of shares.

Shares of the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF may be acquired through Foreside Fund Services, LLC or redeemed directly with the Fund only in Creation Units or multiples thereof, as discussed in the Funds' SAI. Once created, shares of each Fund generally trade in the secondary market in amounts less than a Creation Unit.

Each Fund's primary listing exchange is NYSE Arca, Inc. (the "Exchange"). The Exchange is open for trading Monday through Friday and is closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

A Business Day with respect to each Fund is each day the Exchange is open. Orders from APs to create or redeem Creation Units will only be accepted on a Business Day. On days when the Exchange closes earlier than normal, each Fund may require orders to create or redeem Creation Units to be placed earlier in the day. In addition, to minimize brokerage and other related trading costs associated with securities that cannot be readily transferred in-kind, each Fund may establish early trade cut-off times for APs to submit orders for Creation Units, in accordance with the 1940 Act. See the Funds' SAI for more information.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"), your financial intermediary is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, social security number, and permanent street address to assist in verifying your identity. You may also be asked to provide additional documents that may help to establish your identity. Until verification of your identity is made, your financial intermediary may temporarily limit additional share purchases. In addition, your financial intermediary may close an account if it is unable to verify your identity. Please contact your financial intermediary if you need additional assistance when completing your application or additional information about your financial intermediary's Anti-Money Laundering Program.

In an effort to ensure compliance with this law, the Funds' Anti-Money Laundering Program (the "Program") provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

**Continuous Offering.** The method by which Creation Units of shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by each Fund on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirements and liability provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

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Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3)(C) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with the shares that are part of an unsold allotment within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

**Book Entry.** Shares of each Fund are held in book-entry form, which means that no stock certificates are issued. The DTC or its nominee is the record owner of all outstanding shares of each Fund and is recognized as the owner of all shares for all purposes. Investors owning shares of each Fund are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for shares of the Funds. DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other exchange-traded securities that you hold in book-entry or "street name" form.

**Share Prices.** The trading prices of each Fund's shares in the secondary market generally differ from the Fund's daily NAV per share and are affected by market forces such as supply and demand, economic conditions, and other factors. Information regarding the intra-day net asset value of each Fund is disseminated every 15 seconds throughout the trading day by the national securities exchange on which the Fund's shares are primarily listed or by market data vendors or other information providers. The intra-day net asset value calculations are estimates of the value of each Fund's NAV per Fund share based on the current market value of the securities and/or cash included in the Fund's intra-day net asset value basket. The intra-day net asset value does not necessarily reflect the precise composition of the current portfolio of securities and instruments held by each Fund at a particular point in time. Additionally, when current pricing is not available for certain portfolio securities the intra-day indicative value may not accurately reflect the current market value of each Fund's shares or the best possible valuation of the current portfolio. For example, the intra-day net asset value is based on quotes and closing prices from the securities' local market and may

not reflect events that occur subsequent to the local market's close. Therefore, the intra-day net asset value should not be viewed as a "real-time" update of the NAV, which is computed only once a day. The intra-day net asset value is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the portfolio securities and instruments included in each Fund's intra-day net asset value basket. Each Fund is not involved in, or responsible for, the calculation or dissemination of the intra-day net asset value and makes no representation or warranty as to its accuracy. An inaccuracy in the intra-day net asset value could result from various factors, including the difficulty of pricing portfolio instruments on an intra-day basis.

**Premiums and Discounts.** There may be differences between the daily market prices on secondary markets for shares of each Fund and the Fund's NAV. NAV is the price per share at which a Fund issues and redeems shares. See "Valuation of shares" below. The price used to calculate market returns ("Market Price") of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on the national securities exchange on which shares of the Fund are primarily listed for trading, as of the time that the Fund's NAV is calculated. A Fund's Market Price may be at, above, or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of its portfolio holdings. The Market Price of a Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of a Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV. A discount or premium could be significant. Information regarding a Fund's premium/discount to NAV for the most recently completed calendar year and the most recently completed calendar quarters since that calendar year end (or the life of the Fund, if shorter) is available at www.morganstanley.com/wealth-investmentsolutions/cgcm by selecting the Fund for additional details.

**Bid/Ask Spread.** Investors purchasing or selling shares of a Fund in the secondary market may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (the "bid") and the lowest price a seller is willing to accept for shares of the Fund (the "ask"). The spread varies over time for shares of a Fund based on its trading volume and market liquidity, and is generally less if the Fund has more trading volume and market liquidity and more if the Fund has less trading volume and market liquidity. Historical information regarding a Fund's spread over various periods of time, when available, can be accessed at www.morganstanley.com/wealth-investmentsolutions/cgcm by selecting the Fund for additional details. However, because each Fund is new, it does not currently have sufficient trading history to report certain bid/ask spread information and related costs.

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**Excessive Trading.** Unlike traditional mutual funds, the frequent trading of Fund shares generally does not disrupt portfolio management, increase a Fund's trading costs, lead to realization of capital gains by the Fund, or otherwise harm Fund shareholders. The vast majority of trading in Fund shares occurs on the secondary market. Because these trades do not involve a Fund, they do not harm the Fund or its shareholders. A few institutional investors, referred to as Authorized Participants, are authorized to purchase and redeem Fund shares directly with each Fund. Most ETFs typically effect these trades in kind (i.e., for securities and not for cash), and therefore they do not cause any of the harmful effects to the issuing fund (as previously noted) that may result from frequent cash trades. Although each Fund typically redeems its shares on an in-kind basis, the Fund may issue Creation Units in exchange for cash, thereby potentially subjecting the Fund and its shareholders to those harmful effects. As a result, each Fund requires Authorized Participants to pay transaction fees to cover brokerage and certain related costs when purchasing or redeeming Creation Units. Those fees are designed to protect each Fund and its shareholders from the dilutive costs associated with frequent creation and redemption activity. For these reasons, the Trustees of each Fund have determined that it is not necessary to adopt policies and procedures to detect and deter frequent trading and market timing of Fund shares. However, each Fund's policies and procedures regarding frequent purchases and redemptions may be modified by the Trustees at any time.

**Funds' Website and Portfolio Holdings Information.** Each Business Day, each Fund's portfolio holdings information is provided by its custodian or other agent for dissemination through the facilities of the NSCC and/or other fee-based subscription services to NSCC members and/or subscribers to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. In addition, on each Business Day before commencement of trading in shares on the Exchange, each Fund will disclose on www.morganstanley.com/wealth-investmentsolutions/cgcm the identities and quantities of each portfolio position held by the Fund that will form the basis for the Fund's next calculation of the NAV. Each Fund is also required to disclose its complete holdings as an exhibit to its reports on Form N-PORT within 60 days of the end of the first and third fiscal quarters, and in the annual report and semiannual report to Fund shareholders.

For additional information on these disclosures and the availability of portfolio holdings information, please refer to the Funds' SAI.

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#### Account transactions
**Purchase of shares.** You may purchase shares of a Fund if you are a participant in an advisory program sponsored by Morgan Stanley. You may establish a brokerage account with Morgan Stanley free of charge in order to purchase shares of a Fund.

• The minimum initial aggregate investment in the Morgan-Stanley-sponsored investment advisory programs is $1,000.

• The minimum investment in a Fund is $100. In other words, in order to invest in the Fund through your Morgan Stanley-sponsored investment advisory program, you must allocate at least $100 of your investment advisory program assets to the Fund.

• There is no minimum on additional investments in the Fund or the applicable investment advisory program through which you invest.

• Each of the Fund and the Morgan Stanley-sponsored investment advisory programs through which investments in the Fund are offered may vary or waive these investment minimums at any time.

Shares of the Funds are sold at net asset value per share ("NAV") without imposition of a sales charge but will be subject to any applicable advisory program fee. You may buy shares of the International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (each, a "Morgan Stanley Pathway Mutual Fund" and together, the "Morgan Stanley Pathway Mutual Funds") at NAV on any day the NYSE is open by contacting your broker. All orders to purchase received by Morgan Stanley before 4:00 p.m. Eastern time will receive that day's share price. Orders received after 4:00 p.m. will receive the next day's share price. If the NYSE closes early, the Morgan Stanley Pathway Mutual Funds may accelerate transaction deadlines accordingly. All purchase orders must be in good order to be accepted. This means you have provided the following information:

• Name of the Fund

• Your account number

• Dollar amount or number of shares to be purchased

• Signatures of each owner exactly as the account is registered

Each Morgan Stanley Pathway Mutual Fund reserves the right to reject purchase orders or to stop offering its shares without notice. No order will be accepted unless Morgan Stanley has received and accepted an advisory agreement signed by the investor participating in a Morgan Stanley-sponsored investment advisory program. Orders may only be accepted from investors who maintain a brokerage account with Morgan Stanley. Payment for shares must be received by Morgan Stanley within three business days after the order is placed in good order.

**Customer Identification Program.** Federal law requires the Trust to obtain, verify and record identifying information, which will be reviewed solely for customer identification purposes,

which may include the name, residential or business street address, date of birth (for an individual), Social Security Number or taxpayer identification number or other information, for each investor who opens an account directly with the Trust. Applications without the required information may not be accepted. After accepting an application, to the extent permitted by applicable law or its customer identification program, the Trust reserves the right to: (i) place limits on transactions in any account until the identity of the investor is verified; (ii) refuse an investment in the Trust; or (iii) involuntarily redeem an investor's shares and close an account in the event that the Trust is unable to verify an investor's identity. The Trust has appointed an anti-money laundering officer to administer this process. The Trust will not be responsible for any loss in an investor's account resulting from the investor's delay in providing all required information or from closing an account and redeeming an investor's shares pursuant to the customer identification program.

**Redemption of shares (Morgan Stanley Pathway Mutual Funds Only).** You may sell shares of a Morgan Stanley Pathway Mutual Fund at NAV on any day the NYSE is open by contacting your broker. All redemption requests accepted by Morgan Stanley before 4:00 p.m. Eastern time on any business day will be executed at that day's share price. Orders accepted after 4:00 p.m. will be executed at the next day's price. If the NYSE closes early, the Morgan Stanley Pathway Mutual Funds may accelerate transaction deadlines accordingly. All redemption orders must be in good form, which may require a signature guarantee (available from most banks, dealers, brokers, credit unions and federal savings and loan associations, but not from a notary public) to assure the safety of your account. If you discontinue your Morgan Stanley advisory service, you must redeem your shares in the Morgan Stanley Pathway Mutual Funds. The Morgan Stanley Pathway Mutual Funds are available only to investors in Morgan Stanley-sponsored investment advisory programs. If any account does not meet this or any other eligibility requirement, we reserve the right to liquidate such account.

In certain circumstances, the Board of Trustees may determine that it would be detrimental to the best interests of a Fund's shareholders to make a redemption payment wholly in cash. In such situations, the Fund may pay a portion of a shareholder redemption request by a distribution in-kind of readily marketable portfolio securities, subject to applicable laws and regulations and the policies of the Trust. Shareholders receiving distributions in-kind may incur brokerage commissions when subsequently disposing of those securities*.*

Each Fund has the right to suspend redemptions of shares and to postpone the transmission of redemption proceeds to a shareholder's account at Morgan Stanley for up to seven days, as permitted by law. For example, the Funds may suspend the shareholders' right to redeem their shares if the NYSE restricts trading, the SEC declares an emergency or for similar reasons permitted by law. Redemption proceeds held in an investor's brokerage account generally will not earn any income and Morgan Stanley may benefit from the use of temporarily uninvested funds. A shareholder who pays for shares of a

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Fund by personal check will be credited with the proceeds of a redemption of those shares after the purchaser's check has cleared, which may take up to 10 days.

**Exchange of shares.** An investor that participates in an advisory program sponsored by Morgan Stanley may exchange shares in a Morgan Stanley Pathway Mutual Fund for shares in any other Morgan Stanley Pathway Mutual Fund at NAV without payment of an exchange fee. Be sure to read the Prospectus and consider the investment objectives and policies of any Morgan Stanley Pathway Mutual Fund into which you make an exchange. An exchange is a taxable transaction except for exchanges within a retirement account.

**Frequent purchases and sales of portfolio shares.** Frequent purchases and redemptions of fund shares may interfere with the efficient management of a Fund's portfolio by its portfolio manager, increase portfolio transaction costs, and have a negative effect on a Fund's long-term shareholders. For example, in order to handle large flows of cash into and out of a Fund, a portfolio manager may need to allocate more assets to cash or other short-term investments or sell securities, rather than maintaining full investment in securities selected to achieve the Fund's investment objective. Frequent trading may cause a Fund to sell securities at less favorable prices. Transaction costs, such as brokerage commissions and market spreads, can detract from a Fund's performance. In addition, the return received by long-term shareholders may be reduced when trades by other shareholders are made in an effort to take advantage of certain pricing discrepancies, when, for example, it is believed that a Morgan Stanley Pathway Mutual Fund's share price, which is determined at the close of the NYSE on each trading day, does not accurately reflect the value of the Fund's portfolio securities. Funds investing in foreign securities have been particularly susceptible to this form of arbitrage, but other Funds could also be affected.

Because of the potential harm to the Funds and their long-term shareholders, the Board has approved policies and procedures that are intended to discourage and prevent excessive trading and market timing abuses through the use of various surveillance and other techniques. Under these policies and procedures, the Trust may limit additional exchanges or purchases of Morgan Stanley Pathway Mutual Fund shares by shareholders whom the Manager believes to be engaged in these abusive trading activities. The intent of the policies and procedures is not to inhibit legitimate strategies, such as asset allocation, dollar cost averaging, or similar activities that may nonetheless result in frequent trading of Morgan Stanley Pathway Mutual Fund shares. For this reason, the Board has not adopted any specific restrictions on purchases and sales of Fund shares, but the Trust reserves the right to reject any exchange or purchase of Morgan Stanley Pathway Mutual

Fund shares with or without prior notice to the account holder. In cases where surveillance of a particular account establishes what the Manager believes to be obvious market timing, the Manager will seek to block future purchases and exchanges of Fund shares by that account. Where surveillance of a particular account indicates activity that the Manager believes could be either abusive or for legitimate purposes, the Trust may permit the account holder to justify the activity.

The policies apply to any account, whether an individual account or accounts with financial intermediaries, such as investment advisers and retirement plan administrators, commonly called omnibus accounts, where the intermediary holds Morgan Stanley Pathway Mutual Fund shares for a number of its customers in one account.

The Trust's policies also require personnel, such as portfolio managers and investment staff, to report any abnormal or otherwise suspicious investment activity, and prohibit short-term trades by such personnel for their own account in mutual funds managed by the Manager and its affiliates, other than money market funds. Additionally, the Trust has adopted policies and procedures to prevent the selective release of information about the portfolio holdings held by Funds of the Trust, as such information may be used for market-timing and similar abusive practices.

**Share certificates.** Share certificates for the Funds will no longer be issued. If you currently hold share certificates of a Fund, such certificates will continue to be honored.

**Account Termination.** Either Morgan Stanley or you may terminate your account. If you terminate your advisory relationship, Morgan Stanley reserves the right to liquidate all Morgan Stanley Pathway Fund shares in your account.

#### Valuation of shares
Each Fund calculates its NAV once daily as of the close of regular trading on the NYSE (generally at 4:00 p.m. Eastern time) on each day the NYSE is open. The NYSE is closed on certain holidays listed in the SAI. If the NYSE closes early, the Funds may accelerate calculation of NAV.

The valuation of the securities of each Fund is determined in good faith by or under the direction of the Board. The Board has approved procedures to be used to value each Fund's securities for the purposes of determining each Fund's NAV. The Board has delegated certain valuation functions to the Manager. A Fund generally values its securities based on readily available market quotations determined at the close of trading on the NYSE. Debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value. Debt obligations that will mature in more than 60 days are valued using valuations furnished by approved third-party pricing agents.

A Fund's currency conversions, if any, are done as of the close of the New York Stock Exchange ("NYSE"). For securities that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of securities not traded on an exchange, or if such closing prices are not otherwise available, the market price is typically determined by third-party pricing vendors using a variety of pricing techniques and methodologies. If vendors are unable to supply a price, or if the price supplied is deemed by the Manager to be unreliable, the Manager may determine the price, using quotations received from one or more broker/dealers that make a market in the security or by using fair value procedures approved by the Board. Certain Funds invest

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in emerging market securities and in securities rated below investment grade, some of which may be thinly traded, for which market quotations may not be readily available or may be unreliable; these Funds may use fair valuation procedures more frequently than funds that invest primarily in exchange-traded securities. A Fund also may use fair value procedures if the Manager determines that a significant event has occurred between when a market price is determined and when the Fund's NAV is calculated. In particular, the value of foreign securities may be materially affected by events occurring after the close of the market on which they are valued, but before a Fund calculates its NAV.

For the International Equity Fund and the Emerging Markets Equity Fund, the Board has approved the use of a fair value model developed by a pricing service to price foreign equity securities on a daily basis.

Valuing securities using fair value procedures involves greater reliance on judgment than valuation of securities based on readily available market quotations. A Fund that uses fair value to price securities may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. There can be no assurance that a Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time the Fund determines its net asset value.

Additionally, international markets may be open, and trading may take place, on days when U.S. markets are closed. For this reason, the values of foreign securities owned by a Fund could change on days when shares of the Fund cannot be bought or redeemed.

More information about the valuation of the Funds' holdings can be found in the SAI.

#### Dividends and distributions
Each Fund intends to distribute all or substantially all of its net investment income and realized capital gains, if any, for each taxable year. The Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund declare and pay dividends, if any, monthly from net investment income. The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund declare and pay dividends, if any, annually from net investment income. All of the Funds declare and distribute realized net capital gains, if any, annually, typically in December. The equity oriented Funds expect distributions to be primarily from capital gains. The fixed income oriented Funds expect distributions to be primarily from income. All dividends and capital gains are reinvested in shares of the Fund that paid them unless the shareholder elects to receive them in cash.

#### Taxes
You should always consult your tax advisor for specific guidance regarding the federal, state and local tax effects of your investment in the Funds. 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 generally not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. The following is a summary of the U.S. federal income tax consequences of investing in the Funds.

Each Fund is treated as a separate entity for federal tax purposes and intends to qualify for special tax treatment afforded to regulated investment companies. So long as a Fund meets the requirements for being a tax-qualified regulated investment company ("RIC"), the Fund will pay no federal income tax on the earnings and gains, if any, it distributes to shareholders in a timely manner. If a Fund fails to qualify as a RIC or fails to meet the distribution requirement, the Fund will be subject to federal income tax at regular corporate rates (without a deduction for distributions to shareholders). In addition, when distributed, income (including any distributions of net tax-exempt income and net long-term capital gains) would also be taxable to shareholders as an ordinary dividend to the extent attributable to the Fund's earnings and profits.

Distributions attributable to short-term capital gains are treated as dividends taxable at ordinary income rates. Distributions received by shareholders, other than in a tax-deferred retirement account, are taxable whether received in cash or reinvested in shares. Income distributions other than distributions of qualified dividend income, and distributions of short-term capital gain are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains distributions and qualified dividend income are generally taxable at the rates applicable to long-term capital gains currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). "Qualified dividend income" generally consists of dividends received from U.S. corporations (other than dividends from tax-exempt organizations and certain dividends from real estate investment trusts and RICs) and certain foreign corporations. In order for such dividends to be considered "qualified dividend income," both the shareholders and a Fund must meet certain holding period requirements. Long-term capital gain distributions are taxable to you as long-term capital gain regardless of how long you have owned your shares. Certain of the Funds' investment strategies may significantly limit their ability to make distributions that are eligible for treatment as qualified dividend income.

You may want to avoid buying shares when a Fund is about to declare a capital gain distribution or a taxable dividend, because the amount of the distribution received will be taxable to you even though it may actually be a return of a portion of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

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 Internal Revenue Code of 1986, as amended (the "Code"). A RIC's total "Section 163(j) Interest

116 MORGAN STANLEY \| 2026

------

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 such Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

The Municipal Bond Fund expects to meet certain

requirements that will allow such fund to pay "exempt-interest" dividends with respect to income derived from interest earned on qualifying tax-exempt obligations, which shareholders may exclude from their gross income for regular federal income tax purposes. Some of the Municipal Bond Fund's income that is exempt from regular federal income taxation may be subject to the alternative minimum tax, for non-corporate shareholders. For tax years beginning after December 31, 2022, exempt-interest dividends may be subject to the federal corporate alternative minimum tax for certain corporations. The Municipal Bond Fund may at times buy tax-exempt securities at a discount from the price at which they were originally issued, especially during periods of rising interest rates. For federal income tax purposes, some or all of this market discount will be included in the Fund's ordinary income and will be ordinary income when it is paid to you. The Municipal Bond Fund may not be an appropriate 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. Income exempt from federal taxation may nevertheless be subject to state and local taxation.

In general, redeeming shares, exchanging shares and receiving dividends and distributions (whether in cash or additional shares) are all taxable events. The following table summarizes the tax status to you, if you are a U.S. shareholder, and hold your shares as a capital asset of certain transactions related to the Funds.

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 the Funds). "Net investment income" does not include distributions of exempt interest.

To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or

interest the Fund receives 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 may allow shareholders to offset some of their U.S. federal income tax. A Fund (or its administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return. 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 Internal Revenue 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; TRANSACTIONS | FEDERAL TAX STATUS |
| &nbsp;&nbsp; Redemptions or exchange of shares | Usually taxable as capital gain or loss; long-term only if shares owned more than one year |
| &nbsp;&nbsp; Distributions of long-term capital gain | Taxable as long-term capital gain |
| &nbsp;&nbsp; Distribution of short-term capital gain | Generally taxable as ordinary income |
| &nbsp;&nbsp; Dividends from net investment income | Taxable as ordinary income, but potentially taxable at long-term capital gain rates for equity oriented Funds if the dividends qualify for treatment as qualified dividend income |
| &nbsp;&nbsp; Exempt-interest dividends from Municipal Bond Fund | Generally not taxable, may be subject to alternative minimum tax |
| &nbsp;&nbsp; Any of the above received by a qualified retirement account | Not currently taxable, provided purchase of shares not debt-financed |

---

After the end of each year, the Funds (or their administrative agent) will provide you with information about the distributions and dividends you received and any redemption of shares during the previous year. If you do not provide the Funds with your correct taxpayer identification number and any required certifications, you may be subject to backup withholding on your Fund's distributions, dividends and redemption proceeds. Since each shareholder's circumstances are different and special tax rules may apply, you should consult your tax adviser about the federal, state, and local tax effects of your investment in a Fund. The Funds (or their 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, 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

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **117** |

---

------

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. 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. Shareholders 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 any cost basis information provided to them by a fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

As noted above, investors, out of their own assets, will pay an advisory service fee in connection with their investment in the applicable Morgan Stanley-sponsored investment advisory program. This fee is separate and apart from the fees and expenses incurred by the Fund, which are indirectly borne by shareholders. For most investors who are individuals, this advisory service fee that is directly charged to them will be treated as a "miscellaneous itemized deduction." Miscellaneous itemized deductions are not deductible.

The above discussion is applicable to shareholders who are U.S. persons. If you are a non-U.S. person, please consult your own tax adviser with respect to the tax consequences to you of an investment in a Fund. If you have a tax-advantaged retirement account, you will generally not be subject to federal taxation on income and capital gain distributions until you begin receiving your distributions from your retirement account. You should consult your tax advisor regarding the rules governing your own retirement plan.

For more information about taxes please see the SAI.

118 MORGAN STANLEY \| 2026

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## Financial Highlights
The financial highlights tables are intended to help you understand the performance of each Fund for the past five years or since inception if the Fund has commenced operations within the last five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in each Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements audited by Deloitte & Touche LLP, an independent registered public accounting firm, whose report, along with each Fund's financial statements, is incorporated by reference in the SAI. The Annual Report to Shareholders and each Fund's financial statements, as well as the SAI, are available at no cost from the Fund at the toll free number noted on the back cover to this Prospectus.

On December 9, 2024, the Large Cap Equity Predecessor Fund was reorganized into the Morgan Stanley Pathway Large Cap Equity ETF. Accordingly, the Morgan Stanley Pathway Large Cap Equity ETF adopted the operating history of the Large Cap Equity Predecessor Fund for financial reporting purposes. Therefore, the financial highlights shown below prior to December 9, 2024, are those of the Large Cap Equity Predecessor Fund.

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### Morgan Stanley Pathway Large Cap Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025<sup>(1)</sup> | 2024<sup>(1)</sup> | 2023<sup>(1)</sup> | 2022<sup>(1)</sup> | 2021<sup>(1)</sup> |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $48.03 | $40.96 | $39.05 | $51.52 | $40.39 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.47 | 0.46 | 0.42 | 0.36 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 6.46 | 9.06 | 4.83 | (7.39) | 12.12 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 6.93 | 9.52 | 5.25 | (7.03) | 12.53 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.40) | (0.34) | (0.38) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (1.51) | (2.05) | (3.00) | (5.06) | (1.07) |
| &nbsp;&nbsp; Total Distributions | (1.92) | (2.45) | (3.34) | (5.44) | (1.40) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $53.04 | $48.03 | $40.96 | $39.05 | $51.52 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(3)</sup><sup>(4)</sup> | 14.69% | 24.57% | 14.71% | (15.44)% | 31.79% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $3293 | $2647 | $1815 | $1685 | $2175 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.64% | 0.69% | 0.70% | 0.69% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(5)</sup> | 0.39 | 0.41 | 0.47 | 0.48 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.96 | 1.07 | 1.12 | 0.82 | 0.91 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 13%<sup>(6)</sup> | 25% | 34% | 20% | 15% |

---

(1) The Morgan Stanley Pathway Cap Equity ETF/Small-Mid Cap Equity ETF (the "Fund") acquired all the assets and liabilities of the Large Cap Equity Fund/Small-Mid Cap Equity Fund (the "Predecessor Fund") in a reorganization that occurred on December 9, 2024 (the "Reorganization"). The Predecessor Fund ceased operations immediately following the Reorganization. As a result, all financial information prior to the Reorganization reflects that of the Predecessor Fund and has been retroactively adjusted to reflect the Reorganization.

(2) Per share amounts have been calculated using the average shares method.

(3) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(4) The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the Fund assumed the Predecessor Fund's historical performance and the performance information reflects that of the Predecessor Fund.

(5) Reflects fee waivers and/or expense reimbursements.

(6) In-kind transactions are not included in portfolio turnover calculations.

† Calculated based on the net asset value as of the last business day of the period.

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| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **119** |

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On December 9, 2024, the Small-Mid Cap Equity Predecessor Fund was reorganized into the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Accordingly, the Morgan Stanley Pathway Small-Mid Cap Equity ETF adopted the operating history of the Small-Mid Cap Equity Predecessor Fund for financial reporting purposes. Therefore, the financial highlights shown below prior to December 9, 2024, are those of the Small-Mid Cap Equity Predecessor Fund.

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### Morgan Stanley Pathway Small-Mid Cap Equity ETF

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025<sup>(1)</sup> | 2024<sup>(1)</sup> | 2023<sup>(1)</sup> | 2022<sup>(1)</sup> | 2021<sup>(1)</sup> |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $51.10 | $44.79 | $46.75 | $68.74 | $50.84 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 0.37 | 0.40 | 0.44 | 0.34 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 3.61 | 6.35 | 2.25 | (9.18) | 20.03 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 3.98 | 6.75 | 2.69 | (8.84) | 20.41 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.35) | (0.44) | (0.30) | (0.22) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (4.80) |  | (4.35) | (12.93) | (2.12) |
| &nbsp;&nbsp; Total Distributions | (5.15) | (0.44) | (4.65) | (13.15) | (2.51) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $49.93 | $51.10 | $44.79 | $46.75 | $68.74 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(3)(4)</sup> | 7.67% | 15.19% | 6.47% | (15.89)% | 41.14% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $674 | $479 | $490 | $542 | $677 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.90% | 0.95% | 0.94% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(5)</sup> | 0.62 | 0.60 | 0.60 | 0.59 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.79 | 0.86 | 0.99 | 0.63 | 0.61 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 45%<sup>(6)</sup> | 56% | 23% | 41% | 29% |

---

(1) The Morgan Stanley Pathway Small-Mid Cap Equity ETF (the "Fund") acquired all the assets and liabilities of the Small-Mid Cap Equity Fund (the "Predecessor Fund") in a reorganization that occurred on December 9, 2024 (the "Reorganization"). The Predecessor Fund ceased operations immediately following the Reorganization. As a result, all financial information prior to the Reorganization reflects that of the Predecessor Fund and has been retroactively adjusted to reflect the Reorganization. See Note 1 of the Notes to Financial Statements for additional information on the Fund's Reorganization.

(2) Per share amounts have been calculated using the average shares method.

(3) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(4) The Predecessor Fund was designated as the accounting survivor in the Reorganization. As a result, the Fund assumed the Predecessor Fund's historical performance and the performance information reflects that of the Predecessor Fund.

(5) Reflects fee waivers and/or expense reimbursements.

(6) In-kind transactions are not included in portfolio turnover calculations.

† Calculated based on the net asset value as of the last business day of the period.

120 MORGAN STANLEY \| 2026

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For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### International Equity Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $15.04 | $12.98 | $11.19 | $15.54 | $12.27 |
| &nbsp;&nbsp; Income (Loss) from Operations: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.29 | 0.29 | 0.25 | 0.27 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.30 | 2.05 | 2.11 | (3.34) | 3.30 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 1.59 | 2.34 | 2.36 | (3.07) | 3.51 |
| &nbsp;&nbsp; Less Distributions from: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.28) | (0.21) | (0.33) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | (0.50) |  | (0.36) | (0.95) |  |
| &nbsp;&nbsp; Total Distributions | (0.86) | (0.28) | (0.57) | (1.28) | (0.24) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $15.77 | $15.04 | $12.98 | $11.19 | $15.54 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 11.53% | 18.36% | 21.72% | (21.37)% | 28.93% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $1194 | $1310 | $1176 | $1148 | $1458 |
| &nbsp;&nbsp; Ratios to Average Net Assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.83% | 0.83% | 0.86% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)</sup> | 0.60 | 0.61 | 0.68 | 0.67 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2.04 | 2.12 | 2.01 | 2.01 | 1.50 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 29% | 26% | 33% | 38% | 52% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

#### Emerging Markets Equity Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $14.03 | $12.70 | $12.39 | $17.44 | $14.67 |
| &nbsp;&nbsp; Income (Loss) from Operations: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.25 | 0.26 | 0.23 | 0.30 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.89 | 1.38 | 0.31 | (4.65) | 2.90 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 2.14 | 1.64 | 0.54 | (4.35) | 3.10 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.28) | (0.31) | (0.23) | (0.29) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.41) |  |
| &nbsp;&nbsp; Total Distributions | (0.28) | (0.31) | (0.23) | (0.70) | (0.33) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $15.89 | $14.03 | $12.70 | $12.39 | $17.44 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 15.58% | 13.27% | 4.64% | (25.82)% | 21.28% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $656 | $499 | $491 | $481 | $563 |
| &nbsp;&nbsp; Ratio to Average Net Assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1.11% | 1.10% | 1.15% | 1.15% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)</sup> | 0.75 | 0.76 | 0.82 | 0.81 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1.75 | 2.03 | 1.87 | 2.10 | 1.18 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 20% | 26% | 12% | 14% | 53% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **121** |

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For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### Core Fixed Income Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $6.92 | $6.75 | $7.12 | $8.39 | $8.79 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.31 | 0.27 | 0.25 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.12) | 0.20 | (0.36) | (1.20) | (0.08) |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 0.19 | 0.47 | (0.11) | (1.06) | 0.05 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.30) | (0.25) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.00)<sup>(2)</sup> | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  |  | (0.05) | (0.28) |
| &nbsp;&nbsp; Total Distributions | (0.30) | (0.30) | (0.26) | (0.21) | (0.45) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $6.81 | $6.92 | $6.75 | $7.12 | $8.39 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(3)</sup> | 3.03% | 6.97% | (1.60)% | (12.86)% | 0.58% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $1656 | $1865 | $1796 | $1352 | $1311 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.56% | 0.53% | 0.55% | 0.56% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(4)</sup> | 0.47 | 0.48 | 0.52 | 0.53 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.58 | 4.00 | 3.65 | 1.85 | 1.57 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 136% | 229% | 254% | 238% | 227% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Amount is less than $0.005 per share.

(3) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(4) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

#### High Yield Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $3.25 | $3.14 | $3.14 | $3.72 | $3.61 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.21 | 0.22 | 0.20 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.04 | 0.11 |  | (0.56) | 0.11 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 0.25 | 0.33 | 0.20 | (0.39) | 0.29 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.22) | (0.22) | (0.20) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.22) | (0.22) | (0.20) | (0.19) | (0.18) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $3.28 | $3.25 | $3.14 | $3.14 | $3.72 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 7.86% | 10.96% | 6.71% | (10.88)% | 8.61% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $142 | $133 | $128 | $113 | $213 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1.02% | 1.05% | 1.17% | 1.07% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)</sup> | 0.82 | 0.85 | 0.97 | 0.87 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6.63 | 6.80 | 6.30 | 4.88 | 4.79 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 76% | 44% | 25% | 46% | 117% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

122 MORGAN STANLEY \| 2026

------

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### International Fixed Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $6.78 | $6.40 | $7.00 | $8.12 | $8.03 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.24 | 0.19 | 0.12 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.01 | 0.25 | (0.13) | (0.98) | 0.08 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 0.25 | 0.44 | (0.01) | (0.91) | 0.15 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.03) | (0.59) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  | (0.03) |  | (0.09) | (0.06) |
| &nbsp;&nbsp; Total Distributions | (0.16) | (0.06) | (0.59) | (0.21) | (0.06) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $6.87 | $6.78 | $6.40 | $7.00 | $8.12 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 3.75% | 6.85% | (0.15)% | (11.54)% | 1.86% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $180 | $179 | $182 | $171 | $156 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<sup>(3)</sup> | 1.23% | 0.97% | 0.95% | 0.93% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)(4)</sup> | 1.18 | 0.92 | 0.90 | 0.88 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.46 | 2.90 | 1.86 | 0.95 | 0.92 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 280% | 328% | 381% | 312% | 402% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.23%, 0.01%, 0.00%, 0.00% and less than 0.005%, respectively.

(4) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

#### Municipal Bond Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.64 | $8.44 | $8.55 | $9.60 | $9.53 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.27 | 0.26 | 0.23 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.35) | 0.24 | (0.12) | (1.03) | 0.12 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | (0.08) | 0.50 | (0.11) | (0.85) | 0.29 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.27) | (0.26) | (0.22) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.00)<sup>(2)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  | (0.04) |  | (0.02) | (0.05) |
| &nbsp;&nbsp; Total Distributions | (0.27) | (0.30) | (0.22) | (0.20) | (0.22) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $8.29 | $8.64 | $8.44 | $8.55 | $9.60 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(3)</sup> | (0.94)% | 6.02% | 1.35% | (8.91)% | 3.07% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $77 | $90 | $99 | $87 | $92 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 0.70% | 0.69% | 0.76% | 0.71% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 0.70 | 0.69 | 0.76 | 0.71 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.16 | 3.01 | 2.66 | 1.99 | 1.79 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 68% | 40% | 28% | 48% | 7% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Amount is less than $0.005 per share.

(3) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

† Calculated based on the net asset value as of the last business day of the period.

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **123** |

---

------

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### Inflation-Linked Fixed Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $8.27 | $8.12 | $9.17 | $11.16 | $11.13 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.32 | 0.31 | 0.25 | 0.87 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.12 | 0.20 | (0.65) | (1.54) | 0.07 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 0.44 | 0.51 | (0.40) | (0.67) | 0.63 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.30) | (0.37) | (0.93) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  | (0.06) | (0.28) | (0.39) |  |
| &nbsp;&nbsp; Total Distributions | (0.29) | (0.36) | (0.65) | (1.32) | (0.60) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $8.42 | $8.27 | $8.12 | $9.17 | $11.16 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 5.29% | 6.44% | (4.51)% | (6.55)% | 5.87% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $138 | $147 | $127 | $102 | $148 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<sup>(3)</sup> | 2.32% | 2.54% | 2.35% | 1.08% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)(4)</sup> | 2.27 | 2.49 | 2.30 | 1.03 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3.92 | 3.82 | 2.96 | 8.43 | 5.08 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 112% | 121% | 56% | 57% | 104% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 1.51%, 1.67%, 1.32%, 0.17% and 0.03%, respectively.

(4) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

#### Ultra-Short Term Fixed Income Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $9.73 | $9.61 | $9.69 | $9.89 | $9.99 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.45 | 0.48 | 0.32 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.06 | 0.11 | 0.14 | (0.17) | 0.01 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 0.51 | 0.59 | 0.46 | (0.09) | 0.06 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.46) | (0.33) | (0.54) | (0.11) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax return of capital |  | (0.14) |  |  |  |
| &nbsp;&nbsp; Total Distributions | (0.46) | (0.47) | (0.54) | (0.11) | (0.16) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $9.78 | $9.73 | $9.61 | $9.69 | $9.89 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 5.23% | 6.28% | 4.95% | (0.92)% | 0.61% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $410 | $315 | $309 | $506 | $442 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses<sup>(3)</sup> | 0.68% | 0.69% | 0.81% | 0.67% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)(4)</sup> | 0.53 | 0.54 | 0.76 | 0.62 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4.65 | 4.98 | 3.34 | 0.79 | 0.50 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 123% | 87% | 42% | 86% | 55% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Ratio includes interest expense on reverse repurchase agreements and/or sale-buyback transactions which represents 0.04%, 0.01%, 0.14%, 0.02%, and less than 0.005% respectively.

(4) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

124 MORGAN STANLEY \| 2026

------

For a share of beneficial interest outstanding throughout each year ended August 31, unless otherwise noted:

#### Alternative Strategies Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $10.77 | $10.24 | $10.69 | $10.99 | $10.04 |
| &nbsp;&nbsp; Income (Loss) from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(1)</sup> | 0.37 | 0.34 | 0.38 | 0.20 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.02) | 0.52 | (0.17) | (0.42) | 0.91 |
| &nbsp;&nbsp; Total Income (Loss) from Operations | 0.35 | 0.86 | 0.21 | (0.22) | 1.04 |
| &nbsp;&nbsp; Less Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.26) | (0.33) | (0.64) | (0.07) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain |  |  | (0.02) | (0.01) |  |
| &nbsp;&nbsp; Total Distributions | (0.26) | (0.33) | (0.66) | (0.08) | (0.09) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $10.86 | $10.77 | $10.24 | $10.69 | $10.99 |
| &nbsp;&nbsp; Total Return<sup>†</sup><sup>(2)</sup> | 3.31% | 8.65% | 2.14% | (2.06)% | 10.39% |
| &nbsp;&nbsp; Net Assets, End of Year (millions) | $186 | $163 | $157 | $147 | $119 |
| &nbsp;&nbsp; Ratios to Average Net Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gross expenses | 1.38% | 1.39% | 1.50% | 1.59% | 1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(3)(4)</sup> | 0.38 | 0.39 | 0.50 | 0.59 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.43 | 3.22 | 3.70 | 1.83 | 1.24 |
| &nbsp;&nbsp; Portfolio Turnover Rate | 29% | 13% | 27% | 18% | 18% |

---

(1) Per share amounts have been calculated using the average shares method.

(2) Performance figures may reflect fee waivers and/or expense reimbursements and assume reinvestment of dividend distribution. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Applicable advisory program charges, which may be up to 2.00%, are not reflected in the performance data and would reduce the total returns. Past performance is no guarantee of future results.

(3) Does not reflect the Fund's proportionate share of income and expenses from the Underlying Fund.

(4) Reflects fee waivers and/or expense reimbursements.

† Calculated based on the net asset value as of the last business day of the period.

---

| | |
|:---|:---|
| MORGAN STANLEY \| 2026 | **125** |

---

------

For More Information

You may visit the Trust's website at www.morganstanley.com/wealth-investmentsolutions/cgcm for a free copy of this Prospectus, or an annual or semi-annual report, or to request other information.

#### Annual and Semi-annual Reports
Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders. The Funds' annual report contains a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year.

The Trust sends only one report to a household if more than one account has the same address. Contact your Morgan Stanley financial advisor or the transfer agent if you do not want this policy to apply to you.

#### Statement of Additional Information ("SAI")
The SAI provides more detailed information about the Funds and is incorporated into this Prospectus by reference.

#### Morgan Stanley Financial Advisor
Your Morgan Stanley financial advisor ("Financial Advisor") is available to answer questions about the Funds or the investor's overall asset allocation program.

Investors can obtain free copies of the annual and semi-annual reports, request the SAI, or request other information, including Fund Financial Statements, and discuss their questions about the Funds by contacting their Financial Advisor. Investors may also obtain free copies of these documents or request other information by calling:

1-800-869-3326 or by writing to the Funds at:

MS Pathway Funds 2000

Westchester Avenue

Purchase, NY 10577

or at the Funds' website at www.morganstanley.com/wealth-investmentsolutions/cgcm

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of this information may be obtained for a duplicating fee by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, Washington, D.C. 20549-1520.

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

Investment Company Act File No. 811-06318

<sup>®</sup>2025 Morgan Stanley.

#### CGAS is an affiliate of Morgan Stanley.
TK2088 1/26

------

#### STATEMENT OF ADDITIONAL INFORMATION

#### January 1, 2026

#### MORGAN STANLEY PATHWAY FUNDS
2000 Westchester Avenue

Purchase, NY 10577

1-800-869-3326

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the current prospectus (the "Prospectus") for the following series of the Morgan Stanley Pathways Funds (the "Trust"):

---

| | |
|:---|:---|
| **Morgan Stanley Pathway Large Cap Equity ETF (MSLC)** | **International Fixed Income Fund (TIFUX)** |
| Principal Listing Exchange: NYSE Arca, Inc. |  |
| **Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM)** | **Municipal Bond Fund (TMUUX)** |
| Principal Listing Exchange: NYSE Arca, Inc. |  |
| **International Equity Fund (TIEUX)** | **Inflation-Linked Fixed Income Fund (TILUX)** |
| **Emerging Markets Equity Fund (TEMUX)** | **Ultra-Short Term Fixed Income Fund (TSDUX)** |
| **Core Fixed Income Fund (TIIUX)** | **Alternative Strategies Fund (TALTX)** |
| **High Yield Fund (THYUX)** |  |

---

This SAI expands upon and supplements the information contained in the current Prospectus for the Funds listed above, each of which is a separate series of the Trust, a Massachusetts voluntary association (commonly known as a business trust). Each of these series of the Trust represents shares of beneficial interest in a separate portfolio of securities and other assets with its own objective and policies. The Prospectus for the Funds is dated January 1, 2026, as amended and supplemented from time to time. The Funds' audited financial statements dated August 31, 2025, are included in the most recent Form N-CSR for the Funds, and are incorporated by reference in this SAI. 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 by writing to the Trust at 2000 Westchester Avenue, Purchase, NY 10577, calling 800-869-336 or visiting www.morganstanley.com/wealth-investmentsolutions.cgcm. The Funds' Prospectus is incorporated by reference into this SAI.

References to the Investment Company Act of 1940, as amended (the "Investment Company Act" or the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [The Trust](#sai767768_1) | 3 |
|  [Investment Objectives, Management Policies and Risk Factors](#sai767768_2) | 5 |
|  [Investment Restrictions](#sai767768_3) | 44 |
|  [Trustees and Officers of the Trust](#sai767768_4) | 47 |
|  [Control Persons](#sai767768_5) | 56 |
|  [Portfolio Transactions](#sai767768_6) | 56 |
|  [Brokerage Commissions Paid](#sai767768_7) | 58 |
|  [Portfolio Turnover](#sai767768_8) | 61 |
|  [Investment Management and Other Services](#sai767768_9) | 62 |
|  [Counsel and Independent Registered Public Accounting Firm](#sai767768_10) | 69 |
|  [Portfolio Manager Disclosure](#sai767768_11) | 69 |
|  [Information Concerning the Morgan Stanley Pathway ETFs](#sai767768_12) | 112 |
|  [Information Concerning the Morgan Stanley Pathway Mutual Funds](#sai767768_13) | 122 |
|  [Net Asset Value](#sai767768_14) | 123 |
|  [Taxes](#sai767768_15) | 125 |
|  [Distributors](#sai767768_16) | 146 |
|  [Custodian and Transfer Agents](#sai767768_17) | 146 |
|  [Securities Lending Activity](#sai767768_18) | 147 |
|  [Financial Statements](#sai767768_19) | 148 |
|  [Appendix A – Ratings of Debt Obligations](#sai767768_20) | A-1 |
|  [Appendix B – Proxy Voting Policies and Procedures](#sai767768_21) | B-1 |

---

*Capitalized terms used but not defined in this SAI have the meanings accorded to them in the Prospectus.* 

------

#### THE TRUST
Morgan Stanley Pathway Funds (the "Trust") was organized as an unincorporated business trust under the laws of The Commonwealth of Massachusetts pursuant to a Master Trust Agreement dated April 12, 1991, as amended from time to time ("Trust Agreement"). Currently, the Trust operates pursuant to a Third Amended and Restated Master Trust Agreement, dated December 17, 2018. The Trust is a series company that currently consists of eleven funds (individually, a "Fund" and collectively, the "Funds"). Each Fund is a separate series of the Trust, an open-end registered management investment company.

#### Morgan Stanley Pathway ETFs
The Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF (each, a "Morgan Stanley Pathway ETF" and together, the "Morgan Stanley Pathway ETFs") each operates as an actively-managed exchange-traded fund that seeks capital appreciation. The Funds offer and issue shares at their net asset value per share ("NAV") only in aggregations of a specified number of shares (each, a "Creation Unit"), generally in exchange for a designated portfolio of securities, assets or other positions (including any portion of such securities for which cash may be substituted) (the "Deposit Securities" or "Creation Basket"), together with the deposit of a specified cash payment (the "Cash Component"). Shares of the Funds are listed for trading on NYSE Arca, Inc., a national securities exchange. Shares of the Funds are traded in the secondary market and elsewhere at market prices that may be at, above or below the Funds' NAV. Unlike mutual funds, a Fund's shares are not individually redeemable securities. Instead, shares are redeemable only in Creation Units by Authorized Participants (as defined in the Creation and Redemption of Creation Units-Role of the Authorized Participant section of this SAI), and, generally, in exchange for portfolio securities and a Cash Amount (as defined in the Redemption of Creation Units section of this SAI). Creation Units typically are a specified number of shares, generally 50,000 or multiples thereof. Each Fund may charge creation/redemption transaction fees for each creation and redemption. In all cases, transaction fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities.

The Trust reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in cash and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized Participant maintain with the Trust collateral as set forth in the handbook for Authorized Participants. The Trust may use such collateral at any time to purchase Deposit Securities. See the "Creation and Redemption of Creation Units" section of this SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules and regulations applicable to management investment companies offering redeemable securities.

Once created, each Fund's shares generally trade in the secondary market, at market prices that change throughout the day, in amounts less than a Creation Unit. Investors purchasing each Fund's shares in the secondary market through a brokerage account or with the assistance of a broker may be subject to brokerage commissions and charges. Unlike index-based ETFs, each Fund is "actively managed" and does not seek to replicate the performance of a specified index.

**History of the Morgan Stanley Pathway ETFs.** The Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF are the successors to the Large Cap Equity Fund and Small-Mid Cap Equity Fund (each, a "Predecessor Fund"), respectively. Each Predecessor Fund was a mutual fund and a former series of the Trust. Each Predecessor Fund was managed by Consulting Group Advisory Services LLC (the "Manager" or "CGAS") and has the same investment objective and substantially similar investment objectives, investment strategies, policies and restrictions as those of its corresponding Morgan Stanley Pathway ETF. The reorganization of each Predecessor Fund into the corresponding Morgan Stanley

------

Pathway ETF became effective on December 9, 2024 (each, a "Reorganization" and together, the "Reorganizations").

#### Morgan Stanley Pathway Mutual Funds
The International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (each, a "Morgan Stanley Pathway Mutual Fund" and together, the "Morgan Stanley Pathway Mutual Funds") each operates as a mutual fund. Shares of the Morgan Stanley Pathway Mutual Funds are only available to participants in certain investment advisory programs sponsored by Morgan Stanley. The services offered through these programs may provide investors with asset allocation recommendations, which are implemented through the Funds. Shares of the Morgan Stanley Pathway Mutual Funds are sold at net asset value per share ("NAV") without imposition of a sales charge but will be subject to any applicable advisory program fee. For additional information about the purchase and sale of Morgan Stanley Pathway Mutual Funds, please see the "Investment and account information" section of the Prospectus.

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#### INVESTMENT OBJECTIVES, MANAGEMENT POLICIES AND RISK FACTORS
Each Fund, except for the International Fixed Income Fund, is diversified under the Investment Company Act of 1940, as amended ("1940 Act"), which means that, with respect to 75% of its total assets, the Fund will not invest more than 5% of its assets in the securities of any single issuer, nor hold more than 10% of the outstanding voting securities of any single issuer (other than, in each case, securities of other investment companies, and securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities). The International Fixed Income Fund is a non-diversified fund, which means that the proportion of the Fund's assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. The Prospectus discusses the investment objectives of the Funds, which are separate series of the Trust, and the policies to be employed to achieve those objectives. Supplemental information is set out below concerning the types of securities and other instruments in which the Funds may invest, the investment policies and strategies that the Funds may utilize and certain risks attendant to those investments, policies and strategies. The Funds may rely upon the independent advice of their respective Sub-advisers (each a "Sub-adviser," collectively, the "Sub-advisers") to evaluate potential investments.

#### Asset-Backed Securities ("ABS")
ABSs are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Other types of asset-backed securities may be created in the future. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Asset-backed securities may also be debt instruments, which are also known as collateralized obligations and are generally issued as the debt of a special purpose entity, such as a trust, organized solely for the purpose of owning such assets and issuing debt obligations.

Asset-backed securities may be traded over-the-counter and typically have a short-intermediate maturity structure depending on the paydown characteristics of the underlying financial assets which are passed through to the security holder. Asset-backed securities are not issued or guaranteed by the U.S. Government, its agencies or instrumentalities; however, the payment of principal and interest on such obligations may be guaranteed up to certain amounts and, for a certain period, by a letter of credit issued by a financial institution (such as a bank or insurance company) unaffiliated with the issuers of such securities. The purchase of asset-backed securities raises risk considerations peculiar to the financing of the instruments underlying such securities.

For example, there is a risk that another party could acquire an interest in the obligations superior to that of the holders of the asset-backed securities. There also is the possibility that recoveries on repossessed collateral may not, in some cases, be available to support payments on those securities.

Although certain Funds may each invest up to 5% of their assets in ABS, such Funds will invest only in ABS that have received AAA rating from both Moody's and S&P. ABS may enhance a Fund's performance; however, investing in ABS involves certain risks beyond those found in other types of mutual fund investments. For the avoidance of doubt, the Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in excess of these credit and holding limitations.

*Collateralized Debt Obligations.* The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans.

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For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche that bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since they are partially protected from defaults, senior tranches from a CBO trust or CLO trust or trust of another CDO typically have higher ratings and lower yields than its underlying securities and can be rated investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class.

The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs or other CDOs may be characterized by the Funds as illiquid securities; however, an active dealer market may exist for CBOs, CLOs or other CDOs allowing them to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed income securities discussed elsewhere in this SAI and the Prospectus (*e.g.*, interest rate risk and default risk), CBOs, CLOs or other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Funds may invest in CBOs, CLOs or other CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

#### Borrowing
Each Fund may borrow to the extent permitted under its investment restrictions and such borrowing may create leverage. Leverage increases investment risk as well as investment opportunity. If the income and investment gains on securities purchased with borrowed money exceed the interest paid on the borrowing, the net asset value ("NAV") of a Fund's shares will rise faster than would otherwise be the case. On the other hand, if the income and investment gains fail to cover the cost, including interest, of the borrowings, or if there are losses, the NAV of a Fund's shares will decrease faster than otherwise would be the case. Each Fund may borrow money to the extent permitted under the 1940 Act. This means that, in general, a Fund may borrow money from banks for (i) any purpose on a secured basis in an amount up to 1/3 of the Fund's total assets, or (ii) temporary administrative purposes on an unsecured basis in an amount not to exceed 5% of the Fund's total assets.

#### Commercial Paper
Commercial paper consists of short-term, promissory notes issued by banks, corporations and other entities to finance short-term credit needs. These securities generally are discounted but sometimes may be interest bearing. Commercial paper, which also may be unsecured, is subject to credit risk.

#### Currency Transactions
*Currency Exchange Rates.* A Fund's share value may change significantly when the currencies, other than the U.S. dollar, in which that Fund's investments are quoted or denominated, strengthen or weaken against the U.S. dollar. Currency exchange rates generally are determined by the forces of supply and demand in the foreign exchange markets and the relative merits of investments in different countries as seen from an international perspective. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad.

*Currency Risks.* The value of the securities quoted or denominated in international currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. A Fund's

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investment performance may be negatively affected by a devaluation of a currency in which the Fund's investments are quoted or denominated. Further, a Fund's investment performance may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities quoted or denominated in another currency will increase or decrease in response to changes in the value of such currency in relation to the U.S. dollar.

#### Cyber Security
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, 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, Consulting Group Advisory Services LLC, the Funds' investment adviser ("CGAS" or the "Manager") or any of the Sub-advisers, the Fund's distributor, custodian, transfer agent, or any other of the 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 NAVs, 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 be able to identify all of the operational risks that may affect the Funds or to develop processes and controls to completely eliminate or mitigate their occurrence or effects due to systems and technology disruptions or failures. Further, there can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds will invest will not suffer losses relating to cyber-attacks or other information security breaches in the future.

#### Economic Risks of Global Health Events
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has spread internationally. The transmission of COVID-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, disruptions to supply chains and customer activity, enhanced health screenings, significant challenges in healthcare service preparation and delivery, quarantines, event cancellations and restrictions, service cancellations, reductions and other changes, as well as general concern and uncertainty that has negatively affected the economic environment. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways.

The Federal Reserve also enacted various programs since the start of the pandemic to support liquidity operations and funding in the financial markets, including massively expanding its reverse repurchase agreement operations, adding $1.5 trillion of liquidity to the banking system, establishing swap lines with other major central banks to provide dollar funding, establishing a program to support money market funds, easing various bank capital

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buffers, providing funding backstops for businesses to provide bridging loans for up to four years, and providing funding to help credit flow in asset-backed securities markets. Social and political tensions in the United States and around the world, may continue to contribute to increased market volatility, may have long-term effects on the U.S. and global financial markets, and may cause further economic uncertainties or deterioration in the United States and worldwide. It is not known how long the financial markets will continue to be affected by these events nor can the effects of these or similar events in the future on the U.S. economy, the securities markets and issuers held in the Funds' investments be predicted. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Fund's performance or impair the Fund's ability to achieve its investment objective.

#### Equity Securities
Equity securities generally represent an ownership interest in an issuer, or may be convertible into or represent a right to acquire an ownership interest in an issuer. While there are many types of equity securities, prices of all equity securities will fluctuate. Economic, political and other events may affect the prices of broad equity markets. For example, changes in inflation or consumer demand may affect the prices of equity securities generally in the United States. Similar events also may affect the prices of particular equity securities. For example, news about the success or failure of a new product may affect the price of a particular issuer's equity securities.

An investment in the Funds should also be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the securities market may deteriorate (either of which may cause a decrease in the value of the portfolio securities and thus in the value of Shares). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Thee investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking crises.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, have generally inferior rights to receive payments from the issuer in comparison with the rights of creditors of, or holders of debt obligations or preferred stocks issued by, the issuer. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, will be subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated option or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

The equity-oriented Funds, including the Alternative Strategies Fund, may invest in all types of equity securities, including exchange-traded and over-the-counter common and preferred stocks, warrants, rights, convertible securities, depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies, real estate investment trusts and equity participations. The High Yield Fund and the Alternative Strategies Fund may invest up to 20% of its assets in equity securities.

*Common Stock.* Common stock is an interest in a company, limited liability company, or similar entity that entitles the holder to a share in the profits of the company, in the form of dividends, and the proceeds from a sale or liquidation of the company.

The interests of common shareholders are the most junior in a corporate structure. This means that in the event of the bankruptcy of the company its creditors and any holders of a preferred class of equity securities are paid before the common stockholders are entitled to receive anything. However, any assets of the company in excess of the amount owed to creditors or preferred stockholders are shared pro-rata among the common stockholders.

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Common stockholders normally have voting control of the company and are entitled to vote on the election of directors and certain fundamental corporate actions.

*Convertible Securities.* Convertible securities are preferred stocks or fixed income securities that are convertible at the option of the holder, or in some circumstances at the option of the issuing company, at a stated exchange rate or formula into the company's common stock or other equity securities. At the time a company sells the convertible securities, the conversion price is normally higher than the market price of the common stock. The Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and the Alternative Strategies Fund each may invest up to 10% of their total assets in preferred stocks, convertible securities and other equity-related securities.

A holder of convertible securities will generally receive interest or dividends at a rate lower than comparable debt securities, but the holder has the potential for additional gain if the market value of the common stock exceeds the conversion price. When the market price of the common stock is below the conversion price, convertible securities tend to trade like fixed income securities. If the market price of the common stock is higher than the conversion price, convertible securities tend to trade like the common stock. Convertible securities rank senior to common stocks in an issuer's capital structure and consequently may be of higher quality and entail less risk than the issuer's common stock. The price of a convertible security will normally vary in some proportion to changes in the price of the underlying common stock because of its conversion or exercise feature. However, the value of a convertible security may not increase or decrease as rapidly as the underlying common stock. A convertible security normally also will provide income and is subject to interest rate risk. Convertible securities may be lower-rated securities and are subject to greater levels of credit risk. A Fund may be forced to convert a security before it would otherwise choose which may have an adverse effect on the Fund's ability to achieve its investment objective.

*Initial Public Offerings ("IPOs").* The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund and Alternative Strategies Fund may invest in equity securities purchased in IPOs. Securities purchased in IPOs generally have limited operating histories and may involve greater investment risk. The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks.

*Investing in Small and Medium Capitalization Companies.* Investing in the equity securities of small and medium capitalization companies involves additional risks compared to investing in large capitalization companies. Compared to large companies, these companies may have more limited product lines and capital resources; have less established markets for their products; have earnings that are more sensitive to changes in the economy, competition and technology; and be more dependent upon key members of management. The market value of the common stock of small and medium capitalization companies may be more volatile, particularly in response to company announcements or industry events, have less active trading markets and be harder to sell at the time and prices that a Sub-adviser considers appropriate.

*Non-Publicly Traded Securities.* Each Fund may invest in non-publicly traded securities, which may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by a Fund. In addition, companies whose securities are not publicly traded are not subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded.

*Preferred Stocks.* Preferred stocks are equity securities, but they have many characteristics of fixed income securities. Their similarities to fixed income securities generally cause preferred stocks to trade more like debt

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instruments than common stocks. Thus, the value of preferred stocks reflects the credit risk of the company and the dividend yield on the preferred stocks compared to prevailing interest rates. Preferred stocks are entitled to receive dividends before any dividend is paid to the holders of common stock. The dividend may be at a fixed or variable dividend payment rate, may be payable on fixed dates or at times determined by the company and may be payable in cash, additional shares of preferred stock or other securities. Many preferred stocks are redeemable at the option of the company after a certain date. Holders of preferred stock are also entitled to receive a payment upon the sale or liquidation of a company before any payment is made to the company's common stockholders. However, preferred stock is an equity security and, therefore, is junior in priority of payment to the company's creditors in the event of a bankruptcy, including holders of the company's debt securities. This junior ranking to creditors makes preferred stock riskier than fixed income securities. The Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Alternative Strategies Fund, each may invest up to 10% of their total assets in preferred stocks, convertible securities and other equity-related securities.

*Warrants and Stock Purchase Rights.* Warrants and stock purchase rights are securities permitting, but not obligating, their holder to purchase other securities, normally the issuer's common stock. Stock purchase rights are frequently issued as a dividend to a company's stockholders and represent the right to purchase a fixed number of shares at a fixed or formula price. The price may reflect a discount to the market price. Warrants are generally sold by a company or issuer together with fixed income securities and represent the right to a fixed number of shares of common stock or other securities at a fixed or formula price. The exercise price is normally higher than the market price at the time the company sells the warrant.

Warrants and stock purchase rights do not carry with them the right to receive dividends on or to vote the securities that they entitle their holders to purchase. They also do not entitle the holder to share in the assets of the company during the company's liquidation. The rights to purchase common stock or other securities conferred by a warrant or stock purchase right may only be exercised on specific dates or for a specific period. Trading in these instruments is affected both by the relationship of the exercise price to the current market price of the common stock or other securities and by the period remaining until the right or warrant expires. An investment in warrants and stock purchase rights may be considered more speculative than other types of equity investments. A warrant or stock purchase right expires worthless if it is not exercised on or prior to its expiration date.

*Exchange-Traded Funds.* Each Fund may invest in exchanged-traded funds ("ETFs"). Investments in ETFs are subject to a variety of risks, including risks of a direct investment in the underlying securities that the ETF holds. For example, the general level of stock prices may decline, thereby adversely affecting the value of the underlying investments of the ETF and, consequently, the value of the ETF. In addition, the market value of the ETF shares may differ from their NAV because the supply and demand in the market for ETF shares at any point is not always identical to the supply and demand in the market for the underlying securities. Also, ETFs that track particular indices typically will be unable to match the performance of the index exactly due to, among other things, the ETF's operating expenses and transaction costs. ETFs typically incur fees that are separate from those fees incurred directly by the Fund. Therefore, as a shareholder in an ETF (as with other investment companies), the Fund would bear its ratable share of that entity's expenses. At the same time, the Fund would continue to pay its own investment management fees and other expenses. As a result, the Fund and its shareholders, in effect, will be absorbing fees at two levels with respect to investments in ETFs. Further, certain of the ETFs in which the Fund may invest are leveraged. Leveraged ETFs seek to deliver multiples of the performance of the index or other benchmark they track and use derivatives in an effort to amplify the returns of the underlying index or benchmark. While leveraged ETFs may offer the potential for greater return, the potential for loss and the speed at which losses can be realized also are greater. Most leveraged ETFs "reset" daily, meaning they are designed to achieve their stated objectives on a daily basis. Leveraged ETFs can deviate substantially from the performance of their underlying benchmark over longer periods of time, particularly in volatile periods. The more the Fund invests in such leveraged ETFs, the more this leverage will magnify any losses on those investments. Furthermore, disruptions in the market for the securities underlying ETFs purchased or sold by the Fund could result in losses on the Fund's investment in ETFs.

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#### Fixed Income Securities
The market value of the obligations held by the Funds can be expected to vary inversely to changes in prevailing interest rates. Investors also should recognize that, in periods of declining interest rates, a Fund's yield will tend to be somewhat higher than prevailing market rates and, in periods of rising interest rates a Fund's yield will tend to be somewhat lower. Also, when interest rates are falling, the inflow of net new money to the Funds from the continuous sale of their shares will tend to be invested in instruments producing lower yields than the balance of their portfolios, thereby reducing a Fund's current yield. In periods of rising interest rates, the opposite can be expected to occur. In addition, securities in which the Funds may invest may not yield as high a level of current income as might be achieved by investing in securities with less liquidity, less creditworthiness or longer maturities. 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.

The fixed income oriented Funds, including the Alternative Strategies Fund, may invest in U.S. government securities, its agencies or government-sponsored enterprises (note that securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury), corporate debt securities of U.S. and Non-U.S. issuers, including convertible securities and corporate commercial paper, mortgage-backed and other ABS, inflation-indexed bonds issued by both governments and corporations, structured notes, including hybrid or "indexed" securities and event-linked bonds, loan participations and assignments, delayed funding loans and revolving credit facilities, bank certificates of deposit, fixed time deposits and bankers' acceptances, repurchase agreements on fixed income instruments and reverse repurchase agreements on fixed income instruments, debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises, and obligations of international agencies or supranational entities.

*Brady Bonds.* The High Yield Fund, Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Alternative Strategies Fund may invest in so-called "Brady Bonds." Brady Bonds are issued as part of a debt restructuring in which the bonds are issued in exchange for cash and certain of the country's outstanding commercial bank loans. Investors should recognize that Brady Bonds do not have a long payment history. Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar) and are actively traded in the over-the-counter secondary market for debt of Latin American issuers. In light of the history of commercial bank loan defaults by Latin American public and private entities, investments in Brady Bonds may be viewed as speculative and subject to, among other things, the risk of default.

Dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are collateralized in full as to principal by U.S. Treasury zero coupon bonds having the same maturity as the bonds. Interest payment on these Brady Bonds generally are collateralized by cash or securities in the amount that, in the case of fixed rate bonds, is equal to at least one year of rolling interest payments or, in the case of floating rate bonds, initially is equal to at least one year's rolling interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.

Brady Bonds are often viewed as having three or four valuation components: the collateralized repayment of principal at final maturity; the collateralized interest payments; the uncollateralized interest payments; and any uncollateralized repayment of principal at maturity (these uncollateralized amounts constituting the "residual risk").

*Corporate Debt Securities.* Corporate debt securities are subject to the risk of the issuer's inability to meet principal and interest payments on the obligation 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. When interest rates rise, the value of corporate debt securities can be expected to decline. Debt securities with longer maturities tend to be more sensitive to interest rate movements than those with shorter maturities.

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A Fund's investments in U.S. dollar or foreign currency-denominated corporate debt securities of domestic or foreign issuers are limited to corporate debt securities (corporate bonds, debentures, notes and other similar corporate debt instruments, including convertible securities) which meet the minimum ratings criteria set forth for the Fund, or, if unrated, are in the Sub-adviser's opinion comparable in quality to corporate debt securities in which the Fund may invest.

Corporate income-producing securities may include forms of preferred or preference stock. The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with respect to a reference rate. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. Debt securities may be acquired with warrants attached.

Securities rated Baa and BBB are the lowest which are considered "investment grade" obligations. Moody's describes securities rated Baa as "medium-grade" obligations; they are "neither highly protected nor poorly secured ... [i]nterest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well." S&P describes securities rated BBB as "regarded as having an adequate capacity to pay interest and repay principal ... [w]hereas it normally exhibits adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal... than in higher rated categories."

*Custodial Receipts.* Each Fund, other than the Ultra-Short Term Fixed Income Fund, may acquire custodial receipts or certificates, such as Certificates of Accrual on Treasury Securities ("CATS"), Treasury Investment Growth Receipts ("TIGRs") and Financial Corporation Certificates ("FICO") Strips, underwritten by securities dealers or banks that evidence ownership of future interest payments, principal payments or both on certain notes or bonds issued by the U.S. government, its agencies, authorities or instrumentalities. The underwriters of these certificates or receipts purchase a U.S. government security and deposit the security in an irrevocable trust or custodial account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payments on the U.S. government security. Custodial receipts evidencing specific coupon or principal payments have the same general attributes as zero coupon U.S. government securities. Although typically under the terms of a custodial receipt a Fund is authorized to assert its rights directly against the issuer of the underlying obligation, the Fund may be required to assert through the custodian bank such rights as may exist against the underlying issuer. Thus, in the event the underlying issuer fails to pay principal and/or 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 the issuer. In addition, if the trust or custodial account in which the underlying security has been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying security would be reduced in respect of any taxes paid.

*Debt Securities Rating Criteria*. Investment grade debt securities are those rated "BBB" or higher by the Standard & Poor's Ratings Group ("S&P"), "Baa" or higher by Moody's Investors Service, Inc. ("Moody's"), the equivalent rating of other nationally recognized statistical rating organizations ("NRSROs") or determined to be of equivalent credit quality by the Sub-adviser. Debt securities rated BBB are considered medium grade obligations. Adverse economic conditions or changing circumstances may weaken the issuer's ability to pay interest and repay principal.

Below investment grade debt securities are those rated "BB" and below by S&P, Moody's or the equivalent rating of other NRSROs. Below investment grade debt securities or comparable unrated securities are commonly referred to as "junk bonds" and are considered predominantly speculative and may be questionable as to capacity to make principal and interest payments. Changes in economic conditions are more likely to lead to a weakened capacity to make principal payments and interest payments. The amount of junk bond securities outstanding has proliferated as an increasing number of issuers have used junk bonds for corporate financing. An economic

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downturn could severely affect the ability of highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on a Fund's NAV to the extent it invests in such securities. In addition, the Funds may incur additional expenses to the extent they are required to seek recovery upon a default in payment of principal or interest on their portfolio holdings.

The secondary market for junk bond securities, which is concentrated in relatively few market makers, may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on a Fund's ability to dispose of a particular security when necessary to meet its liquidity needs. Under adverse market or economic conditions, the secondary market for junk bond securities could contract further, independent of any specific adverse changes in the condition of a particular issuer. As a result, a Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund's NAV.

Since investors generally perceive that there are greater risks associated with lower quality debt securities of the type in which a Fund may invest a portion of its assets, the yields and prices of such securities may tend to fluctuate more than those for higher rated securities. In the lower quality segments of the debt securities market, changes in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the debt securities market, resulting in greater yield and price volatility.

Lower rated and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. However, lower rated securities generally involve greater risks of loss of income and principal than higher rated securities. The Sub-advisers will attempt to reduce these risks through portfolio diversification and by analysis of each issuer and its ability to make timely payments of income and principal, as well as broad economic trends and corporate developments.

The definitions of the ratings of debt obligations may be found in Appendix A following this SAI.

*Delayed Funding Loans and Revolving Credit Facilities.* The Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make loans up to a maximum amount upon demand by the Borrower during a specified term. A revolving credit facility differs from a delayed funding loan in that as the Borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest. These commitments may have the effect of requiring a Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including at a time when the company's financial condition makes it unlikely that such amounts will be repaid). To the extent that a Fund is committed to advance additional funds, it will at all times segregate assets, determined to be liquid by the applicable Sub-adviser in accordance with procedures established by the Fund's Board of Trustees ("Board" or "Trustees"), in an amount sufficient to meet such commitments.

The Funds may invest in delayed funding loans and revolving credit facilities with credit quality comparable to that of issuers of other portfolio investments. Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Funds may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. The Funds currently intend to treat delayed funding loans and revolving credit facilities for which there is no readily available market as illiquid for purposes of its limitation on illiquid investments. Delayed funding loans and revolving credit facilities are considered debt obligations for purposes of the Fund's investment restriction relating to the lending of funds or assets by the Fund.

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*Event-linked Bonds.* The Core Fixed Income Fund, International Fixed Income Fund and Alternative Strategies Fund may invest in "event-linked bonds." Event-linked bonds are fixed income securities for which the return of principal and payment of interest is contingent on the non-occurrence of a specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore entities. If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, a Fund may lose a portion, or all of its principal invested in that bond. If no trigger event occurs, the Fund will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. In addition to the specified trigger events, event-linked bonds may also expose the Fund to certain unanticipated risks including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations, and adverse tax consequences.

Event-linked bonds are a relatively new type of financial instrument and there may not be a liquid market in which to trade these instruments. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that a Fund may be forced to liquidate positions when it would not be advantageous to do so. Event-linked bonds are typically rated, and the Fund will only invest in catastrophe bonds that meet the credit quality requirements for the Fund.

*High Yield Securities.* The High Yield Fund will, and Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in medium or lower rated securities and unrated securities of comparable quality, sometimes referred to as "junk bonds." Generally, such securities offer a higher current yield than is offered by higher rated securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating organizations, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations.

The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality bonds. In addition, medium and lower rated securities and comparable unrated securities generally present a higher degree of credit risk. The risk of loss because of default by these issuers is significantly greater because medium and lower rated securities generally are unsecured and frequently subordinated to the prior payment of senior indebtedness. In light of these risks, the Board has instructed the Sub-advisers, in evaluating the creditworthiness of an issue, whether rated or unrated, to take various factors into consideration, which may include, as applicable, the issuer's financial resources, its sensitivity to economic conditions and trends, the operating history of and the community support for the facility financed by the issue, and the ability of the issuer's management and regulatory matters.

In addition, the market value of securities in lower rated categories is more volatile than that of higher quality securities, and the markets in which medium and lower rated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for a Fund to obtain accurate market quotations for purposes of valuing its securities and calculating its NAV. Moreover, the lack of a liquid trading market may restrict the availability of securities for the Fund to purchase and may also have the effect of limiting the ability of the Fund to sell securities at their fair value either to meet redemption requests or to respond to changes in the economy or the financial markets.

Lower rated debt obligations also present risks based on payment expectations. If an issuer calls the obligation for redemption, a Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, the principal value of bonds moves inversely with movements in interest rates; in the event of rising interest rates, the value of the securities held by the Fund may decline more than a portfolio

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consisting of higher rated securities. If the Fund experiences unexpected net redemptions, it may be forced to sell its higher rated bonds, resulting in a decline in the overall credit quality of the securities held by the Fund and increasing the exposure of the Fund to the risks of lower rated securities. Investments in zero coupon bonds may be more speculative and subject to greater fluctuations in value because of changes in interest rates than bonds that pay interest currently.

Subsequent to its purchase by a Fund, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by the Fund. Neither event will require sale of these securities by the Fund, but the Sub-adviser will consider the event in determining whether the Fund should continue to hold the security.

*Loan Participations.* The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in fixed and floating rate loans ("Loans") arranged through private negotiations between a borrowing corporation, government or other entity ("Borrower") and one or more financial institutions ("Lenders") in the form of participations in Loans ("Participations"). Participations typically will result in the Fund having a contractual relationship only with the Lender, not with the Borrower. A Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of the payments from the Borrower. In connection with purchasing Participations, a Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement relating to the Loan, nor any rights of set off against the Borrower, and the Fund may not directly benefit 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. In the event of the insolvency of the Lender selling a Participation, the Fund may be treated as a general creditor of the Lender and may not benefit from any set off between the Lender and the Borrower. The Funds will acquire Participations only if the Lender interposition between the Fund and the Borrower is determined by the applicable Sub-adviser to be creditworthy.

There are risks involved in investing in Participations. The Funds may have difficulty disposing of them because there is no liquid market for such securities. The lack of a liquid secondary market will have an adverse impact on the value of such securities and on a Fund's ability to dispose of particular Participations when necessary to meet the Fund's liquidity needs or in response to a specific economic event, such as a deterioration in the creditworthiness of the Borrower. The lack of a liquid market for Participations also may make it more difficult for a Fund to assign a value to these securities for purposes of valuing its portfolio and calculating its NAV.

*Ratings as Investment Criteria.* In general, the ratings of an NRSRO such as Moody's and S&P represent the opinions of those agencies as to the quality of debt obligations that they rate. It should be emphasized, however, that these ratings are relative and subjective, are not absolute standards of quality and do not evaluate the market risk of securities. These ratings will be used by the Funds as initial criteria for the selection of portfolio securities, but the Funds also will rely upon the independent advice of their Sub-advisers to evaluate potential investments. Among the factors that will be considered are the long-term ability of the issuer to pay principal and interest and general economic trends.

Subsequent to its purchase by a Fund, an issue of debt obligations may cease to be rated or its rating may be reduced below the minimum required for purchase by that Fund. Neither event will require the sale of the debt obligation by the Fund, but the Fund's Sub-advisers will consider the event in their determination of whether the Fund should continue to hold the obligation. In addition, to the extent that the ratings change as a result of changes in rating organizations or their rating systems or owing to a corporate restructuring of an NRSRO, a Fund will attempt to use comparable ratings as standards for its investments in accordance with its investment objectives and policies.

*Trust Preferred Securities.* The fixed income-oriented Funds, including the Alternative Strategies Fund, may invest in "trust preferred securities," or "capital notes." Trust preferred securities or capital notes are convertible

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preferred shares issued by a trust where proceeds from the sale are used to purchase convertible subordinated debt from the issuer. The convertible subordinated debt is the sole asset of the trust. The coupon from the issuer to the trust exactly mirrors the preferred dividend paid by the trust. Upon conversion by the investors, the trust in turn converts the convertible debentures and passes through the shares to the investors.

*Variable and Floating Rate Securities.* The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in variable and floating rate securities. Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the prime rate.

The Funds may invest in floating rate debt instruments ("floaters") and engage in credit spread trades. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money-market index or Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate reset feature, floaters provide the Funds with a certain degree of protection against rises in interest rates, the Funds will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two securities or currencies, where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

The Funds may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

Variable rate demand notes ("VRDNs") are obligations issued by corporate or governmental entities which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days. The interest rates are adjustable at intervals ranging from daily to up to every six months to some prevailing market rate for similar investments, such adjustment formula being calculated to maintain the market value of the VRDN at approximately the par value of the VRDN upon the adjustment date. The adjustments are typically based upon the prime rate of a bank or some other appropriate interest rate adjustment index.

Master demand notes are notes which provide for a periodic adjustment in the interest rate paid (usually tied to the Treasury bill auction rate) and permit daily changes in the principal amount borrowed. While there may be no active secondary market with respect to a particular VRDN purchased by the Funds, the Funds may, upon the notice specified in the note, demand payment of the principal of and accrued interest on the note at any time and may resell the note at any time to a third-party.

The absence of such an active secondary market, however, could make it difficult for the Funds to dispose of the VRDN involved in the event the issuer of the note defaulted on its payment obligations, and the Funds could, for this or other reasons, suffer a loss to the extent of the default.

#### Foreign Issuers
*ADRs, EDRs, GDRs and Non-Voting Depository Receipts.* The Funds (except for the Ultra-Short Term Fixed Income Fund) may purchase American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), non-voting depository receipts, or other securities representing underlying shares of foreign companies. ADRs are publicly traded on exchanges or over-the-counter in the U.S. and are issued through "sponsored" or "unsponsored" arrangements. In a sponsored ADR arrangement, the foreign issuer

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assumes the obligation to pay some or all of the depository's transaction fees, whereas under an unsponsored arrangement, the foreign issuer assumes no obligation and the depository's transaction fees are paid by the ADR holders. In addition, less information is available in the U.S. about an unsponsored ADR than about a sponsored ADR, and the financial information about a company may not be as reliable for an unsponsored ADR as it is for a sponsored ADR. A Fund may invest in ADRs through both sponsored and unsponsored arrangements. Non-voting depository receipts are issued by the Stock Exchange of Thailand to facilitate foreign investment in Thailand companies. The underlying securities of a non-voting depository receipt may be ordinary or preferred stock, warrants or transferable subscription rights.

*Custody Services and Related Investment Costs.* Custody services and other costs relating to investment in international securities markets generally are more expensive than in the U.S. Such markets have settlement and clearance procedures that differ from those in the U.S. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. The inability of a Fund to make intended securities purchases because of settlement problems could cause the Fund to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to a Fund because of a subsequent decline in value of the portfolio security or could result in possible liability to the Fund. In addition, security settlement and clearance procedures in some emerging countries may not fully protect a Fund against loss or theft of its assets.

*Economic, Political and Social Factors.* Certain non-U.S. countries, including emerging markets, may be subject to a greater degree of economic, political and social instability than is the case in the U.S. and Western European countries. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making; (ii) popular unrest associated with demands for improved economic, political and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection and conflict. Such economic, political and social instability could significantly disrupt the financial markets in such countries and the ability of the issuers in such countries to repay their obligations. Investing in emerging countries also involves the risk of expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. In the event of such expropriation, nationalization or other confiscation in any emerging country, a Fund could lose its entire investment in that country.

Certain emerging market countries restrict or control foreign investment in their securities markets to varying degrees. These restrictions may limit a Fund's investment in those markets and may increase the expenses of the Fund. In addition, the repatriation of both investment income and capital from certain markets in the region is subject to restrictions such as the need for certain governmental consents. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of a Fund's operation.

Economies in individual non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many non-U.S. countries have experienced substantial, and in some cases extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries.

Economies in emerging countries generally are dependent heavily upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been, and may continue to be, affected adversely by economic conditions in the countries with which they trade.

*Eurodollar Instruments and Yankee Bonds.* The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative

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Strategies Fund may invest in Eurodollar certificates of deposit ("ECDs"), Eurodollar bonds and Yankee bonds. Eurodollar instruments are bonds of corporate and government issuers that pay interest and principal in U.S. dollars but are issued in markets outside the U.S., primarily in Europe. Yankee bonds are bonds of foreign governments and their agencies and foreign banks and corporations that pay interest in U.S. dollars and are typically issued in the U.S. ECDs are U.S. dollar-denominated certificates of deposit issued by foreign branches of domestic banks.

*Eurozone Investment Risks.* Certain of the regions in which the Funds invest, including the European Union, currently experience significant financial difficulties. Following the recent global economic crisis, some of these countries have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank or other governments or institutions, and failure to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those and other European countries. In addition, countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to implement their own economic policies, and could voluntarily abandon, or be forced out of, the euro. Such events could impact the market values of Eurozone and various other securities and currencies, cause redenomination of certain securities into less valuable local currencies and create more volatile and illiquid markets.

*Foreign Securities.* The Funds may invest in the securities of non-U.S. issuers. Funds that invest in securities denominated in foreign currencies may engage in foreign currency transactions on a spot (cash) basis and enter into forward foreign currency exchange contracts and invest in foreign currency futures contracts and options on foreign currencies and futures. A forward foreign currency exchange contract, which involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract, reduces a Fund's exposure to changes in the value of the currency it will deliver and increases its exposure to changes in the value of the currency it will receive for the duration of the contract. The effect on the value of a Fund is similar to selling securities denominated in one currency and purchasing securities denominated in another currency. A contract to sell foreign currency would limit any potential gain which might be realized if the value of the hedged currency increases. A Fund may enter into these contracts to hedge against foreign exchange risk, to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. Suitable hedging transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in such transactions at any given time or from time to time. Also, such transactions may not be successful and may eliminate any chance for a Fund to benefit from favorable fluctuations in relevant foreign currencies. A Fund may use one currency (or a basket of currencies) to hedge against adverse changes in the value of another currency (or a basket of currencies) when exchange rates between the two currencies are positively correlated. A Fund will segregate assets determined to be liquid by its Sub-adviser to cover its obligations under forward foreign currency exchange contracts entered into for non-hedging purposes.

Each of the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF may invest up to 10% of its assets in the securities of foreign issuers that are not traded on a U.S. exchange or the U.S. over-the-counter market. The Core Fixed Income Fund may invest up to 30% of its assets in non-U.S. dollar denominated securities and may invest up to 15% of its assets in emerging market securities. The High Yield Fund may invest up to 20% of its assets in securities not denominated in U.S. dollar, including securities of issuers located in emerging market foreign countries. The International Fixed Income Fund may invest up to 15% of its total assets in fixed income instruments of issuers located in emerging markets countries. The Inflation-Linked Fixed Income Fund may invest up to 30% of its total assets in foreign currency denominated securities. The Ultra-Short Term Fixed Income Fund may invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers.

*Frontier Markets.* "Frontier market countries" are a subset of emerging market countries with even smaller national economies, so these risks may be magnified further. Frontier market countries may also be more affected by government activities than more developed countries. For example, the governments of frontier market

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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*.* 

*Foreign Securities Markets and Regulations.* There may be less publicly available information about non-U.S. markets and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The trading markets for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the U.S. The markets for securities in certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-U.S. markets, including emerging countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the U.S. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity.

The less liquid a market, the more difficult it may be for a Fund to accurately price its portfolio securities or to dispose of such securities at the times determined by the Sub-adviser to be appropriate. The risks associated with reduced liquidity may be particularly acute in situations in which a Fund's operations require cash, such as in order to meet redemptions and to pay its expenses.

*Risks of Non-U.S. Investments.* To the extent a Fund invests in the securities of non-U.S. issuers, those investments involve considerations and risks not typically associated with investing in the securities of issuers in the U.S. These risks are heightened with respect to investments in countries with emerging markets and economies. The risks of investing in securities of non-U.S. issuers or issuers with significant exposure to non-U.S. markets may be related, among other things, to: (i) differences in size, liquidity and volatility of, and the degree and manner of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the U.S.; (ii) economic, political and social factors; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which a Fund's portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. The political and economic structures in certain non-U.S. countries, particularly emerging markets, are expected to undergo significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries.

Unanticipated political or social developments may affect the values of a Fund's investments in such countries. The economies and securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurances that these economic and market disruptions will not continue.

In addition, periodically there may be restrictions on investments in foreign companies. The universe of affected securities can change from time to time. 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 of other such foreign-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

*Investments in the United Kingdom.* In June 2016, the United Kingdom ("UK") voted in a referendum to leave the European Union ("EU"). Although the Funds are established in the United States, the withdrawal of the UK from the EU, or "Brexit," may cause the Funds to face a number of associated risks that could adversely affect returns to investors, including, but not limited to, risks associated with an uncertain regulatory landscape, currency fluctuation risks, and risks associated with general market disruption.

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The UK formally notified the European Council of its intention to withdraw from the EU by invoking article 50 of the Lisbon Treaty in March 2017. On January 31, 2020, the UK officially withdrew from the EU and has entered into a transition phase on December 31, 2020. On January 1, 2021, the EU-UK Trade and Cooperation Agreement, a bilateral trade and cooperation deal governing the future relationship between the UK and the EU provisionally went into effect. The UK Parliament ratified the agreement in December 2020 and the EU Parliament ratified the agreement in April 2021. The agreement was then approved by EU member states and became effective in May 2021. However, many aspects of the UK-EU trade relationship remain subject to further negotiation. Brexit has resulted in volatility in European and global markets and could have negative long-term impacts on financial markets in the UK and throughout Europe. There is considerable uncertainty about the potential consequences of Brexit, the EU-UK Trade and Cooperation Agreement, how future negotiations of trade relations will proceed, and how the financial markets will react to all of the preceding. As this process unfolds, markets may be further disrupted. Brexit may also cause additional member states to contemplate departing from the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets.

*Investments in China*. 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. Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, 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. Investments in Taiwan may be adversely affected by its political and economic relationship with the People's Republic of China ("China" or the "PRC"). In addition, the willingness of the Chinese government to support the Chinese and Hong Kong economies and markets is uncertain and changes in government policy could significantly affect the markets in both Hong Kong and China.

Increasing trade tensions between China and its trading partners, including the United States, have resulted in tariffs and may in the future result in additional measures or actions that could have an adverse effect on an investment in the Greater China region.

Investments in equity securities of companies based in the PRC and listed and traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange ("A-Shares") may be made through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a securities trading and clearing program between either the Shanghai Stock Exchange or Shenzhen Stock Exchange and The Stock Exchange of Hong Kong Limited ("SEHK"), China Securities Depository and Clearing Corporation Limited and Hong Kong Securities Clearing Company Limited. Stock Connect is designed to permit mutual stock market access between mainland China and Hong Kong by allowing investors to trade and settle shares on each market via their local exchanges. Trading through Stock Connect is subject to a daily quota ("Daily Quota"), which limits the maximum daily net purchases on any particular day by Hong Kong investors (and foreign investors trading through Hong Kong) trading PRC listed securities and PRC investors trading Hong Kong listed securities trading through the relevant Stock Connect. Accordingly, a fund's direct investments in A-Shares may be limited by the Daily Quota that limits total purchases through Stock Connect. The Daily Quota may restrict a fund's ability to invest in A-Shares through Stock Connect on a timely basis, which could affect the fund's performance.

Stock Connect is generally available only on business days when both the PRC markets and the Hong Kong market are open and when banks in both markets are open on the corresponding settlement days. Therefore, due to differences in trading days, a fund may not be able to trade its A-Shares and may also be subject to the risk of price fluctuations in A-Shares on days when Stock Connect is not trading.

Investments made through Stock Connect are subject to trading, clearance and settlement procedures that are untested in the PRC, which could pose risks to a fund. Because of the way in which A-Shares are held in Stock

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Connect, the precise nature and rights of a fund are not well defined under the law of the PRC and a fund may not be able to exercise the rights of a shareholder and may be limited in their ability to pursue claims against the issuers of a security. In addition, investments in A-Shares via Stock Connect are not covered by the Hong Kong Investor Compensation Fund, which means that a fund will be exposed to the risks of default of the broker(s) it engaged in its trading through Stock Connect and will be unable to make monetary claims on the investor compensation fund that it might otherwise be entitled to with respect to investments in Hong Kong securities. Stock Connect A-Shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. The list of A-Shares eligible to be traded through Stock Connect may change from time to time. When a China A-Shares issue is recalled from the list of securities eligible for trading on Stock Connect, a fund may only sell, but not buy, the securities, which could adversely affect the fund's investment strategy. Current tax regulations in PRC, including a temporary exemption from PRC income tax and PRC business tax for capital gains realized from trading on Stock Connect, are subject to change. Any such change could have an adverse effect on a fund's returns.

*Supranational Entities.* A Fund subject to the diversification requirements of the Internal Revenue Code of 1986, as amended ("IRC"), may invest up to 25% of its total assets in debt securities issued by supranational organizations such as the International Bank for Reconstruction and Development ("World Bank"), which was chartered to finance development projects in developing member countries; and the Asian Development Bank, which is an international development bank established to lend funds, promote investment and provide technical assistance to member nations in the Asian and Pacific regions. As supranational entities do not possess taxing authority, they are dependent upon their members' continued support in order to meet interest and principal payments.

*Withholding and Other Taxes.* The Funds may be subject to taxes, including withholding taxes imposed by certain non-U.S. countries on income (possibly including, in some cases, capital gains) earned with respect to a Fund's investments in such countries. These taxes will reduce the return achieved by a Fund. Treaties between the U.S. and such countries may reduce the otherwise applicable tax rates.

#### Derivatives

#### Overview
The Funds may enter into a variety of derivatives as means to hedge their exposure to a number of risks associated with their investment strategies or otherwise implement their investment strategies. The derivatives markets consist of, among other things, (a) futures contracts and options on such futures (both of which trade exclusively on regulated futures exchanges), (b) swaps and other derivatives traded on regulated swap execution and trading facilities and privately-negotiated bilateral derivatives contracts and (c) certain securities or securities with embedded derivatives, such as options or hybrid securities (some of which may be traded on regulated securities exchanges). Transactions other than exchange-traded futures and exchange-traded options or securities are sometimes referred to as "OTC" derivatives. Derivatives contracts are available with respect to a variety of asset classes including, for example, foreign exchange, interest rates, credit, equity and commodities.

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 Derivatives 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 Derivatives Transactions and certain financial instruments.

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options),

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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 Derivatives 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 Derivatives 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 Derivatives 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 Derivatives Transactions.

The requirements of Rule 18f-4 may limit a Fund's ability to engage in Derivatives 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 value-at-risk ("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 Derivatives Transactions by registered investment companies, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of Derivatives Transactions may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

Whether a Fund's use of derivatives will be successful in furthering its investment objective will depend on the Sub-adviser(s) ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Because derivatives are often bilateral contracts and because they may have terms of greater than seven days, they may be considered illiquid. Moreover, in the context of a bilateral OTC derivative, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap counterparty. Therefore, a Fund will enter into bilateral OTC derivatives only with counterparties that meet certain standards of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the Fund's repurchase agreement guidelines). Certain restrictions imposed on a Fund by the IRC may also limit the Fund's ability to use swaps.

#### Regulation of OTC Derivatives
In an attempt to reduce systemic and counterparty risks associated with OTC derivatives transactions, the Dodd-Frank Act and other non-U.S. regulatory schemes which are currently being implemented impose significant new regulations on the OTC derivatives markets and, among other things, will require that a substantial portion of standardized OTC derivatives must be submitted for clearing to regulated clearinghouses and executed on regulated trading facilities. Such OTC derivatives submitted for clearing will be subject to minimum initial and variation margin requirements set by the relevant clearinghouse. In addition, the regulators have broad discretion to impose margin requirements on certain OTC derivatives that are not centrally cleared, and regulations imposing such requirements have been proposed. The requirements for clearing and margin are likely to cause an increase in the costs of transacting in OTC derivatives.

On November 16, 2012, the Department of the Treasury ("Treasury") issued a determination ("Determination") that both foreign exchange swaps and foreign exchange forwards should not be regulated under the CEA and therefore should be exempted from the definition of "swap" under the CEA. Accordingly, foreign exchange

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swaps and foreign exchange forwards are exempt from the trade execution, mandatory clearing and margin requirements under the Dodd-Frank Act. However, many commonly used foreign exchange derivatives, including foreign currency options, foreign exchange swaps and non-deliverable forward foreign exchange contracts ("NDFs") are not exempt from the definition of "swap" and therefore are subject to these regulations. While there is currently no requirement that NDFs be centrally cleared, it is expected that such clearing will be mandated by the U.S. Commodity Futures Trading Commission ("CFTC") in the future. In addition, the margin rules for uncleared swaps issued by the CFTC further increase the cost of using NDFs which could in turn increase the cost of hedging foreign exchange risks.

Although certain limited exemptions from the clearing and margin requirements may be available to Funds, the OTC derivative dealers with which the Fund may execute the majority of its OTC derivatives may not be able to rely on such exemptions with respect to their hedging activities, and the increased costs that may be borne by the dealers may be passed through to their counterparties, such as the Funds, in the form of higher fees and less favorable dealer marks. As a result of these factors, it may become more difficult and costly for investment funds, including the Fund, to enter into highly tailored or customized transactions. They may also render certain strategies in which the Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

Absent an exemption, certain OTC derivatives market participants subject to U.S. regulations may be required to register in specified capacities with the Commodity Futures Trading Commission or the Securities Exchange Commission (*e.g.*, as a swap dealer, securities-based swap dealer, major swap participant, major securities-based swap participant, futures commission merchant, commodity pool operator, commodity trading advisor, etc.). It is possible that, in the future, the Fund and/or the Manager may be required to register with a regulator in one or more of these capacities and will become subject to applicable regulatory requirements. Such dealers and major participants with whom the Fund may trade will be subject to minimum capital and margin requirements, and these requirements may apply irrespective of whether the OTC derivatives in question are exchange-traded or cleared. Swap dealers are subject to certain external and internal business conduct standards, disclosure requirements, reporting and recordkeeping requirements, transparency requirements, position limits, limitations on conflicts of interest, and other regulatory requirements. These requirements may increase the overall costs for OTC derivative dealers, which may be passed along, at least partially, to market participants such as the Funds in the form of higher fees or less advantageous dealer marks.

OTC Derivatives Transactions are subject to Rule 18f-4 under the 1940 Act.

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#### Interest Rate Derivatives
The Core Fixed Income Fund, with respect to 20% of its total assets, and the International Fixed Income Fund, with respect to 20% of its total assets, may enter into swaps. The Inflation-Linked Fixed Income Fund may invest, without limitation, in derivative instruments, such as swap agreements. A "fixed-for-floating" interest rate swap generally allows two counterparties to exchange their fixed and variable rate liabilities. Index swaps involve the exchange by the Fund with another party of the respective amounts payable with respect to a notional principal amount related to one or more indices. A total return swap allows for the exchange of the rate of return on an index, such as the Bloomberg U.S. Aggregate Bond<sup>TM</sup> Index, for a variable interest rate. A swaption gives the purchaser the right to enter into a specified amount of a swap contract on or before a specified future date. The Funds may use these instruments so long as the underlying instrument is a security or index of an asset type permitted in the guidelines. To the extent a Fund invests in foreign currency-denominated securities, it may also invest in foreign exchange rate contracts, which are described in further detail below.

Depending on the terms of the particular option agreement, the Emerging Markets Equity Fund, Core Fixed Income Fund and International Fixed Income Fund will each generally incur a greater degree of risk when it writes a swap option than it will incur when it purchases a swap option. When a Fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swap option, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

#### Credit Default Swaps
Credit default swaps are a mechanism to either purchase or sell default protection. As a purchaser of a credit default swap, the Fund pays a premium to enter into an arrangement that protects a portfolio security in the event of a default with respect to the issuer of that security. As a seller of a credit default swap, the Fund collects a premium for selling protection. Consequently, credit default swaps may be used to obtain credit default protection or enhance portfolio income. The Funds may enter into these transactions to preserve a return or spread on a particular investment or portion of its assets, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. The Funds may also use these transactions for speculative purposes, such as to obtain the price performance of a security without actually purchasing the security in circumstances where, for example, the subject security is illiquid, is unavailable for direct investment or available only on less attractive terms. Although certain index credit default swaps are currently subject to mandatory clearing, single name and certain other index credit default swaps are still transacted in the bilateral OTC derivatives market. As discussed above, swaps have risks associated with them, including the possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed.

For purposes of applying a Fund's investment policies and restrictions, swap agreements are generally valued by a Fund at market value. In the case of a credit default swap, however, in applying certain of the Funds' investment policies and restrictions a Fund will value the swap at its notional amount or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Funds' other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines because such value reflects the Fund's actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

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#### Foreign Exchange Contracts
The Funds may invest in securities quoted or denominated in foreign currencies and may hold currencies to meet settlement requirements for foreign securities. To protect against uncertainty in the level of future exchange rates between a particular foreign currency and the U.S. dollar or between foreign currencies, Funds may engage in different types of foreign exchange transactions (collectively, "Foreign Exchange Contracts") including, for example, forward foreign exchange contracts, non-deliverable forward exchange transactions, foreign exchange swaps, foreign exchange options, foreign exchange futures transactions and options on foreign exchange futures transactions. Each of these transaction types is described below. In addition, the Core Fixed Income Fund and the International Fixed Income Fund may also use Foreign Exchange Contracts to actively manage foreign currency exposure, subject to any limitations set forth in the Funds' respective principal investment strategies as described in the Prospectus.

Generally, forward foreign exchange contracts are privately-negotiated bilateral agreements solely involving the exchange of 2 different currencies on a specific future date at a fixed exchange rate agreed upon at the inception of the transaction. They are distinguishable from so-called non-deliverable forward foreign exchange contracts which are discussed further below. Typically, forward foreign exchange contracts (i) are traded in an interbank market conducted directly between currency traders (typically commercial banks or other financial institutions) and their customers, (ii) generally have no deposit requirements and (iii) are consummated without payment of any commissions. The Funds, however, may enter into forward foreign exchange contracts requiring deposits and/or commissions. In fact, the Board of Governors of the Federal Reserve System has implemented supervisory guidance to the effect that federally regulated banks must collect variation margin payments from certain types of financial institutions which may include the Funds in connection with forward foreign exchange contracts. There currently is no central clearing system for such forward foreign exchange contracts entered into on this market and, accordingly, if a Fund wishes to 'close out' any such contracts entered into on this market before the specified date, it will be reliant upon the agreement of the relevant counterparty.

At or before the maturity of a forward foreign exchange contract, a Fund may either sell a portfolio security denominated in the same currency as its obligations under the forward foreign exchange contract and use the proceeds of such sale to make delivery under the forward foreign exchange contract or retain the security and offset its obligation to deliver the currency under the forward foreign exchange contract by purchasing a second contract pursuant to which the Fund will obtain, on the same maturity date, the same amount of the currency that it is obligated to deliver. If the Fund retains the portfolio security and engages in an offsetting transaction, the Fund, at the time of execution of the offsetting transaction, will incur a gain or a loss to the extent movement has occurred in forward currency contract prices during the period between the Fund's entering into the original forward foreign exchange contract and entering into the offsetting contract. Should forward prices decline during this period, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell.

There are a number of risks associated with entering into forward foreign exchange contracts. These may include settlement risk, which is the risk of loss when one party to the forward foreign exchange contract delivers the currency it sold but does not receive the corresponding amount of the currency it bought. Although many forward foreign exchange transactions mitigate this risk through the use of a payment-versus-payment ("PVP") settlement arrangement (such as settling trades through CLS Bank International or an escrow arrangement), there is no assurance that all forward foreign exchange transactions entered into by a Fund will be subject to such a PVP arrangement and, therefore, they may be subject to settlement risk. In addition, the market for forward foreign exchange contracts may be limited with respect to certain currencies such that, upon a contract's maturity, a Fund may be unable to negotiate with the dealer to enter into an offsetting transaction. Moreover, there can be no assurance that an active forward foreign exchange contract market will always exist. Another risk associated with forward foreign exchange contracts is that the correlation between movements in the prices of those contracts and movements in the price of the underlying currency hedged or used for cover may not be perfect. These factors may restrict a Fund's ability to successfully 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

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particular security. In addition, although forward foreign exchange contracts may mitigate the risk of loss resulting from a decline in the value of a hedged currency, they may also limit the potential gain that might result from an increase in the value of the hedged currency. If a currency devaluation is generally anticipated, a 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 exchange contracts as a hedging technique draws upon special skills and experience with respect to these instruments and usually depends on the ability of the Fund's 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 exchange contracts or may realize losses and thus be in a worse position than if those strategies had not been used. Many forward foreign exchange 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.

To assure that a Fund's forward foreign exchange contracts are not used to achieve investment leverage, the Fund will segregate cash or high-grade securities with its custodian in an amount at all times equal to or exceeding the Fund's commitment with respect to these contracts.

A non-deliverable forward foreign exchange contract or "NDF" generally is similar to a forward foreign exchange contract, except that at maturity the NDF does not require physical delivery of currencies; rather, an NDF typically is settled in U.S. dollars or another reserve currency. One of the currencies involved in the transaction, usually an emerging market currency, may be subject to capital controls or similar restrictions, and is therefore said to be ''non-deliverable.'' Thus, under an NDF, the transaction terms provide for the payment of a net cash settlement amount on the settlement date in lieu of delivery of the notional amounts of the bought currency and the sold currency. The cash settlement amount is determined by converting the notional amount of one of the currencies (the "reference currency") into the other currency (the "settlement currency") at a spot foreign exchange rate that is observed on a pre-agreed pricing source or determined using another pre-agreed method (such source or method, the "settlement rate option") on a date (a "valuation date") prior to the settlement date, and netting the currency amounts so that a single net payment in the settlement currency is made on the settlement date by the party owing the excess. In some NDFs, each of the bought currency and the sold currency is converted into a third currency that serves as the settlement currency. In either case, under an NDF no payment or account transfer takes place in the reference currency.

The Core Fixed Income Fund's and the International Fixed Income Fund's use of Foreign Exchange Contracts to actively manage currency exposure carries additional risks. The effectiveness of these strategies depends in part on the skill and judgment of a Fund's Sub-Adviser in forecasting interest rates, currency exchange rates, and market conditions. Incorrect forecasts, errors in judgment, or unexpected market movements may result in losses, increase volatility, or reduce a Fund's overall performance. Active positions may magnify fluctuations in a Fund's net asset value, expose a Fund to greater currency risk than anticipated, and lead to higher transaction costs. In volatile or rapidly changing markets, a Fund may be unable to achieve its intended investment objectives, and active strategies may perform differently than expected.

#### Futures and Options on Futures
Each Fund may enter into futures contracts and purchase and write (sell) options on futures contracts, including but not limited to interest rate, securities index and foreign currency futures contracts and put and call options on these futures contracts. These contracts will be entered into only upon the concurrence of the Sub-adviser that such contracts are necessary or appropriate in the management of a Fund's assets. These contracts will be entered into on exchanges designated by the CFTC or, consistent with CFTC regulations, on foreign exchanges. These transactions may be entered into for bona fide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase.

The Funds may buy and sell index futures contracts with respect to any index traded on a recognized exchange or board of trade. An index futures contract is a bilateral agreement pursuant to which two parties agree to take or

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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. Instead, settlement in cash must occur upon the termination of the contract, with the settlement being the difference between the contract price, and the actual level of the stock index at the expiration of the contract. Generally, contracts are closed out prior to the expiration date of the contract.

All futures and options on futures positions will be covered by owning the underlying security or segregation of assets. With respect to long positions in a futures contract or option (*e.g.*, futures contracts to purchase the underlying instrument and call options purchased or put options written on these futures contracts or instruments), the underlying value of the futures contract at all times will be covered by liquid assets segregated on the Fund's assets.

A Fund may lose the expected benefit of these futures or options transactions and may incur losses if the prices of the underlying securities or commodities move in an unanticipated manner. In addition, changes in the value of a Fund's futures and options positions may not prove to be perfectly or even highly correlated with changes in the value of its portfolio securities. Successful use of futures and related options is subject to a Sub-adviser's ability to predict correctly movements in the direction of the securities markets generally, which ability may require different skills and techniques than predicting changes in the prices of individual securities. Moreover, futures and options contracts may only be closed out by entering into offsetting transactions on the exchange where the position was entered into (or a linked exchange), and as a result of daily price fluctuation limits there can be no assurance that an offsetting transaction could be entered into at an advantageous price at any particular time. Consequently, a Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of its portfolio securities that are being hedged or the Fund may not be able to close a futures or options position without incurring a loss in the event of adverse price movements.

A Fund will incur brokerage costs whether or not its hedging is successful and will be required to post and maintain "margin" as a good-faith deposit against performance of its obligations under futures contracts and under options written by the Fund. Futures and options positions are marked to the market daily and a Fund may be required to make subsequent "variation" margin payments depending upon whether its positions increase or decrease in value. In this context margin payments involve no borrowing on the part of a Fund.

After an option is purchased, it may suffer a total loss of premium (plus transaction costs) if that option expires without being exercised. An option's time value (*i.e.*, the component of the option's value at any time that exceeds the in-the-money amount as of such time) tends to diminish over time. Even though an option may be in-the-money to the purchaser at various times prior to its expiration date, the purchaser'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.

#### Options on Securities and Securities Indices
Each Fund may purchase put and call options on any security in which it may invest or options on any securities index based on securities in which it may invest. A Fund would also be able to enter into closing sale transactions in order to realize gains or minimize losses on options it has purchased.

*Purchasing Call and Put Options.* The Funds will normally purchase call options in anticipation of an increase in the market value of securities of the type in which they may invest. The purchase of a call option will entitle a Fund, in return for the premium paid, to purchase specified securities at a specified price during the option period. A Fund will ordinarily realize a gain if, during the option period, the value of such securities exceeded the

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sum of the exercise price, the premium paid and transaction costs; otherwise, the Fund will realize either no gain or a loss on the purchase of the call option.

Under a conventional cash-settled option, the purchaser of the option pays a premium in exchange for the right to receive, upon exercise of the option, (i) in the case of a call option, the excess, if any, of the reference price or value of the underlier (as determined pursuant to the terms of the option) above the option's strike price or (ii) in the case of a put option, the excess, if any, of the option's strike price above the reference price or value of the underlier (as so determined). Under a conventional physically-settled option structure, the purchaser of a call option has the right to purchase a specified quantity of the underlier at the strike price, and the purchaser of a put option has the right to sell a specified quantity of the underlier at the strike price.

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

*Risks of Trading Options*. The risk-return profile of an option may vary depending on the characteristics of the relevant transaction. For example, a "knock-out option" may expire prior to the scheduled expiration date if the reference price or value of the underlier falls below, in the case of a put option, or exceeds, in the case of a call option, an agreed upon price or value at specific points in time, or at any time during the exercise period, depending upon how the option is structured. The buyer of such an option bears the risk of reference price movements causing the option to expire prior to the scheduled expiration date. Transaction terms that give a party the right to extend or accelerate the scheduled termination date of a transaction are economically equivalent to options. Such features may cause holders of such options to incur significant losses if exercised against them. The option premium in respect of such features may be in the form of an explicit payment or may be implicit in other terms of the transaction.

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

Reasons for the absence of a liquid secondary market on an exchange include the following: (i) there may be insufficient trading interest in certain options; (ii) restrictions may be imposed by an exchange on opening or closing transactions or both; (iii) trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen circumstances may interrupt normal operations on an exchange; (v) the facilities of an exchange or the Options Clearing Corporation ("OCC") may not at all times be adequate to handle current trading volume; or (vi) one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options on that exchange, if any, that had been issued by the OCC as a result of trades on that exchange would continue to be exercisable in accordance with their terms. A Fund may terminate its obligations under an exchange-traded call or put option by purchasing an option identical to the one it has written. Obligations under over-the-counter options may be terminated only by entering into an offsetting

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transaction with the counter-party to such option. Such purchases are referred to as "closing purchase transactions." A Fund may purchase and sell both options that are traded on U.S. and foreign exchanges and options traded over the counter with broker-dealers who make markets in these options. The ability to terminate over-the-counter options is more limited than with exchange-traded options and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations.

Transactions by a Fund in options on securities and indices may be subject to limitations established by the CFTC, SEC, relevant self-regulatory organizations, each relevant exchange, board of trade or other trading facility governing the maximum number of options in each class which may be written or purchased by a single investor or group of investors acting in concert. Thus, the number of options that a Fund may write or purchase may be affected by options written or purchased by other investment advisory clients. An exchange, board of trade or other trading facility may order the liquidations of positions found to be in excess of these limits, and it may impose certain other sanctions.

The writing and purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The successful use of protective puts for hedging purposes depends in part on a Sub-adviser's ability to predict future price fluctuations and the degree of correlation between the options and securities markets.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent the options markets close before the markets for the underlying securities, significant price movements can take place in the underlying markets that cannot be reflected in the options markets.

In addition to the risks of imperfect correlation between a Fund's portfolio and the index underlying the option, the purchase of securities index options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost. This could occur as a result of unanticipated movements in the price of the securities comprising the securities index on which the option is based.

*Writing Covered Call and Put Options on Securities and Securities Indices.* Each Fund, except the Ultra-Short Term Fixed Income Fund, may also write (sell) covered call and put options on any securities and on any securities index composed of securities in which it may invest. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash payments and typically does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segments of the securities market rather than price fluctuations in a single security.

A Fund may cover call options on a securities index by owning securities whose price changes are expected to be similar to those of the underlying index, or by having an absolute and immediate right to acquire such securities without additional cash consideration (or for additional consideration if cash in such amount is segregated) upon conversion or exchange of other securities in its portfolio. A Fund may cover call and put options on a securities index by segregating assets with a value equal to the exercise price.

The Trust, on behalf of the Funds to which this SAI relates, has filed with the National Futures Association a notice claiming an exclusion from the definition of the term "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA"), as amended, and the rules of the CFTC promulgated thereunder, with respect to the Funds' operation. Accordingly, none of the Funds or CGAS is subject to registration or regulation as a CPO. Although CGAS has concluded based on its communications with and oversight of the Funds' Sub-advisers that as of the date of this SAI the Funds currently operate within the exclusions from CFTC regulation, there is no certainty that a Fund or CGAS will be able to continue to rely on an exclusion from CFTC regulation in the future. A Fund may determine not to use investment strategies that trigger additional CFTC regulation or may determine to operate subject to CFTC regulation, if applicable. In addition, the Sub-advisers of a Fund that registers with the CFTC as a commodity pool may have to register with the CFTC as commodity

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trading advisers, unless an exemption from such registration applies. If a Fund or CGAS operates subject to CFTC regulation, it may incur additional expenses.

#### Illiquid Securities
Each Fund will not invest more than 15% of its net assets in illiquid securities and other securities that are not readily marketable. The term "illiquid securities" for this purpose means securities that cannot be disposed of within seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Certain investments or asset classes may be illiquid investments due to restrictions on trading or limitations on transfer that would affect a determination of liquidity. Repurchase agreements maturing in more than seven days will be included for purposes of the foregoing limit. Securities subject to restrictions on resale under the Securities Act of 1933, as amended ("1933 Act"), are considered illiquid unless they are eligible for resale pursuant to Rule 144A or another exemption from the registration requirements of the 1933 Act and are determined to be liquid by the Sub-adviser. The Sub-advisers determine the liquidity of Rule 144A and other restricted securities according to procedures adopted by the Board. The Board monitors the Sub-advisers' application of these guidelines and procedures. The inability of a Fund to dispose of illiquid investments readily or at reasonable prices could impair the Fund's ability to raise cash for redemptions or other purposes.

#### Inflation-indexed Bonds
The Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index accruals as part of a semiannual coupon.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months were 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole years' inflation equaling 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed and will fluctuate. The Funds may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a rate greater than inflation, real interest rates may rise, possibly leading to a decrease in value of inflation-indexed bonds.

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While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to factors other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the U.S. inflation rate.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

#### Investments in Investment Companies
Each Fund may invest in the securities of other investment companies to the extent such investments are consistent with the Fund's investment objectives and policies and permissible under the 1940 Act.

Pursuant to Section 12(d)(1) of the 1940 Act, subject to certain exceptions, a registered investment company may not acquire the securities of other domestic or foreign investment companies if, as a result: (i) more than 10% of the acquiring fund's total assets would be invested in securities of other investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one investment company being held by the acquiring fund, or (iii) more than 5% of the acquiring fund's total assets would be invested in any one investment company. These limitations do not apply to the purchase of shares of any investment company in connection with a merger, consolidation, reorganization or acquisition of substantially all the assets of another investment company. In addition, a registered investment company is not subject to the 3% limitation if (i) an ETF acquired by the fund, or the acquiring fund itself, has received an order for exemptive relief from the 3% limitation from the SEC and (ii) the ETF and the acquiring fund take appropriate steps to comply with any conditions in such order. In the alternative, a registered investment company may rely on Rule 12d1-3 under the 1940 Act, which allows unaffiliated mutual funds to exceed the 5% limitation and the 10% limitation, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by FINRA for funds of funds.

Rule 12d1-4 under the 1940 Act permits a Fund to invest in other investment companies, including exchange-traded funds ("ETFs"), beyond the statutory limits of Section 12(d)(1)(A), subject to certain conditions that are similar to those previously imposed on the Funds through exemptive orders. In connection with its adoption of Rule 12d1-4 on January 19, 2022, the SEC rescinded such exemptive orders, and certain other rules. 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 registered investment company also may invest its uninvested cash reserves or cash it receives as collateral from borrowers of its portfolio securities in connection with the fund's securities lending program, in shares of one or more money market funds, which investments will not be subject to the limitations described above.

If a Fund invests in, and thus, is a shareholder of, another investment company, the Fund's shareholders will indirectly bear the Fund's proportionate share of the fees and expenses paid by such other investment company,

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including advisory fees, in addition to both the management fees payable directly by the Fund to the Fund's own investment adviser and the other expenses that the Fund bears directly in connection with the Fund's own operations. Investment companies may include index-based investments, such as ETFs that hold substantially all of their assets in securities representing a specific index. The main risk of investing in index-based investments is the same as investing in a portfolio of equity securities comprising the index. The market prices of index-based investments will fluctuate in accordance with both changes in the market value of their underlying portfolio securities and due to supply and demand for the instruments on the exchanges on which they are traded (which may result in their trading at a discount or premium to their NAVs). Index-based investments may not replicate exactly the performance of their specific index because of transaction costs and because of the temporary unavailability of certain component securities of the index.

#### Lending Portfolio Securities
Consistent with applicable regulatory requirements, each Fund, except the Municipal Bond Fund, may lend portfolio securities to brokers, dealers and other financial organizations. A Fund will not lend securities to affiliated companies unless the Fund has applied for and received specific authority to do so from the SEC. A Fund's loan of securities will be collateralized by cash, letters of credit or U.S. government securities. A Fund will maintain the collateral in an amount at least equal to the current market value of the loaned securities. From time to time, a Fund may pay a part of the interest earned from the investment of collateral received for securities loaned to the borrower and/or a third-party that is unaffiliated with the Fund and is acting as a "finder." A Fund will comply with the following conditions whenever it loans securities: (i) the Fund must receive at least 100% cash collateral or equivalent securities from the borrower; (ii) the borrower must increase the collateral whenever the market value of the securities loaned rises above the level of the collateral; (iii) the Fund must be able to terminate the loan at any time; (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 custodian fees in connection with the loan; and (vi) voting rights on the loaned securities may pass to the borrower except that, if a material event adversely affecting the investment in the loaned securities occurs, the Board must terminate the loan and regain the right to vote the securities. Generally, the borrower of any portfolio securities will be required to make payments to the lending Fund in lieu of any dividends the Fund would have otherwise received had it not loaned the securities to the borrower. Any such payments, however, will not be treated as "qualified dividend income" for purposes of determining what portion of the Fund's regular dividends (as defined below) received by individuals may be taxed at the rates generally applicable to long-term capital gains (see "Taxes" below). Should the borrower of the securities fail financially, the Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. Loans are made only to borrowers that are deemed by the Manager to be of good financial standing. In a loan transaction, the Fund will also bear the risk of any decline in value of securities acquired with cash collateral. A Fund will minimize this risk by limiting the investment of cash collateral to money market funds or high quality instruments with short maturities or funds that invest only in such instruments.

A Fund may invest the cash received as collateral through loan transactions in other eligible securities, including shares of a registered money market fund or unregistered money market fund that complies with the requirements of Rule 2a-7 under the 1940 Act, including funds that do not seek to maintain a stable $1.00 per share NAV. Investing the cash collateral subjects a Fund's investments to market appreciation or depreciation. 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 an investment declines, a Fund would be required to liquidate other investments in order to return collateral to the borrower at the end of a loan.

#### LIBOR Transition Risk
A Fund may be exposed to financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging

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strategies or investment value. Such instruments may include bank loans, derivatives, floating rate securities, and other assets or liabilities. LIBOR was a leading floating rate benchmark used in loans, corporate and municipal bonds, asset-backed and mortgage-backed securities, interest rate swaps, notes, derivatives and other instruments or investments. On July 27, 2017, the UK's Financial Conduct Authority, which regulated LIBOR, announced the gradual phase out of LIBOR. As of September 2024, all publications of LIBOR have been discontinued. Public and Private sector market participants have worked to establish new or alternative reference rates to be used in place of LIBOR. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing Secured Overnight Financing Rate ("SOFR"), a broad measure of secured overnight U.S. Treasury repo rates, as the preferred alternative rate to LIBOR. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant concern. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. The unavailability of LIBOR presents risks to the Funds, including the risk that any pricing or adjustments to the Funds' investments resulting from a substitute or alternate reference rate may adversely affect the Funds' performance and/or NAV. The utilization of an alternative reference rate, or the transition process to an alternative reference rate, may adversely affect the Funds' performance. It remains uncertain how such changes would be implemented and the effects such changes would have on the Funds, including any negative effects on the Funds' liquidity and valuation of the Funds' investments, issuers of instruments in which the Funds invest and financial markets generally.

#### Money Market Instruments
Money market instruments include: U.S. government securities, certificates of deposit, time deposits and bankers' acceptances issued by domestic banks (including their branches located outside the U.S. and subsidiaries located in Canada), domestic branches of foreign banks, savings and loan associations and similar institutions; high grade commercial paper; and repurchase agreements with respect to the foregoing types of instruments. Certificates of deposit ("CDs") are short-term, negotiable obligations of commercial banks. Time deposits ("TDs") are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

#### Mortgage-Backed Securities
The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in mortgage-related securities including mortgage-backed securities. The average maturity of pass-through pools of mortgage-backed securities varies with the maturities of the underlying mortgage instruments. In addition, a pool's stated maturity may be shortened by unscheduled payments on the underlying mortgages. Factors affecting mortgage prepayments include the level of interest rates, general economic and social conditions, the location of the mortgaged property and age of the mortgage. Because prepayment rates of individual pools vary widely, it is not possible to accurately predict the average life of a particular pool. Common practice is to assume that prepayments will result in an average life ranging from two to ten years for pools of fixed rate 30-year mortgages. Pools of mortgages with other maturities or different characteristics will have varying average life assumptions.

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principal U.S. guarantor of such securities, is a wholly-owned U.S. governmental corporation within the Department of Housing and Urban Development ("HUD"). Government related mortgage-backed securities are not backed by the full faith and credit of the United States. Issuers of these securities include the Federal National Mortgage Association ("FNMA" or "Fannie Mae") and Federal Home Loan Mortgage Corporation ("FHLMC" or Freddie Mac"). FNMA is a government-sponsored corporation owned entirely by private stockholders that is subject to general regulation by the Secretary of Housing and Urban Development. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA. FHLMC is a government sponsored corporation owned entirely by private stockholders that is subject to general regulation by the Secretary of HUD. Participation certificates representing interests in mortgages from FHLMC's national portfolio are guaranteed as to the timely payment of interest and ultimate collection of principal by FHLMC. On September 6, 2008, the Federal Housing Finance Agency ("FHFA") and the U.S. Treasury began a federal takeover of Fannie Mae and Freddie Mac, placing the two federal instrumentalities under conservatorship with the FHFA. Under the plan of conservatorship, the FHFA has assumed control of, and generally has the power to direct, the operations of Fannie Mae and Freddie Mac, and is empowered to exercise all powers collectively held by their respective shareholders, directors and officers, including the power to (1) take over the assets of and operate Fannie Mae and Freddie Mac with all the powers of the shareholders, the directors, and the officers of Fannie Mae and Freddie Mac and conduct all business of Fannie Mae and Freddie Mac; (2) collect all obligations and money due to Fannie Mae and Freddie Mac; (3) perform all functions of Fannie Mae and Freddie Mac which are consistent with the conservator's appointment; (4) preserve and conserve the assets and property of Fannie Mae and Freddie Mac; and (5) contract for assistance in fulfilling any function, activity, action or duty of the conservator.

In connection with the actions taken by the FHFA, the U.S. Treasury has entered into certain preferred stock purchase agreements (SPAs) with each of Freddie Mac and Fannie Mae which establish the U.S. Treasury as the holder of a new class of senior preferred stock in each of Freddie Mac and Fannie Mae. The senior preferred stock was issued in connection with financial contributions from the U.S. Treasury to Freddie Mac and Fannie Mae. Although the SPAs are subject to amendment from time to time, currently the U.S. Treasury is obligated to provide such financial contributions up to an aggregate maximum amount determined by a formula set forth in the SPAs, and until such aggregate maximum amount is reached, there is not a specific end date to the U.S. Treasury's obligations.

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.

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Since March 13, 2020, there have been a number of government initiatives applicable to federally backed mortgage loans in response to the economic impacts of the COVID-19 outbreak, including foreclosure and eviction moratoria, mortgage forbearance and loan modifications for borrowers and renters experiencing financial hardship due to COVID-19.

It is difficult to predict how government initiatives relating to COVID-19 may affect the federally backed mortgage market, the U.S. mortgage market as a whole and the price of securities relating to the mortgage markets. However, high forbearance rates create a real possibility of billions of dollars of loan servicers' obligations to advance payment to investors in securities backed by mortgages in the absence of borrower payments on the underlying loans. Accordingly, the Funds cannot predict with certainty the extent to which these or similar initiatives in the future may adversely impact the value of the Funds' investments in securities issued by Fannie Mae or Freddie Mac and in investments in securities in the U.S. mortgage industry as a whole.

The Trust expects that private and governmental entities may create mortgage loan pools offering pass-through investments in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments; that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may be shorter than previously customary. As new types of mortgage-backed securities are developed and offered to investors, the Trust, consistent with the Funds' investment objectives and policies, will consider making investments in those new types of securities on behalf of the Funds.

Mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities, are not subject to the Funds' industry concentration restrictions, by virtue of the exclusion from that test available to all U.S. government securities. In the case of privately issued mortgage-related securities, the Funds take the position that mortgage-related securities do not represent interests in any particular industry or group of industries.

The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in government stripped mortgage-related securities ("SMBs"), collateralized mortgage obligations ("CMOs") collateralized by mortgage loans or mortgage pass-through certificates and zero coupon securities, which, because of changes in interest rates, may be more speculative and subject to greater fluctuations in value than securities that currently pay interest. CMOs are obligations fully collateralized by a portfolio of mortgages or mortgage-related securities. Payments of principal and interest on the mortgages are passed through to the holders of the CMOs on the same schedule as they are received, although certain classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which a Fund invests, the investment may be subject to a greater or lesser risk of prepayment than other types of mortgage-related securities.

One type of SMB has one class receiving all of the interest from the mortgage assets (the interest-only, or "IO" class) while the other class will receive all of the principal (the principal-only, or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a Fund's yield to maturity from these securities. Each of the Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may invest up to 5% of its total assets in any combination of mortgage-related or other asset-backed IO, PO, or inverse floater securities.

The Funds may also invest in pass-through securities backed by adjustable rate mortgages that have been introduced by GNMA, FNMA and FHLMC. These securities bear interest at a rate that is adjusted monthly, quarterly or annually. The prepayment experience of the mortgages underlying these securities may vary from that for fixed rate mortgages. The Fund will purchase only mortgage-related securities issued by persons that are governmental agencies or instrumentalities or fall outside, or are excluded from, the definition of an investment company under the 1940 Act.

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*Foreign Mortgage-Related Securities.* Foreign mortgage-related securities are interests in pools of mortgage loans made to residential home buyers domiciled in a foreign country. These include mortgage loans made by trust and mortgage loan companies, credit unions, chartered banks, and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations (e.g., Canada Mortgage and Housing Corporation and First Australian National Mortgage Acceptance Corporation Limited). The mechanics of these mortgage-related securities are generally the same as those issued in the United States. However, foreign mortgage markets may differ materially from the U.S. mortgage market with respect to matters such as the sizes of loan pools, pre-payment experience, and maturities of loans.

#### Mortgage Dollar Roll Transactions
In order to enhance current income, the Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may enter into mortgage dollar rolls with respect to mortgage related securities issued by GNMA, FNMA and FHLMC. In a mortgage dollar roll transaction, a Fund sells a mortgage related security to a financial institution, such as a bank or a broker-dealer, and simultaneously agrees to repurchase a similar security from the institution at a later date at an agreed upon price. The mortgage related securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in short-term instruments, particularly repurchase agreements, and the income from these investments, together with any additional fee income received on the sale, is intended to generate income for a Fund exceeding the yield on the securities sold. Mortgage dollar roll transactions involve the risk that the market value of the securities sold by a Fund may decline below the repurchase price of those securities. At the time a Fund enters into a mortgage dollar roll transaction, it will place in a segregated custodial account liquid securities having a value equal to the repurchase price (including accrued interest) and will subsequently monitor the account to insure that the equivalent value is maintained. Mortgage dollar roll transactions are considered borrowings by a Fund.

#### Municipal Obligations
The Municipal Bond Fund invests in municipal obligations, and the Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may also invest in municipal obligations. These are obligations issued by or on behalf of states, territories and possessions of the United States ("U.S.") and the District of Columbia and their political subdivisions, agencies and instrumentalities the interest on which, in the opinion of bond counsel to the issuer, is excluded from gross income for regular federal income tax purposes. Municipal obligations are issued to obtain funds for various public purposes, including the construction of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets, water and sewer works and gas and electric utilities. They may also be issued to refund outstanding obligations, to obtain funds for general operating expenses, to obtain funds to loan to other public institutions and facilities or to obtain funds in anticipation of the receipt of revenue or the issuance of other obligations. Municipal obligations consist of municipal bonds, municipal notes and municipal commercial paper as well as variable or floating rate obligations and participation interests.

Municipal obligations are subject to the provisions of bankruptcy, insolvency and other laws, such as the federal Bankruptcy Code, affecting the rights and remedies of creditors. In addition, Congress or state legislatures may enact laws extending the time for payment of principal or interest, or both, or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. There is also the possibility that, as a result of litigation or other conditions, the power or ability of any issuer to pay when due the principal of and interest on its obligations may be materially affected.

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The secondary market for municipal obligations may be less liquid than for most taxable fixed income securities, which may limit a Fund's ability to buy and sell these obligations at times and prices the Manager believes would be advantageous. There may be less information available about the financial condition of an issuer of municipal obligations than about issuers of other publicly traded securities. Also, state and federal bankruptcy laws could hinder a Fund's ability to recover interest or principal in the event of a default by the issuer.

The yields on municipal obligations are dependent on a variety of factors, including general market conditions, supply and demand, general conditions of the municipal market, size of a particular offering, the maturity of the obligation, and the rating of the issue.

For purposes of applying a Fund's diversification, concentration and other restrictions, the identification of the issuer of municipal obligations depends on the terms and conditions of the obligation. The "issuer" of municipal obligations is generally deemed to be the person expected to be the source of principal and interest payments on the obligations and may be:

• the governmental agency, authority, instrumentality or other political subdivision that issued the security;

• the non-governmental user of a revenue bond-financed facility, the assets and revenues of which will be used to meet the payment obligations on the municipal security; or

• the guarantor of payment obligations on the municipal obligations.

Municipal bonds, which generally have maturities of more than one year when issued, are designed to meet longer-term capital needs. Municipal bonds have two principal classifications: general obligation bonds and revenue bonds. General obligation bonds are backed by the issuer's pledge of its full faith and credit based on its ability to levy taxes for the payment of principal and interest. These levies may be constitutionally or statutorily limited as to rate or amount. Revenue bonds are not backed by an issuer's taxing authority but are payable only from the revenue derived from a particular facility or class of facilities. The issuer may repay these bonds from the proceeds of a special excise tax or other specific revenue source, but not the issuer's general taxing power. Revenue bonds may include private activity bonds which may be issued by or on behalf of public authorities to finance various privately operated facilities and are not payable from the unrestricted revenues of the issuer. As a result, the credit quality of private activity bonds is frequently related directly to the credit standing of private corporations or other entities.

Private activity bonds include certain types of industrial development bonds issued by public authorities to finance various privately-operated facilities for business and manufacturing, housing, sports, convention or trade show facilities, airport, mass transit, port and parking facilities, air or water pollution control facilities, and certain facilities for water supply, gas, electricity or sewage or solid waste disposal. Private activity bonds are, in most cases, revenue bonds and are generally secured by the revenues derived from payments by the private user. The payment of the principal and interest on private activity bonds is dependent solely on the ability of the user of the facilities financed by the bonds to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment.

Private activity bonds that are issued by or on behalf of public authorities to finance privately operated facilities are considered municipal obligations if the interest paid on them qualifies as excluded from gross income (but not necessarily from alternative minimum taxable income) for federal income tax purposes in the opinion of bond counsel to the issuer.

Interest income on certain types of private activity bonds issued after August 7, 1986, to finance non-governmental activities is a specific tax preference item for purposes of the federal individual and corporate alternative minimum taxes. Individual and corporate shareholders may be subject to a federal alternative minimum tax to the extent that a Fund's dividends are derived from interest on those bonds.

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Municipal notes are short-term obligations of issuing municipalities or agencies, generally having maturities of less than three years, such as tax anticipation notes, revenue anticipation notes and bond anticipation notes. These instruments are sold in anticipation of the collection of taxes, receipt of other revenues or a bond sale. State and local governments or governmental entities issue these notes to provide short-term capital or to meet cash flow needs.

The Funds will only invest in Municipal Obligations to the extent consistent with a Fund's fundamental and non-fundamental investment restrictions and subject to the requirements of Subchapter M of the IRC. The Municipal Bond Fund will not invest more than 25% of its total assets in municipal obligations of a single issuer and generally will seek to invest not more than 25% of its total assets in municipal obligations whose issuers are located in the same state.

*Investment in Puerto Rico.* 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 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. These challenges and uncertainties were heightened by hurricane Maria and the resulting natural disaster in Puerto Rico during the fall of 2017. Additionally, recent statements by government officials regarding management of the recovery burden may increase price volatility and the risk that Puerto Rican municipal securities held by the Funds will lose value.

#### Pay-in-Kind Securities
The fixed income-oriented Funds, including the Alternative Strategies Fund, may invest in pay-in-kind securities. Pay-in-kind securities are debt obligations or preferred stock that pays interest or dividends in the form of additional debt obligations or preferred stock.

#### Real Estate Investment Trusts ("REITs")
Each Fund, except the Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund, may invest in REITs. REITs are pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. U.S. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the IRC. Debt securities issued by REITs, for the most part, are general and unsecured obligations and are subject to risks associated with REITs.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties

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owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its Fund mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to industry related risks.

REITs (especially mortgage REITs) also are subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.

REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, REITs have been more volatile in price than the larger capitalization stocks included in Standard & Poor's 500<sup>®</sup> Stock Index ("S&P 500").

#### Repurchase Agreements
Each Fund may enter into repurchase agreements. Under the terms of a typical repurchase agreement, a Fund would acquire an underlying debt obligation for a relatively short period (usually not more than one week) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed upon price and time, thereby determining the yield during the Fund's holding period. This arrangement results in a fixed rate of return that is not subject to market fluctuations during the Fund's holding period. A Fund may enter into repurchase agreements with respect to U.S. government securities with member banks of the Federal Reserve System and certain non-bank dealers. Under each repurchase agreement, the selling institution is required to maintain the value of the securities subject to the repurchase agreement at not less than their repurchase price. A Fund's Sub-adviser, acting under the supervision of the Trustees, reviews on an ongoing basis the value of the collateral and the creditworthiness of those non-bank dealers with whom the Fund enters into repurchase agreements. A Fund will not invest in a repurchase agreement maturing in more than seven days if the investment, together with illiquid securities held by that Fund, exceeds 15% of the Fund's total net assets. In entering into a repurchase agreement, a Fund bears a risk of loss in the event the other party to the transaction defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the underlying securities, including the risk of a possible decline in the value of the underlying securities during the period in which the Fund seeks to assert its rights to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or a part of the income from the agreement.

#### Reverse Repurchase Agreements
The Emerging Markets Equity Fund, Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may each enter into reverse repurchase agreements with the financial institutions with which it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities to a financial institution and agrees to repurchase them at a mutually agreed upon date, price and rate of interest. During the period between the sale and repurchase, the Fund would not be entitled to principal and interest paid on the securities sold by the Fund. The Fund, however, would seek to achieve gains derived from the difference between the current sale price and the forward price for the future purchase as well as the interest earned on the proceeds on the initial sale. Reverse repurchase agreements will be viewed as borrowings by a Fund for the purpose of calculating the Fund's indebtedness and will have the effect of leveraging the Fund's assets.

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#### Short Sales
The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may seek to hedge investments or realize additional gains through short sales. The Emerging Markets Equity Fund and International Fixed Income Fund may make short sales as part of their overall portfolio management strategies or to offset a potential decline in value of a security. Short sales are transactions in which a Fund sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Fund borrows the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it at the market price at or prior to the time of 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 repay the lender any dividends or interest that accrues during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. A portion of the net proceeds of the short sale may be retained by the broker (or by the Fund's custodian in a special custody account), to the extent necessary to collateralize the broker and to meet margin requirements, until the short position is closed out. A Fund will also incur transaction costs in effecting short sales.

A Fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. A Fund will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premiums, dividends, interest or expenses the Fund may be required to pay in connection with a short sale. An increase in the value of a security sold short by a Fund over the price at which it was sold short will result in a loss to the Fund, and there can be no assurance that the Fund will be able to close out the position at any particular time or at an acceptable price. Thus, the Fund's losses on short sales are potentially unlimited.

Whenever a Fund engages in short sales, it maintains cash or liquid securities in an amount that, when combined with the amount of collateral deposited with the broker in connection with the short sale, equals the current market value of the security sold short. The assets so maintained are marked to market daily.

Management currently intends to limit the equity Funds' (Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund and Emerging Markets Equity Fund) short sales to shares issued by ETFs. Utilizing this strategy will allow a Sub-adviser to adjust a Fund's exposure in a particular sector, in a cost effective and convenient manner, without having to sell the Fund's holdings of individual stocks in that sector.

*Short Sales "Against the Box."* The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may seek to hedge investments or realize additional gains through short sales. In a short sale, a Fund borrows from a broker or bank securities identical to those being sold and delivers the borrowed securities to the buying party. The Fund is said to have a short position in the securities sold until it replaces the borrowed securities, at which time it receives the proceeds of the sale. A short sale is "against the box" if the Fund owns or has the right to acquire at no added cost securities identical to those sold short.

#### Structured Notes
The Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund may invest in structured notes. Typically, the value of the principal and/or interest on these instruments is determined by reference to changes in the value of specific currencies, interest rates, indexes or other financial indicators ("Reference") or

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the relevant change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in the loss of the Fund's entire investment. The value of structured securities may move in the same or the opposite direction as the value of the Reference, so that appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In addition, the change in interest rate or the value of the security at maturity may be a multiple of the change in the value of the Reference so that the security may be more or less volatile than the Reference, depending on the multiple. Consequently, structured securities may entail a greater degree of market risk and volatility than other types of debt obligations. Structured notes are derivative debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities include structured notes as well as securities other than debt securities, the interest rate or principal of which is determined by an unrelated indicator. Indexed securities may include a multiplier that multiplies the indexed element by a specified factor and, therefore, the value of such securities may be very volatile. To the extent a Fund invests in these securities, however, the Sub-adviser analyzes these securities in its overall assessment of the effective duration of the Fund's portfolio in an effort to monitor the Fund's interest rate risk. Certain restrictions imposed on a Fund by the IRC may limit the Fund's ability to use structured notes.

#### Temporary Investments
For temporary defensive purposes, during periods when a Sub-adviser of a Fund, in consultation with the Manager, believes that pursuing a Fund's basic investment strategy may be inconsistent with the best interests of its shareholders, that Fund may invest its assets in the following money market instruments: U.S. government securities (including those purchased in the form of custodial receipts), repurchase agreements, CD and bankers' acceptances issued by U.S. banks or savings and loan associations having assets of at least $500 million as of the end of their most recent fiscal year and high quality commercial paper. A Fund also may hold a portion of its assets in money market instruments or cash in amounts designed to pay expenses, to meet anticipated redemptions or pending investment in accordance with its objectives and policies. Any temporary investments may be purchased on a when-issued basis. A Fund's investment in any other short-term debt instruments would be subject to the Fund's investment objectives and policies, and to approval by the Board. For further discussion regarding money market instruments, see the section entitled, "Money Market Instruments" above.

For the same purposes, the International Equity Fund, Emerging Markets Equity Fund and International Fixed Income Fund may invest in obligations issued or guaranteed by foreign governments or by any of their political subdivisions, authorities, agencies or instrumentalities that are rated at least "AA" by an NRSRO, or if unrated, are determined by the Sub-adviser to be of equivalent quality. The Emerging Markets Equity Fund may also invest in obligations of foreign banks, but will limit its investments in such obligations to U.S. dollar-denominated obligations of foreign banks which at the time of investment: (i) have assets with a value of more than $10 billion; (ii) are among the 75 largest foreign banks in the world, based on the amount of assets; (iii) have branches in the U.S.; and (iv) are of comparable quality to obligations issued by U.S. banks in which the Fund may invest in the opinion of the Fund's Sub-adviser.

#### U.S. Government Securities
U.S. government securities are subject to market and interest rate risk and may be subject to varying degrees of credit risk. The U.S. government securities in which the Funds may invest include debt obligations of varying maturities issued by the U.S. Treasury or issued or guaranteed by an agency or instrumentality of the U.S. government, including the Federal Housing Administration, Federal Financing Bank, Farmers Home Administration, Export-Import Bank of the U.S., Small Business Administration, GNMA, General Services Administration, Central Bank for Cooperatives, Federal Farm Credit Banks, Federal Home Loan Banks, FHLMC, FNMA, Maritime Administration, Tennessee Valley Authority, District of Columbia Armory Board, Student Loan Marketing Association, Resolution Trust Corporation and various institutions that previously were or currently are part of the Farm Credit System. Some U.S. government securities, such as U.S. Treasury bills,

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Treasury notes and Treasury bonds, which differ only in their interest rates, maturities and times of issuance, are supported by the full faith and credit of the U.S. Others are supported by: (i) the right of the issuer to borrow from the U.S. Treasury, such as securities of the Federal Home Loan Banks; (ii) the discretionary authority of the U.S. government to purchase the agency's obligations, such as securities of FNMA; or (iii) only the credit of the issuer, such as securities of FHLMC. No assurance can be given that the U.S. government will provide financial support in the future to U.S. government agencies, authorities or instrumentalities that are not supported by the full faith and credit of the U.S. Securities guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities ("U.S. government securities") include: (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or any of its agencies, authorities or instrumentalities; and (ii) participations in loans made to foreign governments or other entities that are so guaranteed. The secondary market for certain of these participations is limited and, therefore, may be regarded as illiquid.

U.S. government securities may include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities, that may be purchased when yields are attractive and/or to enhance Fund liquidity. Zero coupon U.S. government securities are debt obligations that are issued or purchased at a significant discount from face value. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity or the particular interest payment date at a rate of interest reflecting the market rate of the security at the time of issuance. Zero coupon U.S. government securities do not require the periodic payment of interest. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash. These investments may experience greater volatility in market value than U.S. government securities that make regular payments of interest. A Fund accrues income on these investments for tax and accounting purposes that is distributable to shareholders and which, because no cash is received at the time of accrual, may require the liquidation of other portfolio securities to satisfy the Fund's distribution obligations, in which case the Fund will forgo the purchase of additional income producing assets with these funds. Zero coupon U.S. government securities include Separately Traded Registered Interest and Principal Securities ("STRIPS") and Coupons Under Book-Entry Safekeeping ("CUBES"), which are issued by the U.S. Treasury as component parts of U.S. Treasury bonds and represent scheduled interest and principal payments on the bonds.

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. Unsustainable debt levels can decline the valuation of currencies and can prevent a government from implementing effective counter-cyclical fiscal policy during economic downturns.

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.

*Exchange Rate-Related U.S. Government Securities.* Each Fund may invest up to 5% of its assets in U.S. government securities for which the principal repayment at maturity, while paid in U.S. dollars, is determined by reference to the exchange rate between the U.S. dollar and the currency of one or more foreign countries

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("Exchange Rate-Related Securities"). The interest payable on these securities is denominated in U.S. dollars, is not subject to foreign currency risk and, in most cases, is paid at rates higher than most other U.S. government securities in recognition of the foreign currency risk component of Exchange Rate-Related Securities.

Exchange Rate-Related Securities are issued in a variety of forms, depending on the structure of the principal repayment formula. The principal repayment formula may be structured so that the security holder will benefit if a particular foreign currency to which the security is linked is stable or appreciates against the U.S. dollar. In the alternative, the principal repayment formula may be structured so that the security holder benefits if the U.S. dollar is stable or appreciates against the linked foreign currency. Finally, the principal repayment formula can be a function of more than one currency and, therefore, be designed as a combination of those forms.

Investments in Exchange Rate-Related Securities entail special risks. There is the possibility of significant changes in rates of exchange between the U.S. dollar and any foreign currency to which an Exchange Rate-Related Security is linked. If currency exchange rates do not move in the direction or to the extent anticipated by the Sub-adviser at the time of purchase of the security, the amount of principal repaid at maturity might be significantly below the par value of the security, which might not be offset by the interest earned by the Fund over the term of the security. The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. These forces are affected by the international balance of payments and other economic and financial conditions, government intervention, speculation and other factors. The imposition or modification of foreign exchange controls by the U.S. or foreign governments or intervention by central banks could also affect exchange rates. Finally, there is no assurance that sufficient trading interest to create a liquid secondary market will exist for a particular Exchange Rate-Related Security because of conditions in the debt and foreign currency markets. Illiquidity in the forward foreign exchange market and the high volatility of the foreign exchange market may from time to time combine to make it difficult to sell an Exchange Rate-Related Security prior to maturity without incurring a significant price loss.

For the avoidance of doubt, the Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund may invest in Exchange Rate-Related Securities in excess of these limitations.

#### When-Issued and Delayed Delivery Securities and Forward Commitments
Each Fund may purchase securities, including U.S. government securities, on a when-issued basis or may purchase or sell securities for delayed delivery. In such transactions, delivery of the securities occurs beyond the normal settlement period, but no payment or delivery is made by a Fund prior to the actual delivery or payment by the other party to the transaction. The purchase of securities on a when-issued or delayed delivery basis involves the risk that the value of the securities purchased will decline prior to the settlement date. The sale of securities for delayed delivery involves the risk that the prices available in the market on the delivery date may be greater than those obtained in the sale transaction.

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#### INVESTMENT RESTRICTIONS
The following investment restrictions have been adopted by the Trust as fundamental policies of the Funds. Each Fund's investment objective, stated in the Prospectus, is non-fundamental. Under the 1940 Act, a fundamental policy may not be changed without the vote of a majority of the outstanding voting securities of a Fund, which is defined in the 1940 Act as the lesser of (i) 67% or more of the shares present at a Fund 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 outstanding shares of the Fund.

**Fundamental Investment Restrictions—**The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund.

1. Except for the International Fixed Income Fund, each Fund will not deviate from the definition of a "diversified company" as defined in the 1940 Act and rules thereunder.

2. A Fund, except the Municipal Bond Fund, will not invest more than 25% of its total assets in securities, the issuers of which conduct their principal business activities in the same industry. For purposes of this limitation, U.S. government securities and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.

3. A Fund will not issue "senior securities" as defined in the 1940 Act, and the rules, regulations and orders thereunder, except as permitted under the 1940 Act and the rules, regulations and orders thereunder.

4. A Fund will not borrow money, except that (a) a Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities, in an amount not exceeding 33<sup>1</sup>/3% of the value of the Fund's total assets (including the amount borrowed) valued at the lesser of cost or market, less liabilities (not including the amount borrowed) and (b) a Fund may, to the extent consistent with its investment policies, enter into reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques.

5. A Fund will not make loans. This restriction does not apply to: (a) the purchase of debt obligations in which a Fund may invest consistent with its investment objectives and policies (including participation interests in such obligations); (b) repurchase agreements; and (c) loans of its portfolio securities.

6. A Fund will not purchase or sell real estate, real estate mortgages, commodities or commodity contracts, but this restriction shall not prevent a Fund from: (a) investing in and selling securities of issuers engaged in the real estate business and securities which are secured by real estate or interests therein; (b) holding or selling real estate received in connection with securities it holds; (c) trading in futures contracts and options on futures contracts or (d) investing in or purchasing real estate investment trust securities.

7. A Fund will not engage in the business of underwriting securities issued by other persons, except to the extent that a Fund may technically be deemed to be an underwriter under the 1933 Act in disposing of portfolio securities.

8. A Fund will not purchase any securities on margin (except for such short-term credits as are necessary for the clearance of purchases and sales of portfolio securities). For purposes of this restriction, the deposit or payment by a Fund of underlying securities and other assets in escrow and collateral agreements with respect to initial or maintenance margin in connection with futures contracts and related options and options on securities, indexes or similar items is not considered to be the purchase of a security on margin.

9. The Municipal Bond Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in tax exempt general obligation, revenue and private activity bonds and notes, which are issued by or on behalf of states, territories or possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities (including Puerto Rico, the Virgin Islands and Guam).

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The following are non-fundamental investment restrictions and may be changed by a vote of a majority of Board at any time upon at least 60 days' prior notice to shareholders. Each Fund's investment objective, stated in the Prospectus, is non-fundamental.

**Non-Fundamental Investment Restrictions—**The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund.

1. A Fund will not invest in oil, gas or other mineral leases or exploration or development programs.

2. A Fund (except the Core Fixed Income Fund and International Fixed Income Fund) will not make short sales of securities, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold and provided that transactions in futures contracts and options are not deemed to constitute selling securities short. The Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund and Inflation-Linked Fixed Income Fund may engage in short sales on shares issued by ETFs.

3. A Fund will not make investments for the purpose of exercising control or management.

4. A Fund will not purchase securities of other investment companies, except as permitted by 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.

5. A Fund will not purchase or otherwise acquire any security if, as a result, more than 15% of its net assets would be invested in securities that are illiquid.

6. The Morgan Stanley Pathway Large Cap Equity ETF will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of large capitalization companies or in other investments with similar economic characteristics. The Fund defines large capitalization companies as companies with market capitalizations similar to companies in the Russell 1000<sup>®</sup> Index. Securities of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of large capitalization companies for purposes of the Fund's 80% investment policy. The size of companies in the index changes with market conditions and the composition of the index.

7. The Morgan Stanley Pathway Small-Mid Cap Equity ETF will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of small-mid capitalization companies or in other investments with similar economic characteristics. The Fund defines small-mid capitalization companies as companies with market capitalizations not exceeding the highest month-end market capitalization value of any stock in the Russell 2500<sup>®</sup> Index or the Russell Mid Cap index for the previous 12 months, whichever is greater. Securities of companies whose market capitalizations no longer meet this definition after purchase by the Fund still will be considered securities of small-mid capitalization companies for purposes of the Fund's 80% investment policy. The size of the companies in the index changes with market conditions and the composition of the index.

8. The International Equity Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in the equity securities of companies located outside the U.S.

9. The Emerging Markets Equity Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of issuers located in emerging markets countries, which are generally defined as countries that may be represented in a market index such as the MSCI Emerging Markets Index (Net) or having per capita income in the low to middle ranges, as determined by the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development.

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10. The Core Fixed Income Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income instruments.

11. The High Yield Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in U.S. dollar-denominated high yield fixed income securities of corporate issuers rated below investment grade by two or more nationally recognized statistical rating organizations, or, if unrated, of equivalent quality as determined by the Sub-advisers.

12. The International Fixed Income Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income instruments.

13. The Inflation-Linked Fixed Income Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities among the following general asset classes: inflation-indexed securities issued by governments, corporations, and municipal issuers; investment grade and high-yield fixed-income securities issued by governments, corporations, and municipal issuers; and short-term non-dollar denominated debt securities.

14. The Ultra-Short Term Fixed Income Fund will invest, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities among the following general asset classes: inflation-indexed securities issued by governments, corporations, and municipal issuers; investment grade and high-yield fixed-income securities issued by governments, corporations, and municipal issuers; and short-term non-dollar denominated debt securities, with maturities of less than or equal to two years.

The percentage limitations contained in the restrictions listed above (other than with the fundamental investment restriction regarding borrowing described above) apply at the time of purchase of securities. With respect to the limitation on illiquid securities, in the event that a subsequent change in net assets or other circumstances causes a Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of illiquid instruments back within the limitations as soon as reasonably practicable.

From time to time, a Fund may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a Fund, and the acquisition is determined to be beneficial to Fund shareholders ("Voluntary Action"). Notwithstanding any percentage investment limitation listed under this "Investment Restrictions" section or any percentage investment limitation of the 1940 Act or rules thereunder, if a Fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the Fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, prior to the receipt of the securities or instruments and after announcement of the offering, the Fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

*Department of Labor ("DOL") Exemption.* Sales of Fund shares under certain investment advisory programs sponsored or advised by Morgan Stanley or its affiliates ("Investment Advisory Programs") to clients that are employee benefit plans, IRAs or Keogh Plans (collectively, "Plans") are subject to regulation by the Department of Labor ("DOL") and the provisions of the Employee Retirement Income Security Act of 1974, as amended and/or the prohibited transaction provisions of Section 4975 of the IRC, as amended. Citigroup Global Markets Inc., the Funds' former distributor ("CGMI"), through its predecessors, received a prohibited transaction exemption from the DOL covering certain transactions in shares of the Funds in connection with a Plan's participation in the TRAK Personalized Investment Advisory Services Program (now TRAK<sup>®</sup> Pathway), and Morgan Stanley Wealth Management will comply with applicable requirements and conditions of other applicable exemptions with respect to the other investment advisory programs under which Fund shares are sold.

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#### TRUSTEES AND OFFICERS OF THE TRUST
The Trust's Board of Trustees ("Board" or "Trustees") is responsible for overseeing the Trust's management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust's distributor, Sub-advisers, custodian, transfer agents and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.

Consulting Group Advisory Services LLC ("CGAS" or "Manager"), a business of Morgan Stanley Wealth Management, serves as the investment adviser for each Fund. The Funds employ a "multi-manager" strategy. The Manager selects and oversees professional money managers (each a "Sub-adviser," collectively, the "Sub-advisers") who are responsible for investing the assets of the Funds allocated to them. In addition to investment management services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agents and the administrator.

The names of the Trustees and officers of the Trust as of January 1, 2026, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds.

#### INDEPENDENT TRUSTEES

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Date of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office**<br> **and Length of**<br> **Time Served\*** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** | **Number of**<br>**Funds**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustee** | **Other Board**<br> **Memberships**<br> **Held During Past Five**<br> **Years by Trustee** |
| Eric T. McKissack, CFA<sup>®</sup><br> 2000 Westchester Avenue<br> Purchase, NY 10577<br>Birth Year: 1953 | Trustee and Board Chair | Since 2013 (Chair since January 2024) | Founder and Chief Executive Officer Emeritus, Channing Capital Management, LLC (Investment Management) (2017-December 2019); and formerly, Chief Executive Officer, Channing Capital Management, LLC (2004-2017) | 11 | Trustee and Chairman, FlexShares Funds (2011- present); Director, Farmer Mac (2021-present); Trustee, The Art Institute of Chicago (2002-present); and Director, Shirley Ryan AbilityLab Keystone Board (formerly, Rehabilitation Institute of Chicago) (2000-present) |
| Adela Cepeda<br> 2000 Westchester Avenue<br> Purchase, NY 10577<br>Birth Year: 1958 | Trustee and<br> Vice Chair | Since 2008<br> (Vice Chair since January 2024) | Managing Director, PFM Financial Advisors, LLC (Financial Advisory) (2016-December 2019); and formerly, President, A.C. Advisory, Inc. (Financial Advisory) (1995-September 2016) | 11 | Director, BMO Financial Corp. (2012-present); Trustee, Mercer Funds (2005-present); and Trustee, UBS Funds (2004-present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Date of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office**<br> **and Length of**<br> **Time Served\*** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** | **Number of**<br>**Funds**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustee** | **Other Board**<br> **Memberships**<br> **Held During Past Five**<br> **Years by Trustee** |
| Mark J. Reed<br> 2000 Westchester Avenue<br> Purchase, NY 10577<br>Birth Year: 1964 | Trustee and Chair of Corporate Governance and Nominating Committee | Since 2007 (Chair since 2022) | Vice President, Financial Advisor and Portfolio Manager, Wealth Enhancement Group (April 2021 to present), Principal and Portfolio Manager, North American Management Corp. (Investment Advisory) (2013-2021) | 11 |  |
| Teresa S. Westbrook<br> 2000 Westchester Avenue<br> Purchase, NY 10577<br>Birth Year: 1964 | Trustee<br> Audit Committee Chair | Since 2020<br> (Chair since 2021) | CPA/ Partner, Deloitte & Touche LLP (1999-2015) | 11 |  |
| Daniela O'Leary-Gill<br> 2000 Westchester Avenue<br> Purchase, NY 10577<br>Birth Year: 1965 | Trustee | Since 2025 | BMO and BMO U.S. (1996- March 2020); Chief Operating Officer BMO U.S. (2018-March 2020) | 11 | Independent Director, Discover Financial Services (May 2023-present); Independent Director, Discover Bank (July 2022-May 2023); Director, BMO Funds, Inc. (May 2018-April 2022); Independent Director, MGIC Investment Corp. (October 2025-Present) |
| <br> **INTERESTED TRUSTEE** | <br> **INTERESTED TRUSTEE** | <br> **INTERESTED TRUSTEE** | <br> **INTERESTED TRUSTEE** | <br> **INTERESTED TRUSTEE** |  |
| **Name, Address and**<br> **Date of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office**<br> **and Length of**<br> **Time Served\*** | **Principal<br>Occupation(s)**<br> **During Past<br>Five Years** | **Number of**<br>**Funds**<br>**in Fund**<br>**Complex**<br>**Overseen**<br>**by Trustee** | **Other Board**<br> **Memberships**<br> **Held During Past Five**<br> **Years by Trustee** |
| Paul Ricciardelli\*\*<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 14th Floor,<br> New York, NY 10019<br>Birth Year: 1969 | Trustee and<br> Chief Executive Officer and President | Since April 2017 | Head of Morgan Stanley Portfolio Solutions (formerly Wealth Advisory Solutions), Morgan Stanley (March 2017-present; Head of IAR/GIMA, Morgan Stanley (2011-2018); and formerly, Head of Manager Solutions, Morgan Stanley (2015-March 2017) | 11 |  |

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#### OFFICERS

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Date of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office\*\*\***<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** |
| James Kirchner<br> Morgan Stanley<br> One Post Office Square,<br> 17th Floor<br> Boston, MA 02109<br>Birth Year: 1967 | Chief Financial Officer and Treasurer | Since December 2025 | Managing Director, Morgan Stanley (2021-present); Vice President, Eaton Vance (2017-2021); Chief Financial Officer/Treasurer, 123 Eaton Vance Registered Investment Companies (2013-present); Chief Financial Officer/Treasurer, 45 Calvert Registered Investment Companies (2016-present) |
| Eric Metallo<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 34<sup>th</sup> Floor<br> New York, NY 10019<br>Birth Year: 1976 | Chief Legal Officer and Secretary | Since August 2015 | Executive Director, Morgan Stanley Wealth Management (2014-present); and formerly Senior Vice President and Associate General Counsel, PineBridge Investments (2011-2014) |
| Joseph Signora<br> Morgan Stanley<br> 2000 Westchester Avenue<br> Purchase, NY 10577<br>Birth Year: 1977 | Chief Compliance Officer | Since December 2017 | Executive Director, Morgan Stanley (2017-present) |
| Robert Garcia<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 14th Floor<br> New York, NY 10019<br>Birth Year: 1983 | Chief Operating Officer<br> Investment Officer<br> Co-Chief Operating Officer | Since May 2016<br> Since July 2015<br> August 2015- May 2016 | Head of Operations and Strategy, Morgan Stanley (2017-present); Head of Portfolio Operations-WMIR, Morgan Stanley (2016-present); Head of Packaged Digital Solutions, Morgan Stanley (2015-present) |
| Monica Heanue<br> Morgan Stanley<br> Purchase, NY 10577<br>Birth Year: 1975 | Chief Administrative Officer | Since December 2022 | Head of Operations and Strategy, Morgan Stanley (2017-present); Head of Portfolio Operations-WMIR, Morgan Stanley (2016-present); Head of Packaged Digital Solutions, Morgan Stanley (2015-present) |
| Saylor Barnette<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 14th Floor<br> New York, NY 10019<br>Birth Year: 1991 | Investment Officer | Since December 2023 | Portfolio Solutions Analyst, Morgan Stanley (2022-present); Air Defense Officer, U.S. Army (2014-2022) |
| Franceen Jansen<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 14th Floor<br> New York, NY 10019<br>Birth Year: 1959 | Investment Officer | Since August 2015 | Business Unit Manager/Executive Director, Morgan Stanley (2010-present) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Date of Birth** | **Position(s)**<br> **Held with**<br> **Trust** | **Term of**<br> **Office\*\*\***<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation(s)**<br> **During Past**<br> **Five Years** |
| Andrew Cohen<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 14th Floor<br> New York, NY 10019<br>Birth Year: 1978 | Investment Officer | Since May 2022 | Portfolio Manager, Morgan Stanley Portfolio Solutions (2022-present); Director of Investment Research, E\*TRADE Financial (2015-2021) |
| Angela Degis<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> New York, NY 10019<br>Birth Year: 1967 | Investment Officer | Since May 2022 | Portfolio Manager, Morgan Stanley (2020-present) |
| James Totino<br> Morgan Stanley<br> 750 7<sup>th</sup> Avenue,<br> 14th Floor<br> New York, NY 10019<br>Birth Year: 1970 | Investment Officer | Since May 2018 | Portfolio Specialist, Investment Officer, Morgan Stanley (2018-present); and formerly Investment Officer, Morgan Stanley (2011-2018) |
| Mark Nolan<br> Morgan Stanley<br> 1633 Broadway<br> New York, NY 10019<br>Birth Year: 1981 | Anti-Money Laundering ("AML") Compliance Officer | Since March 2023 | Executive Director GFC WM Advisory, Morgan Stanley (2022-present); Vice President Anti-Financial Crimes Organization & Advisory; Deputy MLRO Cayman Islands, Deutsche Bank (2017-2023) |
| Michael Shattuck<br> Morgan Stanley<br> One Post Office Square,<br> 17th Floor<br> Boston, MA 02109<br>Birth Year: 1970 | Assistant Treasurer<br>Vice President | Since December 2025 | Executive Director, Morgan Stanley (2008-present) |
| Suzan M. Barron<br> Brown Brothers Harriman &<br> Co. ("BBH&Co.")<br> 50 Post Office Square<br> Boston, MA 02110<br>Birth Year: 1964 | Assistant Secretary | Since 2011 | Senior Vice President and Senior Investor Services Counsel, Corporate Secretary Legal Administration Practice of Fund Administration, BBH&Co. (2005-present); Secretary, BBH Trust (2009-2022) |

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\* Each Trustee remains in office until he or she resigns, retires or is removed.

\*\* Mr. Ricciardelli is an "interested person" of the Trust as defined in the 1940 Act because of his position with Morgan Stanley.

\*\*\* The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

#### Board Composition and Leadership Structure
Currently, five of the six Trustees on the Board (83.33%) are not "interested persons" (as defined in the 1940 Act) of the Trust and as such are not affiliated with the Manager or any Sub-adviser ("Independent Trustees"). On January 1, 2024, the Board appointed Mr. McKissack, an Independent Trustee, to serve as Chairperson of the

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Board. There are two primary committees of the Board: the Audit Committee and the Corporate Governance and Nominating Committee. Each Committee is chaired by an Independent Trustee and comprised solely of Independent Trustees. The Board has determined that this leadership structure is appropriate given the specific characteristics and circumstances of the Trust and in light of the services that the Manager and its affiliates and the Sub-advisers provide to the Trust and potential conflicts of interest that could arise from these relationships. The Board believes that the existing Board structure is appropriate because, among other things, it allows the Independent Trustees to exercise independent business judgment in evaluating the Trust's management and service providers.

#### Board Oversight of Risk Management
The Board considers risk management issues as part of its general oversight responsibilities. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Trust, primarily the Manager and its affiliates and the Sub-advisers, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings, or the Chairperson of the Board or the appropriate Committee, acting between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including the Manager's investment officers, the Trust's and the Manager's Chief Compliance Officer ("CCO") and the Sub-advisers' portfolio management personnel. The Board's Audit Committee meets during its scheduled meetings, and between meetings the Audit Committee chair maintains contact with the Trust's independent registered public accounting firm and the Trust's Chief Financial Officer. The Board receives periodic presentations from senior personnel of the Manager or its affiliates regarding investment performance of the Funds and the applicable investment risk management process. The Board also receives periodic presentations from senior personnel of the Manager or its affiliates and the Sub-advisers regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, anti-money laundering, cybersecurity, personal trading, valuation, credit, investment research, portfolio trading and transactions, and securities lending. The Board has adopted policies and procedures designed to address certain risks to the Funds. In addition, the Manager and other service providers to the Trust have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Funds. The Board also receives reports from counsel to the Trust or counsel to the Manager and the Independent Trustees' own independent legal counsel regarding regulatory compliance and governance matters. The Board's oversight role does not make the Board a guarantor of the Funds' investments or activities.

#### Individual Trustee Qualifications
The Board believes that each Trustee's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that the Board possesses the requisite attributes and skills to effectively oversee the management of the Trust and the interests of Fund shareholders. The Board believes that the significance of each Trustee's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the Board level, with no single Trustee, or particular factor, being indicative of Board effectiveness. However, the Board believes that Trustees must have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Trust management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board believes that the Trustees satisfy this standard. Experience relevant to having this ability may be achieved through a Trustee's educational background; business, professional training or practice (e.g., accounting or law), public service or academic positions; experience from service as a board member (including the Board of the Trust) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. The charter for

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the Board's Corporate Governance and Nominating Committee contains certain other factors considered by the Committee in identifying and evaluating potential nominees to the Board. The Board noted that most of the Trustees had experience serving as directors on the boards of operating companies and/or other investment companies. The Board considered that Mses. Cepeda, Westbrook and O'Leary-Gill and Messrs. McKissack and Reed have or had careers in the financial services or investment management industries, including holding executive positions in companies engaged in these industries, which allows these Trustees to bring valuable, relevant experience as members of the Board. Mr. Ricciardelli has substantial experience as an executive and financial officer in leadership roles with Morgan Stanley and affiliated entities.

#### Board Committees
The Trust has an Audit Committee and a Corporate Governance and Nominating Committee. The members of the Audit Committee and the Corporate Governance and Nominating Committee consist of all the Independent Trustees of the Trust, namely Mses. Cepeda, Westbrook and O'Leary-Gill and Messrs. McKissack and Reed. The Board also at times may constitute other committees of the Board to assist in the evaluation of specific matters.

The Audit Committee oversees each Fund's audit, accounting and financial reporting policies and practices and its internal controls. The Audit Committee approves, and recommends to the Board for its ratification, the selection, appointment, retention or termination of the Trust's independent registered public accounting firm and approves the compensation of the independent registered public accounting firm. The Audit Committee also approves all audit and permissible non-audit services provided to each Fund by the independent registered public accounting firm and all permissible non-audit services provided by the Trust's independent registered public accounting firm to the Manager and any affiliated service providers if the engagement relates directly to Fund operations and financial reporting. The Audit Committee met two times during the Trust's most recent fiscal year.

The Corporate Governance and Nominating Committee is charged with overseeing the Board governance matters and related Trustee practices, including selecting and nominating persons for election or appointment by the Board as Independent Trustees of the Trust. The Corporate Governance and Nominating Committee will consider nominees recommended by the Funds' shareholders if a vacancy occurs. Shareholders who wish to recommend a nominee should send nominations to the Trust's Secretary. The Corporate Governance and Nominating Committee also considers and recommends to the Board the appropriate compensation for serving as a Trustee on the Board. The Corporate Governance and Nominating Committee met once during the Trust's most recent fiscal year.

#### Securities Beneficially Owned by Each Trustee
As of December 31, 2025 the Trustees of the Trust beneficially owned equity securities of the Funds within the dollar ranges presented in the table below:

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities<br>in the Funds of the Trust** | **Dollar Range of Equity Securities<br>in the Funds of the Trust** | **Aggregate Dollar<br>Range of Equity<br>Securities in all<br>Registered<br>Investment<br>Companies overseen<br>by Trustee in Family<br>of Investment<br>Companies** |
|  Eric T. McKissack | Morgan Stanley Pathway Large Cap Equity ETF | Over $100,000 | Over $100,000 |
|  | Morgan Stanley Pathway Small-Mid Cap Equity ETF | $10001-$50000 |  |

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities<br>in the Funds of the Trust** | **Dollar Range of Equity Securities<br>in the Funds of the Trust** | **Aggregate Dollar<br>Range of Equity<br>Securities in all<br>Registered<br>Investment<br>Companies overseen<br>by Trustee in Family<br>of Investment<br>Companies** |
|  | International Equity Fund | $50001-$100000 |  |
|  | Emerging Markets Equity Fund | $10001-$50000 |  |
|  | Core Fixed Income Fund | $50001-$100000 |  |
|  | High Yield Fund | $10001-$50000 |  |
|  | International Fixed Income<br>Fund | $10001-$50000 |  |
|  | Municipal Bond Fund |  |  |
|  | Inflation-Linked Fixed Income<br>Fund | $1-$10000 |  |
|  | Ultra-Short Term Fixed<br>Income Fund | $10001-$50000 |  |
|  | Alternative Strategies Fund |  |  |
|  Adela Cepeda | Morgan Stanley Pathway Large Cap Equity ETF | Over $100,000 |  |
|  | Morgan Stanley Pathway Small-Mid Cap Equity ETF | $10001-$50000 |  |
|  | International Equity Fund | $10001-$50000 |  |
|  | Emerging Markets Equity Fund | $10001-$50000 |  |
|  | Core Fixed Income Fund | $10001-$50000 |  |
|  | High Yield Fund | $1-$10000 |  |
|  | International Fixed Income<br>Fund | $1-$10000 |  |
|  | Municipal Bond Fund |  |  |
|  | Inflation-Linked Fixed Income<br>Fund |  |  |
|  | Ultra-Short Term Fixed<br>Income Fund |  |  |
|  | Alternative Strategies Fund |  | Over $100,000 |
|  Mark J. Reed | Morgan Stanley Pathway Large Cap Equity ETF | $50001-$100000 | Over $100,000 |
|  | Morgan Stanley Pathway Small-Mid Cap Equity ETF | $10001-$50000 |  |
|  | International Equity Fund | $50001-$100000 |  |
|  | Emerging Markets Equity Fund | $10001-$50000 |  |
|  | Core Fixed Income Fund | $10001-$50000 |  |
|  | High Yield Fund | $1-$10000 |  |
|  | International Fixed Income<br>Fund | $1-$10000 |  |
|  | Municipal Bond Fund |  |  |
|  | Inflation-Linked Fixed Income<br>Fund |  |  |
|  | Ultra-Short Term Fixed<br>Income Fund | $1-$10000 |  |
|  | Alternative Strategies Fund |  |  |

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| | | | |
|:---|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities<br>in the Funds of the Trust** | **Dollar Range of Equity Securities<br>in the Funds of the Trust** | **Aggregate Dollar<br>Range of Equity<br>Securities in all<br>Registered<br>Investment<br>Companies overseen<br>by Trustee in Family<br>of Investment<br>Companies** |
|  Teresa S. Westbrook | Morgan Stanley Pathway Large Cap Equity ETF | $50001-$100000 | Over $100,000 |
|  | Morgan Stanley Pathway Small-Mid Cap Equity ETF | $1-$10000 |  |
|  | International Equity Fund | $50001-$100000 |  |
|  | Emerging Markets Equity Fund | $10001-$50000 |  |
|  | Core Fixed Income Fund | $50001-$100000 |  |
|  | High Yield Fund |  |  |
|  | International Fixed Income<br>Fund |  |  |
|  | Municipal Bond Fund |  |  |
|  | Inflation-Linked Fixed Income<br>Fund |  |  |
|  | Ultra-Short Term Fixed<br>Income Fund |  |  |
|  | Alternative Strategies Fund | $50001-$100000 |  |
|  Daniela O'Leary-Gill | Morgan Stanley Pathway Large Cap Equity ETF |  |  |
|  | Morgan Stanley Pathway Small-Mid Cap Equity ETF |  |  |
|  | International Equity Fund |  |  |
|  | Emerging Markets Equity Fund |  |  |
|  | Core Fixed Income Fund |  |  |
|  | High Yield Fund |  |  |
|  | International Fixed Income<br>Fund |  |  |
|  | Municipal Bond Fund |  |  |
|  | Inflation-Linked Fixed Income<br>Fund |  |  |
|  | Ultra-Short Term Fixed<br>Income Fund |  |  |
|  | Alternative Strategies Fund |  |  |
|  Paul Ricciardelli | Morgan Stanley Pathway Large Cap Equity ETF |  |  |
|  | Morgan Stanley Pathway Small-Mid Cap Equity ETF |  |  |
|  | International Equity Fund |  |  |
|  | Emerging Markets Equity Fund |  |  |
|  | Core Fixed Income Fund |  |  |
|  | High Yield Fund |  |  |
|  | International Fixed Income <br>Fund |  |  |
|  | Municipal Bond Fund |  |  |
|  | Inflation-Linked Fixed Income <br>Fund |  |  |
|  | Ultra-Short Term Fixed <br>Income Fund |  |  |
|  | Alternative Strategies Fund |  |  |

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#### Trustee Compensation
The following table shows the compensation paid by the Trust to each Independent Trustee during the last fiscal year of the Trust. Trustees who are "interested persons" of the Trust (as defined in the 1940 Act) and officers of the Trust do not receive compensation directly from the Trust. The Funds may bear a portion of the CCO's annual compensation.

For the fiscal year ended August 31, 2025, the Independent Trustees were paid the following aggregate compensation by the Trust:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person,**<br> **Position** | **Aggregate<br>Compensation<br>from Trust** | **Pension or<br>Retirement<br>Benefits Accrued<br>as Part of Trust<br>Expenses** | **Estimated<br>Annual<br>Benefits Upon<br>Retirement** | **Total Compensation<br>from Fund Complex\*** |
|  Eric T. McKissack, Chairperson | $251250 |  |  | $251250 |
|  Adela Cepeda | $231250 |  |  | $231250 |
|  Mark J. Reed | $238750 |  |  | $238750 |
|  Teresa S. Westbrook | $241250 |  |  | $241250 |
|  Daniela O'Leary-Gill\*\* | $0 |  |  | $0 |
| W. Thomas Matthews\*\*\* | $52500 |  |  | $52500 |

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\* Includes reimbursement for any out-of-pocket expenses incurred to attend meetings of the Board.

\*\* Daniela O'Leary-Gill was appointed as an Independent Trustee of the Trust effective October 1, 2025.

\*\*\* W. Thomas Matthews retired as a Trustee on December 31, 2024.

For the fiscal year ended August 31, 2025, each Trustee who was not affiliated with the Manager, any Sub-adviser or the Funds' distributor was entitled to receive an annual fee of $225,000. The Chairperson of the Board, Vice Chair of the Board, Chair of the Audit Committee, and Chair of the Governance and Nominating Committee are entitled to receive additional fees of $30,000, $10,000, $20,000 and $17,500, respectively. In addition, the Trustees will be paid a $15,000 fee per special meeting.

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#### PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS
As of December 16, 2025, none of the Independent Trustees, or his or her immediate family members, owned beneficially, or of record, any securities issued by the Manager or its affiliates, any Sub-adviser or distributor of the Trust, or in a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with the Manager, any Sub-advisers or distributor of the Trust.

#### PORTFOLIO TRANSACTIONS
Decisions to buy and sell securities for a Fund, with the exception of the Alternative Strategies Fund, are made by the Sub-adviser(s), subject to the overall review of the Manager and the Board. Although investment decisions for the Funds are made independently from those of the other accounts managed by a Sub-adviser, investments of the type that the Funds may make also may be made by those other accounts. When a Fund and one or more other accounts managed by a Sub-adviser are prepared to invest in, or desire to dispose of, the same security, available investments or opportunities for sales will be allocated in a manner believed by the Sub-adviser to be equitable to each. In some cases, this procedure may adversely affect the price paid or received by a Fund or the size of the position obtained or disposed of by a Fund.

The Board has approved procedures in conformity with Rule 10f-3 under the 1940 Act whereby the Funds may purchase securities that are offered in underwritings in which an affiliate participates. These procedures prohibit the Funds from directly or indirectly benefiting an affiliate in connection with such underwritings. In addition, for underwritings where an affiliate participates as a principal underwriter, certain restrictions may apply that could, among other things, limit the amount of securities that the Funds could purchase in the underwritings.

Transactions on U.S. stock exchanges and some foreign stock exchanges involve the payment of negotiated brokerage commissions. On exchanges on which commissions are negotiated, the cost of transactions may vary among different brokers. No stated commission is generally applicable to securities traded in U.S. over-the-counter markets, but the underwriters include an underwriting commission or concession and the prices at which securities are purchased from and sold to dealers include a dealer's mark-up or mark-down. U.S. government securities generally are purchased from underwriters or dealers, although certain newly issued U.S. government securities may be purchased directly from the U.S. Treasury or from the issuing agency or instrumentality.

In selecting brokers or dealers to execute securities transactions on behalf of a Fund, its Sub-adviser seeks the best overall terms available. In assessing the best overall terms available for any transaction, the Sub-adviser will consider the factors 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, for the specific transaction and on a continuing basis. In addition, each Advisory Agreement (as defined below) between the Manager and the Sub-adviser authorizes the Sub-adviser, in selecting brokers or dealers to execute a particular transaction, and in evaluating the best overall terms available, to consider the brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended ("1934 Act")) provided to the Fund and/or other accounts over which the Sub-adviser or its affiliates exercise investment discretion. In doing so, a Fund may pay higher commission rates than the lowest available when the Sub-adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below. It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research services from broker-dealers which execute portfolio transactions for the clients of such advisers. Consistent with this practice, a Sub-adviser receives research services from many broker-dealers with which the Sub-adviser places portfolio trades. The Sub-adviser may also receive research or research credits from brokers which are generated from underwriting commissions when purchasing new issues of fixed income securities or other assets for a Fund. These services, which in some cases may also be purchased

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for cash, include such matters as general economic and security market reviews, industry and company reviews, evaluations of securities and recommendations as to the purchase and sale of securities. Some of these services are of value to a Sub-adviser in advising its clients (including the Funds), although not all of these services are necessarily useful and of value in managing the Fund. The fees under the Management Agreement and the Advisory Agreements, respectively, are not reduced by reason of a Fund's Sub-adviser receiving brokerage and research services. As noted above, a Sub-adviser may purchase new issues of securities for a Fund in underwritten fixed price offerings. In these situations, the underwriter or selling group member may provide the Sub-adviser with research in addition to selling the securities (at the fixed public offering price) to the Fund or other advisory clients. Because the offerings are conducted at a fixed price, the ability to obtain research from a broker-dealer in this situation provides knowledge that may benefit the Fund, other Sub-adviser clients, and the Sub-adviser without incurring additional costs. These arrangements may not fall within the safe harbor of Section 28(e) because the broker-dealer is considered acting in a principal capacity in underwritten transactions. However, the Financial Industry Regulatory Authority ("FINRA") has adopted rules expressly permitting broker-dealers to provide bona fide research to advisers in connection with fixed price offerings under certain circumstances. As a general matter in these situations, the underwriter or selling group member will provide research credits at a rate that is higher than that which is available for secondary market transactions.

The Board will periodically review the commissions paid by a Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits inuring to the Fund. Over-the-counter purchases and sales by a Fund are transacted directly with principal market makers except in those cases in which better prices and executions may be obtained elsewhere.

To the extent consistent with applicable provisions of the 1940 Act and the rules and exemptions adopted by the SEC under the 1940 Act, the Board has determined that transactions for a Fund may be executed through an affiliated broker-dealer if, in the judgment of its Sub-adviser, the use of an affiliated broker-dealer is likely to result in price and execution at least as favorable as those of other qualified broker-dealers, and if, in the transaction, the affiliated broker-dealer charges the Fund a fair and reasonable rate.

The Funds will not purchase any security, including U.S. government securities, during the existence of any underwriting or selling group relating thereto of which any affiliate of the Funds thereof, is a member, except to the extent permitted by the SEC.

The Funds may use an affiliated broker-dealer as a commodities broker in connection with entering into futures contracts and options on futures contracts if, in the judgment of the Sub-adviser, the use of an affiliated broker-dealer is likely to result in price and execution at least as favorable as those of other qualified broker-dealers, and if, in the transaction, the affiliated broker-dealer charges the Fund a fair and reasonable rate.

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#### BROKERAGE COMMISSIONS PAID
The following table sets forth certain information regarding each Fund's payment of brokerage commissions for the fiscal years ended August 31, 2025, 2024 and 2023, including payments to brokers who are affiliated persons of the Funds:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Fiscal Year<br>Ended<br>August 31** | **Total Brokerage<br>Commissions Paid** | **Commissions<br>Paid to<br>MS & Co.** | **% of Total<br>Brokerage<br>Commissions Paid<br>to<br>MS & Co.** | **% of Total<br>Dollar Amount<br>of Transactions<br>Involving<br>Commissions Paid<br>to<br>MS & Co.** |
|  Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup> | 2025 | $83169<sup>2</sup> | $2521 | 3.03% | 1.29% |
|  | 2024 | $179566<sup>3</sup> | $2494 | 1.39% | 0.58% |
|  | 2023 | $144906<sup>4</sup> | $3122 | 2.15% | 1.11% |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup> | 2025 | $242757<sup>2</sup> | $12591 | 5.19% | 3.37% |
|  | 2024 | $222972<sup>3</sup> | $6446 | 2.89% | 2.74% |
|  | 2023 | $166177<sup>4</sup> | $2320 | 1.40% | 1.97% |
|  International Equity Fund | 2025 | $420451<sup>2</sup> | $0 | 0% | 0% |
|  | 2024 | $358224<sup>3</sup> | $0 | 0% | 0% |
|  | 2023 | $487641<sup>4</sup> | $119 | 0.02% | 0.01% |
|  Emerging Markets Equity Fund | 2025 | $201665<sup>2</sup> | $4196 | 2.08% | 1.20% |
|  | 2024 | $166951<sup>3</sup> | $1132 | 0.68% | 0.32% |
|  | 2023 | $97089<sup>4</sup> | $1199 | 1.23% | 0.59% |
|  Core Fixed Income Fund | 2025 | $195350 | $0 | 0% | 0% |
|  | 2024 | $295138 | $0 | 0% | 0% |
|  | 2023 | $218234 | $0 | 0% | 0% |
|  High Yield Fund | 2025 | $23 | $0 | 0% | 0% |
|  | 2024 | $560 | $0 | 0% | 0% |
|  | 2023 | $706 | $0 | 0% | 0% |
|  International Fixed Income Fund | 2025 | $10536 | $0 | 0% | 0% |
|  | 2024 | $10286 | $0 | 0% | 0% |
|  | 2023 | $9398 | $0 | 0% | 0% |
|  Municipal Bond Fund | 2025 | $0 | $0 | 0% | 0% |
|  | 2024 | $421 | $0 | 0% | 0% |
|  | 2023 | $1425 | $0 | 0% | 0% |
|  Inflation-Linked Fixed Income Fund | 2025 | $6818 | $0 | 0% | 0% |
|  | 2024 | $6362 | $0 | 0% | 0% |
|  | 2023 | $6440 | $0 | 0% | 0% |
|  Ultra-Short Term Fixed Income Fund | 2025 | $17176 | $0 | 0% | 0% |
|  | 2024 | $6852 | $0 | 0% | 0% |
|  | 2023 | $11886 | $0 | 0% | 0% |
|  Alternative Strategies Fund | 2025 | $0 | $0 | 0% | 0% |
|  | 2024 | $0 | $0 | 0% | 0% |
|  | 2023 | $0 | $0 | 0% | 0% |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively. Accordingly, the information shown in the table above prior to December 9, 2024 relates to the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund. 

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<sup>2</sup> 2025 Total includes commissions directed for research and statistical services for the period from July 1, 2024 to June 30, 2025 as follows: Morgan Stanley Pathway Large Cap Equity ETF —$26,654 ($55,045 total dollar amount of directed brokerage transactions); Morgan Stanley Pathway Small-Mid Cap Equity ETF —$22,076 ($62,944 total dollar amount of directed brokerage transactions); International Equity Fund—$104,770 ($204,029 total dollar amount of directed brokerage transactions); and Emerging Markets Equity Fund—$0 ($15,867 total dollar amount of directed brokerage transactions). 

<sup>3</sup> 2024 Total includes commissions directed for research and statistical services for the period from July 1, 2023 to June 30, 2024 as follows: Predecessor Large Cap Equity Fund —$21,570 ($125,212 total dollar amount of directed brokerage transactions); Predecessor Small-Mid Cap Equity Fund —$0 ($19,539 total dollar amount of directed brokerage transactions); International Equity Fund—$93,549 ($215,124 total dollar amount of directed brokerage transactions); and Emerging Markets Equity Fund—$0 ($28,868 total dollar amount of directed brokerage transactions). 

<sup>4</sup> 2023 Total includes commissions directed for research and statistical services for the period from July 1, 2022 to June 30, 2023 as follows: Predecessor Large Cap Equity Fund—$2,322 ($44,251 total dollar amount of directed brokerage transactions); Predecessor Small-Mid Cap Equity Fund—$0 ($31,543 total dollar amount of directed brokerage transactions); International Equity Fund—$105,984 ($218,415 total dollar amount of directed brokerage transactions); and Emerging Markets Equity Fund—$0 ($24,015 total dollar amount of directed brokerage transactions). 

The following table sets forth each Fund's holdings of securities issued by the ten brokers and/or ten dealers that executed transactions for or with the Fund in the largest dollar amounts during the period:

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| | |
|:---|:---|
| **Fund and Broker/Dealer** | **Value of Securities Held as of<br>Fiscal Year Ended August 31, 2025** |
|  **Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup>** |  |
|  J.P. Morgan Securities LLC | $52835309 |
|  Bank of America Corporation | $23841204 |
|  Goldman Sachs & Co., LLC | $15981141 |
|  Citigroup Global Markets Inc. | $6397666 |
|  State Street Corp. | $4385071 |
|  Stifel Nicolaus & Co., Inc. | $401440 |
|  Jefferies LLC | $355054 |
|  **Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup>** |  |
|  Jefferies LLC | $443898 |
|  **International Equity Fund** |  |
|  BNP Paribas Securities Corp. | $9971699 |
|  Barclays Capital Inc. | $9882419 |
|  Societe Generale | $4375144 |
|  UBS Securities LLC | $3309491 |
|  **Emerging Markets Equity Fund** |  |
|  N/A | N/A |
|  **Core Fixed Income Fund** |  |
|  J.P. Morgan Securities LLC | $11532755 |
|  Wells Fargo Securities LLC | $9110790 |
|  Citigroup Global Markets Inc. | $6865940 |
|  Jefferies LLC | $151899 |
|  **High Yield Fund** |  |
|  N/A | N/A |
|  **International Fixed Income Fund** |  |
|  Barclays Capital Inc. | $1315638 |

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| | | |
|:---|:---|:---|
| **Fund and Broker/Dealer** | **Value of Securities Held as of<br>Fiscal Year Ended August 31, 2025** | **Value of Securities Held as of<br>Fiscal Year Ended August 31, 2025** |
|  **Municipal Bond Fund** |  |  |
|  N/A |  | N/A |
|  **Inflation-Linked Fixed Income Fund** |  |  |
|  N/A |  | N/A |
|  **Ultra-Short Term Fixed Income Fund** |  |  |
|  N/A |  | N/A |
|  **Alternative Strategies Fund** |  |  |
|  N/A |  | N/A |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF.

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#### PORTFOLIO TURNOVER
The Funds may engage in active short-term trading to benefit from yield disparities among different issues of securities, to seek short-term profits during periods of fluctuating interest rates or for other reasons. The Funds will not consider portfolio turnover rate a limiting factor in making investment decisions.

A Fund's turnover rate is calculated by dividing the lesser of purchases or sales of its portfolio securities for the year by the monthly average value of the portfolio securities. Securities or options with remaining maturities of one year or less on the date of acquisition are excluded from the calculation. Since the Funds are authorized to engage in transactions in options, they may experience increased portfolio turnover under certain market conditions as a result of their investment strategies. For instance, the exercise of a substantial number of options written by a Fund (because of appreciation of the underlying security in the case of call options or depreciation of the underlying security in the case of put options) could result in a turnover rate in excess of 100%. A portfolio turnover rate of 100% would occur if all of a Fund's securities that are included in the computation of turnover were replaced once during a period of one year.

Certain practices that may be employed by a Fund could result in high portfolio turnover. For example, portfolio securities may be sold in anticipation of a rise in interest rates (market decline) or purchased in anticipation of a decline in interest rates (market rise) and later sold. In addition, a security may be sold and another of comparable quality purchased at approximately the same time to take advantage of what a Sub-adviser believes to be a temporary disparity in the normal yield relationship between the two securities. These yield disparities may occur for reasons not directly related to the investment quality of particular issues or the general movement of interest rates, such as changes in the overall demand for, or supply of, various types of securities. Portfolio turnover rates may vary greatly from year to year as well as within a particular year and may be affected by cash requirements for redemptions of a Fund's shares as well as by requirements that enable a Fund to receive favorable tax treatment.

The Funds' turnover rates for the last two fiscal years were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Fiscal Year Ended<br>August 31,<br>2025** | **Fiscal Year Ended<br>August 31,<br>2024** |
|  Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup> | 13% | 25% |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup> | 45% | 56% |
|  International Equity Fund | 29% | 26% |
|  Emerging Markets Equity Fund | 20% | 26% |
|  Core Fixed Income Fund | 136% | 229% |
|  High Yield Fund | 76% | 44% |
|  International Fixed Income Fund | 280% | 328% |
|  Municipal Bond Fund | 68% | 40% |
|  Inflation-Linked Fixed Income Fund | 112% | 121% |
|  Ultra-Short Term Fixed Income Fund | 123% | 87% |
|  Alternative Strategies Fund | 29% | 13% |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively. Accordingly, the information shown in the table above for the fiscal year ending August 31, 2024 relates to the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund. 

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#### INVESTMENT MANAGEMENT AND OTHER SERVICES
*Manager*; *Sub-advisers.*Consulting Group Advisory Services LLC ("CGAS" or the "Manager") a business of Morgan Stanley Wealth Management, serves as investment manager to the Trust pursuant to an investment management agreement ("Management Agreement") between the Trust and CGAS.

Each Fund shares a "multi-manager" strategy. The Manager selects and oversees professional money managers (each a "Sub-adviser," and collectively, the "Sub-advisers") who are responsible for investing the assets of the Funds. Each Sub-adviser serves as investment adviser to a Fund pursuant to a separate written agreement with the Manager on behalf of the Fund ("Sub-advisory Agreements").

Subject to Board review and approval, and in reliance on an exemptive order obtained from the SEC, the Manager selects the Sub-advisers who are responsible for investing the assets of each Fund. The exemptive order permits the Manager, with the approval of the Board, to retain unaffiliated sub-advisers for a Fund without submitting the sub-advisory agreements to a vote of the Fund's shareholders. Among other things, the exemptive order permits the non-disclosure of amounts payable by the Manager to individual unaffiliated sub-advisers under such sub-advisory agreements.

Each Fund bears its own expenses, which generally include all costs not specifically borne by the Manager, the distributor, the Sub-advisers, the Administrator, the transfer agent or other service providers. Included among the Funds' expenses are costs incurred in connection with a Fund's organization; investment management and administration fees; fees for necessary professional and brokerage services; fees for any pricing services; the costs of regulatory compliance; and costs associated with maintaining the Trust's legal existence and shareholder relations. As administrator, BBH&Co. provides various administrative services, including assisting with the supervision of the Trust's operations, accounting and bookkeeping, calculating each Fund's daily NAV, preparing reports to the Funds' shareholders, preparing and filing reports with the SEC and state securities authorities, preparing and filing tax returns and preparing materials for meetings of the Trustees and its committees.

Under the Management Agreement, each Fund pays CGAS an investment management fee calculated daily at an annual rate based on each Fund's average daily net assets and paid monthly in arrears. CGAS pays each Sub-adviser a sub-advisory fee from its investment management fees.

The chart below shows the contractual management fees for each Fund, based on a percentage of average daily net assets:

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| | |
|:---|:---|
| **Fund** | **Contractual<br>Management Fee** |
|  Morgan Stanley Pathway Large Cap Equity ETF | 0.55% |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.75% |
|  International Equity Fund | 0.70% |
|  Emerging Markets Equity Fund | 0.90% |
|  Core Fixed Income Fund | 0.40% |
|  High Yield Fund | 0.70% |
|  International Fixed Income Fund | 0.50% |
|  Municipal Bond Fund | 0.40% |
|  Inflation-Linked Fixed Income Fund | 0.50% |
|  Ultra-Short Term Fixed Income Fund | 0.50% |
|  Alternative Strategies Fund | 1.20% |

---

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The maximum allowable annual management fee, the aggregate sub-advisory fee paid by CGAS to the Sub-advisers and the fee retained by CGAS for the fiscal year ended August 31, 2025, are indicated below:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Sub-advisory Fee** | **CGAS Fee** | **Maximum<br>Allowable Annual<br>Management Fee** |
|  Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup> | 0.11% | 0.20% | 0.55% |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup> | 0.28% | 0.20% | 0.75% |
|  International Equity Fund | 0.27% | 0.20% | 0.70% |
|  Emerging Markets Equity Fund | 0.34% | 0.20% | 0.90% |
|  Core Fixed Income Fund | 0.11% | 0.20% | 0.40% |
|  High Yield Fund | 0.30% | 0.20% | 0.70% |
|  International Fixed Income Fund | 0.25% | 0.20% | 0.50% |
|  Municipal Bond Fund | 0.20% | 0.20% | 0.40% |
|  Inflation-Linked Fixed Income Fund | 0.25% | 0.20% | 0.50% |
|  Ultra-Short Term Fixed Income Fund | 0.15% | 0.20% | 0.50% |
|  Alternative Strategies Fund | N/A | 0.20% | 1.20% |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively.

The Fund's actual advisory fees may be less than the amounts set forth above due to the effect of fee waivers. CGAS has contractually agreed to waive fees and reimburse expenses in order to keep the Fund's management fees from exceeding the total amount of sub-advisory fees paid by CGAS plus 0.20% based on average net assets. This contractual waiver will only apply if a Fund's total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20% and will not affect the Fund's total management fees if they are less than such amount. Because the Alternative Strategies Fund does not currently have Sub-advisers, CGAS will contractually waive 1.00% of its management fees. In addition, for the Alternative Strategies Fund, CGAS and its affiliates have also contractually agreed to waive fees and reimburse expenses in order to keep the Fund's total annual operating expenses (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses, and other extraordinary expenses not incurred in the ordinary course of the Fund's business), from exceeding 0.70%. Each of these contractual waiver arrangements will continue for at least one year from the date of the Prospectus or until such time as the Board of Trustees acts to discontinue all or a portion of such waiver and/or reimbursement when they deem such action is appropriate.

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The Funds' investment management fee paid to CGAS for the fiscal years ended August 31, 2025, 2024 and 2023, are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended**<br>**August 31, 2025** | **Fiscal year ended**<br>**August 31, 2025** | **Fiscal year ended**<br>**August 31, 2024** | **Fiscal year ended**<br>**August 31, 2024** | **Fiscal year ended**<br>**August 31, 2023** | **Fiscal year ended**<br>**August 31, 2023** |
| **Fund** | **Management<br>Fee** | **Management<br>Fee Waiver** | **Management<br>Fee** | **Management<br>Fee Waiver** | **Management<br>Fee** | **Management<br>Fee Waiver** |
|  Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup> | $16050187 | $7161082 | $13092391 | $6124152 | $10256062 | $3869800 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup> | $4330480 | $1571209 | $3797950 | $1648409 | $3994207 | $1699256 |
|  International Equity Fund | $8327474 | $2700563 | $8671760 | $2648942 | $8244843 | $2062694 |
|  Emerging Markets Equity Fund | $5112987 | $2042466 | $4084960 | $1555824 | $4341649 | $1591754 |
|  Core Fixed Income Fund | $7134378 | $1574833 | $7321370 | $985566 | $6112874 | $406588 |
|  High Yield Fund | $959917 | $277773 | $914125 | $264609 | $800530 | $232534 |
|  International Fixed Income Fund | $898837 | $95438 | $912499 | $96719 | $861137 | $91070 |
|  Municipal Bond Fund | $340447 | $0 | $379306 | $0 | $362736 | $0 |
|  Inflation-Linked Fixed Income Fund | $713529 | $74345 | $656822 | $68041 | $524804 | $54527 |
|  Ultra-Short Term Fixed Income Fund | $1622831 | $492424 | $1581431 | $454874 | $2020982 | $209336 |
|  Alternative Strategies Fund | $2135180 | $1779317 | $1943060 | $1619216 | $1814769 | $1512307 |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively. Accordingly, the information shown in the table above prior to December 9, 2024 relates to the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund. 

For the fiscal year ended August 31, 2025, CGAS paid the following aggregate amount of sub-advisory fees to the Funds' sub-advisers:

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| | |
|:---|:---|
|  | **Fiscal year ended August 31, 2025** |
| **Predecessor Fund** | **Aggregate Sub-Advisory Fees<br>Paid by CGAS** |
|  Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup> | $3100430 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup> | $1565280 |
|  International Equity Fund | $3271871 |
|  Emerging Markets Equity Fund | $1892605 |
|  Core Fixed Income Fund | $2119311 |
|  High Yield Fund | $405500 |
|  International Fixed Income Fund | $443728 |
|  Municipal Bond Fund | $171237 |
|  Inflation-Linked Fixed Income Fund | $355977 |
|  Ultra-Short Term Fixed Income Fund | $469226 |
|  Alternative Strategies Fund | N/A |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively.

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*Administrator.* BBH&Co. serves as the administrator ("Administrator") to the Funds pursuant to a written agreement ("Administration Agreement"). For its administrative services, BBH&Co. receives an annual asset-based fee of 0.025% on assets up to the first $5 billion, 0.02% on assets between $5 billion and $8 billion and 0.0175% on assets in excess of $8 billion, plus out-of-pocket expenses. The fee is calculated and allocated daily based on the relative assets of each Fund.

The Funds' administration, fund accounting and custody service fees ("Administrative Fee") paid to BBH&Co. for the fiscal years ended August 31, 2025, 2024 and 2023 are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal year ended**<br>**August 31, 2025** | **Fiscal year ended**<br>**August 31, 2025** | **Fiscal year ended**<br>**August 31, 2024** | **Fiscal year ended**<br>**August 31, 2024** | **Fiscal year ended**<br>**August 31, 2023** | **Fiscal year ended**<br>**August 31, 2023** |
| **Fund** | **Administrative<br>Fee** | **Administrative<br>Fee Waiver** | **Administrative<br>Fee** | **Administrative<br>Fee Waiver** | **Administrative<br>Fee** | **Administrative<br>Fee Waiver** |
|  Morgan Stanley Pathway Large Cap Equity ETF<sup>1</sup> | $663536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $584623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $505499 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF<sup>1</sup> | $163150 | $0 | $199345 | $0 | $199540 | $0 |
|  International Equity Fund | $746860 | $0 | $807743 | $0 | $844870 | $0 |
|  Emerging Markets Equity Fund | $690421 | $0 | $537706 | $0 | $571231 | $0 |
|  Core Fixed Income Fund | $1458872 | $0 | $1338304 | $0 | $1219597 | $0 |
|  High Yield Fund | $196534 | $0 | $214793 | $0 | $199564 | $0 |
|  International Fixed Income Fund | $544763 | $0 | $475276 | $0 | $419947 | $0 |
|  Municipal Bond Fund | $126888 | $0 | $137028 | $0 | $123084 | $0 |
|  Inflation-Linked Fixed Income Fund | $256977 | $0 | $169357 | $0 | $186818 | $0 |
|  Ultra-Short Term Fixed Income Fund | $188390 | $0 | $171808 | $0 | $227472 | $0 |
|  Alternative Strategies Fund | $146776 | $0 | $129910 | $0 | $123139 | $0 |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively. Accordingly, the information shown in the table above prior to December 9, 2024 relates to the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund. 

CGAS is owned by Morgan Stanley in its entirety. CGAS is a registered investment adviser and is responsible for overseeing the management of the Funds. Morgan Stanley Wealth Management, which works in conjunction with CGAS, has extensive experience in providing investment adviser selection services. Morgan Stanley Wealth Management's analysts, in the aggregate, have many years of experience performing asset manager searches for institutional and individual clients. These analysts rely on the Manager's comprehensive database of a universe of registered investment advisory firms. As of October 31, 2025, CGAS provided services with respect to over $9 billion of client assets invested in the Funds under a variety of investment advisory programs designed for individual and institutional investors.

The Manager, Morgan Stanley Wealth Management and each Sub-adviser pay the salaries of all officers and employees who are employed by them, the Trust and the Manager. Morgan Stanley maintains office facilities for the Trust. The Manager, the Sub-advisers and BBH&Co. bear all expenses in connection with the performance of their respective services under the Management Agreement, the Sub-advisory Agreements, and the Administration Agreement, except as otherwise provided in the respective agreement.

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#### Disclosure of Portfolio Holdings

#### Morgan Stanley Pathway ETFs.
Each business day, prior to the opening of regular trading on the primary exchange, each Morgan Stanley Pathway ETF is required to prominently disclose, on its website (www.morganstanley.com/wealth-investmentsolutions/cgcm), publicly available and free of charge, all holdings in the Fund's portfolio that will form the basis for next calculations NAV per share. The Morgan Stanley Pathway ETFs have delegated the responsibility to post such holdings to the Manager.

*Disclosure of Portfolio Holdings in Accordance with Regulatory Requirements.* At the end of each business day, each Fund's portfolio holdings information is provided to the Fund's custodian or other agent for dissemination through the facilities of the NSCC and/or other fee-based subscription services to NSCC members and/or subscribes to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. This information typically reflects each Fund's anticipated holdings on the following business day. In addition, on each business day before commencement of trading in shares on NYSE Arca, Inc., each Fund will disclose on www.morganstanley.com/wealth- investmentsolutions/cgcm the identities and quantities of each portfolio position held by the Fund that will form the basis for the Fund's next calculation of the NAV.

*Disclosure of Portfolio Holdings to Certain Parties.* Portfolio holdings information made available in connection with the creation/redemption process may be provided to other entities that provide services to the Funds in the ordinary course of business after it has been disseminated to the NSCC. From time to time, information concerning portfolio holdings other than portfolio holdings information made available in connection with the creation/redemption process, as discussed above, may be provided to other entities that provide services to the Funds.

#### All Funds
The Trust has adopted policies and procedures with respect to the disclosure of each Fund's securities and any ongoing arrangements to make available information about the Fund's securities holdings. The policy requires that consideration always be given as to whether disclosure of information about a Fund's securities holdings is in the best interests of the Fund's shareholders, and that any conflicts of interest between the interests of the Fund's shareholders and those of the Manager, the Administrator, Morgan Stanley or their affiliates, be addressed in a manner that places the interests of Fund shareholders first. The policy provides that information regarding a Fund's securities holdings may not be shared with non-employees of the Trust's service providers, with investors or potential investors (whether individual or institutional), or with third-parties unless it is done for legitimate Fund business purposes and in accordance with the policy. Pursuant to such policies and procedures, the Board has authorized the Trust's CCO, or his or her designee, to authorize the release of the Funds' portfolio holdings, as necessary, in conformity with the foregoing principles.

Portfolio holdings information may also be provided for a legitimate business purpose at any time and as frequently as daily to the Funds' Trustees, the Manager, 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 agents, 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. From time to time, rating and ranking organizations, such as S&P, Lipper and Morningstar, Inc., may request non-public portfolio holdings information in connection with rating the Funds. 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. The lag time for such disclosures will vary.

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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 CCO.

Neither the Funds, the Manager, nor any other service provider to the Funds may receive compensation or other consideration for providing portfolio holdings information.

*Disclosure of Portfolio Holdings as Required by Applicable Law.* The Trust files a complete schedule of the Funds' investments within 60 days after the end of each fiscal quarter pursuant to Form N-PORT and as part of the Funds' annual or semiannual shareholder report. These reports (i) are available on the SEC's website at http://www.sec.gov; and (ii) are available without charge, upon request, by calling 1-800-869-3326.

#### Proxy Voting Policies
Although individual Trustees may not agree with particular policies or votes by the Manager, the Board has approved delegating proxy voting discretion to the Manager and Sub-advisers believing that they should be responsible for voting because it is a matter relating to the investment decision making process.

Non-equity securities, such as debt obligations and money market instruments are not usually considered voting securities, and proxy voting, if any, is typically limited to the solicitation of consents to changes in or waivers of features of debt securities, or plans of reorganization involving the issuer of the security. In the rare event that proxies are solicited with respect to any of these securities, the Manager or the Sub-adviser, as the case may be, would vote the proxy in accordance with the principles set forth in its proxy voting policies and procedures, including the procedures used when a vote presents a conflict between the interests of Fund shareholders, on the one hand, and those of the Manager or the Sub-adviser or any affiliated person of the Fund and the Fund's shareholders, on the other.

Attached as Appendix B are copies of the guidelines and procedures that the Manager and Sub-advisers use to determine how to vote proxies relating to portfolio securities, including the procedures that the Manager and or Sub-advisers use when a vote presents a conflict between the interests of Fund shareholders, on the one hand, and those of the Manager or any affiliated person of the Trust or the Manager or Sub-advisers, on the other. This summary of the guidelines gives a general indication as to how the Manager and Sub-advisers will vote proxies relating to portfolio securities on each issue listed. However, the guidelines do not address all potential voting issues or the intricacies that may surround individual proxy votes. For that reason, there may be instances in which votes may vary from the guidelines presented. Notwithstanding the foregoing, the Manager and-or Sub-advisers, as applicable, always endeavors to vote proxies relating to portfolio securities in accordance with the Fund's investment objectives.

The proxy voting policies of the Sub-advisers, or summaries thereof, are also found in Appendix B.

Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Trust's website at: www.morganstanley.com/wealth-investmentsolutions/cgcm

#### Code of Ethics
Pursuant to Rule 17j-1 of the 1940 Act, each of the Trust, the Manager, each Sub-adviser and distributor has adopted a code of ethics that permits personnel to invest in securities for their own accounts, including securities that may be purchased or held by a Fund of the Trust. All personnel must place the interests of clients first and avoid activities, interests and relationships that might interfere with the duty to make decisions in the best interests of the clients. All personal securities transactions by employees must adhere to the requirements of the

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code and must be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of an employee's position of trust and responsibility.

Copies of the codes of ethics of the Trust, the Manager, Sub-advisers and distributor are on file with the SEC.

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#### COUNSEL AND INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, PA 19103, serves as counsel to the Trust. Stradley, Ronan, Stevens & Young LLP, 100 Park Avenue, Suite 2000, New York, NY 10017 serves as counsel to the Independent Trustees.

Deloitte & Touche LLP, 115 Federal Street, Boston, Massachusetts 02110, serves as the independent registered public accounting firm of the Trust.

In the interest of economy and convenience, certificates representing shares in the Trust are not physically issued. BNY Mellon Investment Servicing (US) Inc., the Trust's transfer agent, maintains a record of each shareholder's ownership of Trust shares. Shares do not have cumulative voting rights, meaning that holders of more than 50% of the shares voting for the election of Trustees can elect all Trustees. Shares are transferable, but have no preemptive, conversion or subscription rights. Shareholders generally vote on a Trust-wide basis, except with respect to proposals affecting an individual Fund, such as those with respect to the Management Agreement.

Massachusetts law provides that shareholders could, under certain circumstances, be held personally liable for the obligations of the Trust. The Trust Agreement disclaims shareholder liability for acts or obligations of the Trust, however, and requires that notice of the disclaimer be given in each agreement, obligation or instrument entered into or executed by the Trust or a Trustee. The Trust Agreement provides for indemnification from the Trust's property for all losses and expenses of any shareholder held personally liable for the obligations of the Trust. Thus, the risk of a shareholder's incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust would be unable to meet its obligations, a possibility that the Trust's management believes is remote. Upon payment of any liability incurred by the Trust, the shareholder paying the liability will be entitled to reimbursement from the general assets of the Trust. The Trustees intend to conduct the operations of the Trust in a manner so as to avoid, as far as possible, ultimate liability of the shareholders for liabilities of the Trust.

#### PORTFOLIO MANAGER DISCLOSURE

#### Portfolio Managers
The following tables set forth certain additional information with respect to the portfolio managers for each Fund. Unless noted otherwise, all information is provided as of August 31, 2025.

*Other Accounts Managed by Portfolio Managers* 

The tables below identify, for each portfolio manager, the number of accounts (other than the Fund) for which he or she has day-to-day management responsibilities and the total assets in such accounts, within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts.

#### Morgan Stanley Pathway Large Cap Equity ETF

#### BlackRock Financial Management, Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in trillion) | **Registered Investment<br>Company** (in trillion) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Matt Waldron | 367 | $2.96 | 146 | $367.5 | 173 | $171.5 |
|  Steven White, CFA<sup>®</sup> | 366 | $2.96 | 7 | $0.202 | 0 | $0 |
|  Peter Sietsema, CFA<sup>®</sup>\* | 373 | $2.97 | 209 | $917.9 | 62 | $674.1 |
|  Jennifer Hsui, CFA<sup>®</sup> | 374 | $2.97 | 123 | $97.08 | 0 | $0 |

---

------

<sup>\*</sup> Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Peter Sietsema, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $3.14 |

---

#### ClearBridge Investments, LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Erica Furfaro | 10 | $17.10 | 5 | $3.59 | 99634 | $37.68 |
|  Margaret Vitrano | 10 | $17.10 | 5 | $3.59 | 99634 | $37.68 |

---

#### Great Lakes Advisors, LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Paul Roukis, CFA<sup>®</sup>\* | 5 | $3505 | 3 | $104 | 32 | $2092 |
|  Jeff Agne\* | 5 | $3505 | 3 | $104 | 32 | $2092 |

---

<sup>\*</sup> Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Paul Roukis, CFA<sup>®</sup> | 1 | $184 | 0 | $0 | 0 | $0 |
|  Jeff Agne | 1 | $184 | 0 | $0 | 0 | $0 |

---

#### Principal Asset Management

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Bill Nolin | 8 | $47290.36 | 72 \* | $18667.44 | 10 | $2218.14 |
|  Tom Rozcyki | 8 | $47290.36 | 72 \* | $18667.44 | 10 | $2218.14 |

---

*\** *Accounts include three SMA/UMA models which are used by 33 Sponsors covering 68 client mandates. The investment team is focused on managing the three models and supporting Sponsor needs.* 

#### Morgan Stanley Pathway Small-Mid Cap Equity ETF

#### AllianceBernstein L.P.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  James MacGregor, CFA<sup>®</sup>\* | 6 | $3583 | 44 | $1776 | 62 | $7865 |
|  Erik Turenchalk, CFA<sup>®</sup>\* | 9 | $4300 | 43 | $1442 | 59 | $6289 |

---

------

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  James MacGregor, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $250 |
|  Erik Turenchalk, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $250 |

---

#### BlackRock Financial Management, Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in trillions) | **Registered Investment<br>Company** (in trillions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Matt Waldron | 367 | $2.96 | 146 | $367.5 | 173 | $171.5 |
|  Steven White, CFA<sup>®</sup> | 366 | $2.96 | 7 | $0.202 | 0 | $0 |
|  Peter Sietsema, CFA<sup>®</sup>\* | 373 | $2.97 | 209 | $917.9 | 62 | $674.1 |
|  Jennifer Hsui, CFA<sup>®</sup> | 374 | $2.97 | 123 | $97.08 | 0 | $0 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Peter Sietsema, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $3.14 |

---

#### Neuberger Berman Investment Advisers LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Benjamin H. Nahum\* | 5 | $1714 | 1 | $433 | 1363 | $2375 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Benjamin H. Nahum | 0 | $0 | 1 | $433 | 4 | $574 |

---

#### Westfield Capital Management Company, L.P.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  William A. Muggia\* | 13 | $6598 | 12 | $3551 | 264 | $13871 |
|  Richard D. Lee, CFA<sup>®</sup>\* | 10 | $4633 | 9 | $3468 | 223 | $12328 |
|  Matthew R. Renna, CFA<sup>®</sup>\* | 11 | $4652 | 10 | $3481 | 223 | $12328 |
|  Edward D. Richardson\* | 10 | $4633 | 9 | $3468 | 223 | $12328 |

---

------

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  William A. Muggia | 0 | $0 | 1 | $36.07 | 25 | $3886 |
|  Richard D. Lee, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 22 | $2704 |
|  Matthew R. Renna, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 22 | $2704 |
|  Edward D. Richardson | 0 | $0 | 0 | $0 | 22 | $2704 |

---

#### International Equity Fund

#### BlackRock Financial Management, Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in trillions) | **Registered Investment<br>Company** (in trillions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Matt Waldron | 367 | $2.96 | 146 | $367.5 | 173 | $171.5 |
|  Steven White, CFA<sup>®</sup> | 366 | $2.96 | 7 | $0.202 | 0 | $0 |
|  Peter Sietsema, CFA<sup>®</sup>\* | 373 | $2.97 | 209 | $917.9 | 62 | $674.1 |
|  Jennifer Hsui, CFA<sup>®</sup> | 374 | $2.97 | 123 | $97.08 | 0 | $0 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Peter Sietsema, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $3.14 |

---

#### Causeway Capital Management LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Sarah H. Ketterer\* | 13 | $24.84 | 20 | $2.63 | 139 | $31.12 |
|  Harry W. Hartford\* | 13 | $24.84 | 20 | $2.63 | 132 | $30.91 |
|  Jonathan P. Eng\* | 13 | $24.84 | 18 | $2.63 | 115 | $30.91 |
|  Conor S. Muldoon, CFA\*<sup>®</sup> | 13 | $24.84 | 18 | $2.63 | 117 | $30.90 |
|  Alessandro Valentini, CFA\*<sup>®</sup> | 13 | $24.84 | 18 | $2.63 | 109 | $30.90 |
|  Ellen Lee\* | 13 | $24.84 | 18 | $2.63 | 121 | $30.89 |
|  Steven Nguyen\* | 13 | $24.84 | 18 | $2.63 | 109 | $30.88 |
|  Brian Cho\* | 13 | $24.84 | 18 | $2.63 | 110 | $30.88 |

---

------

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Sarah H. Ketterer | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Harry W. Hartford | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Jonathan P. Eng | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Conor S. Muldoon, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Alessandro Valentini, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Ellen Lee | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Steven Nguyen | 0 | $0 | 0 | $0 | 3 | $2.17 |
|  Brian Cho | 0 | $0 | 0 | $0 | 3 | $2.17 |

---

#### Schroder Investment Management North America Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Simon Webber, CFA<sup>®</sup>\* | 5 | $9516 | 5 | $4532 | 17 | $6254 |
|  James Gautrey, CFA<sup>®</sup>\* | 4 | $9460 | 3 | $2300 | 15 | $5917 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Simon Webber, CFA<sup>®</sup> | 2 | $14964 | 1 | $52.9 | 0 | $0 |
|  James Gautrey, CFA<sup>®</sup> | 2 | $14964 | 1 | $52.9 | 0 | $0 |

---

#### Victory Capital Management Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Daniel B. LeVan, CFA<sup>®</sup>\* | 4 | $4373.75 | 3 | $999.95 | 3 | $726.03 |
|  John W. Evers, CFA<sup>®</sup>\* | 5 | $4681.65 | 3 | $999.95 | 3 | $726.03 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Daniel B. LeVan, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 0 | $0 |
|  John W. Evers, CFA<sup>®</sup> | 1 | $307.90 | 0 | $0 | 0 | $0 |

---

------

#### Walter Scott & Partners Limited

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** |  | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Jane Henderson\* | 4 | \*\* | $6449 | 39 | $25201 | 136 | $41508 |
|  Roy Leckie\* | 4 | \*\* | $6449 | 39 | $25201 | 136 | $41508 |
|  Maxim Skorniakov\* | 4 | \*\* | $6449 | 39 | $25201 | 136 | $41508 |
|  Fraser Fox, CFA<sup>®</sup>\* | 4 | \*\* | $6449 | 39 | $25201 | 136 | $41508 |

---

\*\* Does not include Morgan Stanley Pathway International Equity Fund

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Jane Henderson | 0 | $0 | 2 | $367 | 18 | $3660 |
|  Roy Leckie | 0 | $0 | 2 | $367 | 18 | $3660 |
|  Maxim Skorniakov | 0 | $0 | 2 | $367 | 18 | $3660 |
|  Fraser Fox, CFA<sup>®</sup> | 0 | $0 | 2 | $367 | 18 | $3660 |

---

#### Emerging Markets Equity Fund

#### BlackRock Financial Management, Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Matt Waldron | 367 | $2.96 | 146 | $367.5 | 173 | $171.5 |
|  Steven White, CFA<sup>®</sup> | 366 | $2.96 | 7 | $0.202 | 0 | $0 |
|  Peter Sietsema, CFA<sup>®</sup>\* | 373 | $2.97 | 209 | $917.9 | 62 | $674.1 |
|  Jennifer Hsui, CFA<sup>®</sup> | 374 | $2.97 | 123 | $97.08 | 0 | $0 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Peter Sietsema, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $3.14 |

---

#### Lazard Asset Management LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  James M. Donald, CFA<sup>®</sup>\* | 10 | $6746.6 | 13 | $6676.7 | 65 | $12236.5 |
|  Rohit Chopra\* | 7 | $6589.7 | 12 | $6408.7 | 44 | $9452.1 |
|  Ganesh Ramachandran\* | 9 | $6691.3 | 12 | $6416.7 | 36 | $8735.9 |
|  Monica Shrestha\* | 6 | $6455.4 | 10 | $6390.4 | 35 | $8733.9 |

---

------

\* Portfolio manager manages accounts for which advisory fees are totally or partially based on performance, the number of accounts and assets for which advisory fees are totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  James M. Donald, CFA<sup>®</sup>\* | 0 | $0 | 0 | $0 | 3 | $753.1 |
|  Rohit Chopra\* | 0 | $0 | 0 | $0 | 1 | $620.7 |
|  Ganesh Ramachandran\* | 0 | $0 | 0 | $0 | 1 | $620.7 |
|  Monica Shrestha\* | 0 | $0 | 0 | $0 | 1 | $620.7 |

---

#### Clearbridge Investment Management Limited (Previously known as "Martin Currie")

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager (s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets $** | **Accounts** | **Assets $** | **Accounts** | **Assets $** |
|  Aimee Truesdale\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |
|  Alastair Reynolds\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |
|  Andrew Mathewson\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |
|  Colin Dishington\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |
|  Divya Mathur\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |
|  Paul Desoisa\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |
|  Paul Sloane\* | 0 | $0 | 6 | $3.39 | 7 | $2.12 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager (s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets $** | **Accounts** | **Assets $** | **Accounts** | **Assets** |
|  Aimee Truesdale | 0 | $0 | 0 | $0 | 2 | $1.32 |
|  Alastair Reynolds | 0 | $0 | 0 | $0 | 2 | $1.32 |
|  Andrew Mathewson | 0 | $0 | 0 | $0 | 2 | $1.32 |
|  Colin Dishington | 0 | $0 | 0 | $0 | 2 | $1.32 |
|  Divya Mathur | 0 | $0 | 0 | $0 | 2 | $1.32 |
|  Paul Desoisa | 0 | $0 | 0 | $0 | 2 | $1.32 |
|  Paul Sloane | 0 | $0 | 0 | $0 | 2 | $1.32 |

---

#### Van Eck Associates Corporation

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Ola El-Shawarby | 2 | $398.86 | 1 | $24.78 | 1 | $2.97 |
|  Angus Shillington | 2 | $398.86 | 1 | $24.78 | 1 | $2.97 |

---

------

#### Core Fixed Income Fund

#### Allspring Global Investments, LLC

#### Allspring Global Investment (UK) Limited

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Janet S. Rilling, CFA<sup>®</sup>\* | 9 | $14449.47 | 6 | $2174.94 | 20 | $7699.66 |
|  Noah Wise, CFA<sup>®</sup>\* | 9 | $14449.47 | 4 | $1190.67 | 14 | $2572.43 |
|  Christopher Kauffman CFA<sup>®</sup>\* | 11 | $15143.03 | 3 | $763.86 | 23 | $8099.45 |
|  Michael Stanczyk\* | 9 | $14801.53 | 6 | $2174.94 | 28 | $9423.37 |
|  Michael J. Schueller CFA<sup>®</sup>\* | 17 | $18390.56 | 6 | $921.05 | 26 | $1177.25 |
|  Sarah Harrison\* | 9 | $13077.23 | 2 | $87.13 | 3 | $1104.68 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Janet S. Rilling, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 0 | $0 |
|  Noah Wise, CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 3 | $1206.41 |
|  Christopher Kauffman CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 3 | $1206.41 |
|  Michael Stanczyk | 0 | $0 | 0 | $0 | 3 | $1206.41 |
|  Michael J. Schueller CFA<sup>®</sup> | 0 | $0 | 0 | $0 | 1 | $157.15 |
|  Sarah Harrison | 0 | $0 | 0 | $0 | 0 | $0 |

---

#### BlackRock Financial Management, Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Pooled Investment<br>Vehicles** (in billions) | **Other Accounts** (in billions) | **Other Accounts** (in billions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  James Mauro | 132 | $807.1 | 45 | $47.73 | 5 | $3.99 |
|  Jonathan Graves | 34 | $132.5 | 68 | $29.49 | 9 | $3.47 |
|  Marcus Tom | 12 | $81.96 | 11 | $49.28 | 6 | $3.02 |

---

#### J.P. Morgan Investment Management Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Kay Herr, CFA | 7 | $41504 | 3 | $8030 | 6 | $1190 |
|  Andrew Norelli | 7 | $54677 | 5 | $21423 | 7 | $2232 |
|  Priya Misra | 5 | $35132 | 2 | $7941 | 11 | $7777 |
|  Richard Figuly \* | 22 | $118035 | 8 | $29147 | 21 | $9141 |
|  Lisa Coleman, CFA \* | 10 | $43013 | 23 | $29690 | 27 | $19822 |
|  Thomas Hauser, CFA \* | 22 | $68742 | 20 | $40636 | 57 | $23679 |
|  Vikas Pathani \* | 7 | $37047 | 4 | $15388 | 5 | $1528 |

---

------

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Richard Figuly | 0 | $0 | 0 | $0 | 1 | $2373 |
|  Lisa Coleman, CFA | 0 | $0 | 0 | $0 | 1 | $298 |
|  Thomas Hauser, CFA | 0 | $0 | 2 | $44 | 0 | $0 |
|  Vikas Pathani | 0 | $0 | 0 | $0 | 1 | $298 |

---

#### High Yield Fund

#### PineBridge Investments LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  John Yovanovic CFA\* | 5 | $1884.6 | 8 | $4331.2 | 21 | $8425.4 |
|  Jeremy Burton CFA\* | 5 | $952.4 | 8 | $4331.2 | 22 | $8437.7 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  John Yovanovic CFA | 1 | $220.5 | 0 | $0 | 2 | $1128.6 |
|  Jeremy Burton CFA | 2 | $428.1 | 0 | $0 | 2 | $1128.6 |

---

#### International Fixed Income Fund

#### Pacific Investment Management Company LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Sachin Gupta\* | 11 | $21640 | 23 | $15883 | 26 | $25338 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Sachin Gupta | 0 | $0 | 3 | $698 | 3 | $543 |

---

#### Municipal Bond Fund

#### BlackRock Financial Management, Inc.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in billions) | **Registered Investment<br>Company** (in billions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Michael Kalinoski, CFA | 32 | $30.06 | 0 | $0 | 0 | $0 |
|  Kevin Maloney, CFA | 42 | $39.29 | 0 | $0 | 0 | $0 |

---

------

#### Inflation-Linked Fixed Income Fund

#### Pacific Investment Management Company LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Daniel He\* | 20 | $24999 | 3 | $743 | 17 | $6611 |
|  Lorenzo Pagani\* | 9 | $19936 | 30 | $25489 | 28 | $15889 |

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\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Daniel He | 0 | $0 | 1 | $562 | 3 | $887 |
|  Lorenzo Pagani | 0 | $0 | 8 | $5340 | 6 | $3233 |

---

#### Ultra-Short Term Fixed Income Fund

#### Pacific Investment Management Company LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Jerome M. Schneider\* | 22 | $96581 | 18 | $29297 | 38 | $24268 |

---

\* Portfolio manager manages accounts for which advisory fee is totally or partially based on performance, the number of accounts and assets for which advisory fee is totally or partially based on performance as of August 31, 2025 can be found in the table below: 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** (in millions) | **Registered Investment<br>Company** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Pooled Investment<br>Vehicles** (in millions) | **Other Accounts** (in millions) | **Other Accounts** (in millions) |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Jerome M. Schneider | 0 | $0 | 3 | $687 | 3 | $894 |

---

#### Alternative Strategies Fund

#### Consulting Group Advisory Services LLC

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager(s)** | **Registered Investment<br>Company** | **Registered Investment<br>Company** | **Other Pooled Investment<br>Vehicles** | **Other Pooled Investment<br>Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **Accounts** | **Assets** | **Accounts** | **Assets** | **Accounts** | **Assets** |
|  Andrew Nania | 0 | $0 | 0 | $0 | 0 | $0 |
|  Andrew Cohen | 0 | $0 | 0 | $0 | 0 | $0 |

---

#### PORTFOLIO MANAGER COMPENSATION

#### AllianceBernstein L.P. ("AllianceBernstein")
Compensation for our equity portfolio managers, analysts is designed to align with AllianceBernstein's mission: generating investment outcomes for our clients.

<u>Incentive Compensation Significant Component</u><u>:</u> Portfolio managers, analysts and traders receive base compensation, incentive compensation and retirement contributions. While both overall compensation levels and the splits between base and incentive compensation vary from year to year, incentive compensation is a

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significant part of overall compensation. For example, for our portfolio managers, the bonus component averages approximately 60-80% of their total compensation each year. Part of each professional's annual incentive compensation is normally paid through an award under the firm's Incentive Compensation Award Plan (ICAP). Deferred awards are in the form of the firm's publicly traded equity units, although award recipients have the ability to receive a portion of their awards in deferred cash. The ICAP awards vest over a three-year period. We believe this helps our investment professionals focus appropriately on long-term client objectives and results.

<u>Compensation</u> <u>for Portfolio Managers</u><u>:</u> Total compensation for our portfolio managers is determined by both quantitative and qualitative factors. the quantitative component includes measures of absolute and relative investment performance and is weighted more heavily. Relative returns are evaluated using both the Strategy's primary benchmark and peers over one-, three- and five-year periods, with more weight given to longer time periods. We also assess the risk pattern of performance, both absolute and relative to peers. Peer groups are chosen by our Product Management team in coordination with investment CIOs to identify products most similar to our investment style and most relevant within the asset class. Other factors that can play a part in determining portfolio managers' compensation include complexity of investment strategies managed.

<u>Qualitative Component</u>: For all our investment professionals, the qualitative portion of total compensation is determined by individual goals set at the beginning of the year, with measurement and feedback on how those goals are being achieved provided at regular intervals. Qualitative objectives may include thought leadership, collaboration with other investment professionals at the firm, building a strong talent pool, mentoring newer investment professionals, being a good corporate citizen, and achievement of personal goals. Some investment professionals may have responsibility-related goals. AllianceBernstein is not prescriptive in the goal setting, and the exact goals will vary, depending on the individual's role and responsibilities.

Assessments of all investment professionals are formalized in a year-end review process that includes 360-degree feedback from other professionals from across the investment teams and firm. We incorporate industry benchmarking data to monitor that our compensation remains competitive and appropriately reflects each individual's contributions in achieving client objectives.

#### Allspring Global Investments, LLC ("Allspring (US)")

#### Allspring Global Investments (UK) Limited ("Allspring (UK)")
The compensation structure for Allspring Investments' 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, 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 our 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 its 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 a deferred incentive. The long-term portion of incentives generally carry a pro-rated vesting schedule over a 3 year period. For many of its Portfolio Managers, Allspring Investments further requires

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a of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, 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.

#### BlackRock Financial Management, Inc. ("BlackRock")
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—Mr. Graves, Mauro, Tom, Kalinoski, & Maloney* 

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 benchmarks for the Funds and other accounts are:

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| | |
|:---|:---|
| Portfolio Manager | Benchmarks |
| Jonathan Graves | A combination of market-based indices (e.g., Bloomberg U.S. Aggregate Bond Index), certain customized indices and certain fund industry peer groups. |
| James Mauro <br>Marcus Tom | A combination of market-based indices (e.g., Bloomberg MBS Index and the Bloomberg U.S. TIPS 0-5 Years Index) |
| Michael Kalinoski <br>Kevin Maloney | A combination of market-based indices (e.g., Bloomberg Municipal Bond Index), certain customized indices and certain fund industry peer groups. |

---

*Discretionary Incentive Compensation—Mr. Waldron, White, Sietsema, and Ms. Hsui* 

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

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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 and multi-asset class 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. Performance of index funds is based on the performance of such funds relative to pre-determined tolerance bands around a benchmark, as applicable. The performance of Messrs. White, Waldron and Sietsema and Ms. Hsui is not measured against a specific benchmark.

**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. 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.

#### Causeway Capital Management LLC ("Causeway")
Sarah Ketterer and Harry Hartford, the chief executive officer and president of Causeway, respectively, receive annual salaries and are entitled, as controlling owners of Causeway's parent holding company, to distributions of

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the holding company's profit based on their ownership interests. They do not receive incentive compensation. Messrs. Cho, Eng, Muldoon, Valentini and Nguyen and Ms. Lee receive salaries and may receive incentive compensation (including potential cash awards of growth units, or awards of equity units). Portfolio managers also receive, directly or through estate planning vehicles, distributions of Causeway's profit based on their minority ownership interests in Causeway's parent company. Causeway's Compensation Committee weighing a variety of objective and subjective factors determines salary and incentive compensation and, subject to the approval of the holding company's Board of Managers, may award equity units. Portfolios are team-managed and salary and incentive compensation are not based on the specific performance of the Sleeve or any single client account managed by Causeway but take into account the performance of the individual portfolio manager, the relevant team and Causeway's overall performance and financial results. For portfolio managers of the Sleeve, the performance of stocks selected for client portfolios within a particular industry or sector over a multi-year period relative to appropriate benchmarks will be relevant for portfolio managers assigned to that industry or sector. Causeway takes into account both quantitative and qualitative factors in determining the amount of incentive compensation awarded, including the following factors: individual research contribution, portfolio and team management contribution, group research contribution, mentoring, client service and recruiting contribution, and other contributions to client satisfaction and firm development.

#### ClearBridge Investments, LLC ("ClearBridge")
Compensation includes without limitation, salary, bonus, deferred compensation, and pension and retirement plans and arrangements, whether the compensation is cash or non-cash. This description must clearly disclose any differences between the method used to determine the Portfolio Manager's compensation with respect to the Fund and other accounts.

All employees participate in a competitive compensation program that is designed to attract and retain outstanding talent and closely align the interests of its investment professionals with those of its clients and overall Firm results. The total compensation program includes a competitive base salary and a significant incentive component that rewards high performance standards, integrity, and collaboration consistent with the Firm's values. A portion of annual bonuses can be deferred into compensation plans that vest over the course of several years after the grant date. Deferrals are tied to portfolio performance, company equity products, and Franklin Resources stock.

Base salary is fixed and primarily determined based on market factors and the experience and responsibilities of the individual. Salaries are reviewed using relevant industry market data, obtained through regular participation in an external compensation benchmarking exercise, to ensure fixed pay remains competitive. Salaries are typically reviewed at least annually.

Discretionary compensation can include:

• Cash Incentive Award

• Deferred Compensation – mandatory programs that typically defer a portion of discretionary year-end compensation into company managed funds. Portfolio Managers generally have required allocations in their main product, with the option to invest in additional managed funds. As a result, Portfolio Managers may have up to 100% of this award allocated to their primary managed product or its performance. For research analysts, 100% of the deferred amount is allocated among our managed funds. For U.S.-based employees, these investments are company assets held on the balance sheet and distributed to employees as shares, subject to applicable vesting requirements. Outside the United States, a third-party administrator tracks the performance as a notional investment, which is then paid out to employees in cash following vesting requirements.

• Restricted Stock Deferral – a mandatory program that typically defers a portion of discretionary year-end compensation into Franklin Resources restricted stock. The award is paid out to employees in shares subject to vesting requirements.

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#### Portfolio Managers:
Several factors are considered by the ClearBridge Chief Executive Officer and Chief Investment Officer when determining discretionary compensation for Portfolio Managers. These include but are not limited to:

• Investment performance. A Portfolio Manager's compensation is linked to the investment performance of the fund/accounts managed by the Portfolio Manager. Investment performance is calculated for 1-, 3-, and 5-year periods measured against the applicable product benchmark (e.g., a securities index and, with respect to a fund, the benchmark set forth in the fund's Prospectus) and relative to applicable industry peer groups. The greatest weight is generally placed on 3- and 5-year performance.

• Appropriate risk positioning that is consistent with the strategy's investment philosophy and approach to generation of alpha;

• Overall Firm profitability and performance;

• Amount and nature of assets managed by the Portfolio Manager;

• Contributions for asset retention, gathering and client satisfaction;

• Contribution to mentoring, coaching and/or supervising;

• Contribution and communication of investment ideas in ClearBridge's investment meetings and on a day-to-day basis;

• Market compensation survey research by independent third parties.

#### Consulting Group Advisory Services LLC ("CGAS" or the "Manager"), a business of Morgan Stanley Wealth Management
Base salary and discretionary bonus are not based on fund performance or AUM.

#### Great Lakes Advisors, LLC ("Great Lakes")
Great Lakes' investment professionals are eligible for attractive compensation packages comprised of fixed-base salaries, annual cash bonuses, and tracking shares. We believe our total compensation is competitive and supports a strong retention profile. Bonuses for investment professionals are based primarily on their contributions as portfolio managers and/or analysts, but also incorporate other intangibles contributing to our overall success. These include profitability of the firm and measurable merit-based metrics that include: (a) short-term and long-term performance of the strategy over 1, 3 and 5 year periods, (b) individual contribution to performance, and (c) contribution to overall firm profitability. All accounts in the same strategy are managed according to the same model and investments are accordingly allocated pro rata. Compensation for our investment personnel is structured in a manner to ensure there is no favoritism paid towards certain accounts. Bonuses vary and are ultimately determined by our Chief Investment Officer and Chief Executive Officer.

#### J.P. Morgan Investment Management Inc. ("JPMIM")
J.P. Morgan Investment Management's ("JPMIM") compensation programs are designed to align with 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

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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 long-term, with specific considerations for Portfolio Managers of investment performance relative to competitive indices 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 JPMIM's compliance, risk, regulatory and client fiduciary responsibilities, including, as applicable, adherence to the JPMIM Asset Management Sustainability Risk Integration Policy, which contains relevant financially material Environmental, Social and Corporate Governance ("ESG") factors that are intended to be assessed to investment decision-making.

In addition to the above performance dimensions, the firm-wide pay-for-performance framework is integrated into the final assessment of incentive compensation for an individual Portfolio Manager. Feedback from JPMIM'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 JPMIM'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 the 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.

For the portion of the 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 JPMIM's risk appetite and to discourage future imprudent behavior, JPMIM has policies and procedures that enable it 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.

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The precise actions JPMIM takes with respect to accountable individuals are based on circumstances, including the nature of their involvement, the magnitude of the event and the impact on JPMIM.

In evaluating each Portfolio Manager's performance with respect to the accounts he or she manages, JPMorgan uses the following indices as benchmarks to evaluate the performance of the portfolio manager with respect to the accounts:

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| | |
|:---|:---|
| **Name of Fund** | **Benchmark** |
| Morgan Stanley Pathway Funds- Core Fixed Income Fund | Bloomberg U.S. Aggregate Total Return in USD |

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#### Lazard Asset Management LLC ("Lazard")
Lazard's portfolio managers are generally responsible for managing multiple types of accounts that may, or may not, invest in securities in which the Trust may invest or pursue a strategy similar to a Fund's strategies. Portfolio managers responsible for managing the Funds may also manage sub-advised registered investment companies, collective investment trusts, unregistered funds and/or other pooled investment vehicles, separate accounts, separately managed account programs (often referred to as "wrap accounts") and model portfolios.

Lazard compensates portfolio managers by a competitive salary and bonus structure, which is determined both quantitatively and qualitatively. Salary and bonus are paid in cash, stock and restricted interests in funds managed by Lazard or its affiliates. Portfolio managers are compensated on the performance of the aggregate group of portfolios managed by the teams of which they are a member rather than for a specific fund or account. Various factors are considered in the determination of a portfolio manager's compensation. All of the portfolios managed by a portfolio manager are comprehensively evaluated to determine his or her positive and consistent performance contribution over time. Further factors include the amount of assets in the portfolios as well as qualitative aspects that reinforce Lazard's investment philosophy.

Total compensation is generally not fixed, but rather is based on the following factors: (i) leadership, teamwork and commitment; (ii) maintenance of current knowledge and opinions on companies owned in the portfolio;

(iii) generation and development of new investment ideas, including the quality of security analysis and identification of appreciation catalysts; (iv) ability and willingness to develop and share ideas on a team basis; and (v) the performance results of the portfolios managed by the investment teams of which the portfolio manager is a member.

Variable bonus is based on the portfolio manager's quantitative performance as measured by his or her ability to make investment decisions that contribute to the pre-tax absolute and relative returns of the accounts managed by the teams of which the portfolio manager is a member, by comparison of each account to a predetermined benchmark, generally as set forth in the Prospectus or other governing document, over the current fiscal year and the longer-term performance of such account, as well as performance of the account relative to peers. The portfolio manager's bonus also can be influenced by subjective measurement of the manager's ability to help others make investment decisions. A portion of a portfolio manager's variable bonus is awarded under a deferred compensation arrangement pursuant to which the portfolio manager may allocate certain amounts awarded among certain portfolios, in shares that vest in two to three years. Certain portfolio managers' bonus compensation may be tied to a fixed percentage of revenue or assets generated by the accounts managed by such portfolio management teams.

**ClearBridge Investment Management Limited ("CIML") (Previously known as "Martin Currie")** 

All employees participate in a competitive compensation program that is designed to attract and retain outstanding talent and closely align the interests of its investment professionals with those of its clients and overall Firm results. The total compensation program includes a competitive base salary and a significant

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incentive component that rewards high performance standards, integrity, and collaboration consistent with the Firm's values. A portion of annual bonuses can be deferred into compensation plans that vest over the course of several years after the grant date. Deferrals are tied to portfolio performance, company equity products, and Franklin Resources stock. Base salary is fixed and primarily determined based on market factors and the experience and responsibilities of the individual. Salaries are reviewed using relevant industry market data, obtained through regular participation in an external compensation benchmarking exercise, to ensure fixed pay remains competitive. Salaries are typically reviewed at least annually.

Discretionary compensation can include:

• Cash Incentive Award

• Deferred Compensation – mandatory programs that typically defer a portion of discretionary year-end compensation into company managed funds. Portfolio Managers generally have required allocations in their main product, with the option to invest in additional managed funds. As a result, Portfolio Managers may have up to 100% of this award allocated to their primary managed product or its performance. For research analysts, 100% of the deferred amount is allocated among our managed funds. For U.S.-based employees, these investments are company assets held on the balance sheet and distributed to employees as shares, subject to applicable vesting requirements. Outside the United States, a third-party administrator tracks the performance as a notional investment, which is then paid out to employees in cash following vesting requirements.

• Restricted Stock Deferral – a mandatory program that typically defers a portion of discretionary year-end compensation into Franklin Resources restricted stock. The award is paid out to employees in shares subject to vesting requirements.

#### Portfolio Managers:
Several factors are considered by the ClearBridge Chief Executive Officer and Chief Investment Officer when determining discretionary compensation for Portfolio Managers. These include but are not limited to:

• Investment performance. A Portfolio Manager's compensation is linked to the investment performance of the fund/accounts managed by the Portfolio Manager. Investment

• performance is calculated for 1-, 3-, and 5-year periods measured against the applicable product benchmark (e.g., a securities index and, with respect to a fund, the benchmark set forth in the fund's Prospectus) and relative to applicable industry peer groups. The greatest weight is generally placed on 3- and 5-year performance.

• Appropriate risk positioning that is consistent with the strategy's investment philosophy and approach to generation of alpha;

• Overall Firm profitability and performance;

• Amount and nature of assets managed by the Portfolio Manager;

• Contributions for asset retention, gathering and client satisfaction;

• Contribution to mentoring, coaching and/or supervising;

• Contribution and communication of investment ideas in ClearBridge's investment meetings and on a day-to-day basis;

• Market compensation survey research by independent third parties

#### Neuberger Berman Investment Advisers LLC ("Neuberger")
NBIA's compensation philosophy is one that focuses on rewarding performance and incentivizing NBIA's employees. NBIA is also focused on creating a compensation process that it believes is fair, transparent, and competitive with the market.

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Compensation for portfolio managers consists of either (i) fixed (salary) and variable (discretionary bonus) compensation but is more heavily weighted on the variable portion of total compensation (ii) on a production model, whereby formulaic compensation is paid from the team compensation pool on a fixed schedule (typically monthly) or (iii) a combination of salary, bonus and/or production compensation. Compensation is paid from a team compensation pool made available to the portfolio management team with which the portfolio manager is associated. The size of the team compensation pool is determined based on a formula that takes into consideration a number of factors including the pre-tax revenue that is generated by that particular portfolio management team, less certain adjustments. The amount allocated to individual Portfolio Managers is determined on the basis of a variety of criteria, including investment performance (including the aggregate multi-year track record), utilization of central resources (including research, sales and operations/support), business building to further the longer-term sustainable success of the investment team, effective team/people management, and overall contribution to the success of NBIA. Certain portfolio managers may manage products other than mutual funds, such as high net worth separate accounts. The share of pre-tax revenue a portfolio manager receives pursuant to any such arrangement will vary based on certain revenue thresholds.

The terms of NBIA's long-term retention incentives are as follows:

<u>Employee-Owned Equity</u>. Certain employees (primarily senior leadership and investment professionals) participate in Neuberger's equity ownership structure, which was launched as part of the firm's management buyout in 2009 and designed to incentivize and retain key personnel. NBIA also offers an equity acquisition program which allows employees a more direct opportunity to invest in Neuberger. For confidentiality and privacy reasons, NBIA cannot disclose individual equity holdings or program participation.

<u>Contingent Compensation</u>. Certain employees may participate in Neuberger's Contingent Compensation Plan (the "CCP") to serve as a means to further align the interests of NBIA's employees with the success of the firm and the interests of NBIA's clients, and to reward continued employment. Under the CCP, up to 20% of a participant's annual total compensation in excess of $500,000 is contingent and subject to vesting. The contingent amounts are maintained in a notional account that is tied to the performance of a portfolio of Neuberger investment strategies as specified by the firm on an employee-by-employee basis. By having a participant's contingent compensation tied to Neuberger investment strategies, each employee is given further incentive to operate as a prudent risk manager and to collaborate with colleagues to maximize performance across all business areas. In the case of members of investment teams, including portfolio managers, the CCP is currently structured so that such employees have exposure to the investment strategies of their respective teams as well as the broader Neuberger portfolio.

<u>Restrictive Covenants</u>. Most investment professionals, including portfolio managers, are subject to notice periods and restrictive covenants which include employee and client non-solicit restrictions as well as restrictions on the use of confidential information. In addition, depending on participation levels, certain senior professionals who have received equity grants have also agreed to additional notice and transition periods and, in some cases, non-compete restrictions. For confidentiality and privacy reasons, NBIA cannot disclose individual restrictive covenant arrangements.

#### Pacific Investment Management Company LLC ("PIMCO")
PIMCO's and its affiliates' approach to compensation seeks to provide professionals with a compensation process that is driven by values of collaboration, openness, responsibility and excellence.

Generally, compensation packages consist of three components. The 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 clients, among other factors. A portfolio manager's compensation is not based solely on the performance of the Fund or any other account managed by that portfolio manager:

Base Salary – Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels.

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Variable Compensation – In addition to a base salary, portfolio managers have a variable component of their compensation, which is based on a combination of individual and company performance and includes both qualitative and quantitative factors. The following non-exhaustive list of qualitative and quantitative factors is considered when determining total compensation for portfolio managers:

• performance measured over a variety of longer- and shorter-term periods, including 5- year, 4-year, 3-year, 2- year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the Fund(s)) and relative to applicable industry peer groups; and

• amount and nature of assets managed by the portfolio manager.

The variable compensation component of an employee's compensation may include a deferred component. The deferred portion will generally be subject to vesting and may appreciate or depreciate based on the performance of PIMCO and/or its affiliates. PIMCO's Long-Term Incentive Plan provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. Additionally, PIMCO's Carried Interest Plan provides eligible participants (i.e. those who provide services to PIMCO's alternative funds) a percentage of the carried interest otherwise payable to PIMCO if the applicable performance measurements described in the alternative fund's partnership agreements are achieved.

Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are Managing Directors receive an amount determined by the Partner Compensation Committee, based upon an individual's overall contribution to the firm.

#### PineBridge Investments LLC ("PineBridge")
PineBridge's compensation philosophy is one of differentiation, alignment, and pay-for-performance with annual incentive compensation varying based on individual, team and firm performance. In addition to a base salary, which is consistent with regional market levels for the retention of superior staff, professionals' incentives are as follows:

Bonus compensation for professionals is based on a discretionary plan combined with the overall performance of the firm. The discretionary bonus incentive plan consists of a cash bonus paid annually, with bonus amounts over a certain threshold deferred on a sliding scale, ranging between 20-50%; these deferrals vest in one-third increments over a 3-year period. Key Portfolio Managers participate in our Portfolio Aligned Bonus Program whereby one third of their unvested cash bonus deferral earns a market rate of interest, one-third tracks the performance of their key funds, and one-third tracks the PineBridge Multi-Asset strategy managed by multiple PineBridge investment teams to encourage cross investment team collaboration. In addition to the cash bonus deferral plan, key individuals also participate in the firm's Long-term Incentive Program, granted in the form of Performance Units; the Long-Term Incentive Performance Unit Plan vests on a 3-year cliff vesting schedule.

#### Principal Asset Management ("Principal")
Principal Asset Management offers investment professionals a competitive compensation structure that is evaluated annually relative to other global asset management firms. The objectives are to align individual and team contributions with client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for equity investment professionals at all levels is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels.

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The incentive component is well aligned with client objectives, with the largest determinant being investment performance relative to appropriate client benchmarks and peer groups. Relative performance metrics are measured over rolling three-year and five-year periods, calculated quarterly. Emphasis is placed on longer term results, with the three-year and five-year results each comprising 50% weights. Quarterly measurement of rolling period results reinforces our longer-term orientation, avoiding undue attention to seasonal or calendar year considerations.

The remaining portion of variable compensation is discretionary and is based on individual contributions and the overall results of Principal Aligned. Under this structure, business metrics are aligned specifically with the results of Principal Aligned rather than the broader parent organization. The structure is uniformly applied among all investment professionals. For portfolio managers and senior professionals, a portion of incentive compensation may be deferred; 40% of the deferred compensation is awarded in Principal Financial Group ("PFG") restricted stock units and the other 60% is required to be invested into funds managed by the team, via a co-investment, or mutual fund deferral program. Both vehicles have a three-year vesting period.

The benefits of this structure are three-fold. First, the emphasis on investment performance as the largest driver of variable compensation provides strong alignment of interests with client objectives. Second, the discretionary profit sharing element allows flexibility to retain key personnel at times when Principal's investment strategies may be temporarily out of favor. Third, the overall measurement framework and the deferred component for senior professionals is well aligned with Principal's desired focus on longer term results, co-investment alongside clients, collaboration, and team development.

Compensation is based on pre-tax performance.

#### Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (together, "Schroders")
Schroders' methodology for measuring and rewarding the contribution made by portfolio managers combines quantitative measures with qualitative measures. The Fund's portfolio managers are compensated for their services to the Fund and to other accounts they manage in a combination of base salary and annual discretionary bonus, as well as the standard retirement, health and welfare benefits. A limited number of fund managers may also receive awards under a long-term incentive program, aimed at recognizing key talent and sustained performance and potential. In addition, certain employees, typically those in our Schroders Capital business, may also be eligible to participate in carried-interest sharing arrangements, which further enhance long-term retention and alignment to investment performance.

Base salary of Schroders employees is determined by reference to the level of responsibility inherent in the role and the skills and experience of the incumbent and is benchmarked annually against market data to ensure that Schroders is paying competitively. Schroders reviews base salaries annually, targeting increases at employees whose roles or responsibilities have increased in scope materially during the year.

Schroders believes that a discretionary incentive scheme approach is preferable to the use of formulaic arrangements to ensure that good conduct and behaviors in line with the Schroders values are rewarded, to avoid reinforcing or creating conflicts of interest and to encourage a one team attitude. Any discretionary bonus is determined by a number of factors. At a macro level the total amount available to spend is a function of the compensation to revenue ratio achieved by Schroders globally. Schroders then assesses the performance of the division and of a management team to determine the share of the aggregate bonus pool that is spent in each area. This focus on "team" maintains consistency and minimizes internal competition that may be detrimental to the interests of Schroders' clients. For each team, Schroders considers a range of performance metrics including the performance of their Funds relative to competitors and to relevant benchmarks (which may be internally-and/or externally-based and are considered over a range of performance periods, including over one and three year periods), the level of Funds under management and the level of performance fees generated, if any.

The portfolio managers' compensation for other accounts they manage may be based upon such accounts'

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performance. Non-financial performance metrics, including adherence to effective risk management, also form a significant part of the performance assessment process which is considered in determining the individual's bonus award. Schroders assesses each employee's performance across three key areas: Business Excellence, Behavioral Excellence and Conduct, taking into account factors such as leadership, contribution to other parts of the business, and identifying those whose behavior exemplifies our corporate values of excellence, integrity, teamwork, passion, and innovation. For those employees receiving significant bonuses, a part may be deferred in the form of Schroders plc stock and fund-based awards of notional cash investments in a range of Schroders funds.

These deferrals vest over a period of three years or more and seek to ensure that the interests of employees are aligned with those of clients and shareholders.

#### Van Eck Associates Corporation ("VanEck")
VanEck's portfolio managers are paid a fixed base salary and a bonus. The bonus is based upon the quality of investment analysis and management of the funds for which they serve as portfolio manager. Portfolio managers who oversee accounts with significantly different fee structures are generally compensated by discretionary bonus rather than a set formula to help reduce potential conflicts of interest. At times, VanEck manages accounts with incentive fees. The portfolio managers may serve as portfolio managers to other clients. Such "Other Clients" may have investment objectives or may implement investment strategies similar to those of the Funds. When the portfolio managers implement investment strategies for Other Clients that are similar or directly contrary to the positions taken by a Fund, the prices of the Fund's securities may be negatively affected. The compensation that a Fund's portfolio manager receives for managing other client accounts may be higher than the compensation the portfolio manager receives for managing the Fund. The portfolio managers do not believe that their activities materially disadvantage the Fund. VanEck has implemented procedures to monitor trading across funds and its Other Clients.

#### Victory Capital Management Inc. ("Victory Capital")
Victory Capital has designed the structure of its portfolio managers' compensation to (1) align portfolio managers' interests with those of Victory Capital's clients with an emphasis on long-term, risk-adjusted investment performance, (2) help Victory Capital attract and retain high-quality investment professionals, and (3) contribute to Victory Capital's overall financial success. Each of the portfolio managers receives a base salary plus an annual incentive bonus for managing separate accounts, investment companies, other pooled investment vehicles and other accounts (including any accounts for which Victory Capital receives a performance fee) (together, "Accounts"). A portfolio manager's base salary is dependent on the manager's level of experience and expertise. Victory Capital monitors each manager's base salary relative to salaries paid for similar positions with peer firms by reviewing data provided by various consultants that specialize in competitive salary information. Such data, however, is not considered to be a definitive benchmark.

Each of the portfolio management teams employed by Victory Capital (including Trivalent Investments, which is responsible for managing a portion of the International Equity Fund) may earn incentive compensation based on a percentage of Victory Capital's revenue attributable to fees paid by Accounts managed by the team. The chief investment officer of each team, in coordination with Victory Capital, determines the allocation of the incentive compensation earned by the team among the team's portfolio managers by establishing a "target" incentive for each portfolio manager based on the manager's level of experience and expertise in the manager's investment style. Individual performance is based on objectives established annually using performance metrics such as portfolio structure and positioning, research, stock selection, asset growth, client retention, presentation skills, marketing to prospective clients and contribution to Victory Capital's philosophy and values, such as leadership, risk management and teamwork. The annual incentive bonus also factors in individual investment performance of each portfolio manager's portfolio or fund relative to a selected peer group(s). The overall performance results for a manager are based on the composite performance of all Accounts managed by that manager on a combination of one-, three- and five-year rolling performance periods as compared to the performance information of a peer group of similarly-managed competitors.

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Victory Capital's portfolio managers may participate in the equity ownership plan of Victory Capital's parent company. There is an ongoing annual equity pool granted to certain employees based on their contribution to the firm. Eligibility for participation in these incentive programs depends on the manager's performance and seniority.

#### Walter Scott & Partners Limited ("Walter Scott")
Walter Scott's staff are paid competitive base salaries. Everyone in the firm is eligible to participate in the firm's annual profit share, which is a fixed percentage of the firm's pre-tax and pre-incentive operating profits.

This is the sole source of incentive compensation with performance being measured on a variety of goals and outcomes unique to each individual but ultimately contributing to the firm's investment objectives and the client service Walter Scott provides.

Compensation awards for those in the Research team are measured using the same outcomes. Long-term performance, contribution to portfolio management decisions, research effort and quality (including integrated ESG analysis), stock picking success, responsibility for ESG research and stewardship and management of sustainability risks, and support in best serving its clients are among other factors considered when determining an individual's profit share. The importance given to particular factors will vary over time and between individuals.

The relative weights of base salary and profit share move according to performance. The components of compensation will also vary from year-to-year depending on the level of operating profit. There is, however, no cap on profit share as a percentage of base salary.

For Executive Directors, members of the Research team and some senior staff, the majority of annual compensation comprises a share of the firm's profits. An element of this is deferred via a long-term incentive plan and invested in a global equity fund of which Walter Scott is the investment adviser. For some other roles, the long-term incentive plan is in BNY stock. Both have a deferral period which vests on a pro-rata basis over three or four years.

Walter Scott's compensation structure is designed to align with the long-term interests of our clients.

#### Westfield Capital Management Company, L.P. ("Westfield")
Members of the Westfield Investment Committee are eligible to receive various components of compensation:

• Investment Committee members receive a base salary commensurate with industry standards.

• Investment Committee members are also eligible to receive an annual performance based bonus award. The amount awarded is based on the employee's individual performance attribution and overall contribution to the investment performance of Westfield.

• Investment Committee members may also be eligible to receive equity interests in the future profits of Westfield. Individual awards are typically determined by a member's overall performance within the firm, including but not limited to contribution to company strategy, participation in marketing and client service initiatives, as well as longevity at the firm. Key members of Westfield's management team who receive equity interests in the firm enter into agreements restricting post-employment competition and solicitation of clients and employees of Westfield. This compensation is in addition to the base salary and performance based bonus.

#### POTENTIAL CONFLICTS OF INTEREST
Potential conflicts of interest may arise when a Fund's portfolio manager has day-to-day management responsibilities with respect to one or more other funds or other accounts, as is the case for the portfolio managers listed in the tables above.

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#### These potential conflicts include:
*Allocation of Limited Time and Attention.* A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. As a result, the portfolio manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he or she were to devote substantially more attention to the management of a single fund. The effects of this potential conflict may be more pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

*Allocation of Limited Investment Opportunities.* If a portfolio manager identifies a limited investment opportunity that may be suitable for multiple funds and/or accounts, the opportunity may be allocated among these several funds or accounts, which may limit a fund's ability to take full advantage of the investment opportunity.

*Pursuit of Differing Strategies.* At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and/or accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and/or accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and/or accounts.

*Selection of Brokers/Dealers.* Portfolio managers may be able to select or influence the selection of the brokers and dealers that are used to execute securities transactions for the funds and/or account that they supervise. In addition to executing trades, some brokers and dealers provide portfolio managers with brokerage and research services (as those terms are defined in Section 28I of the 1934 Act), which may result in the payment of higher brokerage fees than might have otherwise be available. These services may be more beneficial to certain funds or accounts than to others. Although the payment of brokerage commissions is subject to the requirement that the portfolio manager determine in good faith that the commissions are reasonable in relation to the value of the brokerage and research services provided to the fund, a portfolio manager's decision as to the selection of brokers and dealers could yield disproportionate costs and benefits among the funds and/or accounts that he or she manages.

*Variation in Compensation.* A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the funds and/or accounts that he or she manages. If the structure of the investment Sub-adviser's management fee and/or the portfolio manager's compensation differs among funds and/or accounts (such as where certain funds or accounts pay higher management fees or performance-based management fees), the portfolio manager might be motivated to help certain funds and/or accounts over others. The portfolio manager might be motivated to favor funds and/or accounts in which he or she has an interest or in which the investment Sub-adviser and/or its affiliates have interests. Similarly, the desire to maintain or raise assets under management or to enhance the portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence the portfolio manager in affording to lend preferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager.

*Related Business Opportunities.* A Sub-adviser or its affiliates may provide more services (such as distribution or recordkeeping) for some types of funds or accounts than for others. In such cases, a portfolio manager may benefit, either directly or indirectly, by devoting disproportionate attention to the management of funds and/or accounts that provide greater overall returns to a Sub-adviser and its affiliates.

#### AllianceBernstein L.P. ("AllianceBernstein")
Potential material conflicts of interest may include: acting for multiple clients; choosing active management over passive; allocating investment opportunities when investment opportunities are in short supply and there are not enough securities available to create a meaningful holding in every account for which the security might be a suitable investment; determining appropriate capacity levels; employee investments in the same strategies AllianceBernstein offers clients; the handling of errors; the setting of fees; gifts and entertainment; guidelines

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interpretation; investing in new services; investments in the same or related issuer; limitation of offerings for Bernstein Private Wealth Services; relationships with influential clients; proxy voting; securities valuation; and selecting execution brokers.

AllianceBernstein has policies and practices in place to manage these potential conflicts. For instance, AllianceBernstein has a Code of Ethics to prevent conflicts when employees own or trade in securities that clients also own or consider for purchase or sale. AllianceBernstein also has an Error Resolution Policy and an Error Governance Committee to manage potential conflicts concerning errors. AllianceBernstein's fees vary widely across its large client base, and it does not act as a fiduciary when negotiating these fees. AllianceBernstein has a Gifts Policy under its Code of Ethics to manage potential conflicts related to gifts and entertainment. AllianceBernstein also has specific steps and a Valuation Committee to calculate the fair value of difficult-to-price securities. AllianceBernstein selects brokers, dealers, and other trading venues that provide the best execution for its clients, not based on its relationships.

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 the AllianceBernstein and clients, or between its employees and clients. Where potential conflicts arise from its fiduciary activities, AllianceBernstein takes steps to mitigate, or at least disclose, them.

#### Allspring Global Investments, LLC ("Allspring (US)")

#### Allspring Global Investments (UK) Limited ("Allspring (UK)")
Allspring'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 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 Core Fixed Income Fund and other accounts because the Core Fixed Income 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 Core Fixed Income Fund, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for the Core Fixed Income 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 Core Fixed Income 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 has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe 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 accounts with similar objectives in a fair and equitable manner. Furthermore, Allspring 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 Core Fixed Income Fund and any personal accounts the Portfolio Managers may maintain.

#### BlackRock Financial Management, Inc. ("BlackRock")

#### 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.

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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 Messrs. Mauro, Tom and Graves 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. Messrs**.** Mauro, Tom and Graves may therefore be entitled to receive a portion of any incentive fees earned on such 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.

#### Causeway Capital Management LLC ("Causeway")
These portfolio managers who manage the Sleeve also manage their own personal accounts and other accounts, including accounts for corporations, pension plans, public retirement plans, sovereign wealth funds, superannuation funds, Taft- Hartley pension plans, endowments and foundations, mutual funds and other collective investment vehicles, charities, private trusts, wrap fee programs, and other institutions (collectively, "Other Accounts"). In managing certain of the Other Accounts, the portfolio managers employ investment strategies similar to those used in managing the Sleeve, subject to certain variations in investment restrictions. The portfolio managers purchase and sell securities for the Sleeve that they also recommend to Other Accounts. The portfolio managers at times give advice or take action with respect to certain accounts that differs from the advice given other accounts with similar investment strategies. Certain of the Other Accounts may pay higher or lower management fee rates than the Sleeve or pay performance-based fees to Causeway. All of the portfolio managers have personal investments in one or more of the funds sponsored and managed by Causeway or similarly-managed collective investment trusts. Ms. Ketterer and Mr. Hartford each holds (through estate planning vehicles) a controlling voting interest in Causeway's parent holding company and Messrs. Cho, Eng, Muldoon, Valentini and Nguyen, and Ms. Lee (directly or through estate planning vehicles) have minority ownership interests in Causeway's parent holding company.

Actual or potential conflicts of interest arise from the portfolio managers' management responsibilities with respect to the Other Accounts and their own personal accounts. These responsibilities may cause portfolio managers to devote unequal time and attention across client accounts and the differing fees, incentives and relationships with the various accounts provide incentives to favor certain accounts. Causeway has written compliance policies and procedures designed to mitigate or manage these conflicts of interest. These include policies and procedures to seek fair and equitable allocation of investment opportunities (including IPOs and new

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issues) and trade allocations among all client accounts and policies and procedures concerning the disclosure and use of portfolio transaction information. Causeway also has a Code of Ethics which, among other things, limits personal trading by portfolio managers and other employees of Causeway. There is no guarantee that any such policies or procedures will cover every situation in which a conflict of interest arises.

#### ClearBridge Investments, LLC ("ClearBridge")
ClearBridge serves as a sub-adviser to the Morgan Stanley Pathway Large Cap Equity ETF. Potential conflicts of interest may arise when the Fund's portfolio managers also have day-to-day management responsibilities with respect to one or more other funds or other accounts, as is the case for the Fund's portfolio managers.

Clearbridge and the Fund have adopted compliance policies and procedures that are designed to address various conflicts of interest that may arise for ClearBridge and the individuals that each employs. For example, ClearBridge seeks to minimize the effects of competing interests for the time and attention of portfolio managers by assigning portfolio managers to manage funds and accounts that share a similar investment style. ClearBridge has also adopted trade allocation procedures that are designed to facilitate the fair allocation of investment opportunities among multiple funds and accounts. There is no guarantee, however, that the policies and procedures adopted by ClearBridge and the Fund will be able to detect and/or prevent every situation in which an actual or potential conflict may appear. These potential conflicts include:

*Allocation of Limited Time and Attention* – A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts. The effects of this potential conflict may be more pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

*Allocation of Investment Opportunities* – If a portfolio manager identifies an investment opportunity that may be suitable for multiple funds and/or accounts, the opportunity may be allocated among these several funds or accounts, which may limit a fund's ability to take full advantage of the investment opportunity. ClearBridge has adopted policies and procedures to ensure that all accounts, including the Fund, are treated equitably.

*Pursuit of Differing Strategies* – At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and/or accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and/or accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and/or accounts.

*Selection of Broker/Dealers* – In addition to executing trades, some broker/dealers provide brokerage and research services (as those terms are defined in Section 28(e) of the 1934 Act), which may result in the payment of higher brokerage fees than might have otherwise been available. These services may be more beneficial to certain funds or accounts than to others. For this reason, ClearBridge has formed a brokerage committee that reviews, among other things, the allocation of brokerage to broker/dealers, best execution and soft dollar usage.

*Variation in Compensation* – A conflict of interest may arise where the financial or other benefits available to the portfolio manager differ among the funds and/or accounts that he or she manages. If the structure of the manager's management fee (and the percentage paid to the sub-adviser) differs among funds and/or accounts (such as where certain funds or accounts pay higher management fees or performance based management fees), the portfolio manager might be motivated to help certain funds and/or accounts over others. The portfolio manager might be motivated to favor funds and/or accounts in which he or she has an interest or in which the manager and/or its affiliates have interests. Similarly, the desire to maintain assets under management or to enhance the portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence the portfolio manager in affording preferential treatment to those funds and/or accounts that could most significantly benefit the portfolio manager.

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#### Consulting Group Advisory Services LLC ("CGAS" or the "Manager")
Because the portfolio managers may manage assets for other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Manager and/or its affiliates may receive fees from certain accounts that are higher than the fee they receive from the Funds. In those instances, the portfolio managers may have an incentive to favor the higher fee accounts over the Funds. The Manager and its affiliates have adopted trade allocation and other policies and procedures that they believe are reasonably designed to address these and other conflicts of interest.

#### Great Lakes Advisors, LLC ("Great Lakes")
Great Lakes seeks to identify and monitor potential conflicts of interest and has adopted policies and procedures designed to address such potential conflicts. Investment teams and individual portfolio managers may manage multiple accounts, including separate accounts, commingled funds, and wrap accounts, using the same or a similar investment strategy (i.e., side-by-side management). The simultaneous management of these different investment products could create certain conflicts of interest as the fees for the management of certain types of products are higher than others.

The portfolio managers also manage accounts in which Great Lakes and/or its personnel have an interest. Great Lakes has an affirmative duty to treat all accounts fairly and equitably over time and maintains policies and has implemented policies and procedures designed to comply with that duty.

Although Great Lakes manages numerous accounts with similar or identical investment objectives or may manage accounts with different objectives that trade in the same securities, the investment decisions relating to these accounts, and the performance resulting from such decisions, may differ from account to account. For example, different client guidelines and restrictions may result in different investment decisions between accounts. In addition, the portfolio managers will not necessarily purchase or sell the same securities at the same time or in the same proportionate amounts for all eligible accounts if certain accounts have materially different amounts of investable cash or liquidity needs.

Other factors that may result in different investment decisions include client-directed brokerage arrangements, soft dollar restrictions, and the sponsor-mandated execution of trades through specified broker-dealers in connection with certain wrap programs, all of which limit Great Lakes' brokerage discretion. Great Lakes seeks to identify and monitor potential conflicts of interest and has adopted policies and procedures designed to address such potential conflicts.

#### J.P. Morgan Investment Management Inc. ("JPMIM")
J.P. Morgan Investment Management Inc. ("JPMIM") and/or its affiliates (the "Affiliates" or "JPMorgan") provide an array of discretionary and non-discretionary investment management services and products to institutional clients (including third-party registered investment companies ("Funds")) and individual investors. The following describes potential and actual conflicts of interest that JPMorgan can face in the operation of its investment management services. This section is not, and is not intended to be, a complete enumeration or explanation of all of the potential conflicts of interest that may arise. Additional information about potential conflicts of interest regarding JPMorgan is set forth in JPMorgan's Form ADV. A copy of Part 1 and Part 2A of JPMorgan's Form ADV is available on the SEC's website (www.adviserinfo.sec.gov).

**Acting for Multiple Clients**. The potential for conflicts of interest exists when portfolio managers manage a fund and other accounts with similar investment objectives and strategies as the fund ("Other Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities. Responsibility for managing JPMIM's and its Affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar

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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 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.

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 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.

Positions taken by Other Accounts may also dilute or otherwise negatively affect the values, prices or investment strategies associated with positions held by a Fund. For example, this may occur when investment decisions for a Fund are based on research or other information that is also used to support portfolio decisions by JPMIM for Other Accounts following different investment strategies or by Affiliates in managing their clients' accounts. When an Other Account or an account managed by an Affiliate implements a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies for a Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints, or other factors could result in the Fund receiving less favorable investment results, and the costs of implementing such portfolio decisions or strategies could be increased or the Fund could otherwise be disadvantaged.

Investment opportunities that are appropriate for a Fund may also be appropriate for Other Accounts and there is no assurance the Fund will receive an allocation of all or a portion of those investments it wishes to pursue. JPMIM's management of an Other Account that pays it a performance fee or a higher management fee and follows the same or similar strategy as a Fund or invests in substantially similar assets as a Fund, creates an incentive for JPMIM to favor the account paying it the potentially higher fee, e.g., in placing securities trades.

JPMIM and its Affiliates, and any of their directors, partners, officers, agents or employees, also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or an Affiliate. JPMorgan and/or an Affiliate, within their discretion, may make different investment decisions and take 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, an Affiliate or any of its employees may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or an Affiliate or its clients. JPMIM, its Affiliates and their respective directors, officers and employees face a conflict of interest as they will have income or other incentives to favor their own accounts or proprietary accounts.

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**Preferential Treatment.** JPMIM receives more compensation with respect to certain Funds or Other Accounts than it receives with respect to a Fund, or receives compensation based in part on the performance of certain accounts. This creates a conflict of interest for JPMIM and its portfolio managers by providing an incentive to favor those accounts. Actual or potential conflicts of interest also arise when a portfolio manager has management responsibilities to more than one account or Fund, such as devotion of unequal time and attention to the management of the Funds or accounts.

**Allocation and Aggregation.** Potential conflicts of interest also arise with both the aggregation of trade orders and allocation of securities transactions or investment opportunities. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability, and allocation of investment opportunities raise a potential conflict of interest because JP Morgan has an incentive to allocate trades or investment opportunities to certain accounts or Funds. For example, JPMorgan has an incentive to cause accounts it manages to participate in an offering where such participation could increase JPMorgan's overall allocation of securities in that offering. When JPMorgan serves as sub-adviser (or investment adviser) to an underlying Fund, as well as certain Funds-of-Funds, it faces certain potential conflicts of interest when allocating the assets of the sub-advised Funds-of-Fund among its underlying Funds. For example, JPMorgan has an incentive to allocate assets of the Fund-of-Funds to seed a new fund or to allocate to an underlying Fund that is small, pays higher fees to JPMorgan or to which JPMorgan has provided seed capital.

**Overall Position Limits.** Potential conflicts of interest also exist when JPMorgan maintains certain overall investment limitations on positions in securities or other financial instruments due to, among other things, investment restrictions imposed upon JPMorgan by law, regulation, contract or internal policies. These limitations have precluded and, in the future could preclude, a Fund from purchasing particular securities or financial instruments, even if the securities or financial instruments would otherwise meet the Fund's objectives. For example, there are limits on the aggregate amount of investments by affiliated investors in certain types of securities that may not be exceeded without additional regulatory or corporate consent. There also are limits on the writing of options by a Fund that could be triggered based on the number of options written by JPMIM on behalf of other investment advisory clients. If certain aggregate ownership thresholds are reached or certain transactions are undertaken, the ability of a Fund to purchase or dispose of investments, or exercise rights or undertake business transactions, will be restricted.

The goal of JPMIM and its Affiliates is to meet its fiduciary obligation with respect to all clients. JPMIM and its Affiliates have policies and procedures that seek to manage conflicts. JPMIM 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, JPMIM 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 JPMIM'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

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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 JPMIM 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 JPMIM 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 JPMIM or its affiliates so that fair and equitable allocation will occur over time.

#### Lazard Asset Management LLC ("Lazard")
Although the potential for conflicts of interest exists when an investment adviser and portfolio managers manage other accounts that invest in securities in which the Fund may invest or that may pursue a strategy similar to the Fund's investment strategies implemented by Lazard (collectively, "Similar Accounts"), Lazard has procedures in place that are designed to ensure that all accounts are treated fairly and that the Fund is not disadvantaged, including procedures regarding trade allocations and "conflicting trades" (e.g., long and short positions in the same or similar securities). In addition, the Fund is subject to different regulations than certain of the Similar Accounts, and, consequently, may not be permitted to engage in all the investment techniques or transactions, or to engage in such techniques or transactions to the same degree, as the Similar Accounts.

Potential conflicts of interest may arise because of Lazard's management of the Fund and Similar Accounts, including the following:

1. Similar Accounts may have investment objectives, strategies and risks that differ from those of the Fund. In addition, the Fund is an open-end investment companies as defined in the 1940 Act, subject to different regulations than certain of the Similar Accounts and, consequently, may not be permitted to invest in the same securities, exercise rights to exchange or convert securities or engage in all the investment techniques or transactions, or to invest, exercise or engage to the same degree, as the Similar Accounts. For these or other reasons, the portfolio managers may purchase different securities for a Fund and the corresponding Similar Accounts, and the performance of securities purchased for a Fund may vary from the performance of securities purchased for Similar Accounts, perhaps materially.

2. Conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities. Lazard may be perceived as causing accounts it manages to participate in an offering to increase Lazard's overall allocation of securities in that offering, or to increase Lazard's ability to participate in future offerings by the same underwriter or issuer. Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability, and allocation of investment opportunities generally, could raise a potential conflict of interest, as Lazard may have an incentive to allocate securities that are expected to increase in value to preferred accounts. Initial public offerings, in particular, are frequently of very limited availability. A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.

3. Portfolio managers may be perceived to have a conflict of interest because of the large number of Similar Accounts, in addition to the Fund, that they are managing on behalf of Lazard. Although Lazard does not track each individual portfolio manager's time dedicated to each account, Lazard periodically reviews each portfolio

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manager's overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Fund. As illustrated in the tables above, most of the portfolio managers manage a significant number of Similar Accounts in addition to the Fund.

4. Generally, Lazard and/or its portfolio managers have investments in Similar Accounts. This could be viewed as creating a potential conflict of interest, since certain of the portfolio managers do not invest in the Fund.

5. The tables above note the portfolio managers who manage Similar Accounts with respect to which the advisory fee is based on the performance of the account, which could give the portfolio managers and Lazard an incentive to favor such Similar Accounts over the Fund.

6. Portfolio managers may place transactions on behalf of Similar Accounts that are directly or indirectly contrary to investment decisions made for the Fund, which could have the potential to adversely impact the Fund, depending on market conditions. In addition, if the Fund's investment in an issuer is at a different level of the issuer's capital structure than an investment in the issuer by Similar Accounts, in the event of credit deterioration of the issuer, there may be a conflict of interest between the Fund's and such Similar Accounts' investments in the issuer. If Lazard sells securities short, including on behalf of a Similar Account, it may be seen as harmful to the performance of the Fund to the extent it invests "long" in the same or similar securities whose market values fall as a result of short-selling activities.

7. Investment decisions are made independently from those of the Similar Accounts. If, however, such Similar Accounts desire to invest in, or dispose of, the same securities as the Fund, available investments or opportunities for sales will be allocated equitably to each. In some cases, this procedure may adversely affect the size of the position obtained for or disposed of by the Fund or the price paid or received by the Fund.

8. Under Lazard's trade allocation procedures applicable to domestic and foreign initial and secondary public offerings and Rule 144A transactions (collectively herein a "Limited Offering"), Lazard will generally allocate Limited Offering shares among client accounts, including the Fund, pro rata based upon the aggregate asset size (excluding leverage) of the account. Lazard may also allocate Limited Offering shares on a random basis, as selected electronically, or other basis. It is often difficult for the Adviser to obtain a sufficient number of Limited Offering shares to provide a full allocation to each account. Lazard's allocation procedures are designed to allocate Limited Offering securities in a fair and equitable manner.

**ClearBridge Investment Management Limited ("CIML") (Previously known as "Martin Currie")** 

There are no material conflicts of interest as a singular strategy is applied to all Emerging Markets Accounts.

CIML takes a holistic view of conflict risk and conflict mitigation. It has policies, systems and controls in place to identify potential conflicts between itself and its clients, as well as between one client and another, to achieve consistent treatment of conflicts of interest throughout business. It aims to manage any conflicts of interest that may arise and to ensure, as far as practicable, that such conflicts do not adversely affect the interests of our clients.

While procedures are in place to minimize the risk, not all client portfolios that are investing in the same investment strategy will hold the same securities and receive the same investment return. Dispersion may be caused for a number of reasons including, but not limited to, cash-flow differences, client commission recapture programs, and individual client restrictions.

#### Neuberger Berman Investment Advisers LLC ("Neuberger")
Actual or apparent conflicts of interest may arise when a portfolio manager for NBIA has day-to-day management responsibilities with respect to more than one fund or other account. The management of multiple funds and accounts (including proprietary accounts) may give rise to actual or potential conflicts of interest if the

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NBIA has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

#### Pacific Investment Management Company LLC ("PIMCO")
From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of a Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO's other business activities and PIMCO's possession of material non-public information ("MNPI") about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Funds, track the same index a Fund tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Funds. The other accounts might also have different investment objectives or strategies than the Funds. Investors should be aware that investments made by a Fund and the results achieved by a Fund at any given time are not, including for the same or similar instruments, expected to be the same as those made by other funds for which PIMCO acts as investment adviser, including funds with names, investment objectives and policies, and/or portfolio management teams, similar to a Fund. This may be attributable to a wide variety of factors, including, but not limited to, the use of a different strategy or portfolio management team, the execution venue(s) used for a given strategy or Fund when a particular fund commenced operations or the size of a particular fund, in each case as compared to other similar funds. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Funds or to accounts in which a Fund invests. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies, purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the investing account and/or PIMCO but detrimental to the underlying account. Such conflicts of interest could similarly in theory give rise to incentives for PIMCO to, among other things, vote proxies or purchase or redeem shares of the underlying account, or take other actions with respect to the underlying account, in a manner beneficial to the underlying account and/or PIMCO and that may or may not be detrimental to the investing account. For example, even if there is a fee waiver or reimbursement in place relating to a Fund's investment in an underlying account, or relating to an investing account's investment in a Fund, this will not necessarily eliminate all conflicts of interest, as PIMCO could nevertheless have a financial incentive to favor investments in PIMCO-affiliated funds and managers (for example, to increase the assets under management of PIMCO or a fund, product or line of business, or otherwise provide support to, certain funds, products or lines of business), which could also impact the manner in which certain transaction fees are set. Conversely, PIMCO's duties to the Funds, as well as regulatory or other limitations applicable to the Funds, may affect the courses of action available to PIMCO-advised accounts (including certain Funds) that invest in the Funds in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause PIMCO to restrict or prohibit participation in certain investments. To the extent portfolio managers of a Fund or other PIMCO-sponsored account acting as investing account come into possession of MNPI regarding a Fund that is a current or potential underlying account in connection with their official duties (including potentially serving as portfolio manager of one or more such underlying accounts), portfolio managers of the Fund (or other PIMCO-sponsored account) acting as investing account may not base trading decisions for such investing accounts on MNPI relating to any Fund acting as underlying account.

Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, "Allianz"), conflicts similar to those described below may occur between the Funds or other accounts managed by PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Funds or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the Funds or other accounts managed by PIMCO (each, a "Client," and collectively, the "Clients"). In addition, because certain Clients are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

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**Knowledge and Timing of Fund Trades.** A potential conflict of interest may arise as a result of a portfolio manager's day-to-day management of a Fund. Because of their positions with the Funds, the portfolio managers know the size, timing and possible market impact of a Fund's 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 a Fund.

**Cross Trades.** A potential conflict of interest may arise in instances where a Fund buys an instrument from a Client or sells an instrument to a Client (each, a "cross trade"). Such conflicts of interest may arise, among other reasons, as a result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and is in the best interests of both the buying and selling accounts.

**Selection of Service Providers.** PIMCO, its affiliates and its employees may have relationships with service providers that recommend, or engage in transactions with or for, a Fund, and these relationships may influence PIMCO's selection of these service providers for a Fund. Additionally, as a result of these relationships, service providers may have conflicts that create incentives for them to promote the Fund over other funds or financial products. In such circumstances, there is a conflict of interest between PIMCO and a Fund if the Funds determine not to engage or continue to engage these service providers.

**Investment Opportunities.** A potential conflict of interest may arise as a result of a portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, including Clients with similar names, investment objectives and policies, and/or portfolio management teams, but may not be available in sufficient quantities for all accounts to participate fully. In addition, regulatory issues applicable to PIMCO or the Funds or other accounts may result in the Funds not receiving securities that may otherwise be appropriate for them. Similarly, there may be limited opportunity to sell an investment held by a Fund and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and objectives fairly and equitably over time, taking into consideration relevant factors including without limitation: the nature of the security or instrument and associated risk characteristics, applicable Client account investment restrictions and guidelines, including regulatory restrictions; Client account-specific investment objectives, restrictions and other Client instructions, as applicable; risk tolerances; amounts of available cash; the need to rebalance a Client account's portfolio (e.g., due to investor contributions and redemptions); whether the allocation would result in a Client account receiving a de minimis amount or an amount below the established minimum quantity; regulatory requirements; the origin of the investment; the bases for an issuer's allocation to PIMCO; the availability of certain trading platforms for a Client account; and other Client account-specific factors. As part of PIMCO's trade allocation process, portions of new fixed income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO's trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category, which may adversely affect a Client account. In addition, quantitative strategies and certain other

Client account types will have access to certain trading platforms in PIMCO's discretion that may result in priority of trade allocations over other Client accounts or more favorable execution. PIMCO seeks to allocate

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fixed income investments to Client accounts with the general purpose of maintaining consistent concentrations across similar accounts and achieving, as nearly as possible, portfolio characteristic parity among such accounts. Client accounts furthest from achieving portfolio characteristic parity typically receive priority in allocations. With respect to an order to buy or sell an equity security in the secondary market, PIMCO seeks to allocate the order across Client accounts with similar investment guidelines and investment styles fairly and equitably over time, taking into consideration the relevant factors discussed above.

Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO's fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Further, the respective risk tolerances of different types of Clients may change over time as market conditions change. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. PIMCO may also take into account the bases for an issuer's allocation to PIMCO, for example, by giving priority allocations to Client accounts holding existing positions in the issuer's debt if the issuer's allocation to PIMCO is based on such holdings. PIMCO also may determine not to allocate to or purchase or sell for certain Clients all investments for which all Clients may be eligible. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account's investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including a Fund, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the Funds and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. Such inconsistent positions may arise with respect to quantitative/systematic strategies, for example, when the investment model establishes a short position, and one or more other Clients maintain a long position. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

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When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a "parallel" basis (i.e., proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client's governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client's interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Although PIMCO generally does not actively trade or manage assets on its own behalf, from time to time, PIMCO or an affiliate may invest on its own behalf, as principal, for strategic or other reasons (a proprietary investment). This may occur, for example, when the investment is an equity interest (e.g., stock or warrants) made in connection with PIMCO's use of a product or service supplied by the issuer. In connection with these proprietary investments, PIMCO may eventually hold common stock or other publicly traded equity and may ultimately dispose of or hedge its exposure, as principal, to such proprietary investment. Such proprietary investments may be suitable for, or alternatively competitive with, a Client. In either case, PIMCO is permitted to allocate such investments away from a Client to PIMCO.

These proprietary investments can ultimately result in conflicts with Clients that also invest (including debt and equity investments) in or transact with the issuer or with other companies which may be transacting with the issuer. In other cases, a Client may be prohibited from making or disposing of an investment in the proprietary investment, or a related instrument, even when it would be in the Client's best interest to do so. Although

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PIMCO will seek to mitigate and address such conflicts in a fair and reasonable manner, it may not be able to do so, and will have an incentive to favor PIMCO's interests over the Client's interests. PIMCO generally seeks to avoid committing to such investments if they would otherwise be suitable for and there is an investment interest on behalf of a Client; however, there is no guarantee that such measures will adequately mitigate the potential or actual conflicts, and PIMCO will have an incentive to favor its interests over a Client's interests.

Further, potential conflicts may be inherent in PIMCO's use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer's capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche's interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client's account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

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From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor's decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients). Moreover, restrictions imposed by or through third-party automated trading platforms could affect a Client's ability to transact through, or the quality of execution achieved through, such platforms.

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO's business activities. PIMCO may restrict trading in an issuer's securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer's securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases, PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such non-participating Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in the Funds) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. Clients (and investors in the Funds) should also be aware that a Fund may experience losses associated with decisions or actions directly or indirectly attributable to PIMCO, and PIMCO may determine whether compensation to the Fund for such losses is appropriate in view of its standard of care. PIMCO will attempt to resolve such matters fairly subject to applicable PIMCO policies and procedures, and applicable laws, but even so, such matters may not be resolved in favor of Clients' (and Fund investors') interests and may in fact be resolved in a manner adverse to their interests. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO's affiliates or accounts managed by those affiliates.

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Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO's Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO, Allianz SE or their affiliates. An account's willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).

Certain service providers to the Funds are expected to be owned by or otherwise related to or affiliated with a Client, and in certain cases, such service providers are expected to be, or are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates and/or their respective employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or recommend an affiliate of PIMCO to provide certain services to the Funds, instead of engaging or recommending one or more third parties to provide such services. Subject to the governance requirements of a particular fund and applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for the Funds. Fees paid to an unaffiliated service provider will be determined in PIMCO's commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO's responsibilities. Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified or terminated at any time in PIMCO's sole discretion) will be successful.

#### Performance Fees.
A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Funds and such other accounts on a fair and equitable basis over time.

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, insider trading, gifts and entertainment, and political contributions that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client's best interest. For more information regarding PIMCO's actual or potential conflicts of interest, please refer to Item 10 and Item 11 in PIMCO's Form ADV, Part 2A.

#### PineBridge Investments LLC ("PineBridge")
PineBridge recognizes that it may be subject to a conflict of interest with respect to allocations of investment opportunities and transactions among its clients. To mitigate these conflicts, PineBridge's policies and procedures seek to provide that investment decisions are made in accordance with the fiduciary duties owed to such accounts and without consideration of PineBridge's economic, investment or other financial interests. Personal securities transactions by an employee may raise a potential conflict of interest when an employee trades in a security that is considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client, in that the employee may be able to personally benefit from prior knowledge of transactions for a client by trading in a personal account. PineBridge has policies to address potential conflicts of interest when its employees buy or sell securities also bought or sold for clients. Under certain circumstances, conflicts

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may arise in cases where different clients of PineBridge invest in different parts of a single issuer's capital structure, including circumstances in which one or more PineBridge clients may own private securities or obligations of an issuer and other PineBridge clients may own public securities of the same issuer. Such conflicts of interest will be discussed and resolved on a case-by-case basis and will take into consideration the interest of the relevant clients, the circumstances giving rise to the conflict, and applicable regulations. For a more detailed discussion of conflicts of interest, please refer to PineBridge Investment LLC's Form ADV Part 2.

#### Principal Asset Management ("Principal")
Principal Global Investors acts as discretionary investment advisor for a variety of individual accounts, ERISA accounts, registered investment companies, insurance company separate accounts, and public employee retirement plans and places orders to trade portfolio securities for each of these accounts. Managing multiple accounts may give rise to potential conflict of interest including, for example, conflicts among investment strategies and conflicts in the allocation of investment opportunities. PGI has adopted and implemented policies and procedures that it believes address the potential conflicts associated with managing accounts for multiple clients and are designed to ensure that all clients are treated fairly and equitably. These procedures include allocation policies and procedures and internal review processes.

As a fiduciary, we seek to avoid conflicts of interest with our clients and disclosure of all material conflicts of interest between us and our clients that could affect the advisory relationship.

The Firm shall address any known conflicts of interest in its trading practices by disclosure to clients and/or investors within required disclosure documents such as Principal Asset Management Form ADV or Fund offering documents, when necessary.

#### Schroder Investment Management North America Inc. and Schroder Investment Management North America Limited (together, "Schroders")
Whenever a portfolio manager of the Fund manages other accounts, potential conflicts of interest exist, including potential conflicts between the investment strategy of the Fund and the investment strategy of the other accounts. For example, in certain instances, a portfolio manager may take conflicting positions in a particular security for different accounts, by selling a security for one account and continuing to hold it for another account. In addition, the fact that other accounts require the portfolio manager to devote less than all of his or her time to the Fund may be seen itself to constitute a conflict with the interest of the Fund.

Each portfolio manager may also execute transactions for another fund or account at the direction of such fund or account that may adversely impact the value of securities held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Finally, if the portfolio manager identifies a limited investment opportunity that may be suitable for more than one fund or other account, the Fund may not be able to take full advantage of that opportunity due to an allocation of that opportunity across all eligible funds and accounts. Schroders' policies, however, require that portfolio managers allocate investment opportunities among accounts managed by them in an equitable manner over time. Orders are normally allocated on a pro rata basis, except that in certain circumstances, such as the small size of an issue, orders will be allocated among clients in a manner believed by Schroders to be fair and equitable over time.

The structure of a portfolio manager's compensation may give rise to potential conflicts of interest. A portfolio manager's base pay tends to increase with additional and more complex responsibilities that include increased assets under management, which indirectly links compensation to sales. Also, potential conflicts of interest may arise since the structure of Schroders' compensation may vary from account to account.

Schroders has adopted certain compliance procedures that are designed to address these, and other, types of conflicts. However, there is no guarantee that such procedures will detect each and every situation where a conflict arises.

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#### Van Eck Associates Corporation ("VanEck")
VanEck (and its principals, affiliates or employees) may serve as investment adviser to other client accounts and conduct investment activities for their own accounts. Such "Other Clients" may have investment objectives or may implement investment strategies similar to those of the Fund. When VanEck implements investment strategies for Other Clients that are similar or directly contrary to the positions taken by the Fund, the prices of the Fund's securities may be negatively affected. For example, when purchase or sales orders for the Fund are aggregated with those of other Funds and/or Other Clients and allocated among them, the price that the Fund pays or receives may be more in the case of a purchase or less in a sale than if VanEck served as adviser to only the Fund. When Other Clients are selling a security that the Fund owns, the price of that security may decline as a result of the sales. The compensation that VanEck receives from Other Clients may be higher than the compensation paid by the Fund to VanEck. VanEck does not believe that its activities materially disadvantage the Fund. VanEck has implemented procedures to monitor trading across the Funds and its Other Clients. Furthermore, VanEck may recommend the Fund purchase securities of issuers to which it, or its affiliates, acts as adviser, manager, sponsor, distributor, marketing agent, or in another capacity and for which it receives advisory or other fees. While this practice may create conflicts of interest, VanEck has adopted procedures to minimize such conflicts.

#### Victory Capital Management Inc. ("Victory Capital")
Victory Capital's portfolio managers are often responsible for managing one or more mutual funds as well as other accounts, such as separate accounts, and other types of pooled investment vehicles, such as collective trust funds or unregistered hedge funds. A portfolio manager may manage other accounts which have materially higher fee arrangements than the Fund and may, in the future, manage other accounts which have a performance-based fee. A portfolio manager also may make personal investments in accounts they manage or support. The side-by-side management of the Fund along with other accounts may raise potential conflicts of interest by incenting a portfolio manager to direct a disproportionate amount of: (1) their attention; (2) limited investment opportunities, such as less liquid securities or initial public offerings; and/or (3) desirable trade allocations, to such other accounts. In addition, certain trading practices, such as cross-trading between funds or between the Fund and another account, raise conflict of interest issues. Victory Capital has policies and procedures in place, including Victory Capital's internal review process, that are intended to identify and mitigate those conflicts. Please see Victory Capital's Form ADV Part 2A for more information regarding potential conflicts.

#### Walter Scott & Partners Limited ("Walter Scott")
Conflicts of interest are inherent throughout the investment management business, therefore from the outset the firm has organized its activities to ensure the interests of its clients are always placed first and avoids material conflicts of interest that cannot be managed in the best interests of clients.

Walter Scott manages all client accounts in the same way without bias to any client type. As such, there are no actual or potential conflicts between the investment strategy of the Fund and investment strategy of other accounts we manage.

Walter Scott's income is derived from investment management fees which align the firm's and its clients' interests. The majority of its clients are charged fees on scales that reflect the value of assets in the client's account. A few clients operate with performance related fees. Walter Scott does not differentiate in the management of portfolios on the basis of the method of fee calculation or by client type.

Walter Scott's general policy is to aggregate purchase and sale orders of securities held in a client's account with similar orders being made simultaneously for other managed accounts if, in its reasonable judgment, this is in the best interest of clients with the aim being to treat all clients fairly. Walter Scott seeks to equitably apportion such aggregated order prices, commissions and other expenses among accounts.

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Walter Scott does not use short sales or cross trades and its policy is to allocate partially filled trades on a pro-rata basis. A decision to deviate from this policy—due to economic reasons, board lots, low trading, client cash flows and volumes amongst other factors—can only be made by an authorized dealer. Such deviations are annotated with the rationale of the action taken being clearly documented for subsequent review. Partial execution of block orders is always allocated by the dealing desk at the average execution price for the day. Walter Scott has the investment discretion for the majority of accounts that it manages.

#### Westfield Capital Management Company, L.P. ("Westfield")
The simultaneous management of multiple accounts by our investment professionals creates a possible conflict of interest as they must allocate their time and investment ideas across multiple accounts. This may result in the Investment Committee or portfolio managers allocating unequal attention and time to the management of each client account as each has different objectives, benchmarks, investment restrictions and fees. For most client accounts, investment decisions are made at the Investment Committee level. Once an idea has been approved, it is implemented across all eligible and participating accounts within the strategy.

Although the Investment Committee collectively acts as portfolio manager on most client accounts, there are some client accounts that are managed by a portfolio manager who also serves as a member of the Investment Committee. This can create a conflict of interest because investment decisions for these individually managed accounts do not require approval by the Investment Committee; thus, there is an opportunity for individually managed client accounts to trade in a security ahead of Investment Committee managed client accounts. Trade orders for individually managed accounts must be communicated to the Investment Committee. Additionally, the Compliance team performs periodic reviews of such accounts to ensure procedures have been followed.

Westfield has clients with performance-based fee arrangements. A conflict of interest can arise between those portfolios that incorporate a performance fee and those that do not. When the same securities are recommended for both types of accounts, it is Westfield's policy to allocate investments, on a pro-rata basis, to all participating and eligible accounts, regardless of the account's fee structure. Our Operations team performs ongoing reviews of each product's model portfolio versus each client account. Discrepancies are researched, and exceptions are documented.

In placing each transaction for a client's account, Westfield seeks best execution of that transaction except in cases where Westfield does not have the authority to select the broker or dealer, as stipulated by the client. We attempt to bundle directed brokerage accounts with non-directed accounts, and then utilize step-out trades to satisfy the directed arrangements. Clients who do not allow step-out trades generally will be executed after non-directed accounts.

Because of our interest in receiving third-party research services, there may be an incentive for Westfield to select a broker or dealer based on such interest rather than the clients' interest in receiving most favorable execution. To mitigate the conflict that Westfield may have an incentive beyond best execution to utilize a particular broker, broker and research votes are conducted and reviewed on a quarterly basis. These votes provide the opportunity to recognize the unique research efforts of a wide variety of firms, as well as the opportunity to compare aggregate commission dollars with a particular broker to ensure appropriate correlation. Westfield's Best Execution Committee also reviews transaction cost analysis data quarterly to monitor trading and commission activity.

Some Westfield clients have elected to retain certain brokerage firms as consultants or to invest their assets through a broker-sponsored wrap program for which Westfield acts as a manager. Several of these firms are on our approved broker list. Since Westfield may gain new clients through such relationships and will interact closely with such firms to service the client, there may be an incentive for Westfield to select a broker or dealer based on such interest rather than the clients' interest. To help ensure independence in the brokerage selection process, brokerage selection is handled by our Traders, while client relationships are managed by our Marketing/Client Service team.

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Personal accounts may give rise to conflicts of interest. Westfield and its employees will, from time to time, for their own investment accounts, purchase, sell, hold, or own securities or other assets which may be recommended for purchase, sale, or ownership for one or more clients. Westfield has a Code of Ethics which regulates trading in such accounts; requirements include regular reporting and preclearance of transactions. Compliance reviews personal trading activity regularly.

Westfield serves as manager to the General Partners of private funds, for which we also provide investment advisory services. Westfield and its employees have also invested their own funds in such vehicles and other investment strategies that are advised by the firm. Allowing such investments and having a financial interest in the private funds can create an incentive for the firm to favor these accounts because our financial interests are more directly tied to the performance of such accounts. To help ensure all clients are treated equitably and fairly, Westfield allocates investment opportunities on a pro-rata basis. Compliance conducts periodic reviews of client accounts to ensure procedures have been followed.

In addition to a base salary and a performance-based bonus award, Westfield's Marketing and Client Service team's compensation is based on a percentage of annual revenue generated by new separate accounts and/or significant contributions to existing client accounts but excludes any sub-advised or advised mutual funds.

This incentive poses a conflict in that members of the team could encourage investment in a product(s) that may not be suitable. To mitigate such risk, team members are not incentivized to sell one product versus another. Nor do they have specific sales targets. Further, Westfield's new account process includes a review of client contracts and investment policy statements to ensure the recommended product is suitable prior to funding. Lastly, all incentive compensation is reviewed and approved by the COO and CFO.

Westfield has an agreement with an independent third-party solicitation firm (also known as a promoter) to solicit and service institutional clients outside of the United States and Canada. The solicitor is compensated via a monthly retainer fee in addition to a percentage of the advisory fee paid by a referred client. Referred clients should be aware of inherent conflicts of interest between the solicitation firm and Westfield with respect to the promoter/referral arrangement. Promoters could refer potential clients to Westfield because they will be paid a fee and not necessarily because Westfield provides appropriate and suitable investment strategies for the client. To mitigate this conflict, Westfield's Marketing and Client Service team will be involved in the review of all prospects to ensure suitability. In addition, Westfield's new account process includes a review of client contracts and investment policy statements to ensure the recommended product is suitable prior to funding

#### PORTFOLIO MANAGER OWNERSHIP DISCLOSURE
As of August 31, 2025, no portfolio manager owned shares of any Fund in the Trust.

#### INFORMATION CONCERNING THE MORGAN STANLEY PATHWAY ETFS
**Exchange Listing and Trading.** A discussion of exchange listing and trading matters associated with an investment in the Morgan Stanley Pathway ETFs is contained in the "Investment and Account" section of the Funds' Prospectus. The discussion below supplements, and should be read in conjunction with, that section of the Prospectus.

Shares of the Morgan Stanley Pathway ETFs are listed for trading, and trade throughout the day, on the Listing Exchange and in other secondary markets. Shares of the Funds may also be listed on certain non-U.S. exchanges. There can be no assurance that the requirements of the Listing Exchange necessary to maintain the listing of shares of the Funds will continue to be met. The Listing Exchange may, but is not required to, remove the shares of the Funds from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of Fund shares, there are fewer than 50 record and/or beneficial owners of shares of

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the Funds; (ii) the Funds are no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act; (iii) any of the other listing requirements are not continuously maintained; or (iv) any event shall occur or condition shall exist that, in the opinion of the Listing Exchange, makes further dealings on the Listing Exchange inadvisable. The Listing Exchange will also remove shares of the Funds from listing and trading upon termination of the Funds.

As in the case of other publicly-traded securities, when you buy or sell shares of the Funds through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

In order to provide additional information regarding the intra-day value of shares of each Fund, the Listing Exchange or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated NAV for the Fund as calculated by an information provider or market data vendor. The Trust is not involved in or responsible for any aspect of the calculation or dissemination of the NAV and makes no representation or warranty as to the accuracy of the NAV. Shares of each Fund trade on the Listing Exchange or in the secondary market at prices that may differ from their NAV because such prices may be affected by market forces (such as supply and demand for the Fund's shares). The Trust reserves the right to adjust the share prices of each Fund in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of each Fund.

The Trust reserves the right to adjust the share price of the Funds in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Funds or an investor's equity interest in the Funds.

The base and trading currency of each Fund is the U.S. dollar. The base currency is the currency in which each Fund's NAV per share is calculated and the trading currency is the currency in which shares of the Fund are listed and traded on the Listing Exchange.

Each Fund is not sponsored, endorsed, sold, or promoted by the Listing Exchange. The Listing Exchange makes no representation or warranty, express or implied, to the owners of shares of each Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Fund to achieve its objectives. The Listing Exchange has no obligation or liability in connection with the administration, marketing, or trading of each Fund.

**Continuous Offering.** The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Morgan Stanley Pathway ETFs on an ongoing basis, at any point a "distribution," as such term is used in the 1933 Act, may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells such shares directly to customers or if it chooses to couple the creation of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the 1933 Act must take into account all of the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the 1933 Act is not available in respect of

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such transactions as a result of Section 24(d) of the 1940 Act. Firms that incur a prospectus delivery obligation with respect to shares of the Funds are reminded that, pursuant to Rule 153 under the 1933 Act, a prospectus delivery obligation under Section 5(b)(2) of the 1933 Act owed to an exchange member in connection with a sale on the Listing Exchange generally is satisfied by the fact that the prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is available only with respect to transactions on an exchange.

**Distribution of Shares.** In connection with the Morgan Stanley Pathway ETFs' launch, the Morgan Stanley Pathway ETFs were seeded through the sale of one or more Creation Units by the Morgan Stanley Pathway ETFs to one or more initial investors. Initial investors participating in the seeding may be Authorized Participants, a lead market maker or other third party investor or an affiliate of the Morgan Stanley Pathway ETFs or the Manager. Each such initial investor may sell some or all of the shares underlying the Creation Unit(s) held by them pursuant to the registration statement for the Morgan Stanley Pathway ETFs (each, a "Selling Shareholder"), which shares have been registered to permit the resale from time to time after purchase. The Morgan Stanley Pathway ETFs will not receive any of the proceeds from the resale by the Selling Shareholders of these shares.

Selling Shareholders may sell shares owned by them directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. Selling Shareholders may redeem the shares held in Creation Unit size by them through an Authorized Participant.

Any Selling Shareholder and any broker-dealer or agents participating in the distribution of shares may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.

Any Selling Shareholder and any other person participating in such distribution will be subject to applicable provisions of the 1934 Act and the rules and regulations thereunder.

**Creation and Redemption of Creation Units.** The Trust issues and sells shares of the Morgan Stanley Pathway ETFs only in Creation Units on a continuous basis through the Distributor or its agent, without a sales load, at a price based on the Morgan Stanley Pathway ETFs' NAV next determined after receipt, on any Business Day (as defined below), of an order received by the Distributor or its agent in proper form. On days when the Listing Exchange or the bond markets close earlier than normal, the Morgan Stanley Pathway ETFs may require orders to be placed earlier in the day. The following table sets forth the number of shares of the Funds that constitute a Creation Unit for the Morgan Stanley Pathway ETFs and the approximate value of such Creation Unit as of the date of this SAI:

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| | | |
|:---|:---|:---|
|  | Shares Per<br>Creation Unit | Shares Per<br>Creation Unit |
|  Morgan Stanley Pathway Large Cap Equity ETF |  | 50000 |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF |  | 50000 |

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In its discretion, the Trust reserves the right to increase or decrease the number of the Morgan Stanley Pathway ETFs' shares that constitute a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of the Morgan Stanley Pathway ETFs, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

A "Business Day" with respect to the Morgan Stanley Pathway ETFs is any day the Morgan Stanley Pathway ETFs are open for business, including any day when it satisfies redemption requests as required by Section 22(e)

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of the 1940 Act. The Morgan Stanley Pathway ETFs are open for business any day on which the Listing Exchange on which the Morgan Stanley Pathway ETFs are listed for trading is open for business. As of the date of this SAI, the Listing Exchange observes the following holidays, as observed: 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.

**Fund Deposit.** The consideration for purchase of Creation Units of the Morgan Stanley Pathway ETFs generally consists of Deposit Securities and the Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the "Fund Deposit." The Fund Deposit represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. Such Fund Deposit is applicable, subject to any adjustments as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund Deposit is made available.

The "Cash Component" is an amount equal to the difference between the NAV of the shares (per Creation Unit) and the "Deposit Amount," which is an amount equal to the market value of the Deposit Securities, and serves to compensate for any differences between the NAV per Creation Unit and the Deposit Amount. Payment of any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized Participant purchasing the Creation Unit.

The identity and number or par value of the Deposit Securities change pursuant to changes in the composition of the Morgan Stanley Pathway ETFs' portfolio and as rebalancing adjustments and corporate action events are reflected from time to time by the Manager with a view to the investment objective of the Morgan Stanley Pathway ETFs.

The Trust may require the substitution of an amount of cash (i.e., a "cash-in-lieu" amount) to replace any Deposit Security of the Morgan Stanley Pathway ETFs that is a TBA transaction or an interest in a mortgage pass-through security. The amount of cash contributed will be equivalent to the price of the TBA transaction or mortgage pass-through security interest listed as a Deposit Security. A transaction fee may be charged on the cash amount contributed in lieu of the TBA transaction or mortgage pass-through security.

The Fund Deposit may also be modified to minimize the Cash Component by redistributing the cash to the Deposit Securities portion of the Fund Deposit through "systematic rounding." The rounding methodology "rounds up" position sizes of securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum allowed percentage change in weight and share quantity of any given security in the Fund Deposit. The Trust may, in its sole discretion, substitute a "cash in lieu" amount to be added to the Cash Component to replace any Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for delivery; (ii) when instruments are not eligible for transfer through DTC or the clearing process (as discussed below); (iii) when instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are not able to be traded due to a trading restriction; (iv) when delivery of the Deposit Security by the Authorized Participant (or by an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws; (v) in connection with distribution payments to be made by the Funds; or (vi) in certain other situations.

**Cash Purchase Method.** Although the Trust does not generally permit partial or full cash purchases of Creation Units of its funds, when partial or full cash purchases of Creation Units are available or specified for the Morgan Stanley Pathway ETFs, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.

**Procedures for Creation of Creation Units.** To be eligible to place orders with the Distributor and to create a Creation Unit of the Morgan Stanley Pathway ETFs, an entity must be: (i) a "Participating Party," i.e., a broker-

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dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC, or (ii) a DTC Participant, and must have executed an agreement with the Distributor, with respect to creations and redemptions of Creation Units ("Authorized Participant Agreement") (discussed below). A member or participant of a clearing agency registered with the SEC which has a written agreement with the Morgan Stanley Pathway ETFs or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units is referred to as an "Authorized Participant."

**Role of the Authorized Participant.** Creation Units may be purchased only by or through a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Morgan Stanley Pathway ETFs or one of its service providers that allows such member or participant to place orders for the purchase and redemption of Creation Units. Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that such Authorized Participant will make available in advance of each purchase of shares an amount of cash sufficient to pay the Cash Component, once the NAV of a Creation Unit is next determined after receipt of the purchase order in proper form, together with the transaction fees described below. An Authorized Participant, acting on behalf of an investor, may require the investor to enter into an agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component. Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized Participant Agreement and that orders to purchase Creation Units may have to be placed by the investor's broker through an Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional charges to such investor. The Distributor has adopted guidelines regarding Authorized Participants' transactions in Creation Units that are made available to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may be appointed as the proxy of the Authorized Participant and may be granted a power of attorney under its Authorized Participant Agreement.

**Placement of Creation Orders.** Fund Deposits must be delivered through the Federal Reserve System (for cash and U.S. government securities), through DTC (for corporate and municipal securities) or through a central depository account, such as with Euroclear or DTC, maintained by the Custodian or a sub-custodian (a "Central Depository Account"). Any portion of a Fund Deposit that may not be delivered through the Federal Reserve System or DTC must be delivered through a Central Depository Account. The Fund Deposit transfers made through DTC must be ordered by the DTC Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities through DTC to the account of the Fund generally before 3:00 p.m., Eastern time on the Settlement Date. Fund Deposit transfers made through the Federal Reserve System must be deposited by the participant institution in a timely fashion so as to ensure the delivery of the requisite number or amount of Deposit Securities or cash through the Federal Reserve System to the account of the Funds generally before 3:00 p.m., Eastern time on the Settlement Date. Fund Deposit transfers made through a Central Depository Account must be completed pursuant to the requirements established by the Custodian or a sub-custodian for such Central Depository Account generally before 2:00 p.m., Eastern time on the Settlement Date. The "Settlement Date" for all funds is generally the second business day after the Transmittal Date. All questions as to the number of Deposit Securities to be delivered, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities, will be determined by the Trust, whose determination shall be final and binding. The amount of cash equal to the Cash Component must be transferred directly to the Transfer Agent through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Transfer Agent generally before 3:00 p.m., Eastern time on the Settlement Date. If the Cash Component and the Deposit Securities are not received by 3:00 p.m., Eastern time on the Settlement Date, the creation order may be canceled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using a Fund Deposit as newly constituted to reflect the then current NAV of the Funds. The delivery of Creation Units so created generally will occur no later than the second Business Day following the day on which

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the purchase order is deemed received by the Distributor, provided that the relevant Fund Deposit has been received by the Funds prior to such time.

**Purchase Orders.** To initiate an order for a Creation Unit, an Authorized Participant must submit to the Distributor or its agent an irrevocable order to purchase shares of the Morgan Stanley Pathway ETFs, in proper form, generally before 4:00 p.m., Eastern time on any Business Day to receive that day's NAV. The Distributor or its agent will notify the Manager and the Custodian/Transfer Agent of such order. The Custodian will then provide such information to any appropriate sub-custodian. Procedures and requirements governing the delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements for a creation request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants upon request. Those placing orders to purchase Creation Units through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor or its agent by the Cutoff Time (as defined below) on such Business Day.

The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Morgan Stanley Pathway ETFs, immediately available or same day funds estimated by the Morgan Stanley Pathway ETFs to be sufficient to pay the Cash Component next determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing orders should ascertain the deadline for cash transfers by contacting the operations department of the broker or depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than the Cutoff Time of the Morgan Stanley Pathway ETFs. Investors should be aware that an Authorized Participant may require orders for purchases of shares placed with it to be in the particular form required by the individual Authorized Participant.

The Authorized Participant is responsible for any and all expenses and costs incurred by the Morgan Stanley Pathway ETFs, including any applicable cash amounts, in connection with any purchase order.

**Timing of Submission of Purchase Orders.** An Authorized Participant must submit an irrevocable order to purchase shares of the Morgan Stanley Pathway ETFs before 4:00 p.m., Eastern time on any Business Day in order to receive that day's NAV. Creation Orders must be transmitted by an Authorized Participant in the form required by the Funds to the Distributor or its agent pursuant to procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. The Morgan Stanley Pathway ETFs' deadline 'specified above for the submission of purchase orders is referred to as the Morgan Stanley Pathway ETFs' "Cutoff Time." The Distributor or its agent, in their discretion, may permit the submission of such orders and requests by or through an Authorized Participant at any time (including on days on which the Listing Exchange is not open for business) via communication through the facilities of the Distributor's or its agent's proprietary website maintained for this purpose. Purchase orders and redemption requests, if accepted by the Trust, will be processed based on the NAV next determined after such acceptance in accordance with the Morgan Stanley Pathway ETFs' Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.

**Acceptance of Orders for Creation Units.** Subject to the conditions that (i) an irrevocable purchase order has been submitted by the Authorized Participant (either on its own or another investor's behalf) and (ii) arrangements satisfactory to the Funds are in place for payment of the Cash Component and any other cash amounts which may be due, the Funds will accept the order, subject to the Morgan Stanley Pathway ETFs' right (and the right of the Distributor and the Manager) to reject any order until acceptance, as set forth below.

Once the Morgan Stanley Pathway ETFs have accepted an order, upon the next determination of the NAV of the shares, the Morgan Stanley Pathway ETFs will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor or its agent will then transmit a confirmation of acceptance to the Authorized Participant that placed the order.

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The Morgan Stanley Pathway ETFs reserve the right to reject or revoke for any legally permissible reason a creation order transmitted to it by the Distributor or its agent, for example, if (i) the order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Funds; (iii) the Deposit Securities delivered do not conform to the identity and number of shares specified, as described above; (iv) acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (v) circumstances outside the control of the Morgan Stanley Pathway ETFs, the Distributor or its agent and the Manager make it impracticable to process purchase orders. The Distributor or its agent shall notify a prospective purchaser of a Creation Unit and/or the Authorized Participant acting on behalf of such purchaser of its rejection of such order. The Morgan Stanley Pathway ETFs, the Custodian and the Distributor or its agent are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.

**Issuance of a Creation Unit.** Except as provided herein, a Creation Unit will not be issued until the transfer of good title to the Morgan Stanley Pathway ETFs of the Deposit Securities and the payment of the Cash Component have been completed. When a sub-custodian has confirmed to the Custodian that the securities included in the Fund Deposit (or the cash value thereof) have been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and the Manager shall be notified of such delivery and the Morgan Stanley Pathway ETFs will issue and cause the delivery of the Creation Unit. Creation Units are generally issued on a "T+1 basis" (i.e., one Business Day after trade date). The Morgan Stanley Pathway ETFs reserve the right to settle Creation Unit transactions on a basis other than T+1, including a shorter settlement period, if necessary or appropriate under the circumstances and compliant with applicable law.

To the extent contemplated by an Authorized Participant Agreement with the Distributor, the Morgan Stanley Pathway ETFs will issue Creation Units to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in part or in whole, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral as set forth in the handbook for Authorized Participants. The Trust may use such collateral at any time to buy Deposit Securities for the Morgan Stanley Pathway ETFs. Such collateral must be delivered no later than the time specified by the Morgan Stanley Pathway ETFs or its Custodian on the contractual settlement date. Information concerning the Morgan Stanley Pathway ETFs' current procedures for collateralization of missing Deposit Securities is available from the Distributor or its agent. The Authorized Participant Agreement will permit the Morgan Stanley Pathway ETFs to buy the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage, borrowings and other charges.

In certain cases, Authorized Participants may create and redeem Creation Units on the same trade date and in these instances, the Morgan Stanley Pathway ETFs reserve the right to settle these transactions on a net basis or require a representation from the Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Morgan Stanley Pathway ETFs and the Morgan Stanley Pathway ETFs' determination shall be final and binding.

**Costs Associated with Creation Transactions.** A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day. The Morgan Stanley Pathway ETFs may adjust the transaction fee from time to time, and a Morgan Stanley Pathway ETF may waive all or a portion of its applicable transaction fee. An additional charge or a variable charge will be applied to certain creation transactions, including non-standard orders and whole or partial cash purchases. Specifically, a Morgan Stanley Pathway ETF may charge an additional variable

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fee for creations in cash to offset brokerage and other impact expenses associated with the cash transaction. Authorized Participants will also bear the costs of transferring the Deposit Securities to the Morgan Stanley Pathway ETFs. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to acquire Morgan Stanley Pathway ETF shares may be charged a fee for such services.

**Redemption of Creation Units.** Shares of the Morgan Stanley Pathway ETFs may be redeemed by Authorized Participants only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Distributor or its agent and only on a Business Day. The Morgan Stanley Pathway ETFs will not redeem shares in amounts less than Creation Units. There can be no assurance, however, that there will be sufficient liquidity in the secondary market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a Creation Unit that could be redeemed by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.

The Morgan Stanley Pathway ETFs generally redeem Creation Units for Fund Securities (as defined below). Please see the Cash Redemption Method section below and the following discussion summarizing the in-kind method for further information on redeeming Creation Units of the Funds.

The designated portfolio of securities (including any portion of such securities for which cash may be substituted) that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities" or "Redemption Basket"), and an amount of cash (the "Cash Amount," as described below) (each subject to possible amendment or correction) are applicable, in order to effect redemptions of Creation Units of the Morgan Stanley Pathway ETFs until such time as the next announced composition of the Fund Securities and Cash Amount is made available. Fund Securities received on redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption transactions are set forth in the handbook for Authorized Participants and may change from time to time.

Unless cash redemptions are available or specified for the Morgan Stanley Pathway ETFs, the redemption proceeds for a Creation Unit generally consist of Fund Securities, plus the Cash Amount, which is an amount equal to the difference between the NAV of the shares being redeemed, as next determined after the receipt of a redemption request in proper form, and the value of Fund Securities, less a redemption transaction fee (as described below).

The Trust may, in its sole discretion, substitute a "cash in lieu" amount to replace any Fund Security in certain circumstances, including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a trading restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of the Fund Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the delivery of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security cannot be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The amount of cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. Notwithstanding the foregoing, the Trust may, in its sole discretion, substitute a "cash in lieu" amount to replace any Fund Security of the Morgan Stanley Pathway ETFs that is a TBA transaction or mortgage pass-through security. In such cases, a transaction fee may be charged on the cash amount paid in lieu of the TBA transaction or mortgage pass through security. In the event that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. The Morgan Stanley Pathway ETFs generally redeem Creation Units for Fund Securities, but the Morgan Stanley Pathway ETFs reserve the right to utilize a cash option for redemption of Creation Units. A Morgan Stanley Pathway ETF may, in its sole discretion, provide such redeeming Authorized Participant a

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portfolio of securities that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be "rounded up," while limiting the maximum allowed percentage change in weight and share quantity of any given security in the Redemption Basket.

**Cash Redemption Method.** Although the Trust does not generally permit partial or full cash redemptions of Creation Units of its funds, when partial or full cash redemptions of Creation Units are available or specified for the Morgan Stanley Pathway ETFs, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer.

**Costs Associated with Redemption Transactions***.* A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the Funds. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day. The Funds may adjust the transaction fee from time to time, and a Morgan Stanley Pathway ETF may waive all or a portion of its applicable transaction fee. An additional charge or a variable charge will be applied to certain redemption transactions, including non-standard orders and whole or partial cash redemptions. Specifically, a Morgan Stanley Pathway ETF may charge an additional variable fee for redemptions in cash to offset brokerage and other impact expenses associated with the cash transaction. Authorized Participants will also bear the costs of transferring the Fund Securities from the Morgan Stanley Pathway ETFs to their account on their order. Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to dispose of Morgan Stanley Pathway ETF shares may be charged a fee for such services.

**Placement of Redemption Orders.** Redemption requests for Creation Units of the Morgan Stanley Pathway ETFs must be submitted to the Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable request to redeem shares of the Morgan Stanley Pathway ETFs generally before 4:00 p.m., Eastern time on any Business Day in order to receive that day's NAV. On days when the Listing Exchange closes earlier than normal, the Morgan Stanley Pathway ETFs may require orders to redeem Creation Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for a redemption request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current Authorized Participants upon request.

The Authorized Participant must transmit the request for redemption in the form required by the Morgan Stanley Pathway ETFs to the Distributor or its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant Agreement in effect. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the shares to the Morgan Stanley Pathway ETFs' transfer agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

A redemption request is considered to be in "proper form" if: (i) an Authorized Participant has transferred or caused to be transferred to the Morgan Stanley Pathway ETFs' transfer agent the Creation Unit redeemed through the book-entry system of DTC so as to be effective by the Listing Exchange closing time on any

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Business Day on which the redemption request is submitted; (ii) a request in form satisfactory to the Morgan Stanley Pathway ETFs is received by the Distributor or its agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified above; and (iii) all other procedures set forth in the Authorized Participant Agreement are properly followed.

Upon receiving a redemption request, the Distributor or its agent shall notify the Morgan Stanley Pathway ETFs and the Custodian/Transfer Agent of such redemption request. The tender of an investor's shares for redemption and the distribution of the securities and/or cash included in the redemption payment made in respect of Creation Units redeemed will be made through DTC and the relevant Authorized Participant to the Beneficial Owner thereof as recorded on the book-entry system of DTC or the DTC Participant through which such investor holds, as the case may be, or by such other means specified by the Authorized Participant submitting the redemption request.

A redeeming Authorized Participant, whether on its own account or acting on behalf of a Beneficial Owner, must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.

Deliveries of redemption proceeds by the Morgan Stanley Pathway ETFs are generally made within one Business Day (i.e., "T+1"). The Morgan Stanley Pathway ETFs reserve the right to settle redemption transactions on a basis other than T+1, if necessary or appropriate under the circumstances and compliant with applicable law. If the Morgan Stanley Pathway ETFs include a foreign investment in its basket, and if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a redemption request, the Morgan Stanley Pathway ETFs may delay delivery of the foreign investment more than seven days if the Morgan Stanley Pathway ETFs deliver the foreign investment as soon as practicable, but in no event later than 15 days. Delayed settlement may occur due to a number of different reasons, including, without limitation, settlement cycles for the underlying securities, unscheduled market closings, an effort to link distribution to dividend record dates and ex-dates and newly announced holidays. For example, the redemption settlement process may be extended beyond T+1 because of the occurrence of a holiday in a non-U.S. market or in the U.S. bond market that is not a holiday observed in the U.S. equity market.

To the extent contemplated by an Authorized Participant's agreement with the Distributor or its agent, in the event an Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to the Morgan Stanley Pathway ETFs, at or prior to the time specified by the Funds or its Custodian on the Business Day after the date of submission of such redemption request, the Distributor or its agent will accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be secured by the Authorized Participant's delivery and maintenance of collateral as set forth in the handbook for Authorized Participants. Such collateral must be delivered no later than the time specified by the Morgan Stanley Pathway ETFs or its Custodian on the Business Day after the date of submission of such redemption request and shall be held by the Custodian and marked-to-market daily. The fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant Agreement permits the Morgan Stanley Pathway ETFs to acquire shares of the Morgan Stanley Pathway ETFs at any time and subjects the Authorized Participant to liability for any shortfall between the aggregate of the cost to the Morgan Stanley Pathway ETFs of purchasing such shares, plus the value of the Cash Amount, and the value of the collateral together with liability for related brokerage and other charges.

Because the portfolio securities of the Morgan Stanley Pathway ETFs may trade on exchange(s) on days that the Listing Exchange is closed or are otherwise not Business Days for the Morgan Stanley Pathway ETFs, shareholders may not be able to redeem their shares of the Morgan Stanley Pathway ETFs, or purchase or sell shares of the Morgan Stanley Pathway ETFs on the Listing Exchange on days when the NAV of the Morgan Stanley Pathway ETFs could be significantly affected by events in the relevant non-U.S. markets.

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The right of redemption may be suspended or the date of payment postponed with respect to the Morgan Stanley Pathway ETFs: (i) for any period during which the Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the Listing Exchange is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the shares of the Morgan Stanley Pathway ETFs' portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.

**Custom Baskets.** Creation and Redemption baskets may differ and the Morgan Stanley Pathway ETFs will accept "custom baskets." A custom basket may include any of the following: (i) a basket that is composed of a non-representative selection of the Morgan Stanley Pathway ETFs' portfolio holdings; (ii) a representative basket that is different from the initial basket used in transactions on the same business day; or (iii) a basket that contains bespoke cash substitutions for a single Authorized Participant. The Morgan Stanley Pathway ETFs have adopted policies and procedures that govern the construction and acceptance of baskets, consistent with Rule 6c-11 under the 1940 Act. Such policies and procedures provide the parameters for the construction and acceptance of custom baskets that are in the best interests of the Morgan Stanley Pathway ETFs and their shareholders, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Manager who are required to review each custom basket for compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of the Morgan Stanley Pathway ETFs may be taken into account. The policies and procedures distinguish among different types of custom baskets that may be used for the Morgan Stanley Pathway ETFs and impose different requirements for different types of custom baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant.

#### INFORMATION CONCERNING THE MORGAN STANLEY PATHWAY MUTUAL FUNDS
**Purchase of Shares.** Purchases of shares of a Fund through an Investment Advisory Program must be made through a brokerage account maintained with Morgan Stanley Wealth Management. Payment for Fund shares must be made through a brokerage account maintained with Morgan Stanley Wealth Management. No brokerage account or inactivity fee is charged in connection with a brokerage account through which an investor purchases shares of a Fund.

Shares of the Funds are available exclusively to participants in an Investment Advisory Program and are generally designed to relieve investors of the burden of devising an asset allocation strategy to meet their individual needs as well as selecting individual investments within each asset category among the myriad choices available. Investment Advisory Programs generally provide investment advice in connection with investments among the Funds by identifying the investor's risk tolerances and investment objectives through evaluation of an investment questionnaire; identifying and recommending in writing an appropriate allocation of assets among the Funds that conform to those tolerances and objectives in a written recommendation; and providing, on a periodic basis, a written monitoring report to the investor containing an analysis and evaluation of an investor's account and recommending any appropriate changes in the allocation of assets among the Funds. Usually under an Advisory Service, all investment decisions ultimately rest with the investor and investment discretion is not given to the investment adviser.

Shares of the Funds are offered for purchase and redemption at their respective NAV next determined, without imposition of any initial or contingent deferred sales charge except that Morgan Stanley Wealth Management generally is paid an investment advisory fee directly by the investors purchasing Fund shares through its Investment Advisory Programs.

**Redemption of Shares.** Detailed information on how to redeem shares of a Fund is included in the Prospectus. The right of redemption of shares of a Fund may be suspended or the date of payment postponed: (i) for any periods during which the New York Stock Exchange, Inc. ("NYSE<sup>™</sup>") is closed (other than for customary

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weekend and holiday closings), (ii) when trading in the markets a Fund normally utilizes is restricted, or an emergency, as defined by the rules and regulations of the SEC, exists making disposal of a Fund's investments or determination of its NAV not reasonably practicable or (iii) for such other periods as the SEC by order may permit for the protection of a Fund's shareholders.

**Redemptions In Kind***.* If the Trustees determine that it would be detrimental to the best interests of a Fund's shareholders to make a redemption payment wholly in cash, the Fund may pay, in accordance with rules adopted by the SEC, any portion of a redemption in excess of the lesser of $250,000 or one percent (1%) of the Fund's net assets by a distribution in kind of readily marketable portfolio securities in lieu of cash. Redemptions failing to meet this threshold must be made in cash. Shareholders receiving distributions in kind of portfolio securities may incur brokerage commissions when subsequently disposing of those securities.

#### NET ASSET VALUE
Each Fund's NAV per share is calculated by the Fund's administrator, BBH&Co., on each day, Monday through Friday, except days on which the NYSE is closed. The NYSE is currently scheduled to be closed on 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, and on the preceding Friday when one of those holidays falls on a Saturday or on the subsequent Monday when one of those holidays falls on a Sunday. On those days, securities held by a Fund may nevertheless be actively traded and the value of that Fund's shares could be significantly affected.

NAV per share is determined as of the close of regular trading on the NYSE and is computed by dividing the value of a Fund's net assets by the total number of its shares outstanding. A security that is primarily traded on a domestic or foreign stock exchange is valued at the last sale price on that exchange as reported to a Fund or, if no sales occurred during the day, these investments are quoted at the mean between the current bid and ask prices. Securities that are primarily traded on foreign exchanges are generally valued for purposes of calculating a Fund's NAV at the preceding closing values of the securities on their respective exchanges, except that, when an occurrence subsequent to the time a value was so established is likely to have changed that value, the fair market value of those securities will be determined in good faith by consideration of other factors pursuant to procedures adopted by the Board. Fund securities listed on the NASDAQ National Market System for which market quotations are available are valued at the official closing price. If there is no official closing price, the securities are valued at the last sale price. A security that is listed or traded on more than one exchange is valued for purposes of calculating a Fund's NAV at the quotation on the exchange determined to be the primary market for the security. Exchange-traded options and futures contracts are valued at the last sale price in the market where such contracts are principally traded or, if no sales are reported, the bid price for purchased and written options. Securities traded in the over-the-counter ("OTC") market are valued at the last sale price or, if no sales occurred during the day, these investments are valued at the mean between the bid and ask price. Debt securities of U.S. issuers (other than U.S. government securities and short-term investments) are valued by independent pricing services. When, in the judgment of the pricing services, quoted bid prices are available and are representative of the bid side of the market, these investments are valued at the mean between the quoted bid and ask prices. Investments for which no readily obtainable market quotations are available, in the judgment of the pricing service, are carried at market value as determined by using various pricing matrices. An option written by a Fund is generally valued at the last sale price or, in the absence of the last sale price, the last offer price. An option purchased by a Fund is generally valued at the last sale price or, in the absence of the last sale price, the last bid price. The value of a futures contract is equal to the unrealized gain or loss on the contract determined by marking the contract to the current settlement price for a like contract on the valuation date of the futures contract. A settlement price may not be used if the market makes a limit move with respect to a particular futures contract or if the securities underlying the futures contract experience significant price fluctuations after the determination of the settlement price. When a settlement price cannot be used, futures contracts will be valued at their fair market value as determined in good faith pursuant to procedures adopted by the Trustees.

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For the International Equity Fund and the Emerging Markets Equity Fund, the Board has approved the use of a fair value model developed by a pricing service to price foreign equity securities on a daily basis.

Swaps are valued using quotes from approved broker-dealers. Other securities, options and other assets (including swaps and structured notes agreements) for which market quotations are not readily available are valued at fair value as determined pursuant to procedures adopted by the Trustees.

Foreign currency contracts will be valued using the official close price for such contracts on the New York Stock Exchange. All assets and liabilities initially expressed in foreign currency values will be converted into U.S. dollar values using the current exchange rate as of the close of the New York Stock Exchange. If the bid and offered quotations are not available, the rate of exchange will be determined in good faith pursuant to procedures adopted by the Board of Trustees. In carrying out the Trust's valuation policies, the Manager may consult with others, including an independent pricing service retained by the Trust.

The valuation of a security held by a Fund in U.S. dollar-denominated securities with less than 60 days to maturity is based upon their amortized cost, which does not take into account unrealized capital gains or losses. Amortized cost valuation involves initially valuing an instrument at its cost and, thereafter, assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the instrument.

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#### TAXES

#### Morgan Stanley Pathway ETFs
The following is a summary of certain material U.S. federal income tax considerations regarding the purchase, ownership and disposition of shares of the Morgan Stanley Pathway ETFs. This summary does not address all of the potential U.S. federal income tax consequences that may be applicable to the Morgan Stanley Pathway ETFs or to all categories of investors, some of which may be subject to special tax rules. Current and prospective shareholders are urged to consult their own tax advisors with respect to the specific federal, state, local and non-U.S. tax consequences of investing in the Morgan Stanley Pathway ETFs. The summary is based on the laws and judicial and administrative interpretations thereof in effect on the date of this SAI, all of which are subject to change, possibly with retroactive effect.

**Regulated Investment Company Qualifications.** Each Morgan Stanley Pathway ETF has elected to qualify for treatment as a separate regulated investment company ("RIC") under Subchapter M of the IRC. By following such a policy, each Morgan Stanley Pathway ETF expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. If a Morgan Stanley Pathway ETF qualifies as a RIC, it will generally not be subject to federal income taxes on the net investment income and net realized capital gains that it timely distributes to its shareholders. The Board reserves the right not to maintain the qualification of a Morgan Stanley Pathway ETF as a RIC if it determines such course of action to be beneficial to shareholders.

To qualify for treatment as a RIC, each Fund must annually distribute at least 90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains), computed without regard to the dividends paid deduction, and at least 90% of its net tax-exempt interest income for such year, if any, and meet several other requirements. Among such other requirements are the following: (i) at least 90% of a Fund's annual gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities or non-U.S. currencies, 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 interests in qualified publicly-traded partnerships (i.e., partnerships that are traded on an established securities market or tradable on a secondary market, other than a partnership that derives at least 90% of its income from interest, dividends, capital gains and other traditionally permitted RIC income) (the "Qualifying Income Test"); and (ii) at the close of each quarter of a Fund's taxable year, (a) at least 50% of the market value of the 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 for purposes of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the Morgan Stanley Pathway ETF's assets and not greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Morgan Stanley Pathway ETF's total assets may be invested in the securities of any one issuer, of two or more issuers of which 20% or more of the voting stock is held by the Morgan Stanley Pathway ETF and that are engaged in the same or similar trades or businesses or related trades or businesses (other than the securities of other RICs) or the securities of one or more qualified publicly-traded partnerships (the "Asset Test").

If a Fund fails to satisfy the Qualifying Income Test or the Asset Test, the Morgan Stanley Pathway ETF 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 Asset Test where a Morgan Stanley Pathway ETF corrects the failure within a specified period of time. In order to be eligible for the relief provisions with respect to a failure to meet the Asset Test, a Morgan Stanley Pathway ETF may be required to dispose of certain assets. If these relief provisions are not available to a Morgan Stanley Pathway ETF and it fails to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the regular corporate income tax rate (currently 21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable as ordinary income dividends to its shareholders to the extent of such Morgan Stanley

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Pathway ETF's current and accumulated earnings and profits, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by noncorporate shareholders. In addition, a Morgan Stanley Pathway ETF could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. If a Morgan Stanley Pathway ETF determines that it will not qualify for treatment as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

Although the Morgan Stanley Pathway ETFs intend to distribute substantially all of its net investment income and its capital gains for each taxable year, the Morgan Stanley Pathway ETFs will be subject to U.S. federal income taxation to the extent any such income or gains are not distributed. Moreover, if the Morgan Stanley Pathway ETFs fail to qualify as a RIC in any year, they must pay out their earnings and profits accumulated in that year in order to qualify again as a RIC. If the Morgan Stanley Pathway ETFs fail to qualify as a RIC for a period greater than two taxable years, the Morgan Stanley Pathway ETFs may be required to recognize any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Funds had been liquidated) if it qualifies as a RIC in a subsequent year.

A Morgan Stanley Pathway ETF may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Morgan Stanley Pathway ETF'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.

**Taxation of RICs.** As a RIC, the Morgan Stanley Pathway ETFs will not be subject to U.S. federal income tax on the portion of its taxable investment income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement. To satisfy the minimum distribution requirement, the Funds must distribute to its shareholders at least the sum of (i) 90% of its "investment company taxable income" (i.e., income other than its net realized long-term capital gain over its net realized short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the taxable year. The Morgan Stanley Pathway ETFs will be subject to income tax at regular corporate rates on any taxable income or gains that it does not distribute to its shareholders. If the Funds fail to qualify for any taxable year as a RIC or fails to meet the distribution requirement, all of its taxable income will be subject to tax at regular corporate income tax rates without any deduction for distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the extent of the Morgan Stanley Pathway ETFs' current and accumulated earnings and profits. In such event, distributions to individuals should be eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for the dividends-received deduction. Although the Morgan Stanley Pathway ETFs intend to distribute substantially all of its net investment income and its capital gains for each taxable year, the Funds may decide to retain a portion of its income or gains if the Morgan Stanley Pathway ETFs determine that doing so is in the interest of its shareholders. The Morgan Stanley Pathway ETFs will be subject to U.S. federal income taxation to the extent any such income or gains are not distributed. Moreover, if the Morgan Stanley Pathway ETFs fail to qualify as a RIC in any year, they must pay out their earnings and profits accumulated in that year in order to qualify again as a RIC. If the Funds fail to qualify as a RIC for a period greater than two taxable years, the Morgan Stanley Pathway ETFs may be required to recognize any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the Funds had been liquidated) if it qualifies as a RIC in a subsequent year.

**Net Capital Loss Carryforwards.** Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, a RIC may carry net capital losses from any taxable year forward to

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offset capital gains in future years. A Morgan Stanley Pathway ETF is permitted to carry net capital losses forward indefinitely. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Morgan Stanley Pathway ETF and may not be distributed as capital gains to shareholders. Generally, a Morgan Stanley Pathway ETF may not carry forward any losses other than net capital losses.

In the event that the Morgan Stanley Pathway ETFs were to experience an ownership change as defined under the IRC, the loss carryforwards and other favorable tax attributes of the Morgan Stanley Pathway ETFs, if any, may be subject to limitation.

The following chart shows the approximate unused capital loss carryover, on August 31, 2025, by each Fund. For U.S. federal income tax purposes, these amounts are available to be carried forward and applied against future capital gains. If a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. In addition, the carryover of capital losses may be limited under the general loss limitation rules if Fund experiences an ownership change as defined in the IRC.

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| | | |
|:---|:---|:---|
| **Fund** | **Total** | **Long<br>Term** |
|  Morgan Stanley Pathway Large Cap Equity ETF | $– $– $|  |
|  Morgan Stanley Pathway Small-Mid Cap Equity ETF | $– $– $|  |

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**Excise Tax.** The Morgan Stanley Pathway ETFs will be subject to a 4% excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year at least 98% of its ordinary income for the calendar year plus at least 98.2% of its capital gain net income for the 12 months ended October 31 of such year. For this purpose, however, any ordinary income or capital gain net income retained by the Morgan Stanley Pathway ETFs that is subject to corporate income tax will be considered to have been distributed by year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year. The Morgan Stanley Pathway ETFs intend to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of this 4% excise tax but can make no assurances that such tax will be completely eliminated. For example, a Morgan Stanley Pathway ETF may receive delayed or corrected tax reporting statements from its investments that cause such Morgan Stanley Pathway ETF to accrue additional income and gains after such Morgan Stanley Pathway ETF has already made its excise tax distributions for the year. In such a situation, a Morgan Stanley Pathway ETF may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, a Morgan Stanley Pathway ETF may in certain circumstances be required to liquidate a Morgan Stanley Pathway ETF's 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 Morgan Stanley Pathway ETF to satisfy the requirement for qualification as a RIC.

**Taxation of U.S. Shareholders.** Each Morgan Stanley Pathway ETF receives 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 Morgan Stanley Pathway ETF, constitutes a Morgan Stanley Pathway ETF's net investment income from which dividends may be paid to you. Any distributions by a Morgan Stanley Pathway ETF 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.

Dividends and other distributions by the Morgan Stanley Pathway ETFs are generally treated under the IRC as received by the shareholders at the time the dividend or distribution is made. However, any dividend or capital

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gain distribution declared by the Morgan Stanley Pathway ETFs in October, November or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year and to have been paid by the Morgan Stanley Pathway ETFs not later than such December 31, provided such dividend is actually paid by the Morgan Stanley Pathway ETFs during January of the following calendar year.

The Morgan Stanley Pathway ETFs intend to distribute annually to its shareholders substantially all of its net tax-exempt income, investment company taxable income and any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss carryovers). However, if a Morgan Stanley Pathway ETF retains for investment an amount equal to all or a portion of its net long-term capital gains in excess of its net short-term capital losses (including any capital loss carryovers), it will be subject to a corporate tax (at a flat rate of 21%) on the amount retained. In that event, a Morgan Stanley Pathway ETF will report such retained amounts as undistributed capital gains in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed amount, (b) will be entitled to credit their proportionate shares of the tax paid by the Morgan Stanley Pathway ETF on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be entitled to increase their tax basis, for U.S. federal income tax purposes, in their shares by an amount equal to the excess of the amount in clause (a) over the amount in clause (b). Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Funds upon filing appropriate returns or claims for refund with the IRS.

Distributions by a Morgan Stanley Pathway ETF of its net short-term capital gains will be taxable as ordinary income. Distributions of net realized long-term capital gains, if any, that the Funds report as capital gain dividends are taxable as long-term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the Morgan Stanley Pathway ETFs. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Long-term capital gains are eligible for taxation at a maximum rate of 20% for non-corporate shareholders.

Subject to certain limitations and requirements, dividends reported by a Morgan Stanley Pathway ETF as qualified dividend income will be taxable to non-corporate shareholders at rates of up to 20%. In general, dividends may be reported by a Morgan Stanley Pathway ETF as qualified dividend income if they are paid from dividends received by the Morgan Stanley Pathway ETF on common and preferred stock of U.S. companies or on stock of certain eligible foreign corporations, provided that certain holding period and other requirements are met by the Morgan Stanley Pathway ETF with respect to the dividend-paying stocks in its portfolio. Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States or in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid 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 a Morgan Stanley Pathway ETF's assets before it calculates the net asset value) with respect to such dividend, (ii) a Morgan Stanley Pathway ETF 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 IRC. Therefore, if you lend your shares in a Morgan Stanley Pathway ETF, 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 a Morgan Stanley Pathway ETF receives 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.

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A Morgan Stanley Pathway ETF's participation in loans of securities may affect the amount, timing, and character of distributions to Fund shareholders. If a Morgan Stanley Pathway ETF participates in a securities lending transaction and receives a payment in lieu of dividends (a "substitute payment") with respect to securities on loan in a securities lending transaction, such income generally will not constitute qualified dividend income and thus dividends attributable to such income will not be eligible for taxation at the rates applicable to qualified dividend income for individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

Distributions in excess of a Morgan Stanley Pathway ETF's current and accumulated earnings and profits will, as to each shareholder, be treated as a tax-free return of capital to the extent of a shareholder's basis in shares of the Morgan Stanley Pathway ETF, and as a capital gain thereafter (if the shareholder holds shares of the Morgan Stanley Pathway ETF as capital assets). Distributions in excess of a Morgan Stanley Pathway ETF's minimum distribution requirements, but not in excess of the Morgan Stanley Pathway ETF's earnings and profits, will be taxable to shareholders and will not constitute nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the shareholders receiving cash dividends or distributions will receive and should have a cost basis in the shares received equal to such amount. No deduction would be allowed to an investor for interest on indebtedness incurred or continued to purchase or carry shares of the Morgan Stanley Pathway ETFs to the extent the interest deduction would relate to exempt-interest dividends received.

Investors considering buying shares just prior to a dividend or capital gain distribution should be aware that, although the price of shares purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution may nevertheless be taxable to them. If a Morgan Stanley Pathway ETF is the holder of record of any security on the record date for any dividends payable with respect to such security, such dividends will be included in the Morgan Stanley Pathway ETF's gross income not as of the date received but as of the later of (i) the date such security became ex-dividend with respect to such dividends (i.e., the date on which a buyer of the security would not be entitled to receive the declared, but unpaid, dividends); or (ii) the date the Fund acquired such security. Accordingly, in order to satisfy its income distribution requirements, the Morgan Stanley Pathway ETF may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

**Sales, Exchanges or Redemptions of Shares.** Upon the sale of shares of a Morgan Stanley Pathway ETF, a shareholder will realize a taxable gain or loss equal to the difference between the amount realized and the shareholder's basis in shares of the Funds. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands and will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale will be disallowed to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends or capital gains distributions, or by an option, or contract to acquire substantially identical shares, within a 61-day period beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. Any loss realized by a shareholder on the sale of Morgan Stanley Pathway ETF shares held by the shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share.

An Authorized Participant who exchanges securities for Creation Units generally will recognize gain or loss from the exchange. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. The ability of Authorized Participants to receive a full or partial cash redemption of Creation Units of a Fund may limit the tax efficiency of the Morgan Stanley Pathway ETF. An Authorized Participant who redeems Creation Units will generally recognize a gain or loss equal to the

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difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the exchanger's basis in the Creation Units. IRS, however, may assert that an Authorized Participant may not be permitted to currently deduct losses realized upon an exchange of securities for Creation Units under the rules governing "wash sales" (for an Authorized Participant which does not mark-to-market its holdings) or on the basis that there has been no significant change in economic position.

Any gain or loss realized upon a creation or redemption of Creation Units will be treated as capital or ordinary gain or loss, depending on the circumstances. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year and were held as capital assets in the hands of the exchanging Authorized Participant. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will be treated as short-term capital gains or losses. Any capital loss realized upon a redemption of Creation Units held for six months or less should be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gains with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Morgan Stanley Pathway ETFs, has the right to reject an order for a purchase of shares of a Morgan Stanley Pathway ETF if the purchaser (or group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding shares of the Morgan Stanley Pathway ETF and if, pursuant to Sections 351 and 362 of the IRC, the Morgan Stanley Pathway ETF would have a basis in the securities different from the market value of such securities on the date of deposit. If the Morgan Stanley Pathway ETF's basis in such securities on the date of deposit was less than market value on such date, the Morgan Stanley Pathway ETF, upon disposition of the securities, would recognize more taxable gain or less taxable loss than if its basis in the securities had been equal to market value. It is not anticipated that the Trust will exercise the right of rejection except in a case where the Trust determines that accepting the order could result in material adverse tax consequences to the Morgan Stanley Pathway ETFs or its shareholders. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.

Authorized Participants purchasing or redeeming Creation Units should consult their own tax advisors with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rules apply and when a loss might be deductible.

**Backup Withholding.** In certain cases, a Morgan Stanley Pathway ETF will be required to withhold at a 24% rate and remit to the U.S. Treasury such amounts withheld from any distributions paid to a shareholder who: (i) has failed to provide a correct taxpayer identification number; (ii) is subject to backup withholding by the IRS; (iii) has failed to certify to the Morgan Stanley Pathway ETF that such shareholder is not subject to backup withholding; or (iv) has not certified that such shareholder is a U.S. person (including a U.S. resident alien). Backup withholding is not an additional tax and any amount withheld may be credited against a shareholder's U.S. federal income tax liability.

**Cost Basis Reporting**. The cost basis of shares acquired by purchase will generally be based on the amount paid for the shares and then may be subsequently adjusted for other applicable transactions as required by the IRC. The difference between the selling price and the cost basis of shares generally determines the amount of the capital gain or loss realized on the sale or exchange of shares. Contact the broker through whom you purchased your shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

**Net Investment Income Tax**. U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married and filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to

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a 3.8% tax on all or a portion of their "net investment income." This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts. For these purposes, interest, dividends and certain capital gains (including capital gain distributions and capital gains realized on the sale of shares of a Fund or the redemption of Creation Units), among other categories of income, are generally taken into account in computing a shareholder's net investment income.

**Taxation of Complex Securities.** A Morgan Stanley Pathway ETF's transactions in complex securities, including zero coupon securities, non-U.S. currencies, forward contracts, options and futures contracts (including options and futures contracts on non-U.S. currencies), to the extent permitted, may be subject to special provisions of the IRC (including provisions relating to "hedging transactions" and "straddles") that, among other consequences, may affect the character of gains and losses realized by the Morgan Stanley Pathway ETF (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Morgan Stanley Pathway ETF and defer Morgan Stanley Pathway ETF losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also (a) may require a Morgan Stanley Pathway ETF to mark-to-market certain types of the positions in its portfolio (i.e., treat them as if they were closed out at the end of each year) and (b) may cause a Morgan Stanley Pathway ETF to recognize income without receiving cash with which to pay dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise taxes. Each Morgan Stanley Pathway ETF will monitor its transactions, intends to make the appropriate tax elections and intends to make the appropriate entries in its books and records when it acquires any zero coupon security, non-U.S. currency, forward contract, option, futures contract or hedged investment in order to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.

The Morgan Stanley Pathway ETFs are 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 IRC ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from futures and options 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. The Morgan Stanley Pathway ETFs 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 a Morgan Stanley Pathway ETF. These provisions may also require a Fund 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 Morgan Stanley Pathway ETF 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 Morgan Stanley Pathway ETF may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so and which may result in a taxable gain or loss.

**Loss Transaction Reporting.** If a shareholder recognizes a loss with respect to the Morgan Stanley Pathway ETFs' shares 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 IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement, but under current guidance, shareholders of a RIC are not exempted. 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.

**Other Taxes.** Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S. taxes depending on each shareholder's particular situation.

**Taxation of Non-U.S. Shareholders.** Dividends paid by the Morgan Stanley Pathway ETFs to non-U.S. shareholders are generally subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from investment income and short-term capital gains. Dividends paid by

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the Morgan Stanley Pathway ETFs from net tax-exempt income or long-term capital gains are generally not subject to such withholding tax. In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required to provide an IRS Form W-8BEN or IRS Form W-8BEN-E certifying its entitlement to benefits under a treaty. The withholding tax does not apply to regular dividends paid to a non-U.S. shareholder who provides an IRS Form W-8ECI, certifying that the dividends are effectively connected with the non-U.S. shareholder's conduct of a trade or business within the U.S. Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S. shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional "branch profits tax" imposed at a rate of 30% (or lower treaty rate). A non-U.S. shareholder who fails to provide an IRS Form W-8BEN, IRS Form W-8BEN-E or other applicable form may be subject to backup withholding at the appropriate rate.

Properly reported dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of a Morgan Stanley Pathway ETFs' "qualified net interest income" (generally, the Morgan Stanley Pathway ETF's U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Morgan Stanley Pathway ETF is at least a 10% shareholder or partner, reduced by expenses that are allocable to such income); or (ii) are paid in respect of a Morgan Stanley Pathway ETF's "qualified short-term capital gains" (generally, the excess of the Morgan Stanley Pathway ETF's net short-term capital gain over the Morgan Stanley Pathway ETF's long-term capital loss for such taxable year). However, depending on its circumstances, a Morgan Stanley Pathway ETF may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Morgan Stanley Pathway ETFs report the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), a U.S. withholding tax at a 30% rate is imposed on dividends for shareholders who own their shares through foreign accounts or foreign intermediaries if certain disclosure requirements related to U.S. accounts or ownership are not satisfied. 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 Morgan Stanley Pathway ETF 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 the Funds 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. The Morgan Stanley Pathway ETFs will not pay any additional amounts in respect to any amounts withheld.

Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the particular tax consequences to them of an investment in a Fund.

**Tax-Exempt Shareholders**. Certain tax-exempt shareholders, including qualified pension plans, IRAs, salary deferral arrangements, 401(k)s, and other tax-exempt entities, generally are exempt from federal income taxation except with respect to their unrelated business taxable income ("UBTI"). Tax-exempt entities are not permitted to

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A Morgan Stanley Pathway ETF's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account.

**State Taxes**. Depending upon state and local law, distributions by a Morgan Stanley Pathway ETF 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 the Morgan Stanley Pathway ETF will not be liable for any corporate excise, income or franchise tax in Massachusetts if they qualify as RICs for federal income tax purposes.

The foregoing discussion is a summary of certain material U.S. federal income tax considerations only and is not intended as a substitute for careful tax planning. Purchasers of shares should consult their own tax advisors as to the tax consequences of investing in such shares, including consequences under state, local and non-U.S. income and other tax laws. Finally, the foregoing discussion is based on applicable provisions of the IRC, regulations, judicial authority and administrative interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions discussed above, and such changes often occur.

The foregoing discussion is a summary of certain material U.S. federal income tax considerations only and is not intended as a substitute for careful tax planning. Purchasers of shares should consult their own tax advisors as to the tax consequences of investing in such shares, including consequences under state, local and non-U.S. income and other tax laws. Finally, the foregoing discussion is based on applicable provisions of the IRC, regulations, judicial authority and administrative interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions discussed above, and such changes often occur.

#### Morgan Stanley Pathway Mutual Funds
The following is a summary of certain material U.S. federal income tax considerations regarding the purchase, ownership and disposition of shares of the Morgan Stanley Pathway Mutual Funds by U.S. persons. This summary does not address all of the potential U.S. federal income tax consequences that may be applicable to a Morgan Stanley Pathway Mutual Fund or to all categories of investors, some of which may be subject to special tax rules. Prospective shareholders are urged to consult their own tax advisers with respect to the specific U.S. federal, state, local and foreign tax consequences of investing in a Fund. The summary is based on the IRC and the laws in effect on the date of this SAI and existing judicial and administrative interpretations thereof, all of which are subject to change, possibly with retroactive effect.

*Regulated Investment Company Qualifications.* In order to qualify as a RIC under Subchapter M of the IRC, a Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. If the structured notes and swap agreements in which the Funds may invest are not "securities" within the meaning of the 1940 Act, then the Funds may not be able to meet these requirements.

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Although the Funds intend to take the position that these instruments are securities for this purpose, the Funds have not asked the IRS for a ruling and the IRS may not agree with this view. If a Fund does not meet the requirements for definition as a tax-qualified RIC, it will be subject to federal income tax at the regular corporate rate (21%). The remainder of this tax section assumes that the structured notes and swap agreements in which a Fund may invest are "securities" within the meaning of the 1940 Act.

#### The Morgan Stanley Pathway Mutual Funds and Their Investments
Each Fund intends to continue to qualify in each year as a separate RIC under the IRC. To so qualify, each Fund must, among other things: (a) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to certain securities loans and gains from the sale or other disposition of stock, securities or foreign currencies, 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 interests in "qualified publicly traded partnerships" (*i.e.,* partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends, capital gains, and other traditional permitted mutual fund income (the "Qualifying Income Test"); and (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the market value of the Fund's total assets is represented by cash, securities of other RICs, U.S. government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested, including through corporations in which a Fund owns a 20% or greater voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, any two or more issuers that the Fund maintains 20% or more of the voting power in such issuers and such issuers are determined to be engaged in the same or similar trades or businesses, or related trades or businesses or in the securities of one or more qualified publicly traded partnerships (the "Asset Test").

A Fund's investments in partnerships, including in qualified publicly traded partnerships, may result in that Fund's being subject to state, local or foreign income, franchise or withholding tax liabilities.

*Taxation of RICs.* As a RIC, a Fund will not be subject to U.S. federal income tax on the portion of its net investment income and capital gains that it distributes to its shareholders in a timely manner, provided that it satisfies a minimum distribution requirement. To satisfy the minimum distribution requirement, a Fund must distribute to its shareholders at least the sum of (i) 90% of its "investment company taxable income" (*i.e.*, income, including dividends and taxable interest, other than its net realized long-term capital gain over its net realized short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the taxable year. Although each Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, each Fund will be subject to income tax at the regular corporate rate (21%), as applicable, on any taxable income or gains that it does not distribute to its shareholders. Each Fund is treated as a separate corporation for federal income tax purposes. Each Fund is therefore 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, in any taxable year, a Fund fails to qualify as a RIC under the IRC or fails to meet the distribution requirement, 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 taxed in the same manner as an ordinary corporation and distributions to its shareholders will not be deductible by the Fund in computing its taxable income. In addition, in the event of a failure to qualify, a Fund's distributions, to the extent derived from its current or accumulated

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earnings and profits, will constitute dividends that are taxable to shareholders as dividend income, even though those distributions might otherwise (at least in part) have been treated in the shareholders' hands as a long-term capital gain or as tax-exempt interest. However, such dividends may be eligible (i) to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii) for the dividends received deduction in the case of corporate shareholders. Moreover, if a Fund fails to qualify as a RIC in any year, it must pay out its earnings and profits accumulated in that year in order to qualify again as a RIC. If a Fund failed to qualify as a RIC for a period greater than two taxable years, the Fund may be required to recognize any net built-in gains with respect to certain of its assets (*i.e.,* the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if the portfolio had been liquidated) in order to qualify as a RIC in a subsequent year. 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.

As a general rule, a Fund's gain or loss on a sale or exchange of an investment will be a long-term capital gain or loss if the Fund has held the investment for more than one year and will be a short-term capital gain or loss if it has held the investment for one year or less. Gains or losses on the sale of debt securities denominated in a foreign currency may be re-characterized as ordinary income or losses, as described below.

In general, gain or loss on a short sale is recognized when a Fund closes the sale by delivering the borrowed property to the lender, not when the borrowed property is sold. Gain or loss from a short sale is generally considered as capital gain or loss to the extent that the property used to close the short sale constitutes a capital asset in a Fund's hands. Except with respect to certain situations where the property used by a Fund to close a short sale has a long-term holding period on the date of the short sale, special rules would generally treat the gains on short sales as short-term capital gains. These rules may also terminate the running of the holding period of "substantially identical property" held by a Fund. Moreover, a loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by a Fund for more than one year. In general, a Fund will not be permitted to deduct payments made to reimburse the lender of securities for dividends paid on borrowed stock if the short sale is closed on or before the 45th day after the short sale is entered into.

*Excise Tax.* Notwithstanding the distribution requirement described above, the IRC imposes a 4% nondeductible excise tax on a Fund to the extent it does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income for that year and (ii) 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending, as a general rule, on October 31 of that year. For this purpose, however, any ordinary income or capital gain net income retained by a Fund that is subject to corporate income tax will be considered to have been distributed by year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or decreased to reflect any under distribution or over distribution, as the case may be, from the previous year. Each Fund anticipates that it will pay such dividends and intends to make such distributions as are necessary in order to avoid the application of this 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.

*Net Capital Loss Carryforwards.* 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 the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. 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.

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The following chart shows the approximate unused capital loss carryover, on August 31, 2025, by each Fund. For U.S. federal income tax purposes, these amounts are available to be carried forward and applied against future capital gains. If a Fund has a "net capital loss" (that is, capital losses in excess of capital gains), the excess of the Fund's net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising on the first day of the Fund's next taxable year, and the excess (if any) of the Fund's net long-term capital losses over its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. 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 IRC.

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| | | | |
|:---|:---|:---|:---|
| **FUND** | **Total** | **Short Term** | **Long Term** |
|  International Equity Fund | $— | $— | $— |
|  Emerging Markets Equity Fund | $59671000 | $7114205 | $52556795 |
|  Core Fixed Income Fund | $231667043 | $57140176 | $174526867 |
|  High Yield Fund | $24807484 | $3281925 | $21525559 |
|  International Fixed Income Fund | $7616755 | $3566393 | $4050362 |
|  Municipal Bond Fund | $7443316 | $3148850 | $4294466 |
|  Inflation-Linked Fixed Income Fund | $5280385 | $— | $5280385 |
|  Ultra-Short Term Fixed Income Fund | $14173360 | $14173360 | $— |
|  Alternative Strategies Fund | $2913953 | $531340 | $2382613 |

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*Taxation of Complex Securities.* A Fund's transactions in zero coupon securities, foreign currencies, forward contracts, options and futures contracts (including options and futures contracts on foreign currencies) will be subject to special provisions of the IRC (including provisions relating to "hedging transactions" and "straddles") that, among other things, may affect the ability of a Fund to qualify as a RIC, affect the character of gains and losses realized by that Fund (*i.e*., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer Fund losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also (i) will require a Fund to mark-to-market certain types of the positions in its portfolio (*i.e*., treat them as if they were closed out at the end of each year), and (ii) may cause the Fund to recognize income without receiving cash with which to pay dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise taxes. Each Fund will monitor its transactions, intends to make the appropriate tax elections, if any, and intends to make the appropriate entries in its books and records when it acquires any zero coupon security, foreign currency, forward contract, option, futures contract or hedged investment in order to mitigate the effect of these rules and seek to prevent disqualification of the Fund as a RIC.

A Fund's investment in so-called "section 1256 contracts," such as regulated futures contracts, most foreign currency forward contracts traded in the interbank market and options on most stock indices, are subject to special tax rules. All section 1256 contracts held by a Fund at the end of its taxable year are required to be marked to their market value, and any unrealized gain or loss on those positions will be included in the Fund's income as if each position had been sold for its fair market value at the end of the taxable year. The resulting gain or loss will be combined with any gain or loss realized by the Fund from positions in section 1256 contracts closed during the taxable year. Provided such positions were held as capital assets and were not part of a "hedging transaction" nor part of a "straddle," 60% of the resulting net gain or loss will be treated as long-term capital gain or loss, and 40% of such net gain or loss will be treated as short-term capital gain or loss, regardless of the period of time the positions were actually held by the Fund. 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.

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To the extent a Fund writes options that are not subject to the rules of section 1256 of the IRC, the amount of the premium received by a Fund for writing such options will be entirely short-term capital gain to the Fund. In addition, if such an option is closed by a Fund, any gain or loss realized by the Fund as a result of closing the transaction will also be short-term capital gain or loss. If the holder of a put option exercises the holder's right under the option, any gain or loss realized by a Fund upon the sale of the underlying security pursuant to such exercise will be short-term or long-term capital gain or loss to the Fund depending on the Fund's holding period for the underlying security.

As a result of entering into swap contracts, a Fund may make or receive periodic net payments. A Fund may also make or receive a payment when a swap is terminated prior to maturity through an assignment of the swap or other closing transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will generally result in capital gain or loss (which will be a long-term capital gain or loss if a Fund has been a party to the swap for more than one year). With respect to certain types of swaps, the Fund may be required to currently recognize income or loss with respect to future payments on such swaps or may elect under certain circumstances to mark such swaps to market annually for tax purposes as ordinary income or loss. The tax treatment of many types of credit default swaps is uncertain.

A Fund may be required to treat amounts as taxable income or gain, subject to the distribution requirements referred to above, even though no corresponding amounts of cash are received concurrently, as a result of (1) marking to market, constructive sales or rules applicable to PFICs (as defined below) or partnerships or trusts in which the Fund invests or to certain options, futures or forward contracts, or "appreciated financial positions," (2) the inability to obtain cash distributions or other amounts due to currency controls or restrictions on repatriation imposed by a foreign country with respect to a Fund's investments (including through depositary receipts) in issuers in such country or (3) tax rules applicable to debt obligations acquired with "original issue discount," including zero-coupon or deferred payment bonds and pay-in-kind debt obligations, or to market discount if an election is made with respect to such market discount. A Fund may therefore be required to obtain cash to be used to satisfy these distribution requirements by selling securities at times that it might not otherwise be desirable to do so or borrowing the necessary cash, thereby incurring interest expenses.

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" ("QPTP") (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 IRC section 7704(d), and (iii) that generally derives less than 90% of its income from the same sources as described in the Qualifying Income Test) will be treated as qualifying income. In addition, although in general the passive loss rules of the IRC do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a QPTP.

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A Fund may invest in certain master limited partnerships ("MLPs") that may be treated as QPTPs. The net income from QPTPs is qualifying income for purposes of the Qualifying Income Test, but a Fund's investment in one or more of such QPTPs 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 QPTPs in order to ensure compliance with the Qualifying Income Test and Asset Test. Please see the discussion regarding the consequences of failing to satisfy one of these RIC qualification tests set forth above. MLPs and other partnerships that the Funds may invest in will deliver a Schedule K-1 to the Funds to report their share of income, gains, losses, deductions and credits of the MLP or other partnership. The Schedule 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 IRC 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 above. 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 IRC does not contain a provision permitting a RIC, such as a Fund, to pass the special character of this income through to its shareholders. Currently, 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.

The Funds may make investments into one or more exchange traded products, such as ETNs or ETFs, swaps or other derivative investments that may raise questions regarding the qualification of the income from such investments as qualifying income under the Qualifying Income Test. In addition, the determination of the value and the identity of the issuer of such investments are often unclear for purposes of the "Asset Test" described above. Each Fund intends to monitor its investments and the character of its income to ensure it will satisfy the Qualifying Income Test and to ensure that they are adequately diversified under the Asset Test, but it is possible that a Fund may fail to qualify as a RIC in a given tax year due to a failure to satisfy the Qualifying Income Test or Asset Test. Please see the discussion regarding the consequences of failing to satisfy one of these RIC qualification tests set forth above.

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 the Fund and, in turn, may be distributed by the Fund to its shareholders as capital gain distributions. Dividends received by a Fund from a REIT generally will not constitute qualified dividend income and will not 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. The IRC treats all ordinary 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) as 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

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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.

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.

*Foreign Investments.* Dividends or other income (including, in some cases, capital gains) received by a Fund from investments in foreign securities may be subject to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If, as of the end of a Fund's taxable year, more than 50% of the Fund's assets consist of foreign securities, that Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by that Fund during that taxable year to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the IRC. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes 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. 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 IRC, which may result in the shareholder not getting a full credit or deduction for the amount of such taxes. Shareholders who do not itemize on their federal income tax returns may claim a credit, but not a deduction, for such foreign taxes. Foreign taxes paid by a Fund will reduce the return from the Fund's investments.

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 IRC. 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 IRC 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.

If a Fund purchases shares in certain foreign investment entities, called "passive foreign investment companies" ("PFICs"), it may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. If a Fund were to invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the IRC, in lieu of the foregoing requirements, the Fund might be required to include in income each year a portion of the ordinary earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts would be subject to the 90% and excise tax distribution requirements described above. Amounts included in income each year by a Fund arising from a qualified electing fund 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. In order to make

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this election, the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Alternatively, a Fund may make a mark-to-market election that will result in the Fund being treated as if it had sold and repurchased all of the PFIC stock at the end of each year. In such case, the Fund would report any such gains as ordinary income and would deduct any such losses as ordinary losses to the extent of previously recognized gains. The election must be made separately for each PFIC owned by the Fund and, once made, would be effective for all subsequent taxable years of the Fund, unless revoked with the consent of the IRS. By making the election, a Fund could potentially ameliorate the adverse tax consequences with respect to its ownership of shares in a PFIC, but in any particular year may be required to recognize income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock. The Fund may have to distribute this "phantom" income and gain to satisfy the 90% distribution requirement and to avoid imposition of the 4% excise tax. Each Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules.

Under Section 988 of the IRC, gains or losses attributable to fluctuations in exchange rates between the time a Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pays such liabilities are generally treated as ordinary income or ordinary loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts, certain foreign currency options or futures contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss unless a Fund were to elect otherwise.

*Taxation of U.S. Shareholders.* Dividends and other distributions by a Fund are generally treated under the IRC as received by the shareholders at the time the dividend or distribution is made. However, any dividend or distribution declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following calendar year.

Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income, and any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss carryovers). However, if a Fund retains for investment an amount equal to all or a portion of its net long-term capital gains in excess of its net short-term capital losses (including any capital loss carryovers), it will be subject to federal corporate income tax, and may also be subject to a state tax, on the amount retained. In that event, the Fund will report such retained amounts as undistributed capital gains in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes, as long-term capital gains, their proportionate shares of the undistributed amount, (b) will be entitled to credit their proportionate shares of the 21% tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be entitled to increase their tax basis, for U.S. federal income tax purposes, in their shares by an amount equal to 79% of the amount of undistributed capital gains included in the shareholder's income. Organizations or persons not subject to U.S. federal income tax on such capital gains will be entitled to a refund of their pro rata share of such taxes paid by the Fund upon filing appropriate returns or claims for refund with the IRS.

Distributions of net realized long-term capital gains, if any, that a Fund reports as capital gains dividends are taxable as long-term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the Fund. All other dividends paid by a Fund (including dividends from short-term capital gains) from its current and accumulated earnings and profits ("regular dividends") are generally subject to tax as ordinary income. However, any dividends paid by the Municipal Bond Fund that are properly reported as exempt-interest dividends will not be subject to regular federal income tax.

Special rules may apply, however, to certain dividends paid to individuals. Such a dividend may be subject to tax at the rates generally applicable to long-term capital gains for individuals (currently set at a maximum rate of

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20%), provided that the individual receiving the dividend satisfies certain holding period and other requirements. Dividends subject to these special rules are not actually treated as capital gains, however, and thus are not included in the computation of an individual's net capital gain and generally cannot be used to offset capital losses. The long-term capital gains rates will apply to (i) 100% of the regular dividends paid by a Fund to an individual in a particular taxable year if 95% or more of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) in that taxable year is attributable to qualified dividend income received by the Fund; or (ii) the portion of the regular dividends paid by a Fund to an individual in a particular taxable year that is attributable to qualified dividend income received by the Fund in that taxable year if such qualified dividend income accounts for less than 95% of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) for that taxable year. For this purpose, "qualified dividend income" generally means income from dividends-received by the Fund from U.S. corporations and certain foreign corporations, provided that the Fund and the individual satisfy certain holding period requirements and have not hedged their positions in certain ways. However, qualified dividend income does not include any dividends-received from tax-exempt corporations. Also, dividends-received by a Fund from a REIT or another RIC generally are qualified dividend income only to the extent the dividend distributions are made out of qualified dividend income received by such REIT or other RIC. In the case of securities lending transactions, payments in lieu of dividends are not qualified dividend income. If a shareholder elects to treat Fund dividends as investment income for purposes of the limitation on the deductibility of investment interest, such dividends would not be a qualified dividend income.

Distributions from capital gains are generally made after applying any available capital loss carryforwards. Because the Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, and Ultra-Short Term Fixed Income Fund will receive income primarily in the form of interest derived from their investments, such Funds are generally not expected to make distributions eligible to be treated as qualified dividend income. In addition, certain of the International Equity Fund and Emerging Markets Equity Fund's investment strategies may limit their ability to make distributions eligible to be treated as qualified dividend income.

You will receive information at or near the end of each calendar year setting forth the amount of dividends paid by us that are eligible for the reduced rates.

Distributions in excess of a Fund's current and accumulated earnings and profits will, as to each shareholder, be treated as a tax-free return of capital to the extent of a shareholder's basis in his shares of the Fund, and as a capital gain thereafter (if the shareholder holds his shares of the Fund as capital assets). Shareholders receiving dividends or distributions in the form of additional shares should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the amount of money that the shareholders receiving cash dividends and should have a cost basis in the shares received equal to such amount.

Regular dividends paid by a Fund that are attributable to certain dividends received by that Fund from U.S. corporations may qualify for the federal dividends-received deduction for corporations. The portion of the dividends received from a Fund that qualifies for the dividends-received deduction for corporations will be reduced to the extent that a Fund holds dividend-paying stock for fewer than 46 days (91 days for certain preferred stocks). A Fund's holding period requirement must be satisfied separately for each dividend during a prescribed period before and after the ex-dividend date and will not include any period during which that Fund has reduced its risk of loss from holding the stock by purchasing an option to sell, granting an option to buy, or entering into a short sale of substantially identical stock or securities, such as securities convertible into the stock. The holding period for stock may also be reduced if a Fund diminishes its risk of loss by holding one or more other positions with respect to substantially similar or related properties. Dividends-received deductions will be allowed only with respect to dividends paid on Fund shares for which a corporate shareholder satisfies the same holding period rules applicable to the Fund, and the deduction is subject to limitations on debt financing at both the Fund and shareholder levels. Corporate shareholders should also consult its tax adviser regarding the

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possibility that its federal tax basis in its Fund shares may be reduced by the receipt of "extraordinary dividends" from a Fund, and to the extent such basis would be reduced below zero, current recognition of income would be required. Because the Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, and Ultra-Short Term Fixed Income Fund will receive income generally in the form of interest derived from their investments, none of their dividends are expected to qualify under the IRC for the dividends received deductions for corporations.

Investors considering buying shares of a Fund on or just prior to the record date for a taxable dividend or capital gain distribution should be aware that, although the price of shares just purchased at that time may reflect the amount of the forthcoming distribution, such dividend or distribution may nevertheless be taxable to them.

Unless a shareholder falls within certain exceptions, the custodian, broker or other administrative agent holding shares in the Fund on a shareholder's behalf must report to the IRS and furnish to the shareholder the cost basis information for shares of a Fund. In addition to reporting the gross proceeds from the sale of shares of a Fund, an affected shareholder will receive cost basis information for such shares which will indicate whether these shares had a short-term or long-term holding period. For each sale of shares of a Fund, a shareholder is to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the custodian, broker or other administrative agent holding shares in the Fund will use a default cost basis method they have chosen which should have been communicated to such shareholders. The cost basis method elected by a shareholder (or the cost basis method applied by default) for each sale of shares of a Fund may not be changed after the settlement date of each such sale. Shareholders should consult with your tax advisors to determine the best IRS-accepted cost basis method for your tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review any cost basis information provided to them by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

If a Fund is the holder of record of any stock on the record date for any dividends payable with respect to such stock, such dividends will be included in the Fund's gross income not as of the date received but as of the later of (i) the date such stock became ex-dividend with respect to such dividends (*i.e*., the date on which a buyer of the stock would not be entitled to receive the declared, but unpaid, dividends) or (ii) the date the Fund acquired such stock. Accordingly, in order to satisfy its income distribution requirements, a Fund may be required to pay dividends based on anticipated earnings, and shareholders may receive dividends in an earlier year than would otherwise be the case.

If the Municipal Bond Fund meets certain requirements, it may pay exempt-interest dividends to its shareholders. Exempt-interest dividends generally are excluded from your gross income for federal income tax purposes. Interest on indebtedness incurred by a shareholder to purchase or carry shares of the Municipal Bond Fund will not be deductible for U.S. federal income tax purposes to the extent that the Fund distributes exempt-interest dividends during the taxable year. If a shareholder receives exempt-interest dividends with respect to any share of the Municipal Bond Fund and if the share is held by the shareholder for six months or fewer, then any loss on the sale or exchange of the share may, to the extent of the exempt-interest dividends, will be disallowed. However, the loss disallowance rule for exempt-interest dividends will not apply to any loss incurred on a redemption or exchange of shares of a fund that declares dividends daily and distributes them at least monthly. In addition, the IRC may require a shareholder that receives exempt-interest dividends to treat as taxable income a portion of certain otherwise non-taxable social security and railroad retirement benefit payments.

Furthermore, a portion of any exempt-interest dividend paid by the Municipal Bond Fund that represents income derived from certain revenue or private activity bonds held by the Fund may not retain its tax-exempt status in the hands of a shareholder who is a "substantial user" of a facility financed by such bonds, or a "related person" thereof. Moreover, some or all of the exempt-interest dividends distributed by the Municipal Bond Fund may be a specific preference item, or a component of an adjustment item, for purposes of the federal alternative minimum tax. For tax years beginning after December 31, 2022, exempt-interest dividends may be also subject

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to the federal corporate alternative minimum tax for certain corporations. In addition, the receipt of dividends and distributions from the Municipal Bond Fund may affect a foreign corporate shareholder's federal "branch profits" tax liability and the federal "excess net passive income" tax liability of a shareholder of an S corporation. The IRS may challenge the tax-exempt status of municipal bonds held by municipal bond investments. If the IRS were successful in its challenge, shareholders may be liable for taxes on past and future distributions received with respect to such bonds. Shareholders should consult their own tax advisors as to whether they are (i) "substantial users" with respect to a facility or "related" to such users within the meaning of the IRC or (ii) subject to a federal alternative minimum tax, the federal "branch profits" tax, or the federal "excess net passive income" tax.

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 IRC. 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 such Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the IRS.

*Sales, Exchanges, or Redemptions of Shares.* Upon the sale or exchange of his shares, a shareholder will realize a taxable gain or loss equal to the difference between the amount realized and his basis in his shares. A redemption of shares by a Fund will generally be treated as a sale for this purpose. Assuming a shareholder holds Fund shares as a capital asset, such gain or loss will be treated as capital gain or loss if the shares are capital assets in the shareholder's hands, and will generally be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends and capital gains distributions in the Fund, within a 61-day period beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. Any loss realized by a shareholder on the sale of a Fund share held by the shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share. If a shareholder incurs a sales charge in acquiring shares of the Fund, disposes of those shares within 90 days and then acquires shares in a mutual fund for which the otherwise applicable sales charge is reduced by reason of a reinvestment right (*e.g.*, an exchange privilege), the original sales charge will not be taken into account in computing gain/loss on the original shares to the extent the subsequent sales charge is reduced. Instead, the disregarded portion of the original sales charge will be added to the tax basis of the newly acquired shares. Furthermore, the same rule also applies to a disposition of the newly acquired shares made within 90 days of the second acquisition. This provision prevents a shareholder from immediately deducting the sales charge by shifting his or her investment within a family of mutual funds.

*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 capital gains realized on the sale or exchange of shares). "Net investment income" does not include distributions of exempt-interest.

*Notices*. Shareholders will also receive, if appropriate, various written notices after the close of a Fund's taxable year regarding the U.S. federal income tax status of certain dividends, distributions and deemed distributions that

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were paid (or that are treated as having been paid) by the Fund to its shareholders during the preceding taxable year.

*Backup Withholding.* A Fund may be required to withhold at a rate of 24% and remit to the U.S. Treasury the amount withheld on amounts payable to shareholders who (i) fail to provide the Fund with their correct taxpayer identification number, (ii) have failed to make required certifications such as that they are not subject to backup withholding or are U.S. persons, or (iii) are subject to backup withholding. Certain shareholders are exempt from backup withholding. Backup withholding is not an additional tax and any amount withheld may be credited against a shareholder's U.S. federal income tax liability.

*Other Taxes.* Dividends, distributions and redemption proceeds may also be subject to additional state, local and foreign taxes depending on each shareholder's particular situation.

If a shareholder recognizes a loss with respect to a Fund's shares 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 exempted from this reporting requirement, but under current guidance, shareholders of a RIC are not exempt. 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.

*Taxation of Non-U.S. Shareholders.* Any non-U.S. shareholders 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.

Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty to the extent derived from investment income and short-term capital gains. In order to obtain a reduced rate of withholding, a non-U.S. shareholder will be required to provide an IRS Form W-8BEN or W-8BEN-E certifying its entitlement to benefits under a treaty. The withholding tax does not apply to regular dividends paid to a non-U.S. shareholder who provides a Form W-8ECI, certifying that the dividends are effectively connected with the non-U.S. shareholder's conduct of a trade or business within the U.S. Instead, the effectively connected dividends will be subject to regular U.S. income tax as if the non-U.S. shareholder were a U.S. shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional "branch profits tax" imposed at a rate of 30% (or lower treaty rate).

In general, U.S. federal withholding tax will not apply to any gain or income realized by a non-U.S. shareholder in respect of any distributions of net long-term capital gains over net short-term capital losses, exempt-interest dividends, or upon the sale or other disposition of shares of the Fund.

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Properly-designated dividends are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income) and (ii) are paid in respect of the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over the Fund's long-term capital loss for such taxable year). However, depending on its circumstances, the fund may designate all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or in part, as eligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non-U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or substitute Form). In the case of shares held through an intermediary, the intermediary may withhold even if a Fund designates the payment as qualified net interest income or qualified short-term capital gains. Non-U.S. shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

A U.S. withholding tax at a 30% rate is imposed on dividends for shareholders who own their shares through foreign accounts or foreign intermediaries if certain disclosure requirements related to U.S. accounts or ownership are not satisfied.

A distribution from a Fund to foreign shareholders who have held more than 5% of a class of Fund shares at any time during the one-year period ending on the date of distribution is treated as real property gain with certain tax filing requirements applicable, if such distribution is attributable to a distribution of real property gain received by the Fund from a REIT and if 50% or more of the value of the Fund's assets are invested in REITs and other U.S. real property holding corporations. In such case the foreign shareholder would be subject to a 21% withholding tax with respect to such distribution and such distribution would be treated as income effectively connected with a U.S. trade or business. Such treatment may give rise to an obligation on the part of the foreign shareholder to file a U.S. federal income tax return. Moreover, such distribution may be subject to a 30% branch profits tax in the hands of a foreign shareholder that is a corporation. Restrictions apply regarding wash sales and substitute payment transactions.

If you hold your shares in a tax-qualified retirement account, you generally will not be subject to federal taxation on income and capital gains distribution from a Fund, until you begin receiving payments from your retirement account. You should consult your tax adviser regarding the tax rules that apply to your retirement account.

*State Taxes.* Distributions by a Fund to shareholders and the ownership of 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. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local tax rules affecting an investment in Fund shares.

**The foregoing is only a summary of certain material U.S. federal income tax considerations generally affecting the Funds and their shareholders and is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisers with specific reference to their own tax situations, including their state and local tax liabilities.** 

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#### DISTRIBUTORS
**Morgan Stanley Pathway ETFs.** Foreside Fund Services, LLC ("Foreside") serves as the distributor and principal underwriter for the Morgan Stanley Pathway ETFs pursuant to a written agreement, which was approved by the Trustees of the Trust, including a majority of the Independent Trustees. Foreside or its agent distributes Creation Units for the Morgan Stanley Pathway ETFs on an agency basis. Foreside, as agent, reviews and approves orders by authorized participants to create and redeem Morgan Stanley Pathway ETF shares in Creation Units. Foreside does not maintain a secondary market in shares of the Morgan Stanley Pathway ETFs. Foreside has no role in determining the investment policies of the Morgan Stanley Pathway ETFs or the securities that are purchased or sold by the Morgan Stanley Pathway ETFs. Foreside is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Association ("FINRA"). Foreside's principal address is Three Canal Plaza, Suite 100, Portland, ME 04101.

**Morgan Stanley Pathway Mutual Funds.** Morgan Stanley Smith Barney LLC ("MSSB"), located at 2000 Westchester Avenue, Purchase, New York 10577, serves as the Morgan Stanley Pathway Mutual Funds' distributor pursuant to a written agreement, which was approved by the Trustees of the Trust, including a majority of the Independent Trustees. MSSB may be deemed to be an underwriter for purposes of the 1933 Act. MSSB may make payments for distribution and/or shareholder servicing activities out of its past profits and other available sources. MSSB may also make payments for marketing, promotional or related expenses to dealers. The amount of these payments is determined by the distributor and may be substantial. The Manager or an affiliate may make similar payments under similar arrangements.

#### CUSTODIAN AND TRANSFER AGENT

#### Custodian
Brown Brothers Harriman & Co. ("BBH&Co."), located at 50 Post Office Square, Boston, Massachusetts 02110, serves as the Trust's custodian, fund accountant and administrator. Under its agreements with the Trust, BBH&Co. holds the Trust's Fund securities, calculates each Fund's daily NAV, provides various administrative services and keeps all required accounts and records. For its custody services, BBH&Co. receives a monthly fee based upon the month-end market value of securities held in custody and also receives certain securities transaction charges and out-of-pocket expenses.

#### Transfer Agents
BBH&Co serves as a transfer agent for the Morgan Stanley Pathway ETFs to render certain shareholder record keeping and accounting services.

BNY Mellon Investment Servicing (US) located at P.O. Box 9699, Providence, Rhode Island 02940-9699, serves as a transfer agent and shareholder services to the Morgan Stanley Pathway Mutual Funds to render certain shareholder record keeping and accounting services.

BNY Asset Servicing, located at BNY Mellon Center, 201 Washington Street, Boston, MA 02108-4408, provides shareholder services to the Trust, with respect to maintenance of Morgan Stanley Wealth Management accounts.

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#### SECURITIES LENDING ACTIVITY
Mitsubishi UFJ Financial Group ("MUFG") acts as securities lending agent for the Funds. The services provided by MUFG. include (i) entering into loans subject to guidelines or restrictions provided by the Funds; (ii) establishing and maintaining collateral accounts; (iii) monitoring daily the value of the loaned securities and collateral; (iv) seeking additional collateral as necessary from borrowers, and returning collateral to borrowers; (v) receiving and holding collateral from borrowers, and facilitating the investment and reinvestment of cash collateral; (vi) negotiating loan terms; (vii) selecting securities to be loaned subject to guidelines or restrictions provided by the Funds; (viii) recordkeeping and account servicing; (ix) monitoring dividend and proxy activity relating to loaned securities; and (x) arranging for return of loaned securities to the Funds at loan termination. Prior to August 15, 2025, BBH&Co. acted as the securities lending agent for the Funds.

The table below sets forth the gross income received by the Funds from securities lending activities during the fiscal year ended August 31, 2025. The table also shows the fees and/or other compensation paid by the applicable Funds, any other fees or payments incurred by each Fund resulting from lending securities providers, and the net income earned by the Funds for securities lending activities.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Morgan<br>Stanley<br>Pathway<br>Large Cap<br>Equity<br>ETF<sup>1</sup>** | **Morgan<br>Stanley<br>Pathway<br>Small-Mid**<br>**Cap Equity**<br>**ETF<sup>1</sup>** | **International**<br>**Equity Fund** | **Emerging**<br>**Markets** | **Core Fixed<br>Income Fund** |
|  **Gross Income from securities lending activities (including income from cash collateral reinvestment)** | $151520 | $258540 | $343067 | $90832 | $59283 |
|  Fees/compensation for securities lending activities and related services |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $2200 | $12107 | $13558 | $4052 | $1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the revenue split | $3681 | $5206 | $8783 | $3024 | $1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnification fee not included in revenue split | $0 | $0 | $0 | $0 | $0 |
|  Rebate (paid to borrower) | $133165 | $172588 | $243890 | $60794 | $50624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $0 | $0 | $0 | $0 | $0 |
|  **Aggregate fees/compensation for securities lending activities and related services** | $139046 | $189901 | $266231 | $67870 | $53143 |
|  **Net Income from securities lending activities** | $12474 | $68639 | $76836 | $22962 | $6140 |

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<sup>1</sup> On December 9, 2024, the Predecessor Large Cap Equity Fund and Predecessor Small-Mid Cap Equity Fund reorganized into the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, respectively.

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#### FINANCIAL STATEMENTS
The Funds' audited financial statements dated August 31, 2025, and the report of the independent registered public accounting firm, are included in the most recent Form N-CSR for the Funds, and are incorporated by reference into this SAI.

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#### APPENDIX A—RATINGS OF DEBT OBLIGATIONS

#### BOND AND NOTE RATINGS
*Standard & Poor's Ratings Service ("Standard & Poor's")— Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.* 

AAA Bonds rated "AAA" have the highest rating assigned by Standard & Poor's. Capacity to pay interest and repay principal is extremely strong.

AA Bonds rated "AA" have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A Bonds rated "A" have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

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| | |
|:---|:---|
| BBB | Bonds rated "BBB" are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories  |

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| | |
|:---|:---|
| BB, B, CCC,<br> CC and C | Bonds rated "BB", "B", "CCC", "CC" and "C" are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. "BB" represents the lowest degree of speculation and "C" the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions. |

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D Bonds rated "D" are in default and payment of interest and/or repayment of principal is in arrears.

*Moody's Investors Service ("Moody's")*— Numerical modifiers 1, 2 and 3 may be applied to each generic rating from "Aa" to "Caa" where 1 is the highest and 3 the lowest ranking within its generic category.

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| | |
|:---|:---|
| Aaa | Bonds rated "Aaa" are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.  |

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| | |
|:---|:---|
| Aa | Bonds rated "Aa" are judged to be of high quality by all standards. Together with the "Aaa" group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in "Aaa" securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in "Aaa" securities.  |

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A Bonds rated "A" possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment sometime in the future.

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| | |
|:---|:---|
| Baa | Bonds rated "Baa" are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.  |

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| | |
|:---|:---|
| Ba | Bonds rated "Ba" are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.  |

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B Bonds rated "B" generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa Bonds rated "Caa" are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.

Ca Bonds rated "Ca" represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C Bonds rated "C" are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

*Fitch Ratings Service ("Fitch")*— Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA Bonds rated "AAA" have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.

AA Bonds rated "AA" have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.

A Bonds rated "A" have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

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| | |
|:---|:---|
| BBB | Bonds rated "BBB" are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.  |

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| | |
|:---|:---|
| BB, B, CCC,<br> CC and C | Bonds rated "BB", "B", "CCC", "CC" and "C" are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. "BB" represents a lower degree of speculation than "B", and "CC" the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions. |

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NR Indicates that the bond is not rated by Standard & Poor's, Moody's, or Fitch.

#### Short-Term Security Ratings
SP-1 Standard & Poor's highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.

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| | |
|:---|:---|
| A-1 | Standard & Poor's highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.  |

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VMIG 1 Moody's highest rating for issues having a demand feature —VRDO.

P-1 Moody's highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.

F-1 Fitch's highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.

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#### APPENDIX B

#### MORGAN STANLEY PATHWAY FUNDS

#### Proxy Voting Policies and Procedures Pursuant to Rule 38a-1

#### Under the Investment Company Act of 1940

#### Rules Summary:
The proxy voting rules are designed to mitigate conflicts of interest for anyone voting a proxy—whether the person/entity voting a proxy on behalf of MS Pathway is the Manager, Sub-adviser, or a third-party.

Rule 30b1-4 under the Investment Company of 1940, as amended, ("1940 Act") requires MS Pathway to file an annual report on Form N-PX not later than August 31 of each year, containing the Registrant's proxy voting record for the most recent twelve month period ended June 30.

Rule 206(4)-6 under the Investment Advisers Act of 1940 ("Advisers Act") requires investment advisers, that exercise voting authority with respect to client securities, to adopt and implement written policies and procedures, reasonably designed to ensure that the adviser votes proxies in the best interest of its clients. And they must describe how the adviser addresses material conflicts between its interests and those of its clients with respect to proxy voting.

Item 13(f) of Form N-1A requires an investment company to include a description of its proxy voting policies and procedures (or, alternatively, a copy of the policies and procedures themselves) in its SAI.

Items 22(b)(7) and 22(c)(5) of Form N-1A require an investment company to disclose in each annual and semi-annual report transmitted to shareholders that a description of the policies and procedures that the investment company uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling a specified toll-free (or collect) telephone number; (ii) on the investment company's website, if applicable; and (iii) on the SEC's website at www.sec.gov.

Items 13(f), 22(b)(8), and 22(c)(6) of Form N-1A require an investment company to disclose in each registration statement and annual and semi-annual report that information regarding how the investment company voted proxies relating to portfolio securities during the most recent twelve month period ended June 30th is available (i) without charge, upon request, by calling a specified toll-free (or collect) telephone number; or on or through the investment company's website at a specified Internet address; or both; and (ii) on the SEC's website at www.sec.gov.

#### Policy:
It is MS Pathway's policy for all proxies to be voted in the best interests of shareholders. The Trust's administrator has primary responsibility for obtaining proxy voting information from Sub-advisers and/or their third-party service providers, when necessary, and for coordinating with these parties to compile and file Form N-PX on behalf of the Trust.

The Trust has delegated proxy voting responsibilities for securities held by the funds to the Manager and Sub-advisers, as applicable, subject to the Trustees' general oversight. As a matter of policy, MS Pathway requires its Sub-advisers to vote all proxies. The Trust's administrator is not responsible for verifying the substantive accuracy of the information provided by the Manager, Sub-advisers or third-party service providers with respect to any fund's proxy voting record. In delegating proxy responsibilities, the Trustees have directed that proxies be voted consistent with the Trust and its shareholders best interests and in compliance with all applicable proxy voting rules and regulations. The Manager and Sub-advisers have adopted their own proxy voting policies and guidelines for this purpose (collectively, the "Proxy Voting Procedures"). The Proxy Voting Procedures address, among other things, material conflicts of interest that may arise between the interests of a Fund and the interests of the Manager, Sub-advisers and their affiliates. In the event that a Sub-advisers does not vote a proxy, the Manager's Proxy Voting Procedures requires ISS, a third-party, to: 1) review the proxy; 2) provide advice on how to vote the proxy, and; 3) vote in accordance with its recommendation.

The Proxy Voting Procedures are provided in Appendix B of this SAI. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the SEC's website at www.sec.gov and (2) publicly available Smith Barney internet website at <u>www.morganstanley.com/wealth-investmentsolutions/cgcm</u>.

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#### Procedures:
These procedures are intended to document how the Trust complies with the requirements and restrictions of the 1940 Act and the Advisers Act, and the rules and forms thereunder, with respect to the disclosure of proxy voting records, including the annual filing of proxy voting records on Form N-PX.

1. Web-Based Platform

Proxy voting history will be available on a publicly available Morgan Stanley internet website: (<u>www.morganstanley.com/wealth-investmentsolutions/cgcm</u>).

2. Filing on Form N-PX

The Administrator has the primary responsibility for obtaining the proxy voting information from Sub-advisers and/or their third-party service providers, when necessary, and for coordinating with the Vendor to produce the proxy voting records needed to file Form N-PX on behalf of the Trust. The Trust's administrator is responsible for beginning the process of gathering such information promptly after June 30 of each year.

The Administrator is responsible for preparing and filing the funds' reports on Form N-PX in a timely manner. Upon receipt of proxy voting record information from Operations and/or the Vendor, the Administrator will coordinate review, as appropriate, to confirm that the correct entities are covered for the correct periods, and that sufficient information is provided to satisfy the legal requirements for filing on Form N-PX. In connection with any follow-up requests, the Administrator will coordinate between the Manager, any Sub-advisers and their third-party service providers (as applicable), and the Vendor. The Trust's administrator is responsible for maintaining appropriate records with respect to Form N-PX filings it makes on behalf of the Trust.

3. Reporting

The Manager will provide, or cause ISS to provide, to the Trust's administrator or other designee on a timely basis, any and all reports and information necessary to prepare and file Form N-PX or other required SEC filings including the items set forth below under "Recordkeeping." In connection with the Trustees' annual review of the Funds' proxy voting process, the Manager will provide, or cause ISS to provide, any information reasonably requested by the Board of Trustees.

4. Recordkeeping

The Manager will keep and maintain the following records:

1) a copy of the Proxy Voting Procedures;

2) a copy of the ISS Proxy Guidelines;

3) copies of all proxy statements received regarding underlying portfolio securities held by the Funds (hard copies by ISS or electronic filings from the SEC's EDGAR system);

4) identification of each proxy's issuer including the exchange ticker and CUSIP number (if available);

5) a record of all votes cast on behalf of the Funds; 

6) copies of any documents used or prepared by the Manager in order to make a decision as to how to vote proxies or that memorialized the basis for the voting decision; 

7) written requests from the Funds' shareholders for information as to how the Manager voted proxies for the Funds; and 

8) written responses by the Manager to any requests from the Funds' shareholders for information as to how the Manager voted proxies for the Fund. 

These records and other items shall be maintained in an easily-accessible place for at least five (5) years from the end of the fiscal year during which the last entry was made on this record, the first two (2) years in the office of the Manager. Certain records will also be maintained by ISS.

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#### Morgan Stanley Pathway Funds

#### Sub-advisers

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| | |
|:---|:---|
| **Fund** | **Sub-adviser** |
| Morgan Stanley Pathway Large Cap Equity ETF | BlackRock Financial Management, Inc.<br> ClearBridge Investments, LLC<br> Great Lakes Advisers, LLC<br> Principal Asset Management |
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | AllianceBernstein L.P.<br> BlackRock Financial Management, Inc.<br> Neuberger Berman Investment Advisers LLC<br> Westfield Capital Management Company, L.P. |
| International Equity Fund | BlackRock Financial Management, Inc.<br> Causeway Capital Management LLC<br> Schroder Investment Management North America Inc.<br> Victory Capital Management Inc.<br> Walter Scott & Partners Limited |
| Emerging Markets Equity Fund | BlackRock Financial Management, Inc.<br> Lazard Asset Management LLC<br> ClearBridge Investment Management Limited (formerly known as "Martin Currie")<br> Van Eck Associates Corporation |
| Core Fixed Income Fund | Allspring Global Investments, LLC<br> Allspring Global Investments (UK) Limited<br> BlackRock Financial Management, Inc.<br> J.P. Morgan Investment Management Inc. |
| High Yield Fund | PineBridge Investments LLC |
| International Fixed Income Fund | Pacific Investment Management Company LLC |
| Municipal Bond Fund | BlackRock Financial Management, Inc. |
| Inflation-Linked Fixed Income Fund | Pacific Investment Management Company LLC |
| Ultra-Short Term Fixed Income Fund | Pacific Investment Management Company LLC |
| Alternative Strategies Fund | N/A |

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To facilitate locating a Sub-adviser's proxy voting policy, they are included below alphabetically by Sub-adviser name.

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![LOGO](g767768dsp001.jpg)

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![LOGO](g767768dsp002.jpg)

**Table of Contents**

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| | |
|:---|:---|
|  **[Introduction](#pvp1767768_1)** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Research Underpins Decision Making](#pvp1767768_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Research Services](#pvp1767768_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Engagement](#pvp1767768_4) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Escalation Strategies](#pvp1767768_5) | 4 |
|  **[Proxy Voting Guidelines](#pvp1767768_6)** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposal Assessment Framework](#pvp1767768_7) | 4 |
|  **[Director Elections](#pvp1767768_8)** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Majority Vote Standard](#pvp1767768_9) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Board Leadership](#pvp1767768_10) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Classified Board](#pvp1767768_11) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Board Capacity](#pvp1767768_12) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Board Composition](#pvp1767768_13) | 6 |
|  **[Compensation](#pvp1767768_14)** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Executive Compensation](#pvp1767768_15) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Equity Compensation Plans](#pvp1767768_16) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Director Compensation](#pvp1767768_17) | 8 |
|  **[Auditors](#pvp1767768_18)** | **8** |
|  **[Transactions and Special Situations](#pvp1767768_19)** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Transactions, Restructurings, Mergers and Acquisitions](#pvp1767768_20) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Rights Plans](#pvp1767768_21) | 8 |
|  **[Shareholder Rights](#pvp1767768_22)** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Capital Structure](#pvp1767768_23) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Access](#pvp1767768_24) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Majority Vote Standard for Charter & Bylaw Amendments](#pvp1767768_25) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Special Meetings](#pvp1767768_26) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Written Consent](#pvp1767768_27) | 10 |
|  **[Material Environmental and Social Issues](#pvp1767768_28)** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Climate](#pvp1767768_29) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Biodiversity](#pvp1767768_30) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Political Spending](#pvp1767768_31) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Human Capital Management](#pvp1767768_32) | 11 |
|  **[Conflicts of Interest](#pvp1767768_33)** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Introduction](#pvp1767768_34) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Adherence to Stated Proxy Voting Policies](#pvp1767768_35) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Disclosure of Conflicts](#pvp1767768_36) | 12 |

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![LOGO](g767768dsp002.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; [Potential Conflicts](#pvp1767768_37) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Handling Potential Conflicts of Interest](#pvp1767768_38) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Review of Third-Party Proxy Service Vendors](#pvp1767768_39) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Confidential Voting](#pvp1767768_40) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [A Note Regarding AB's Structure](#pvp1767768_41) | 14 |
|  **[Voting Transparency](#pvp1767768_42)** | **14** |
|  **[Record Keeping](#pvp1767768_43)** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Voting and Governance Policy](#pvp1767768_44) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Proxy Statements Received Regarding Clients' Securities](#pvp1767768_45) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Records of Votes Cast on Behalf of Clients](#pvp1767768_46) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pre-Disclosure of Vote Intentions on Select Proposals](#pvp1767768_47) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Documents Prepared by AB that Are Material to Voting Decisions](#pvp1767768_48) | 15 |
|  **[Proxy Voting Procedures](#pvp1767768_49)** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp; [Voting Administration](#pvp1767768_50) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Share Blocking and Abstaining from Voting Client Securities](#pvp1767768_51) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Loaned Securities](#pvp1767768_52) | 16 |

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#### Introduction
AllianceBernstein L.P.'s ("AB," "we," "us," "our" and similar terms) mission is to work in our clients' best financial interests to deliver better investment outcomes through differentiated research insights and innovative portfolio solutions. As a fiduciary and investment adviser, we place the interests of our clients first and treat all our clients fairly and equitably, and we have an obligation to responsibly allocate, manage and oversee their investments to seek sustainable, long-term shareholder value.

AB has authority to vote proxies relating to securities in certain client portfolios and, accordingly, AB's fiduciary obligations extend to AB's exercise of such proxy voting authority for each client AB has agreed to exercise that duty. AB's general policy is to vote proxy proposals, amendments, consents or resolutions relating to client securities, including interests in private investment funds, if any (collectively, "proxies"), in a manner that serves the best financial interests of each respective client as determined by AB in its discretion, after consideration of the relevant clients' investment strategies, and in accordance with this Proxy Voting and Governance Policy ("Proxy Voting and Governance Policy" or "Policy") and the operative agreements governing the relationship with each respective client ("Governing Agreements"). This Policy outlines our principles for proxy voting, includes a wide range of issues that often appear on voting ballots, and applies to all of AB's internally managed assets, globally. It is intended for use by those involved in the proxy voting decision-making process and those responsible for the administration of proxy voting ("Investment Stewardship Team"), to ensure that this Policy and its procedures are implemented consistently.<sup>1</sup>

This Policy forms part of a suite of policies and frameworks including **AB's Stewardship Statement** that outline our approach to investment stewardship. Proxy voting is an integral part of this process, enabling us to support sound corporate governance practices, strong shareholder rights, transparent disclosures, and encourage effective oversight of material issues.

This Policy is overseen by the Proxy Voting and Governance Committee ("Proxy Voting and Governance Committee" or "Committee"), which provides oversight and includes senior representatives from Investments, Legal and Operations. It is the responsibility of the Committee to evaluate and maintain proxy voting procedures and guidelines, to evaluate proposals and issues not covered by these guidelines, to consider changes in the Policy, and to review the Policy no less frequently than annually. In addition, the Committee meets at least three times a year and as necessary to address special situations.

#### Research Underpins Decision Making
As a research-driven firm, we approach proxy voting with the same commitment to rigorous research and engagement that we apply to all our investment activities. The different investment philosophies applied by our investment teams may occasionally result in different conclusions being drawn for certain proposals. In turn, our votes for some proposals may vary from issuer to issuer, while still aligning with our goal of maximizing the long-term value of securities in our clients' portfolios.

For accounts where proxy voting is directed by clients or newly acquired subsidiary companies, voting decisions may deviate from this Policy. To the extent there are any inconsistencies between this Policy and a client's Governing Agreements, the Governing Agreements shall supersede this Policy. We do not offer different versions of our Proxy Voting and Governance Policy.

#### Research Services
To facilitate the efficient and accurate voting of our client's securities, we subscribe to research services from vendors such as Institutional Shareholder Services Inc. ("ISS") and Glass Lewis. These research

<sup>1</sup> Please note that while this Policy is intended to be applied globally, in certain jurisdictions in which we operate, a limited number of votes may vary due to local rules and regulations. 

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materials are used for informational purposes alongside company filings, and AB's voting decisions are always guided by AB's Proxy Voting and Governance Policy. Our investment professionals can access these research and informational materials at any time.

#### Engagement
In evaluating proxy issues and determining our votes, we seek the perspective and expertise of various relevant parties. Internally, the Investment Stewardship Team may consult the Committee, Chief Investment Officers, Portfolio Managers, and/or Research Analysts across our equities platform. By partnering with investment professionals, we are empowered to incorporate company-specific fundamental insights into our vote decisions.

Externally, we may engage with companies in advance of their Annual General Meeting, and throughout the year. We believe engagement provides the opportunity to share our philosophy, and more importantly, affect positive changes which we believe will drive shareholder value. In addition, we may engage with shareholder proposal proponents and other stakeholders to understand different viewpoints and objectives.

#### Escalation Strategies
Proxy voting and engagements work in conjunction to raise and escalate investor concerns to companies. In cases where we determine that the issuer's behavior isn't aligned with our clients' best financial interests, we may escalate our voting and engagement by taking actions such as voting against the relevant directors. The materiality of the issue and the responsiveness of management will guide our approach which is outlined in the AB Stewardship Statement.

#### Proxy Voting Guidelines
Our proxy voting guidelines are both principles-based and rules-based. Subject to client guidelines, we adhere to a core set of principles described in this Policy. We assess each proxy proposal within the framework of these principles, with our ultimate "litmus test" being what we view as most likely to maximize long-term shareholder value. We believe that authority and accountability for setting and executing corporate policies, goals and compensation should generally rest with a company's board of directors and senior management. In return, we support strong investor rights that allow shareholders to hold directors and management accountable should they fail to act in the best interests of shareholders.

We generally vote proposals in accordance with these guidelines; however, we may deviate from these guidelines if we believe that deviating from our stated Policy is necessary to maximize long-term shareholder value or as otherwise warranted by the specific facts and circumstances of an investment. While our Policy is broadly applicable, we may make exceptions to these guidelines for non-operating companies such as closed-end funds. We will evaluate on a case-by-case basis any proposal not specifically addressed by these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that are in our clients' best interests.

**Shareholder Proposal Assessment Framework** 

AB's commitment to maximizing the long-term value of clients' portfolios drives how we analyze shareholder proposals. Shareholder proposals often address environmental, social and governance ("ESG") disclosures, which we believe can in some cases help improve the accuracy of our valuation of companies. We think it is in our clients' best interests to incorporate a comprehensive set of risks and opportunities, including but not limited to material ESG issues, from a long-term shareholder value perspective. The evaluation of a proposal that addresses an ESG issue will consider (among other things) the following core factors, as necessary:

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• The materiality of the mentioned ESG issue for the company's business

• The company's current practice, policy, and framework

• The prescriptiveness of the proposal—does the shareholder make a request that unreasonably burdens management?

• The context of the shareholder proposal—is the proponent tied to any particular interest group(s)? Does the proposal aim to promote the interest of the shareholders or group that they are associated with?

• How does the proposal add value for the shareholders?

We do not vote in favor of all ESG-related proposals. This shareholder proposal assessment framework applies to all proposals slated by shareholders, globally.

#### Director Elections
AB's approach to voting on director elections is grounded in the belief that directors should represent shareholder interests and ensure management is maximizing long-term shareholder value. We generally vote in favor of the management-proposed slate of directors, but we consider a number of factors, including local market best practice, when making our decision. Each company's board of directors has a duty to act in the best interest of the company's shareholders at all times. These interests are best served by having directors who bring objectivity to the company and are free from potential conflicts of interests. Accordingly, we believe that companies should have a majority of independent directors and independent key committees. We will incorporate local market regulation and corporate governance codes into our decision making, though we may support requirements that surpass market regulation and corporate governance codes if we believe they will improve corporate governance practices.

We consider a director to be independent if they meet the criteria for independence set forth by the primary exchange or the best practice code in the country where the company is domiciled. We also take into account affiliations, related party transactions, and prior service to the company.

We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may vote against directors who fail to act on key issues. We oppose directors who fail to attend at least 75% of board meetings within a given year without a reasonable excuse. We prioritize transparency and disclosure in our analysis of director elections. If there is insufficient information about nominees disclosed in the proxy statement, we may abstain or vote against.

We also take into account compensation, audit, and governance practices when evaluating directors. If a company lacks a formal key committee or has demonstrated poor practices in these areas, we may vote against relevant directors, which may include committee chairs, committees as a whole, or the full board in cases of multi-year concerns.

Finally, we are committed to engaging with company management to resolve issues that arise. We may do so through phone, written, virtual or in-person communication until a satisfactory resolution is reached.

#### Majority Vote Standard
Sound corporate governance requires that shareholders have a meaningful say in the company's affairs. We believe that electing directors by a majority of votes cast at an annual meeting is a better method than plurality voting. Under plurality voting standards, a director could be elected by a single affirmative vote even if a majority of shareholders withheld support.

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AB also views majority voting provisions as beneficial to director accountability. Therefore, we generally support companies amending their by-laws to require director nominees be elected by an affirmative vote of a majority of the votes cast. However, we recognize that in contested elections where the number of nominees exceeds the number of board seats, a carve-out should be provided to allow for plurality voting. While we generally prefer a majority vote standard, we may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

#### Board Leadership
We believe there can be benefits to an executive chairman and to having the positions of chairman and CEO combined as well as split. When the chair is non-independent, the company must have sufficient counter-balancing governance in place, generally through a strong lead independent director. AB therefore generally supports the establishment of a lead independent director if the chairman is non-independent. We believe that having a robust lead independent director role with clearly defined duties and responsibilities, such as the authority to call meetings and approve agendas, is an effective way to balance governance.

If a company already has a lead independent director in place with robust responsibilities, we will generally oppose proposals that require an independent board chairman, unless there are additional concerns regarding board leadership or broader corporate governance.

#### Classified Board
Typically, a classified board is divided into three classes, each holding office for a term of three years, with only a portion of the board being elected or replaced each year. We generally favor declassified boards, but we may take a case-by-case approach if certain conditions are met, such as an adequate sunset provision, a justifiable financial reason, or if the issuer is a non-operating company such as closed-end funds.

#### Board Capacity
We believe that assessing each nominee's capacity for a board seat is essential for ensuring meaningful board oversight of management. Nominees who are "over-boarded", or have too many outside board commitments, may be unable to dedicate sufficient time toward their board oversight responsibilities.

• **Non-Executive Directors:** AB generally votes against the appointment of non-executive directors who serve on more than four public company boards.

• **Active CEOs:** AB generally votes against the appointment of active CEOs who serve on more than two public company boards.

• **Active CEO of the Company Under Voting Consideration:** For CEOs of the company under consideration, AB generally votes against their appointment if they serve on more than three public company boards.

#### Board Composition
Diversity is an important element of assessing a board's composition, as it promotes a wider range of perspectives to be considered for companies to both strategize and mitigate risks. We believe diversity is multi-faceted and should incorporate a broad range of factors in order to promote diversity of thought, which may include professional experience, tenure, age, gender, ethnicity, and/or nationality. We comply with the requirements of local market regulation and note that several European countries legally require board-level gender diversity at publicly listed companies.

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Taking into account a board's size as well as regional considerations, AB may vote against the nominating committee chair, or a relevant incumbent board member such as a nominating committee member if the chair is not up for election, when the board lacks sufficient diversity, unless there are mitigating factors (e.g. the board has articulated plans to diversify board membership, or has made recent improvements).

#### Compensation
Compensation policies play a critical role in attracting, retaining, and motivating executives, directors, and employees. Incentives should be aligned with shareholder interests to facilitate long-term value creation and sustainable performance.

#### Executive Compensation
It is crucial to establish a direct correlation between variable pay and the company's operational and financial performance, through metrics that are challenging and align with the company's strategy. Compensation plans are often complex and are a major corporate expense, so we evaluate them carefully and on a case-by-case basis. In all cases, however, we assess each proposed executive compensation plan within the framework of four guiding principles, each of which ensures a company's compensation plan helps to align the long-term interests of management with shareholders:

• Valid measures of business performance tied to the firm's strategy and shareholder value creation, which are clearly articulated and incorporate appropriate time periods, should be utilized;

• Compensation costs should be managed in the same way as any other expense;

• Compensation should reflect management's handling, or failure to handle, any recent social, environmental, governance, ethical or legal issue that had a material adverse financial or reputational effect on the company and;

• In granting awards, management should clearly exhibit integrity and a rigorous decision-making process.

Further, we believe that compensation plans should be sufficiently long-term oriented. Long-term incentive plans should adhere to a minimum of three-year vesting periods and clearly target long-term financial goals. We are generally unsupportive of special bonuses that are not explicitly tied to a company's financial performance or lack multi-year vesting periods. If a retention grant is awarded, we expect companies to provide a rationale detailing how the award aligns with business needs and overall strategy. In cases where the compensation committee has exercised discretion to adjust pay outcomes, we expect a detailed justification and explanation of the method used to determine the adjustment. Additionally, we expect disclosure on how the revised outcome is consistent with the shareholders' interests.

We believe that compensation plans should include clawback provisions that require executives to relinquish their awards if their compensation was based on erroneous financial statements or deceitful business practices.

We may oppose plans which include, and directors who establish, compensation plan provisions deemed to be poor practice such as automatic acceleration of equity, or single-triggered, in the event of a change in control. Although votes on compensation plans are by nature only broad indications of shareholder views, they do lead to more compensation-related dialogue between management and shareholders and help ensure that management and shareholders meet their common objective: maximizing shareholder value.

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#### Equity Compensation Plans
Equity compensation plans (or "omnibus stock plans") are intended to align the interests of employees and executives with those of shareholders by providing stock-based incentives. While we generally support the use of equity in compensation plans, we assess each plan on a case-by-case basis. Our evaluation criteria include the overall cost of the plan, potential dilution to shareholders, historical burn rates, and the specific design features of the plan. We may vote against equity compensation plans that contain provisions that are misaligned with shareholder interests, such as the ability to reprice options without shareholder approval or the inclusion of evergreen provisions.

#### Director Compensation
For non-executive directors, we believe that compensation should be structured in such a way that it does not compromise their independence. We will generally oppose performance-based variable remuneration for non-executive directors.

#### Auditors
We believe that the company is in the best position to choose its accounting firm, and we generally support management's recommendation. We recognize that there may be potential conflicts when a company's independent auditors perform substantial non-audit related services for the company. Therefore, we consider the proportion of non-audit fees to total fees and other factors like auditor tenure to assess independence. Excessive non-audit fees may lead us to vote against the auditor and/or audit committee members. In determining what is excessive we exclude non-audit fees related to extraordinary events such as IPOs, bankruptcy emergence, and spin-offs. Additionally, we may vote against or abstain if the audit firm is not disclosed, considering local market practices.

In some markets, companies are required to submit their financial statements for shareholder approval. We generally approve financial statements unless there are reasons to vote otherwise, such as if the information is not made available prior to the meeting. In markets requiring the election of internal statutory auditors (e.g., Japan), we generally support management's nominees if they meet regulatory requirements. However, we may vote against nominees who are designated independent statutory auditors but serve as executives of a subsidiary or affiliate of the issuer, or if there are other reasons to question their independence. We review proposals to limit auditor liability on a case-by-case basis, considering whether such a provision is necessary to secure appointment and whether it helps to maximize long-term shareholder value.

#### Transactions and Special Situations

#### Transactions, Restructurings, Mergers and Acquisitions
Proposals requesting shareholder approval for corporate restructurings, merger and acquisitions, and spin-offs are evaluated on a case-by-case basis. Our primary objective in assessing and voting on these proposals is to maximize long-term shareholder value. We consider a multitude of factors that could impact the company's future performance and shareholder returns, including the board's rationale behind the transaction, the potential financial benefits and risks, the alignment with the company's long-term strategic goals, and the overall integrity of the transaction process. We may abstain from voting on transactions in instances where there is insufficient information.

#### Shareholder Rights Plans

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Our approach to voting on shareholder rights plans, or poison pills, is grounded in our commitment to protecting shareholder rights and maximizing long-term value. Accordingly, we assess these proposals on a case-by-case basis. We will oppose poison pills that unreasonably seek to impede takeovers or entrench management. We may support proposals which protect shareholders' right to consider and potentially accept a compelling offer. Additionally, we may support net operating loss rights plans when the protection of a company's tax assets is material to its financial health and future value. We generally support shareholder proposals that require the company to submit a shareholder rights plan to a shareholder vote, though may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

#### Shareholder Rights

#### Capital Structure
The one share, one vote principle—that voting power is proportional to an one's economic interest— is preferred to ensure the board is accountable to shareholders. AB's general expectation of companies with multi-class equity structures carrying unequal voting rights (or "supervoting shares") is to attach safeguards for minority shareholders when appropriate and in a cost-effective manner, which may include a sunset provision or periodic shareholder reauthorizations. We expect boards to routinely review existing multi-class share structures and articulate why the structure is beneficial for long-term shareholders. If a multi-class share structure is in place without adequate safeguards, AB will generally vote against relevant directors.

With that backdrop, we acknowledge that multi-class structures may be beneficial for a period of time for certain companies, allowing management to focus on longer-term value creation which benefits all shareholders. Accordingly, AB may refrain from voting against relevant directors if the multi-class capital structure is subject to a formal sunset provision, or if company-specific conditions warrant it.

#### Proxy Access
Proxy access allows "qualified shareholders" to nominate directors. Our voting stance typically favors proposals for proxy access that adhere to the 2010 SEC proposal (since vacated) which allowed a single shareholder, or group of shareholders, who hold at least 3% of the voting power for at least three years continuously to nominate up to 25% of the current board seats, or two directors, for inclusion in the subject company's annual proxy statement alongside management nominees. We may vote against proposals that include requirements that are stricter than the SEC's framework including implementation restrictions and against individual board members, or entire boards, who exclude from their ballot properly submitted shareholder proxy access proposals or compete against shareholder proxy access proposals with stricter management proposals on the same ballot. We will generally vote in favor of proposals that seek to amend an existing right to more closely align with the SEC framework. We will evaluate on a case-by-case basis proposals with less stringent requirements than the vacated SEC framework.

#### Majority Vote Standard for Charter & Bylaw Amendments
We generally favor the implementation of simple majority vote requirements for charter and bylaw amendments. This means that a proposal would only need to receive a majority of votes cast in order to be approved. We believe that this approach promotes greater shareholder accountability and ensures that the will of the majority is reflected in important decisions affecting the company. As such, we will generally vote for proposals to reduce supermajority voting requirements, though may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

#### Special Meetings

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We are generally supportive of the right for shareholders to call special meetings, which allows shareholders to take action on certain matters that arise between regularly scheduled annual meetings. This right may apply only if a shareholder, or a group of shareholders, owns a specified percentage as defined by the relevant company bylaws.

We recognize the importance of the right of shareholders to remove poorly performing directors, respond to takeover offers and take other actions without having to wait for the next annual meeting. However, we also believe it is important to protect companies and shareholders from nuisance proposals. We further believe that striking a balance between these competing interests will maximize shareholder value. We believe that encouraging active share ownership among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Accordingly, we will generally support proposals to establish shareholders' right to call a special meeting if one is not already in place. When evaluating proposals to reduce the existing special meeting right threshold, we will assess the potential abuse of the right based on the company's current share ownership structure, and whether the request goes beyond market practice.

#### Written Consent
Action by written consent enables a large shareholder or group of shareholders to initiate votes on corporate matters prior to the annual meeting. We believe this is a fundamental shareholder right and, accordingly, will generally support shareholder proposals seeking to restore this right. However, in cases where a company has a majority shareholder or group of related majority shareholders with majority economic interest, we may oppose proposals seeking to restore this right as there is a potential risk of abuse by the majority shareholder or group of majority shareholders. We may also vote against the proposal if the company provides shareholders a right to call special meetings with an ownership threshold of 15% or below in absence of material restrictions, as we believe that shareholder access rights should be considered from a holistic view rather than promoting all possible access rights that may impede one another in contrast to long-term shareholder value.

#### Material Environmental and Social Issues

#### Climate
Proposals addressing climate change concerns are plentiful and their scope varies. Climate change increasingly receives investor attention as a potential material risk to the sustainability of a wide range of business activities. These proposals may include emissions standards or reduction targets, quantitative goals, and impact assessments. We evaluate these proposals on a case-by-case basis, taking into account the materiality of the issue to the business and whether the proposal is of added benefit to shareholders. We will additionally consider company specific context as well as our ongoing research and engagements for evaluating the company's existing policies and practices.

For proposals related to climate change, we will carefully assess the company's current policies/disclosures and its incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

For issuers with material exposure to climate risk, AB assess the climate risk management strategy by considering factors such as, but not limited to:

#### Emissions Metrics and Targets
• Does the company have emissions metrics and targets in place for Scopes 1 and 2 emissions?

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#### Climate Risk Management
• Does the company perform scenario analysis that includes the use of a widely recognized, scientifically based 1.5 degree scenario?

#### Governance
• Does the board provide oversight on the issuer's climate change strategy?

• Has the company incurred any recent material failures, or been involved in any controversies, related to managing climate-related risk?

#### Disclosure
• Does the company disclose its exposure to climate risk via the framework developed by the Taskforce on Climate related Financial Disclosure?

#### Biodiversity
Companies are increasingly recognizing the importance of managing biodiversity and nature-related factors to generate long-term financial returns for shareholders. This can be achieved by implementing appropriate risk oversight and establishing relevant metrics and targets to manage their reliance on, impact on, and use of natural capital. Companies—particularly those that have significant impacts on local environments or have supply chains exposed to locations with biodiversity-related risk—should disclose how they integrate these factors into their strategy and how they manage material risks and opportunities relating to biodiversity. Additionally, companies should consider engaging with stakeholders, including local communities and conservation organizations, to ensure that their activities do not have a negative impact on biodiversity, which could potentially cause negative reputational or financial risks. Accordingly, we will vote on proposals related to biodiversity on a case-by-case basis.

#### Political Spending
We believe that increased transparency in political contributions and lobbying expenses is essential for ensuring accountability and promoting responsible corporate citizenship. As such, we generally vote in favor of proposals that request increased disclosure of these expenses, including those paid to trade organizations and political action committees at the federal, state, or local level. By doing so, we can better understand how a company is using its resources to influence political decisions and ensure that these activities align with its stated values and principles and are in the best interests of shareholders. Increased transparency can also help to mitigate reputational risks and promote public trust in the company. We believe that companies have a responsibility to disclose their political contributions and lobbying expenses to their shareholders and the public.

#### Human Capital Management
Human capital management is a critical component of a company's long-term success. Companies should provide fair compensation and benefits, as well as opportunities for career growth and advancement. Additionally, companies should prioritize employee health and safety, both physical and mental, and provide a supportive work environment that fosters collaboration and innovation. Effective communication and engagement with employees is also essential for building a strong corporate culture and ensuring that employees feel valued and heard. By prioritizing human capital management, companies can attract and retain top talent, foster innovation and creativity, and ultimately drive long-term value for shareholders. We will vote case-by-case on proposals related to human capital management considering a company's current practices, policies and disclosures.

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#### Conflicts of Interest

#### Introduction
As a fiduciary, we must always act in our clients' best financial interests. We strive to avoid even the appearance of a conflict that may compromise the trust our clients have placed in us, and we insist on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. We have adopted a comprehensive Code of Business Conduct and Ethics ("Code") to help us meet these obligations. As part of this responsibility and as expressed throughout the Code, we place the interests of our clients first and attempt to mitigate any perceived or actual conflicts of interest.

AB recognizes that potentially material conflicts of interest arise when we engage with a company or vote a proxy solicited by an issuer that sponsors a retirement plan we manage (or administer), that distributes AB-sponsored mutual funds, or with which AB or one or more of our employees have another business or personal relationship, and that such conflicts could affect how we vote on the issuer's proxy. Similarly, potentially material conflicts of interest arise when engaging with and deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. In order to address any perceived or actual conflict of interest, the procedures set forth below (see Handling Potential Conflicts of Interest section below) have been established for use when we encounter a potential conflict to ensure that our engagement activities and voting decisions are in our clients' best interest consistent with our fiduciary duties and seek to maximize shareholder value.

#### Adherence to Stated Proxy Voting Policies
Subject to client guidelines, votes generally are cast in accordance with this Policy. In situations where our Policy involves a case-by-case assessment, the following sections provide criteria that will guide our decision. In situations where our Policy on a particular issue involves a case-by-case assessment and the vote cannot be clearly decided by an application of our stated Policy, a member of the Committee or his/her designee will make the voting decision in accordance with the basic principle of our Policy to vote proxies with the intention of maximizing the value of the securities in our client accounts. In these situations, the voting rationale must be documented either on the voting platform of our proxy services vendor, by retaining relevant emails or another appropriate method. Where appropriate, the views of investment professionals are considered. All votes cast contrary to our stated voting Policy on specific issues must be documented. If a proxy vote involves a potential conflict of interest, the voting decision will be determined in accordance with the processes outlined in the Handing Potential Conflicts of Interest section of the Policy below. On an annual basis, the Committee will receive and review a report of all such votes so as to confirm adherence with the Policy.

#### Disclosure of Conflicts
When considering a proxy proposal, members of the Committee or investment professionals involved in the decision-making process must disclose to the Committee any potential conflict (including personal relationships) of which they are aware and any substantive contact that they have had with any interested outside party (including the issuer or shareholder group sponsoring a proposal) regarding the proposal. Any previously unknown conflict will be recorded on the Potential Conflicts List (discussed below). If a member of the Committee has a material conflict of interest, he or she generally must recuse himself or herself from the decision-making process.

#### Potential Conflicts
Potential conflicts related to proxy voting may include, but are not limited to, the following:

• Votes involving publicly traded clients of AB;

• Votes involving publicly traded companies that distribute AB mutual funds;

• Votes where investment teams have different views;

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• Votes involving any clients that try to advocate for proxy voting support;

• Voting contrary to the Policy; and

• Any other company subject to a material conflict of which a Committee member becomes aware.

We determine our votes for all meetings of companies that may present a conflict by applying the processes described in the Handling Potential Conflicts of Interest section below. We document all instances when the Conflicts Officer determines our vote.

#### Handling Potential Conflicts of Interest
When we encounter a potential conflict of interest, we review our proposed vote using the following analysis to ensure our voting decision is in the best interest of our clients:

• If our proposed vote is consistent with the Policy, no further review is necessary.

• If our proposed vote is contrary to the Policy, the vote will be presented to AB's Conflicts Officer. The Conflicts Officer's review and determination will be documented and presented to the Proxy Voting and Governance Committee. The Conflicts Officer will determine whether the proposed vote is reasonable and in line with our fiduciary duties to clients. If the Conflicts Officer cannot determine that the proposed vote is reasonable, the Conflicts Officer may instruct AB to refer the votes back to the client(s) or take other actions as the Conflicts Officer deems appropriate in light of the facts and circumstances of the particular potential conflict. The Conflicts Officer may take or recommend that AB take the following steps:

• Recuse or "wall-off" certain personnel from the proxy voting process;

• Confirm whether AB's proposed vote is consistent with the voting recommendations of our proxy research services vendor; or

• Take other actions as the Conflicts Officer deems appropriate.

#### Review of Third-Party Proxy Service Vendors
AB engages one or more Proxy Service Vendors to provide voting research and voting execution services. From time to time, AB will evaluate each Proxy Service Vendor's services to assess that they are consistent with this Policy and the best interest of our clients. This evaluation may include: (i) a review of pre-populated votes on the Proxy Service Vendor's electronic voting platform before such votes are cast, and (ii) a review of policies that address the consideration of additional information that becomes available regarding a proposal before the vote is cast. AB will also periodically review whether Proxy Service Vendors have the capacity and competency to adequately analyze proxy issues and provide the necessary services to AB. AB will consider, among other things, the adequacy and quality of the Proxy Service Vendor's staffing, personnel and/or technology, as well as whether the Proxy Service Vendor has adequate disclosures regarding its methodologies in formulating voting recommendations. If applicable, we will also review whether any potential factual errors, incompleteness or methodological weaknesses materially affected the Proxy Service Vendor's services and the effectiveness of the Proxy Service Vendor's procedures for obtaining current and accurate information relevant to matters included in its research.

The Committee also takes reasonable steps to review the Proxy Service Vendor's policies and procedures addressing conflicts of interest and verify that AB's primary Proxy Service Vendor(s) is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing each Proxy Service Vendor's conflict management procedures on an annual basis. When reviewing these conflict management procedures, we will consider, among other things, (i) whether the Proxy Service Vendor has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest; and (ii) whether the Proxy Service Vendor provides adequate disclosure of actual and potential conflicts of interest with respect to the services provided to AB by the Proxy Service Vendor and

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(iii) whether the Proxy Service Vendor's policies and procedures utilize technology in delivering conflicts disclosure; and (iv) can offer research in an impartial manner and in the best interests of our clients.

#### Confidential Voting
It is AB's policy to support confidentiality before the actual vote has been cast. Employees are prohibited from revealing how we intend to vote except to (i) members of the Committee; (ii) Portfolio Managers who hold the security in their managed accounts; (iii) the Research Analyst(s) who cover(s) the security; (iv) clients, upon request, for the securities held in their portfolios; (v) clients who do not hold the security or for whom AB does not have proxy voting authority, but who provide AB with a signed a Non-Disclosure Agreement; or (vi) declare our stance on a shareholder proposal(s) that is (are) deemed material for the issuer's business for generating long-term value in our clients' best interests. Once the votes have been cast for our mutual fund clients, they are made public in accordance with mutual fund proxy vote disclosures required by the SEC, and we generally post all votes to our public website one business day after the meeting date.

We may participate in proxy surveys conducted by shareholder groups or consultants so long as such participation does not compromise our confidential voting policy. Specifically, prior to our required SEC disclosures each year, we may respond to surveys asking about our proxy voting policies, but not any specific votes. After our mutual fund proxy vote disclosures required by the SEC each year have been made public and/or votes have been posted to our public website, we may respond to surveys that cover specific votes in addition to our voting policies.

On occasion, clients for whom we do not have proxy voting authority may ask us how AB's Policy would be implemented. A member of the Committee or one or more Investment Stewardship Team may provide the results of a potential implementation of the AB policy to the client's account subject to an understanding with the client that the implementation shall remain confidential.

Any substantive contact regarding proxy issues from the issuer, the issuer's agent or a shareholder group sponsoring a proposal must be reported to the Committee if such contact was material to a decision to vote contrary to this Policy. Routine administrative inquiries from proxy solicitors need not be reported.

#### A Note Regarding AB's Structure
AB and AllianceBernstein Holding L.P. ("AB Holding") are Delaware limited partnerships. As limited partnerships, neither company is required to produce an annual proxy statement or hold an annual shareholder meeting. In addition, the general partner of AB and AB Holding, AllianceBernstein Corporation is an indirect wholly owned subsidiary of Equitable Holdings, Inc.

As a result, most of the positions we express in this Proxy Voting Policy are inapplicable to our business. For example, although units in AB Holding are publicly traded on the New York Stock Exchange ("NYSE"), the NYSE Listed Company Manual exempts limited partnerships and controlled companies from compliance with various listing requirements, including the requirement that our board have a majority of independent directors.

#### Voting Transparency
We publish our voting records on our website one business day after the shareholder meeting date for each issuer company.

Many clients have requested that we provide them with periodic reports on how we voted their proxies. Clients may obtain information about how we voted proxies on their behalf by contacting their Advisor.

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#### Record Keeping
All of the records referenced below will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six (6) years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six (6) or more years. If the local regulation requires that records are kept for more than six or more years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

#### Proxy Voting and Governance Policy
The Policy shall be maintained in the Legal and Compliance Department and posted on our company intranet and on the AB website.

#### Proxy Statements Received Regarding Clients' Securities
For US Securities, AB relies on the SEC to maintain copies of each proxy statement we receive regarding client securities. For Non-US Securities, we rely on ISS, our proxy voting agent, to retain such proxy statements.

#### Records of Votes Cast on Behalf of Clients
Records of votes cast by AB are retained electronically by our proxy research service vendor.

#### Pre-Disclosure of Vote Intentions on Select Proposals
As part of our engagement and stewardship efforts, AB may publish our vote intentions on certain proposals in advance of select shareholder meetings, with an emphasis on issuers where our discretionary managed accounts have significant economic exposure. The selected proposals are chosen because they impact a range of key topics where AB may have expressed our viewpoints publicly, through prior engagement or proxy voting. We do not pre-disclose our vote intentions on mergers and acquisition activity. The published vote intentions are available on our website.

#### Disclosure of Holdings
It is AB's policy to not disclose holdings information of its discretionary managed accounts outside what is required to be disclosed in a regulatory filing. However, AB will disclose this holdings information to the issuers of the securities subject to an upcoming vote as required by local law or regulation.

#### Documents Prepared by AB that Are Material to Voting Decisions
The Investment Stewardship Team is responsible for maintaining documents prepared by the Committee or any AB employee that were material to a voting decision. Therefore, where an investment professional's opinion is essential to the voting decision, the recommendation from investment professionals must be made in writing to a member of Investment Stewardship Team.

#### Proxy Voting Procedures

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#### Voting Administration
To efficiency execute proxy voting for clients' holdings, AB uses ISS to submit votes electronically.

Issuers initially send proxy information to the custodians of our client accounts. We instruct these custodian banks to direct proxy related materials to ISS's offices. ISS provides us with research related to each resolution and pre-populates certain ballots based on the guidelines contained in this Policy. AB's Investment Stewardship Team assesses the proposals via ISS's web platform, Proxy Exchange, and submits all votes electronically. ISS then returns the proxy ballot forms to the designated returnee for tabulation. In addition, AB's proxy votes are double-checked in a two-tiered approach. All votes are reviewed real-time by an offshore proxy review team to verify that the executed votes are aligned with our Policy. Votes for significant holdings, as defined by our stake, are additionally reviewed on a monthly basis by the Investment Stewardship Team to ensure their compliance with our Policy.

If necessary, any paper ballots we receive will be voted electronically or via mail or fax.

#### Share Blocking and Abstaining from Voting Client Securities
Proxy voting in certain countries requires "share blocking." Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian banks. We may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during this period. In cases where we want to retain the ability to trade shares, we may determine to not vote those shares.

We seek to vote all proxies for securities held in client accounts for which we have proxy voting authority. However, in some markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, we may receive meeting notices after the cut-off date for voting or without enough time to fully consider the proxy. Similarly, proxy materials for some issuers may not contain disclosure sufficient to arrive at a voting decision, in which cases we may abstain from voting. Some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing our voting instructions.

AB will abstain from voting (which generally requires submission of a proxy voting card) or affirmatively decide not to vote if AB determines that abstaining or not voting would be in the applicable client's best interest. In making such a determination, AB will consider various factors, including, but not limited to: (i) the costs associated with exercising the proxy (e.g., translation or travel costs); (ii) any legal restrictions on trading resulting from the exercise of a proxy (e.g., share-blocking jurisdictions); (iii) whether AB's clients have sold the underlying securities since the record date for the proxy; and (iv) whether casting a vote would not reasonably be expected to have a material effect on the value of the client's investment.

#### Loaned Securities
Many of our clients have entered into securities lending arrangements with agent lenders to generate additional revenue. We will not be able to vote securities that are on loan under these types of arrangements. However, for AB managed funds, the agent lenders have standing instructions to recall all securities on loan systematically in a timely manner on a best effort basis in order for AB to vote the proxies on those previously loaned shares.

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If you have questions or desire additional information about this Policy, please contact <u>ProxyTeam@alliancebernstein.com</u>

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![LOGO](g767768dsp015.jpg)

Proxy Voting Policies and Procedures

Introduction

Allspring Stewardship

As a fiduciary, Allspring is committed to effective stewardship of the assets we manage on behalf of our clients. To us, good stewardship reflects responsible, active ownership and includes both engaging with investee companies and voting proxies in a manner that we believe will maximize the long-term value of our clients' investments.

Scope

These Proxy Voting Policies and Procedures ("Policies and Procedures") set forth how we exercise voting rights on behalf of clients that have delegated proxy voting authority to any of the following Allspring advisory entities:

• Allspring Global Investments, LLC

• Allspring Funds Management, LLC

• Allspring Global Investments (UK) Limited

• Allspring Global Investments Luxembourg S.A

• Allspring Global Investments (Singapore) Pte. Ltd

• Galliard Capital Management, LLC

Voting Philosophy

Allspring has adopted these Policies and Procedures to ensure that proxies are voted in the best interests of clients, without regard to any relationship that any affiliated person of Allspring or the Investment Product (or an affiliated person of such affiliated person) may have with the issuer. Allspring exercises its voting responsibility as a fiduciary with the goal of maximizing the long-term value of our clients' investments consistent with governing laws and the investment policies of each client. While securities are not purchased to exercise control or to seek to effect corporate change through share ownership activism, Allspring supports sound corporate governance practices at companies in which client assets are invested.

Governance and Administration

Proxy Governance Committee

Allspring's Proxy Governance Committee ("PGC") is responsible for overseeing the proxy voting process to ensure its implementation in conformance with these Policies and Procedures. PGC reviews the Policies and Procedures at least annually. PGC may delegate certain powers and responsibilities to proxy voting working groups. PGC reviews and, in accordance with these Policies and Procedures, votes on issues that have been escalated from and proxy voting working groups.

PGC Meetings

PGC meets at least quarterly but may be convened more frequently as necessary (for example, to discuss a specific proxy proposal). PGC shall convene or act through written consent, including through the use of electronic systems of record, of a majority of PGC members. Any working group of the PGC shall have the

EFFECTIVE AS OF MARCH 2025

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PROXY POLICY AND PROCEDURES

authority on matters delegated to it to act by vote or written consent, including through the use of electronic systems of record, of a majority of the working group members available at that time.

PGC Membership

PGC voting members are identified in the Allspring Proxy Charter. Changes to the membership of PGC will be made only with approval of PGC.

Proxy Due Diligence Working Group

PGC has delegated responsibility to the Proxy Voting Due Diligence Working Group ("DDWG") to review and recommend votes on certain proxy matters as outlined in the procedures below.

Proxy Administration

Allspring's Stewardship Team ("Stewardship") is responsible for administering the proxy voting process to ensure its implementation consistent with these Policies and Procedures. Stewardship monitors Allspring's third party proxy voting vendor to ensure proxy voting is being done in a timely and accurate manner. Stewardship regularly reviews these Policies and Procedures and recommends revisions as necessary. Stewardship is also responsible for monitoring the potential conflicts of interest disclosed by the proxy voting vendor.

Third Party Proxy Voting Vendor

Allspring has retained a third-party proxy voting vendor, Institutional Shareholder Services Inc. ("ISS"), to assist in the implementation of certain proxy voting-related functions, including: 1) providing research and recommendations on proxy matters, 2) providing technology to facilitate the sharing of ISS research, 3) voting proxies in accordance with Allspring's instructions, and 4) handling various administrative and reporting items.

Proxy Voting Procedures

Allspring's proxy voting process emphasizes engagement with Portfolio Management in order to leverage their knowledge of investee companies. While Allspring's process follows a systematic approach to arrive at a recommended vote, Portfolio Management is given the opportunity to review and override voting recommendations (with documented justification).

Unless otherwise required by applicable law<sup>1</sup> and absent a Portfolio Management override, proxy matters are generally voted in accordance with Allspring's voting policy at ISS designed to implement Allspring's custom enhancements to the ISS Global Benchmark Proxy Voting Policy<sup>2</sup>, as discussed in more detail below under "Allspring Proxy Voting Guidelines."<sup>3</sup> However, two types of proxy matters are subject to additional review:

01 Any proxy matters deemed of "high importance"<sup>4</sup> (e.g., proxy contests, mergers, and acquisitions) where ISS opposes the recommendations of investee company management will be referred to

<sup>1</sup> Where provisions of the Investment Company Act of 1940 (the "1940 Act") specify the manner in which items for any third party registered investment companies (e.g., mutual funds, exchange-traded funds and closed-end funds) and business development companies (as defined in Section 2(a)(48) of the 1940 Act) ("Third Party Fund Holding Voting Matters") held by Allspring-advised funds, Allspring shall vote the Third Party Fund Holding Voting Matter on behalf of such funds accordingly. 

<sup>2</sup> The term "ISS Global Benchmark Policy" means the combination of ISS regional benchmark policies.

<sup>3</sup> As directed by certain clients, Allspring applies other ISS guidelines (e.g., ISS Taft-Hartley Guidelines) or custom proxy guidelines provided by the client.

<sup>4</sup> The term "high importance" is defined as those items designated Proxy Level 6 or 5 by ISS, which include proxy contests, mergers, and other reorganizations.

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PROXY POLICY AND PROCEDURES

Portfolio Management<sup>5</sup> for case-by-case review and vote determination. <br>

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| 2 | Any proxy matters involving environmental or social issues where ISS opposes the recommendations of investee company management are reviewed by DDWG. If DDWG recommends a vote against investee company management, the recommendation is referred to Portfolio Management<sup>5</sup> for case-by-case review and vote determination.  |

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Allspring Proxy Voting Guidelines

The following reflects Allspring's Proxy Voting Guidelines in effect as of the date of these Policies and Procedures.

We believe that Boards of Directors of investee companies should have strong, independent leadership and should adopt structures and practices that enhance their effectiveness. We recognize that the optimal board size and governance structure can vary by company size, industry, region of operations, and circumstances specific to the company.

• We generally vote for the election of Directors in uncontested elections. We reserve the right to vote on a case-by-case basis when directors fail to meet their duties as a board member, such as failing to act in the best economic interest of shareholders; failing to maintain independent audit, compensation, nominating committees; and failing to attend at least 75% of meetings, etc.

• We generally vote for an independent board that has a majority of outside directors who are not affiliated with the top executives and have minimal or no business dealings with the company to avoid potential conflicts of interests.

• In general, we believe Directors serving on an excessive number of boards could result in time constraints and an inability to fulfill their duties. For Chief Executive Officers, we allow for no more than one outside directorship and for directors at large of operating companies, no more than four in total.

• We generally support adopting a declassified board structure for public operating and holding companies. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments.

• We generally support annual election of directors of public operating and holding companies. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments.

• We believe a well-composed board should seek members with a breadth of experiences, perspectives and skillsets in order to create the diversity of thought needed to ensure constructive debate in the boardroom. To this end, we support fulsome disclosure of a board's process for building, assessing and maintaining an effective board, which should include a description of the range of skills, professional experience and personal characteristics (such as age, gender and/or race/ethnicity) represented on the board. We believe a board's composition should comply with the requirements of any relevant market-specific governance frameworks and be consistent with market norms in the market in which the company is listed. To the extent that a board's composition is inconsistent with such requirements or differs from prevailing market norms, we expect the company to disclose the board's rationale for such differences and any anticipated actions to address them. On a case-by-case basis, our assessment of this disclosure may affect our willingness to support the chair of the nominations committee.

<sup>5</sup> Certain Allspring client accounts employ quantitative strategies rather than fundamental strategies that rely on security research and analyst coverage. In the event that a security is held only in these accounts and ISS opposes the recommendations of investee company management, absent Portfolio Management feedback, "high importance" proxy matters are reviewed by DDWG and referred to PGC for vote determination. Environmental and social proxy matters are reviewed and voted by DDWG. Proxy matters on which ISS supports the recommendations of investee company management are generally voted with investee company management. 

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PROXY POLICY AND PROCEDURES

We believe it is the responsibility of the Board of Directors to create, enhance, and protect shareholder value and that companies should strive to maximize shareholder rights and representation.

• We believe that companies should adopt a one-share, one-vote standard and avoid adopting share structures that create unequal voting rights among their shareholders. We will normally support proposals seeking to establish that shareholders are entitled to voting rights in proportion to their economic interests.

• We believe that directors of public operating and holding companies be elected by a majority of the shares voted. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments. This ensures that directors of public operating and holding companies who are not broadly supported by shareholders are not elected to serve as their representatives. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections.

• We believe a simple majority voting standard should be required to pass proposals. We will normally support proposals seeking to introduce bylaws requiring a simple majority vote.

• We believe that shareholders who own a meaningful stake in the company and have owned such stake for a sufficient period of time should have, in the form of proxy access, the ability to nominate directors to appear on the management ballot at shareholder meetings. In general, we support market-standardized proxy access proposals, and we will analyze them based on various criteria such as threshold ownership levels, a minimum holding period, and the % and/or number of directors that are subject to nomination.

• We believe that shareholders should have the right to call a special meeting and not wait for company management to schedule a meeting if there is sufficiently high shareholder support for doing so on issues of substantial importance. In general, we support the right to call a special meeting with a threshold of 15%-25% of shareholder support as we believe it is a reasonable threshold of shareholders and a hurdle high enough to also avoid the waste of corporate resources for narrowly supported interests.

General Guidelines on Shareholder Proposals

When evaluating shareholder proposals, we consider their materiality to the company and relationship to long-term value generation and/or risk management in light of the company's business model and specific operating context. For instance, certain social issues, such as employee safety, workforce engagement and human rights (including with respect to a company's supply chain), can affect companies' long-term prospects for success. Furthermore, certain environmental issues can present investment risks and opportunities that can impact a company's long-term financial success.

If the issue is deemed material to the company, we then consider salient factors to inform our votes, such as the overall value of any report or other disclosure requested by a proposal, best-in-class practices by peer group companies and best practices in the applicable sector. We will generally avoid supporting proposals that are overly prescriptive, taking into account the current policies, practices, disclosures and regulatory obligations of the company, among other considerations. We generally favor shareholder proposals that improve transparency, as it allows our investment professionals to better understand a company's risks and opportunities and its long-term value drivers.

Closed-End Funds

We recognize that many exchange-listed closed-end funds ("CEFs") have adopted particular corporate governance practices that deviate from certain policies set forth in these Policies and Procedures. We believe that the distinctive structure of CEFs can provide important benefits to investors but leaves CEFs uniquely vulnerable to short-term oriented activist investors. Thus, to protect the interests of their shareholders, many

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PROXY POLICY AND PROCEDURES

CEFs have adopted measures to defend against attacks from activist investors. As such, in light of the unique nature of CEFs and their differences in corporate governance practices from operating companies, we will consider on a case-by-case basis proposals involving the adoption of defensive measures by CEFs. This is consistent with our approach to proxy voting that recognizes the importance of case-by-case analysis to ensure alignment with investment team views and voting in accordance with the best interests of shareholders.

Practical Limitations to Proxy Voting

While Allspring uses its reasonable best efforts to vote proxies, in certain circumstances, it may be impractical or impossible for Allspring to vote proxies (e.g., limited value or unjustifiable costs). One such instance is "share blocking."

Proxy voting in certain countries requires share blocking, which requires shareholders wishing to vote their proxies to deposit their shares with a designated depository before the date of the meeting. Consequently, the shares may not be sold in the period preceding the proxy vote. Absent compelling reasons, Allspring believes that the benefit derived from voting these shares is outweighed by the burden of limited trading. Therefore, if share blocking is required in certain markets, Allspring will not participate and will refrain from voting proxies for those clients impacted by share blocking.

Securities on Loan

Clients may have securities lending programs and instruct Allspring to endeavor to recall securities on loan to facilitate proxy voting on their behalf. With respect to proxies for loaned securities, if Stewardship is aware of a high importance matter expected on a proxy in time to recall the security, the security will generally be recalled for voting.

Conflicts of Interest

As a fiduciary to our clients, Allspring seeks to identify and mitigate conflicts of interest that may arise as a result of its proxy voting activities. Allspring may have a conflict of interest regarding a proxy to be voted upon if, for example, Allspring or its affiliates have other relationships with the issuer of the proxy (e.g., if the issuer is a corporate pension fund client of Allspring). When PGC becomes aware of such a conflict of interest, it takes steps to mitigate the conflict by using any of the following methods:

• Instructing ISS to vote in accordance with its recommendation

• Disclosing the conflict to the relevant client and obtaining its consent before voting

• Submitting the matter to the relevant client to exercise its authority to vote on such matter

• Engaging an independent fiduciary who will direct the vote on such matter

• Voting in proportion to other shareholders ("mirror voting")

Finally, Allspring is a private company and controlling interest which is owned by certain private funds managed by GTCR LLC, a private equity firm ("GTCR"). These funds and other funds managed by GTCR also have ownership interests in other companies in which Allspring invests on behalf of its clients. Allspring manages this potential conflict of interest by defaulting all voting of any proxies issued by such companies to the ISS recommendation.

Records Retention

The Stewardship Team will maintain the following records relating to the implementation of the Policies and Procedures:

• A copy of these Policies and Procedures

• Proxy statements received for client securities (which ISS maintains on behalf of Allspring)

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PROXY POLICY AND PROCEDURES

• Records of votes cast on behalf of investment products and separate account clients (which ISS maintains on behalf of Allspring)

• Records of each written client request for proxy voting records and Allspring's written response to any client request (written or oral) for such records

• Any documents prepared by Allspring or ISS that were material to making a proxy voting decision

Such proxy voting books and records shall be maintained for a period of six years.

Disclosure of Policies and Procedures and Voting Results

These Policies and Procedures or a summary thereof are disclosed on Allspring's website and as required in relevant regulatory documents.

Upon client request, Allspring will provide clients with proxy statements and any records as to how Allspring voted proxies on their behalf. Clients may contact their relationship manager, call Allspring at 1-866-259-3305 or e-mail: allspring.clientadministration@allspringglobal.com to request a record of proxies voted on their behalf.

Allspring discloses proxy voting results in periodic regulatory reports as required by applicable law. In addition, Allspring may disclose high-level proxy voting statistics in materials on its website. Allspring does not disclose to any issuer or third party how its separate account client proxies are voted.

Approved by PGC: 14 February 2025

Effective date: 1 March 2025

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![LOGO](g767768dsp025.jpg)

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#### Contents

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| | |
|:---|:---|
|  **[Introduction](#pvp3767768_1)** | **3** |
|  **[Voting guidelines](#pvp3767768_2)** | **3** |
|  **[Boards and directors](#pvp3767768_3)** | **4** |
|  **[Auditors and audit-related issues](#pvp3767768_4)** | **11** |
|  **[Capital structure proposals](#pvp3767768_5)** | **11** |
|  **[Mergers, acquisitions, transactions, and other special situations](#pvp3767768_6)** | **13** |
|  **[Executive compensation](#pvp3767768_7)** | **14** |
|  **[Material sustainability-related risks and opportunities](#pvp3767768_8)** | **18** |
|  **[General corporate governance matters](#pvp3767768_9)** | **22** |
|  **[Shareholder protections](#pvp3767768_10)** | **24** |

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|:---|:---|
| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 2** |
|  | NM0125U-4132975-2/27 |

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These guidelines are part of the BlackRock Investment Stewardship (BIS) Benchmark Policies<sup>1</sup> and should be read in conjunction with the BIS <u>Global Principles</u>.

#### Introduction to BlackRock Investment Stewardship
BlackRock's clients depend on us to help them meet their varied investment goals. We consider it one of our responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies make have a direct impact on our clients' long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a dedicated function within BlackRock, which is responsible for engaging with public companies on behalf of index strategies. Investment Stewardship is one of the ways we fulfill our fiduciary responsibilities as an asset manager to our clients. Our sole objective when conducting our stewardship program is to advance our clients' long-term financial interests.

BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of our clients. BIS does this through:

1. Engaging with companies in a two-way dialogue to build our understanding of a company's practices and inform our voting decisions.

2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated voting authority to BlackRock.

3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients' investments.

4. Reporting on our activities to inform clients about our stewardship efforts on their behalf through a range of publications and direct reporting.

The following issue-specific proxy voting guidelines (the "Guidelines") summarize BIS' philosophy and approach to engagement and voting, as well as our view of governance best practices and the roles and responsibilities of boards and directors for publicly listed U.S. companies. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BIS will engage and/or vote in every instance. They are to be applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings.

#### Voting guidelines
These guidelines are divided into eight key themes, which group together the issues that frequently appear on the agenda of shareholder meetings:

• Boards and directors

• Auditors and audit-related issues

<sup>1</sup> BIS' Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality-based approach and are focused solely on advancing clients' financial interests. BIS' Benchmark Policies – comprised of the BIS <u>Global Principles, regional voting guidelines,</u> and <u>engagement priorities</u> – provide clients, companies, and others, guidance on our position on common corporate governance matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate. Other materials on the BIS <u>website</u> might also provide useful context. 

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• Capital structure

• Mergers, acquisitions, asset sales, and other special transactions

• Executive compensation

• Material sustainability-related risks and opportunities

• General corporate governance matters

• Shareholder protections

#### Boards and directors
Companies whose boards are comprised of appropriately qualified and engaged directors are best equipped to establish the corporate governance practices that support long-term financial value creation. A strong board can be a competitive advantage to a company, providing valuable oversight of and perspectives to management on the most important decisions in support of long-term financial performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts have always started with the performance of the board of directors, and why we see engagement with, and the election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the board's nominating and/or governance committee to assess whether governance practices and board composition are appropriate given a company's business model and we take into consideration a number of factors, including the sector, market, and business environment within which a company is operating.

We seek to understand management's long-term strategy and the milestones against which investors should assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the board's role in reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company's strategy. Disclosure of material risks that may affect a company's long-term strategy and financial value creation, including material sustainability-related factors when relevant, is essential for shareholders to appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.

Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance and risk oversight responsibilities, we may consider voting against the election of certain directors who, on our assessment, have particular responsibility for the issues. While our votes may signal concerns with a director's suitability for service on a particular board, those votes may also signal our concerns with the particular role an otherwise qualified and effective director serves on a particular board. Issues and criteria that are frequently assessed as part of our director voting evaluations are indicated below.

#### Independence
It is our view that a majority of the directors on the board should be independent to ensure objectivity in the decision-making of the board and its ability to oversee management. In addition, generally all members of audit, compensation, and nominating/governance board committees should be independent. Our view of independence may vary from listing standards.

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Common impediments to independence may include:

• Employment as a senior executive by the company or a subsidiary within the past five years

• An equity ownership in the company in excess of 20%

• Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the director's ability to act in the best interests of the company and its shareholders

We may vote against directors who we do not consider to be independent, including at controlled companies, when we believe oversight could be enhanced with greater independent director representation. To signal our concerns, we may also vote against the chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure.

#### Oversight role of the board
We look to the board to exercise appropriate oversight of management and the business activities of the company. Where we determine that a board has failed to do so in a way that may impede a company's ability to deliver long-term financial value, we may vote against the responsible committees and/or individual directors.

Common circumstances are illustrated below:

• Where the board has failed to facilitate quality, independent auditing or accounting practices or provide timely disclosure of remediation of material weaknesses, we may vote against members of the audit committee

• Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors, we may vote against members of the responsible committee, or the most relevant director

• Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual

• Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. Excluding exigent circumstances, BIS generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance

#### Sufficient capacity
Where a director serves on an excessive number of boards, which may limit their capacity to focus on each board's needs, we may vote against that individual. The following identifies the maximum number of boards on which a director may serve, before BIS considers them to be over-committed:

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 5** |
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|  | **Total # of Public Boards** |
|  Public Company Executives<sup>2</sup> | 2 |
|  Non-Executive Directors | 4 |

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In addition, we recognize that board leadership roles may vary in responsibility and time requirements in different markets around the world. In particular, where a director maintains a Chair role of a publicly listed company in European markets, we may consider that responsibility as equal to two board commitments, consistent with our <u>EMEA Proxy Voting Guidelines</u>. We will take the total number of board commitments across our global policies into account for director elections.

#### Risk oversight
Companies should have an established process for identifying, monitoring, and managing business and material risks. Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. We are particularly interested in understanding how risk oversight processes evolve in response to changes in corporate strategy and/or shifts in the business and related risk environment. Comprehensive disclosures provide investors with a sense of the company's long-term risk management practices and, more broadly, the quality of the board's oversight. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

#### Board Structure

#### Classified board of directors/staggered terms
Directors should be re-elected annually; classification of the board generally limits shareholders' rights to regularly evaluate a board's performance and select directors. While we will typically support proposals requesting board de-classification, we may make exceptions, should the board articulate an appropriate strategic rationale for a classified board structure. This may include when a company needs consistency and stability during a time of transition, e.g., newly public companies or companies undergoing a strategic restructuring. A classified board structure may also be justified at non-operating companies, e.g., closed-end funds or business development companies ("BDC"),<sup>3</sup> in certain circumstances. However, in these instances, boards should periodically review the rationale for a classified structure and consider when annual elections might be more appropriate.

Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the directors up for election at the time (see "Board responsiveness and shareholder rights – Shareholder rights" for additional detail).

<sup>2</sup> A public company executive is defined as a Named Executive Officer or Executive Chair.

<sup>3</sup> A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies.

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#### Independent leadership
There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent Director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent. (See "Boards and directors – Independence" for common impediments to independence).

In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence.<sup>4</sup> However, BIS may vote against the most senior non-executive member of the board when appropriate independence is lacking in designated leadership roles.

In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent Director, with the ability to: 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible.

The following table illustrates examples<sup>5</sup> of responsibilities under each board leadership model:

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|:---|:---|:---|:---|
| | **Combined Chair/CEO or CEO + Non-independent Chair** | **Combined Chair/CEO or CEO + Non-independent Chair** | **Separate Independent Chair** |
| | **Chair/CEO or Non- independent Chair** | **Lead Independent Director** | **Independent Chair** |
|  | Authority to call full meetings of the board of directors | Authority to call meetings of independent directors | Authority to call full meetings of the board of directors |
| **Board Meetings** |  | Attends full meetings of the board of directors |  |
|  |  | Briefs CEO on issues arising from executive sessions |  |
| **Agenda** | Primary responsibility for shaping board agendas, consulting with the lead independent director | Collaborates with chair/CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO |
| **Board Communications** | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |

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<sup>4</sup> To this end, we do not typically support shareholder proposals asking for the separation of Chair and CEO as a means of addressing other concerns we may have at the company for which a vote against directors would be more appropriate. Rather, support for such a proposal might arise in the case of overarching and sustained governance concerns such as lack of independence or failure to oversee a material risk over consecutive years. 

<sup>5</sup> This table is for illustrative purposes only. The roles and responsibilities cited here are not all-encompassing and are noted for reference as to how these leadership positions may be defined.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 7** |
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#### CEO and management succession planning
Companies should have a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. Succession planning should cover scenarios over both the long-term, consistent with the strategic direction of the company and identified leadership needs over time, as well as the short-term, in the event of an unanticipated executive departure. We encourage the company to explain their executive succession planning process, including where accountability lies within the boardroom for this task, without prematurely divulging sensitive information commonly associated with this exercise.

Where there is significant concern regarding the board's succession planning efforts, we may vote against members of the responsible committee, or the most relevant director.

During a CEO transition, companies may elect for the departing CEO to maintain a role in the boardroom. We ask for disclosures to understand the timeframe and responsibilities of this role. In such instances, we typically look for the board to have appropriate independent leadership structures in place. (See chart above).

#### Director compensation and equity programs
Compensation for directors should generally be structured to attract and retain directors, while also aligning their interests with those of shareholders. In our view, director compensation packages that are based on the company's long-term financial value creation and include some form of long-term equity compensation are more likely to meet this goal.

#### Board composition and effectiveness

#### Director qualifications and skills
We encourage boards to periodically review director qualifications and skills to ensure relevant experience and diverse perspectives are represented in the boardroom. To this end, performance reviews and skills assessments should be conducted by the nominating/governance committee or the Lead Independent Director. This process may include internal board evaluations; however, boards may also find it useful to periodically conduct an assessment with a third party. We encourage boards to disclose their approach to evaluations, including objectives of the evaluation; if an external party conducts the evaluation; the frequency of the evaluations; and, whether that evaluation occurs on an individual director basis.

#### Board term limits and director tenure
Where boards find that age limits or term limits are a valuable mechanism for ensuring periodic board refreshment, we generally defer to the board's determination in setting such limits. BIS will also consider the average board tenure to evaluate processes for board renewal. We may oppose the election of certain directors who serve on boards that appear to have an insufficient mix of short-, medium-, and long- tenured directors.

In addition, where boards have adopted corporate governance guidelines regarding committee leadership and/or membership rotation, we appreciate clear disclosure of those policies.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 8** |
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#### Board composition
As noted above, appropriately qualified, engaged directors with characteristics relevant to a company's business enhance the ability of the board to add value and be the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive advantage, providing valuable oversight and contributing to the most important management decisions that support long-term financial performance.

It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the boardroom. We see it as a means of promoting diversity of thought to avoid "group think" in the board's exercise of its responsibilities to advise and oversee management.

In assessing board composition, we take a case-by-case approach based on a company's board size, business model, strategy, location and market capitalization. We look for companies to explain how their approach to board composition supports the company's governance practices.

Many S&P 500 companies report in their disclosures benefitting from their current levels of diversity. Over the past decade, we observe companies increasingly nominating directors from different backgrounds, noting that this helps their boards more effectively understand the company's customers, employees, and communities. At present, more than 98% of S&P 500 firms have diverse representation.<sup>6</sup> To the extent an S&P 500 company board is an outlier and does not have a mix of professional and personal characteristics that is comparable to market norms,<sup>7</sup> we may vote on case-by-case basis against members of the nominating/governance committee.

We recognize that companies with smaller market capitalizations and in certain sectors may face more challenges in nominating directors from different backgrounds. Amongst such companies, we look for a relevant mix of professional and personal characteristics.

In order to help investors understand a company's approach to board composition, we ask boards to disclose, in a manner consistent with local laws:

• How candidates for board positions are identified, including whether professional firms or other resources outside of incumbent directors' networks are engaged to identify and/or assess candidates

• How directors' professional characteristics, which may include domain expertise such as finance or technology, and sector- or market-specific experience, are complementary and link to the company's long-term strategy

• How diversity, including professional and personal characteristics, is considered in board composition, given the company's long-term strategy and business model

#### Board size
We typically defer to the board in setting the appropriate size and believe that directors are generally in the best position to assess the optimal board size to ensure effectiveness. However, we may vote against the appropriate committees and/or individual directors if, in our view, the board is ineffective in its

<sup>6</sup> These ninety-eight percent have diverse representation in the boardroom of 30% or greater. ISS director demographic data as of December 2024. 

<sup>7</sup> Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status; LGBTQ+; and national, Indigenous, religious, or cultural identity.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 9** |
|  | NM0125U-4132975-9/27 |

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oversight, either because it is too small to allow for the necessary range of skills and experience or too large to function efficiently.

#### Board responsiveness and shareholder rights

#### Shareholder rights
Where we determine that a board has not acted in the best interests of the company's shareholders, or takes action to unreasonably limit shareholder rights, we may vote against the relevant committees and/or individual directors. Common circumstances are illustrated below:

• The independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board implements or renews a rights plan (poison pill) without shareholder approval

• The independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board amends the charter/articles/bylaws and where the effect may be to entrench directors or to unreasonably reduce shareholder rights

• Members of the compensation committee where the company has repriced options without shareholder approval

If a board maintains a classified structure, it is possible that the director(s) or committee members with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, we may register our concern by voting against the most relevant director(s) up for election.

#### Responsiveness to shareholders
We look to a board to be engaged with and responsive to the company's shareholders, including acknowledging voting outcomes for director elections, compensation, shareholder proposals, and other ballot items. Where we determine that a board has not substantially addressed shareholder concerns that we deem material to the business, we may vote against the responsible committees and/or individual directors. Common circumstances are illustrated below:

• The Independent Chair or Lead Independent Director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and/or failure to plan for adequate board member succession

• The chair of the nominating/governance committee, or where the chair is not standing for election, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BIS did not support the initial vote against such board member(s)

• The Independent Chair or Lead Independent Director and/or members of the nominating/governance committee, where a board fails to consider shareholder proposals that (1) receive substantial support, and (2) in our view, have a material impact on the business, shareholder rights, or the potential for long-term financial value creation

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 10** |
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#### Majority vote requirements
Directors should generally be elected by a majority of the shares voted. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. Majority vote standards generally assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives. As a best practice, companies with either a majority vote standard or a plurality vote standard should adopt a resignation policy for directors who do not receive support from at least a majority of votes cast. Where the company already has a sufficiently robust majority voting process in place, we are unlikely to support a shareholder proposal seeking an alternative mechanism.

We note that majority voting may not be appropriate in all circumstances, for example, in the context of a contested election, or for majority-controlled companies or those with concentrated ownership structures.

#### Cumulative voting
As stated above, a majority vote standard is generally in the best long-term interests of shareholders, as it enhances director accountability through the requirement to be elected by more than half of the votes cast. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates.

#### Auditors and audit-related issues
BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company's financial condition. Consistent with our approach to voting on directors, we seek to hold the audit committee of the board responsible for overseeing the management of the independent auditor and the internal audit function at a company.

We may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. We look to public disclosures for insight into the scope of the audit committee responsibilities, including an overview of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. We take particular note of cases involving significant financial restatements or material weakness disclosures, and we look for timely disclosure and remediation of accounting irregularities.

The integrity of financial statements depends on the auditor effectively fulfilling its role. To that end, we favor an independent auditor. In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice, we may also vote against ratification.

From time to time, shareholder proposals may be presented to promote auditor independence or the rotation of audit firms. We may support these proposals when they are consistent with our views as described above.

#### Capital structure proposals

#### Equal voting rights
In our view, shareholders should be entitled to voting rights in proportion to their economic interests. In addition, companies that have implemented dual or multiple class share structures should review these

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 11** |
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structures on a regular basis, or as company circumstances change. Companies with multiple share classes should receive shareholder approval of their capital structure on a periodic basis via a management proposal on the company's proxy. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. Where companies are unwilling to voluntarily implement "one share, one vote" within a specified timeframe, or are unresponsive to shareholder feedback for change over time, we generally support shareholder proposals to recapitalize stock into a single voting class. Management proposals to collapse multiple share class capital structures for a premium are evaluated on case-by-case basis.

#### Blank check preferred stock
We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. We generally view the board's discretion to establish voting rights on a when-issued basis as a potential anti-takeover device, as it affords the board the ability to place a block of stock with an investor sympathetic to management, thereby foiling a takeover bid without a shareholder vote.

Nonetheless, we may support the proposal where the company:

• Appears to have a legitimate financing motive for requesting blank check authority

• Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes

• Has a history of using blank check preferred stock for financings

• Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility

#### Increase in authorized common shares
BIS will evaluate requests to increase authorized shares on a case-by-case basis, in conjunction with industry-specific norms and potential dilution, as well as a company's history with respect to the use of its common shares.

#### Increase or issuance of preferred stock
We generally support proposals to increase or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and where the terms of the preferred stock appear reasonable.

#### Stock splits
We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at pre-split levels). In the event of a proposal for a reverse split that would not proportionately reduce the company's authorized stock, we apply the same analysis we would use for a proposal to increase authorized stock.

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#### Mergers, acquisitions, transactions, and other special situations

#### Mergers, acquisitions, and transactions
In assessing mergers, acquisitions, or other transactions – including business combinations involving Special Purpose Acquisition Companies ("SPACs") – BIS' primary consideration is the long-term economic interests of our clients as shareholders. Boards should clearly explain the economic and strategic rationale for any proposed transactions or material changes to the business. We will review a proposed transaction to determine the degree to which it has the potential to enhance long-term shareholder value. While mergers, acquisitions, asset sales, business combinations, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as:

• The degree to which the proposed transaction represents a premium to the company's trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. We may consider comparable transaction analyses provided by the parties' financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply

• There should be clear strategic, operational, and/or financial rationale for the combination

• Unanimous board approval and arm's-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm's-length bidding process. We may also consider whether executive and/or board members' financial interests appear likely to affect their ability to place shareholders' interests before their own, as well as measures taken to address conflicts of interest

• We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions

#### Contested director elections and special situations
Contested elections and other special situations<sup>8</sup> are assessed on a case-by-case basis. We evaluate a number of factors, which may include: the qualifications and past performance of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissident's and management's plans; the ownership stake and holding period of the dissident; the likelihood that the dissident's strategy will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value.

We will evaluate the actions that the company has taken to limit shareholders' ability to exercise the right to nominate dissident director candidates, including those actions taken absent the immediate threat of a

<sup>8</sup> Special situations are broadly defined as events that are non-routine and differ from the normal course of business for a company's shareholder meeting, involving a solicitation other than by management with respect to the exercise of voting rights in a manner inconsistent with management's recommendation. These may include instances where shareholders nominate director candidates, oppose the view of management and/or the board on mergers, acquisitions, or other transactions, etc. 

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contested situation. BIS may take voting action against directors (up to and including the full board) where those actions are viewed as egregiously infringing on shareholder rights.

We will consider a variety of possible voting outcomes in contested situations, including the ability to support a mix of management and dissident nominees.

#### Rights plans
Where a rights plan (or "poison pill") is put to a shareholder vote by management, our policy is to examine these plans individually. Although we have historically opposed most plans, we may support plans that include a reasonable "qualifying offer clause." Such clauses typically require shareholder ratification of the rights plan and stipulate a sunset provision whereby the plan expires unless it is renewed. These clauses also tend to specify that an all-cash bid for all shares that includes a fairness opinion and evidence of financing does not trigger the rights plan, but forces either a special meeting at which the offer is put to a shareholder vote or requires the board to seek the written consent of shareholders, where shareholders could rescind the rights plan at their discretion. We may also support a rights plan where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. Lastly, we look for shareholder approval of rights plans within one year of adoption or implementation.

#### Reimbursement of expense for successful shareholder campaigns
We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. Introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns.

#### Executive compensation
We look to a company's board of directors to put in place a compensation structure that balances incentivizing, rewarding, and retaining executives appropriately across a wide range of business outcomes. This structure should be aligned with shareholder interests, particularly the generation of durable, long-term financial value.

We look to the compensation committee to carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. We look to companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics, consistent with corporate strategy and market practice. Performance-based compensation should include metrics that are relevant to the business and stated strategy and/or risk mitigation efforts. Goals, and the processes used to set these goals, should be clearly articulated and appropriately rigorous. We hold members of the compensation committee, or equivalent board members, accountable for poor compensation practices and/or structures.

In our view, there should be a clear link between variable pay and company performance that drives sustained financial value creation for our clients as shareholders. Where compensation structures provide for a front-loaded<sup>9</sup> award, we look for appropriate structures (including vesting and/or holding periods) that motivate sustained performance for shareholders over a number of years. We generally do not favor programs focused on awards that require performance levels to be met and maintained for a relatively

<sup>9</sup> Front-loaded awards are generally those that accelerate the grant of multiple years' worth of compensation in a single year.

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short time period for payouts to be earned, unless there are extended vesting and/or holding requirements.

We look for compensation structures to generally drive outcomes that align the pay of the executives with performance of the company and the value received by shareholders. When evaluating performance, we examine both executive teams' efforts, as well as outcomes realized by shareholders. Payouts to executives should reflect both the executive's contributions to the company's ongoing success, as well as exogenous factors that impacted shareholder value. Where discretion has been used by the compensation committee, we look for disclosures relating to how and why the discretion was used and how the adjusted outcome is aligned with the interests of shareholders. While we believe special awards<sup>10</sup> should be used sparingly, we acknowledge that there may be instances when such awards are appropriate. When evaluating these awards, we consider a variety of factors, including the magnitude and structure of the award, the scope of award recipients, the alignment of the grant with shareholder value, and the company's historical use of such awards, in addition to other company-specific circumstances.

We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking, rather than also considering rigorous measure(s) of outperformance. We encourage companies to clearly explain how compensation outcomes have rewarded performance.

We support incentive plans that foster the sustainable achievement of results – both financial and non- financial – consistent with the company's strategic initiatives. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practices. Our publicly available <u>commentary</u> provides more information on our approach to executive compensation.

Where executive compensation appears excessive relative to the performance of the company and/or compensation paid by peers, or where an equity compensation plan is not aligned with shareholders' interests, we may vote against members of the compensation committee.

#### "Say on Pay" advisory resolutions
In cases where there is a "Say on Pay" vote, BIS will respond to the proposal as informed by our evaluation of compensation practices at that particular company and in a manner that appropriately addresses the specific question posed to shareholders. Where we conclude that a company has failed to align pay with performance, we will generally vote against the management compensation proposal and relevant compensation committee members.

#### Frequency of "Say on Pay" advisory resolutions
BIS will generally support annual advisory votes on executive compensation. It is our view that shareholders should have the opportunity to express feedback on annual incentive programs and changes to long-term compensation before multiple cycles are issued. Where a company has failed to implement a "Say on Pay" advisory vote within the frequency period that received the most support from shareholders or a "Say on Pay" resolution is omitted without explanation, BIS may vote against members of the compensation committee.

<sup>10</sup> "Special awards" refers to awards granted outside the company's typical compensation program.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 15** |
|  | NM0125U-4132975-15/27 |

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#### Clawback proposals
We generally favor prompt recoupment from any senior executive whose compensation was based on faulty financial reporting or deceptive business practices. We appreciate when companies disclose recovery policies in compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. We also favor recoupment from or the forfeiting of the grant of any awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results. Generally, we expect boards to exercise limited discretion in forgoing, releasing or settling amounts subject to recovery for executive officers and no indemnification or insurance coverage for losses incurred by executive officers. We typically support shareholder proposals on these matters unless the company already has a robust clawback policy that sufficiently addresses our concerns.

#### Employee stock purchase plans
Employee stock purchase plans ("ESPP") are an important part of a company's overall human capital management strategy and can provide performance incentives to help align employees' interests with those of shareholders. The most common form of ESPP qualifies for favorable tax treatment under Section 423 of the Internal Revenue Code. We will typically support qualified ESPP proposals.

#### Equity compensation plans
BIS supports equity plans that align the economic interests of directors, managers, and other employees with those of shareholders. Boards should establish policies prohibiting the use of equity awards in a manner that could disrupt the intended alignment with shareholder interests, such as the excessive pledging or hedging of stock. We may support shareholder proposals requesting the establishment of such policies.

Our evaluation of equity compensation plans is based on a company's executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect. We generally oppose plans that contain "evergreen" provisions, which allow for automatic annual increases of shares available for grant without requiring further shareholder approval; we note that the aggregate impacts of such increases are difficult to predict and may lead to significant dilution. We also generally oppose plans that allow for repricing without shareholder approval. We may oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as "double trigger" change of control provisions).

We find it helpful when companies submit their equity compensation plans for shareholder approval more frequently than required by listing exchange standards to facilitate the timely consideration of evolving plan governance practices. Particularly when share reserve requests grow significantly versus prior plans, boards should clearly explain any material factors that may potentially contribute to changes from the company's past equity usage. We may support an equity plan share request if we determine that support for such plan is in the best interests of shareholders; however, we may also vote against members of the compensation committee to signal our concerns about the structure or design of the equity compensation plan or the company's equity grant practices and the imprudent use of equity.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 16** |
|  | NM0125U-4132975-16/27 |

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#### Golden parachutes
We generally view golden parachutes as encouragement to management to consider transactions that might be beneficial to shareholders. However, a large potential payout under a golden parachute arrangement also presents the risk of motivating a management team to support a sub-optimal sale price for a company.

When determining whether to support or oppose an advisory vote on a golden parachute plan, BIS may consider several factors, including:

• Whether we determine that the triggering event is in the best interests of shareholders

• Whether management attempted to maximize shareholder value in the triggering event

• The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment

• Whether excessively large excise tax gross-up payments are part of the pay-out

• Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers

• Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company

It may be difficult to anticipate the results of a plan until after it has been triggered; as a result, BIS may vote against a golden parachute proposal even if the golden parachute plan under review was approved by shareholders when it was implemented.

We may support shareholder proposals requesting that implementation of golden parachute plans require shareholder approval.

#### Option repricings/exchanges
There may be legitimate instances where underwater options create an overhang on a company's capital structure and a repricing or option exchange may be warranted. We will evaluate these instances on a case-by-case basis. BIS may support a request to reprice or exchange underwater options under the following circumstances:

• The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance

• Directors and executive officers are excluded; the repricing or option exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated

• There is clear evidence that absent repricing or option exchange, employee incentives, retention, and/or recruiting may be impacted

BIS may also support a request to reprice or exchange underwater options in other circumstances, if we determine that the repricing or option exchange is in the best interests of shareholders. We may vote against members of the compensation committee where a board implements or approves a repricing or option exchange without shareholder approval. Where such a repricing or option exchange includes

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 17** |
|  | NM0125U-4132975-17/27 |

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named executive officers, we may also vote against the company's annual advisory vote on executive compensation.

#### Supplemental executive retirement plans
BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans ("SERP") to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

#### Material sustainability-related risks and opportunities
It is our view that well-managed companies will effectively evaluate and manage material sustainability- related risks and opportunities relevant to their businesses.<sup>11</sup> As with all risks and opportunities in a company's business model, appropriate oversight of material sustainability considerations is a core component of having an effective governance framework that supports durable, long-term financial value creation.

Robust disclosure allows for investors to effectively evaluate companies' strategy and business practices related to material sustainability-related risks and opportunities. We find it helpful when companies' disclosures demonstrate that they have a resilient business model that integrates material sustainability- related risks and opportunities into their strategy, risk management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2,<sup>12</sup> may prove helpful to companies in preparing this disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards over several years. We also recognize that some companies may report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific.

Where a company does not provide the necessary disclosures and evidence of effective business practices to support our understanding, BIS may express concerns through our engagement and voting. While we do not prescribe timelines regarding when companies make these disclosures, we encourage them to produce sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to provide investors with the time to assess the data and make informed decisions.

While not a voting item, we find it helpful to our understanding of investment risk when companies disclose any material supranational standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. 

<sup>12</sup> The objective of <u>IFRS S1</u> General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general- purpose financial reports in making decisions relating to providing resources to the entity. The objective of <u>IFRS S2</u> Climate-related Disclosures is to require an entity to disclose information about its climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity. 

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 18** |
|  | NM0125U-4132975-18/27 |

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#### Climate risk
In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.<sup>13</sup> Our research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by changes in government policies, technology, and consumer and investor preferences, which may be material for many companies.<sup>14</sup> Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate-related risk and opportunity on their businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon economy, including where available, their transition plan.<sup>15</sup>

In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company-specific climate-related risks and opportunities, and inform investment decisions.<sup>16</sup> Such disclosures also provide investors with insights into how companies are managing the risks associated with climate change by managing their own carbon emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed as best practice in the market.

Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term business model associated with a range of climate-related scenarios. This includes a scenario in which global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal recently reaffirmed by G20 members as part of the 2024 Leaders' Declaration.<sup>17</sup>

These frameworks also contemplate disclosures on how companies are setting short-, medium- and long- term targets, ideally science-based where these are available for their sector, for scope 1 and 2

<sup>13</sup> BlackRock Investment Institute, "Mega forces: An investment opportunity", 2023.

<sup>14</sup> BlackRock Investment Institute, "Tracking the low-carbon transition", July 2023.

<sup>15</sup> We have observed that more companies are developing such plans, and public policymakers in <u>a number of markets</u> are signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the global transition towards a low-carbon economy. Transition plans are building momentum internationally, with increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on the key elements these plans should contain. We view useful disclosure as one that communicates a company's approach to managing financially material business relevant risks and opportunities – including climate-related risks – to deliver long-term financial performance, which allows investors to make more informed decisions. While transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned actions and resource implications. 

<sup>16</sup> BlackRock, "Global perspectives on investing in the low-carbon transition", June 2023. We recognize that companies may phase in reporting aligned with the ISSB standards over several years, depending on local requirements. We also recognize and respect that some companies may report using different local standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics that are industry- or company-specific. 

<sup>17</sup> In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the <u>Leaders' Declaration</u>. G20 members include the world's major economies (19 countries and two regional bodies, the European Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and about two-thirds of the world population. 

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 19** |
|  | NM0125U-4132975-19/27 |

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greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.

While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage, we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith basis as methodology develops. Our publicly available <u>commentary</u> provides more information on our approach to climate-related risks and opportunities.

We look to boards to oversee management's approach to addressing material climate risk in a company's business model and may convey concerns about board oversight in our voting on director elections or supporting a business relevant shareholder proposal when, in our assessment, the board is not acting in shareholders' long-term financial interests.

#### Natural capital
In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component of some companies' ability to generate durable, long-term financial returns for shareholders, particularly where a company's strategy is heavily reliant on the availability of natural capital, or whose supply chains are exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly available <u>commentary</u> provides more information on our approach to natural capital.<sup>18</sup>

#### Companies' impact on their workforce, supply chains, and communities
In order to advance long-term shareholders' interests, companies should consider the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.

As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have identified their key stakeholders and considered their interests in business decision-making. In addition to understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today, and the skills required for their future business strategy. We are also interested to understand how the board monitors and engages on these matters, given it is well positioned to ensure that the approach taken by management is informed by and aligns with the company's strategy.

<sup>18</sup> Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company's natural capital dependencies and impacts would aid investors' understanding. In our view, the final recommendations of the <u>Taskforce on Nature-related Financial Disclosures</u> (TNFD) may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue. 

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 20** |
|  | NM0125U-4132975-20/27 |

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Companies should articulate how they address material adverse impacts that could arise from their business practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can contribute to a company's long-term success.

#### Human capital management
A company's approach to human capital management ("HCM") is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. Consequently, we ask companies to demonstrate a robust approach to HCM and provide shareholders with clear and consistent disclosures to help investors understand how a company's approach aligns with its stated strategy and business model.

Some components of HCM are consistent across most companies, such as the approach to diversity, equity, and inclusion ("DEI"). We ask companies to disclose their approach to DEI as well as workforce demographics, which are baselined by their responses to the U.S. Equal Employment Opportunity Commission's EEO-1 Survey.

Other relevant HCM factors may be more nuanced to a company's strategy and business model. Those more nuanced factors may include the company's approach to workplace safety, compensation, benefits, talent development, and performance management. We ask companies to disclose and provide context on the most relevant HCM factors for their business.

Our publicly available <u>commentary</u> provides more information on our approach to HCM.

#### Corporate political activities<sup>19</sup>
Companies may engage in a number of political activities, within legal and regulatory limits, in order to support their preferred outcome on public policy matters material to their long-term strategies.<sup>20</sup> These activities may include direct lobbying of government officials, public responses to proposed regulatory changes or legislation, and political contributions. Participation in industry and trade associations may also help companies to stay informed about developments likely to impact their industry.

These activities can also create regulatory, compliance, and reputational risks. In our view, companies can, through their disclosures, help investors understand how their governance and oversight processes mitigate any material risks arising from their corporate political activities.

BIS does not tell companies which policy positions they should take, or how to conduct such activities. Instead, we encourage companies to provide investors with disclosures that aid understanding of the link

<sup>19</sup> Corporate political activities may include lobbying as defined by local regulations, engagement with public officials with the intent to influence legislation or regulation and activities related to the election of policymakers.

<sup>20</sup> Regulations differ across markets. For example, in the U.S., while lobbying is constitutionally protected free speech under the First Amendment, federal law requires corporations register individual employees engaged in lobbying activity as lobbyists if they meet the standards under the Lobbying Disclosure Act of 1995 and disclose the corporation's expenses related to federal lobbying. Further, U.S. federal law prohibits corporations from making political contributions in connection with federal elections. However, corporations are permitted to make independent expenditures in support of a candidate and may establish a Political Action Committee (PAC) funded by voluntary contributions from a restricted class of eligible employees. Federal law requires campaigns, political party committees, and PACs to publicly report the identity of their contributors and contributions made by them. In addition to federal laws, there are also various state and local laws governing corporate contributions in those jurisdictions. Some states and localities also require additional company-specific filings. Local jurisdictions may set their own laws on what constitutes lobbying and is disclosed to relevant governments. 

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 21** |
|  | NM0125U-4132975-21/27 |

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between their stated strategic policy priorities and the approach taken to political activities, including participation in industry associations.

BIS may support a shareholder proposal requesting additional disclosure where increased transparency would help investors understand how a company's political activities support its strategic policy priorities or where there seem to be material inconsistencies between those policy priorities and the company's activities. In our voting analysis, BIS will review information disclosed by the company, as well as third- party research for industry peer comparison.<sup>21</sup>

#### General corporate governance matters

#### IPO governance
Boards should disclose how the corporate governance structures adopted upon a company's initial public offering ("IPO") are in shareholders' best long-term interests. We also ask boards to conduct a regular review of corporate governance and control structures, such that boards might evolve foundational corporate governance structures as company circumstances change, without undue costs and disruption to shareholders. To protect the interest of minority shareholders like BlackRock's clients, BIS holds the view that shareholder voting rights should be proportionate to economic ownership–the principle of "one share, one vote" helps to achieve this balance. We also recognize the potential benefits of dual class shares to newly public companies as they establish themselves; however, these structures should have a specific and limited duration. We will generally engage newly listed companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we think that such arrangements may not be in the best interests of shareholders over the long-term.

We may apply a one-year grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we ask boards to take steps to bring corporate governance standards in line with market norms.

Further, if a company qualifies as an emerging growth company (an "EGC") under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the JOBS Act for the duration such a company is categorized as an EGC. An EGC should have an independent audit committee by the first anniversary of its IPO, with our standard approach to voting on auditors and audit-related issues applicable in full for an EGC on the first anniversary of its IPO.

#### Corporate form
In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given the company's purpose and business model.<sup>22</sup> Companies proposing to change their corporate form to a public benefit corporation (PBC), or similar entity should put it to a shareholder vote if not already required to do so under applicable law. Supporting documentation from companies or shareholder proponents proposing to alter the corporate form should clearly articulate how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting

<sup>21</sup> For example, the CPA-Zicklin Index of Corporate Political Disclosure and Accountability. The index, issued annually, is measures the performance of the largest U.S. public corporations in three areas: disclosure, company political spending decision-making policies, and board oversight and accountability policies. See "<u>CPA-Zicklin Index: A Focus on Transparency</u>" to learn more. 

<sup>22</sup> Corporate form refers to the legal structure by which a business is organized.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 22** |
|  | NM0125U-4132975-22/27 |

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mechanisms that would be available to shareholders. We generally support management proposals to convert to a PBC if our analysis indicates that shareholders' economic interests are adequately protected. Corporate form shareholder proposals are evaluated on a case-by-case basis.

#### Shareholder Proposals
When assessing shareholder proposals, BIS evaluates each proposal on its merit, considering the company's individual circumstances and maintaining a singular focus on the proposal's implications for long-term financial value creation. We would not support proposals that we believe would result in over- reaching into the basic business decisions of the company, are unduly prescriptive or constraining on management. In our experience, it is helpful when companies disclose the names of the proponent or organization that has submitted or advised on the proposal.

BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our clients, better understand the material risks and opportunities companies face and how they are managing them, especially where this information is additive given the company's existing disclosures. We may also support shareholder proposals that are focused on a material business risk that we agree needs to be addressed and the intended outcome is consistent with long-term financial value creation.

We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent's supporting statements may refer to topics that are not directly related to the request made in the proposal. In voting on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it can advance our clients' long-term financial interests. We typically explain to the company our rationale for supporting such proposals.

Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support a proposal if management is on track managing material risks, but we believe that voting in favor might accelerate efforts to address a material risk.

#### Exclusive forum provisions
BIS generally supports proposals to seek exclusive forum for certain shareholder litigation. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the Independent Chair or Lead Independent director and members of the nominating/governance committee.

#### Reincorporation
We will evaluate the economic and strategic rationale behind the company's proposal to reincorporate on a case-by-case basis. In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. Where we find that shareholder protections are diminished, we may support reincorporation if we determine that the overall benefits outweigh the diminished rights.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 23** |
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#### Multi-jurisdictional companies
Where a company is listed on multiple exchanges or incorporated in a country different from their primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the company's governance structure and specific proposals on the shareholder meeting agenda. In doing so, we typically consider the governance standards of the company's primary listing, the market standards by which the company governs themselves, and the market context of each specific proposal on the agenda. If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. Companies should disclose the rationale for their selection of primary listing, country of incorporation, and choice of governance structures, particularly where there is conflict between relevant market governance practices.

#### Adjourn meeting to solicit additional votes
We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders' best long-term economic interests.

#### Bundled proposals
Shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. Where several measures are grouped into one proposal, BIS may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders.

#### Other business
We oppose voting on matters where we are not given the opportunity to review and understand those measures and carry out an appropriate level of shareholder oversight.

#### Shareholder protections

#### Amendment to charter/articles/bylaws
As a general principle, shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms and amendments to the charter/articles/bylaws. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights. In cases where a board's unilateral adoption of changes to the charter/articles/bylaws promotes cost and operational efficiency benefits for the company and its shareholders, we may support such action if it does not have a negative effect on shareholder rights or the company's corporate governance structure.

When voting on a management or shareholder proposal to make changes to the charter/articles/bylaws, we will consider in part the company's and/or proponent's publicly stated rationale for the changes; the company's governance profile and history; relevant jurisdictional laws; and situational or contextual circumstances which may have motivated the proposed changes, among other factors. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 24** |
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#### Proxy access
It is our view that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the company's proxy card.<sup>23</sup>

Securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders' ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a company's outstanding shares for at least three years the right to nominate the greater of up to two directors or 20% of the board. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds.

#### Right to act by written consent
In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to solicit votes by written consent provided that: 1) there are reasonable requirements to initiate the consent solicitation process (in order to avoid the waste of corporate resources in addressing narrowly supported interests); and 2) shareholders receive a minimum of 50% of outstanding shares to effectuate the action by written consent.

We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. Additionally, we may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting.

#### Right to call a special meeting
In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to call a special meeting in cases where a reasonably high proportion of shareholders (typically a minimum of 15% but no higher than 25%) are required to agree to such a meeting before it is called. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. We generally think that a right to act via written consent is not a sufficient alternative to the right to call a special meeting.

<sup>23</sup> BlackRock is subject to certain regulations and laws in the United States that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals or nominate directors for election to the board. Non-compliance with these rules could adversely affect BlackRock's ability to serve its clients' interests. 

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 25** |
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#### Consent solicitation
While BlackRock is supportive of the shareholder rights to act by written consent and call a special meeting, BlackRock is subject to certain regulations and laws that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to participate in consent solicitations. As a result, BlackRock will generally not participate in consent solicitations or related processes. However, once an item comes to a shareholder vote, we uphold our fiduciary duty to vote in the best long-term interests of our clients, where we are authorized to do so.

#### Simple majority voting
We generally favor a simple majority voting requirement to pass proposals, while allowing the company discretion regarding the calculation of the majority. Therefore, we will generally support the reduction or the elimination of supermajority voting requirements to the extent that we determine shareholders' ability to protect their economic interests is improved. Nonetheless, in situations where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests, and we may support supermajority voting requirements in those situations.

#### Virtual meetings
Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings are an opportunity for shareholders to provide feedback and hear from the board and management. While these meetings have traditionally been conducted in-person, virtual meetings are an increasingly viable way for companies to utilize technology to facilitate shareholder accessibility, inclusiveness, and cost efficiencies. Shareholders should have a meaningful opportunity to participate in the meeting and interact with the board and management in these virtual settings; companies should facilitate open dialogue and allow shareholders to voice concerns and provide feedback without undue censorship. Relevant shareholder proposals are assessed on a case-by-case basis.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities **\| 26** |
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#### Want to know more?
<u>blackrock.com/stewardship</u> \| <u>contactstewardship@blackrock.com</u>

This document is provided for information and educational purposes only. Investing involves risk, including the loss of principal.

Prepared by BlackRock, Inc.

<sup>©</sup>2024 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

NM0125U-4132975-27/27

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#### CAUSEWAY CAPITAL MANAGEMENT LLC

#### PROXY VOTING POLICIES AND PROCEDURES

#### Overview
As an investment adviser with fiduciary responsibilities to its clients, Causeway Capital Management LLC ("Causeway") votes the proxies of companies owned by investment vehicles managed and sponsored by Causeway, and institutional and private clients who have granted Causeway such voting authority. Causeway has adopted these Proxy Voting Policies and Procedures to govern how it performs and documents its fiduciary duty regarding the voting of proxies.

Proxies are voted solely in what Causeway believes is the best interests of the client, a fund's shareholders or, where employee benefit assets are involved, plan participants and beneficiaries (collectively "clients"). Causeway's intent is to vote proxies, wherever possible to do so, in a manner consistent with its fiduciary obligations. Practicalities involved in international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

The Chief Operating Officer of Causeway supervises the proxy voting process. Proxy voting staff monitor upcoming proxy votes, review proxy research, identify potential conflicts of interest and escalate such issues to the Chief Operating Officer, receive input from portfolio managers, and ultimately submit proxy votes in accordance with these Proxy Voting Policies and Procedures. The Chief Operating Officer and President have final decision-making authority over case-by-case votes. To assist in fulfilling its responsibility for voting proxies, Causeway currently uses Institutional Shareholder Services Inc. ("ISS") for proxy research, which assists the decision-making process, and for proxy voting services, which include organizing and tracking pending proxies, communicating voting decisions to custodian banks, and maintaining records. Causeway will conduct periodic due diligence on ISS and its capacity and competency to provide proxy research and the proxy voting services provided to Causeway.

#### Proxy Voting Guidelines
Causeway generally votes on specific matters in accordance with the proxy voting guidelines set forth below. However, Causeway reserves the right to vote proxies on behalf of clients on a case-by-case basis if the facts and circumstances so warrant.

Causeway's proxy voting guidelines are designed to cast votes consistent with certain basic principles: (i) increasing shareholder value; (ii) maintaining or increasing shareholder influence over the board of directors and management; (iii) establishing and enhancing strong and independent boards of directors; (iv) maintaining or increasing the rights of shareholders; and (v) aligning the interests of management and employees with those of shareholders with a view toward the reasonableness of executive compensation and shareholder dilution. Causeway's guidelines also recognize that a company's

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management is charged with day-to-day operations and, therefore, Causeway generally votes on routine business matters in favor of management's proposals or positions.

Causeway generally votes *for*:

• distributions of income

• appointment of auditors

• director compensation, unless deemed excessive

• boards of directors – Causeway generally votes for management's slate of director nominees. However, it votes against incumbent nominees with poor attendance records, or who have otherwise acted in a manner Causeway believes is not in the best interests of shareholders. Causeway recognizes that, in certain jurisdictions, local law or regulation may influence Board composition.

• financial results/director and auditor reports

• share repurchase plans

• changing corporate names and other similar matters

Causeway generally votes the following matters on a *case-by-case* basis:

• amendments to articles of association or other governing documents

• changes in board or corporate governance structure

• changes in authorized capital including proposals to issue shares

• compensation – Causeway believes that it is important that a company's equity-based compensation plans, including stock option or restricted stock plans, are aligned with the interests of shareholders, including Causeway's clients, and focus on observable long-term returns. Causeway evaluates compensation plans on a case-by-case basis, with due consideration of potential consequences of a particular compensation plan. Causeway generally opposes packages that it believes provide excessive awards or create excessive shareholder dilution. Causeway generally opposes proposals to reprice options because the underlying stock has fallen in value.

• social and environmental issues – Causeway believes that it is generally management's responsibility to address such issues within the context of increasing long-term shareholder value. To the extent that management's

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position on a social or environmental issue is inconsistent with increasing long-term shareholder value, Causeway may vote against management or abstain. Causeway may also seek to engage in longer-term dialogue with management on these issues, either separately or in connection with proxy votes on the issue. <br>

• debt issuance requests

• mergers, acquisitions and other corporate reorganizations or restructurings

• changes in state or country of incorporation

• related party transactions

Causeway generally votes *against*:

• anti-takeover mechanisms – Causeway generally opposes anti-takeover mechanisms including poison pills, unequal voting rights plans, staggered boards, provisions requiring supermajority approval of a merger and other matters that are designed to limit the ability of shareholders to approve merger transactions.

#### Conflicts of Interest
Causeway's interests may, in certain proxy voting situations, be in conflict with the interests of clients. Causeway may have a conflict if a company that is soliciting a proxy is a client of Causeway or is a major business partner or vendor for Causeway. Causeway may also have a conflict if Causeway personnel have significant business or personal relationships with participants in proxy contests, corporate directors or director candidates.

The Chief Operating Officer determines the issuers with which Causeway may have a significant business relationship. For this purpose, a "significant business relationship" is one that: (1) represents 1.5% or more of Causeway's prior calendar year gross revenues; (2) represents $2,000,000 or more in payments from a sponsored vehicle during the prior calendar year; or (3) may not directly involve revenue to Causeway or payments from its sponsored vehicles, but is otherwise determined by the Chief Operating Officer to be significant to Causeway or its affiliates or sponsored vehicles, such as a primary service provider of a fund or vehicle managed and sponsored by Causeway, or a significant relationship with the company that might create an incentive for Causeway to vote in favor of management.

The Chief Operating Officer will identify issuers with which Causeway's employees who are involved in the proxy voting process may have a significant personal or family

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relationship. For this purpose, a "significant personal or family relationship" is one that would be reasonably likely to influence how Causeway votes proxies.

Proxy voting staff will seek to identify potential conflicts of interest in the first instance and escalate relevant information to the Chief Operating Officer. The Chief Operating Officer will reasonably investigate information relating to conflicts of interest. For purposes of identifying conflicts under this policy, the Chief Operating Officer will rely on publicly available information about Causeway and its affiliates, information about Causeway and its affiliates that is generally known by Causeway's employees, and other information actually known by the Chief Operating Officer. Absent actual knowledge, the Chief Operating Officer is not required to investigate possible conflicts involving Causeway where the information is (i) non-public, (ii) subject to information blocking procedures, or (iii) otherwise not readily available to the Chief Operating Officer.

Proxy voting staff will maintain a list of issuers with which there may be a conflict and will monitor for potential conflicts of interest on an ongoing basis.

Proxy proposals that are "routine," such as uncontested elections of directors or those not subject to a vote withholding campaign, meeting formalities, and approvals of annual reports/financial statements are presumed not to involve material conflicts of interest. For non-routine proposals, the Chief Operating Officer in consultation with Causeway's General Counsel/Chief Compliance Officer decides if they involve a material conflict of interest.

If a proposal is determined to involve a material conflict of interest, Causeway may, but is not required to, obtain instructions from the client on how to vote the proxy or obtain the client's consent for Causeway's vote. If Causeway does not seek the client's instructions or consent, Causeway will vote as follows:

• If a "for" or "against" or "with management" guideline applies to the proposal, Causeway will vote in accordance with that guideline.

• If a "for" or "against" or "with management" guideline does not apply to the proposal, Causeway will follow the recommendation of an independent third party such as ISS. If Causeway seeks to follow the recommendation of a third party, the Chief Operating Officer will assess the third party's capacity and competency to analyze the issue, as well as the third party's ability to identify and address conflicts of interest it may have with respect to the recommendation.

To monitor potential conflicts of interest regarding the research and recommendations of independent third parties, such as ISS, proxy voting staff will review the third party's disclosures of significant relationships. The Chief Operating Officer will review proxy votes involving issuers where a significant relationship has been identified by the proxy research provider.

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#### Practical Limitations Relating to Proxy Voting
While the proxy voting process is well established in the United States and other developed markets with numerous tools and services available to assist an investment manager, voting proxies of non-US companies located in certain jurisdictions may involve a number of problems that may restrict or prevent Causeway's ability to vote such proxies. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings relative to deadlines required to submit votes; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes; (iv) requirements to vote proxies in person; (v) restrictions on the sale of the securities for a period of time prior to the shareholder meeting; and (vi) requirements to provide local agents with powers of attorney (which Causeway will typically rely on clients to maintain) to facilitate Causeway's voting instructions. As a result, Causeway will only use its best efforts to vote clients' non-US proxies and Causeway may decide not to vote a proxy if it determines that it would be impractical or disadvantageous to do so.

In addition, regarding US and non-US companies, Causeway will not vote proxies if it does not receive adequate information from the client's custodian in sufficient time to cast the vote.

For clients with securities lending programs, Causeway may not be able to vote proxies for securities that a client has loaned to a third party. Causeway recognizes that clients manage their own securities lending programs. Causeway may, but is not obligated to, notify a client that Causeway is being prevented from voting a proxy due to the securities being on loan. There can be no assurance that such notice will be received in time for the client, if it so chooses, to recall the security.

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![LOGO](g767768dsp057.jpg)

<u>Introductory note</u> 

ClearBridge Investment Management Limited ("CIML") is subject to legal and regulatory obligations in the jurisdictions in which it operates. This includes, but is not limited to, the UK FCA Rules, the US SEC Rules and the Australian ASIC Rules. CIML is required under these laws to maintain an independent compliance function, which is responsible for oversight of the firm's compliance with its legal and regulatory obligations. The Compliance Manual, maintained and overseen by Compliance and the CIML Board of Directors, sets out policies with which our staff must comply to enable the firm to comply with applicable law and regulation.

Please note that the following document is a summary of the full policy. We do not disclose our full policies externally unless specifically requested by an applicable regulatory or government authority.

This client facing policy is designed to provide a substantive overview of the full policy. It contains all the key information and procedures that are set out in the full internal policy but we are happy to add any additional detail as required or to discuss any aspect of our policy and approach. Please address any queries to the Chief Compliance Officer in the first instance.

The full internal policy applies to all CIML employees and to all activities they conduct under that employment. For the avoidance of doubt, for the purposes of the application of CIML's policies and procedures, any reference to 'employee' includes any contract employees, secondees and other temporary staff.

ClearBridge Investment Management Limited, registered in Scotland (no SC066107) 5 Morrison Street, 2nd floor, Edinburgh, EH3 8BH, Tel: 44 (0) 131 229 5252 Fax: 44 (0) 131 228 5959, www.clearbridge.com. ClearBridge Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), One Madison Avenue, New York, NY 10010. Both companies are authorised and regulated by the Financial Conduct Authority and CIML is registered as an Investment Advisor with the Securities and Exchange Commission.

Please note that calls to the above number may be recorded.

Proxy Voting Policies and Procedures

Amended as of September 19, 2025

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I. Types of Accounts for Which ClearBridge Votes Proxies

II. General Guidelines

III. How ClearBridge Votes

IV. Conflicts of Interest

A. Procedures for Identifying Conflicts of Interest

B. Procedures for Assessing Materiality of Conflicts of Interest and for Addressing Material Conflicts of Interest

C. Third Party Proxy Voting Firm—Conflicts of Interest

V. Other Considerations

A. When Votes May Not be Cast

B. Split Voting in Sub-Custodial Accounts (Non-US Markets)

VI. Disclosure of Proxy Voting

VII. Recordkeeping and Oversight

<u>APPENDIX A</u> Voting Policy

A. Election of Directors

B. Proxy Contests

C. Auditors

D. Proxy Contest Defenses

E. Tender Offer Defenses

F. Miscellaneous Governance Provisions

G. Capital Structure

H. Executive and Director Compensation

I. State/Country of Incorporation

J. Mergers and Corporate Restructuring

K. Social and Environmental Issues

L. Miscellaneous

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![LOGO](g767768dsp059.jpg)

Proxy Voting Policies and Procedures

Amended as of September 19, 2025

I. TYPES OF ACCOUNTS FOR WHICH CLEARBRIDGE VOTES PROXIES

ClearBridge votes proxies for each client for which it has investment discretion unless the investment management agreement provides that the client or other authorized party (*e.g.*, a trustee or named fiduciary of a plan) is responsible for voting proxies.

II. GENERAL GUIDELINES

In voting proxies, we are guided by general fiduciary principles. Our goal is to act prudently, solely in the best interest of the beneficial owners of the accounts we manage. We attempt to provide for the consideration of all factors that could affect the value of the investment and will vote proxies in the manner that we believe will be consistent with efforts to maximize shareholder values.

III. HOW CLEARBRIDGE VOTES

Appendix A attached hereto sets forth certain stated positions. In the case of a proxy issue for which there is a stated position, we generally vote in accordance with the stated position. In the case of a proxy issue for which there is a list of factors set forth in Appendix A that we consider in voting on such issue, we consider those factors and vote on a case-by-case basis in accordance with the general principles set forth above. In the case of a proxy issue for which there is no stated position or list of factors that we consider in voting on such issue, we vote on a case-by-case basis in accordance with the general principles set forth above. We may utilize an external service provider to provide us with information and/or a recommendation with regard to proxy votes but we are not required to follow any such recommendations. The use of an external service provider does not relieve us of our responsibility for the proxy vote.

For routine matters, we usually vote according to our policy or the external service provider's recommendation, although we are not obligated to do so and each individual portfolio management team may vote contrary to our policy or the recommendation of the external service provider. If a matter is non-routine, *e.g.*, management's recommendation is different than that of the external service provider and ClearBridge is a significant holder or it is a significant holding for ClearBridge, the issues will be highlighted to the appropriate investment teams. Different investment teams may vote differently on the same issue, depending upon their assessment of clients' best interests.

ClearBridge's policies are reviewed annually and its proxy voting process is overseen and coordinated by its Proxy Committee.

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IV. CONFLICTS OF INTEREST

In furtherance of ClearBridge's goal to vote proxies in the best interests of clients, ClearBridge follows procedures designed to identify and address material conflicts that may arise between ClearBridge's interests and those of its clients before voting proxies on behalf of such clients.

**A.** **Procedures for Identifying Conflicts of Interest** 

ClearBridge relies on the following to seek to identify conflicts of interest with respect to proxy voting:

1. ClearBridge's employees are periodically reminded of their obligation (i) to be aware of the potential for conflicts of interest on the part of ClearBridge with respect to voting of proxies on behalf of client accounts both as a result of their personal relationships or personal or business relationships relating to another Franklin Resources, Inc. ("Franklin") business unit, and (ii) to bring conflicts of interest of which they become aware to the attention of ClearBridge's Chief Compliance Officer.

2. ClearBridge's finance area maintains and provides to ClearBridge Compliance and proxy voting personnel an up- to-date list of all client relationships that have historically accounted for or are projected to account for greater than 1% of ClearBridge's net revenues.

3. As a general matter, ClearBridge takes the position that relationships between a non-ClearBridge Franklin unit and an issuer (*e.g.*, investment management relationship between an issuer and a non-ClearBridge Franklin affiliate) do not present a conflict of interest for ClearBridge in voting proxies with respect to such issuer because ClearBridge operates as an independent business unit from other Franklin business units and because of the existence of informational barriers between ClearBridge and certain other Franklin business units. As noted above, ClearBridge employees are under an obligation to bring such conflicts of interest, including conflicts of interest which may arise because of an attempt by another Franklin business unit or non-ClearBridge Franklin officer or employee to influence proxy voting by ClearBridge to the attention of ClearBridge Compliance.

4. A list of issuers with respect to which ClearBridge has a potential conflict of interest in voting proxies on behalf of client accounts will be maintained by ClearBridge proxy voting personnel. ClearBridge will not vote proxies relating to such issuers until it has been determined that the conflict of interest is not material or a method for resolving the conflict of interest has been agreed upon and implemented, as described below.

**B.** **Procedures for Assessing Materiality of Conflicts of Interest and for Addressing Material Conflicts of Interest** 

1. ClearBridge maintains a Proxy Committee which, among other things, reviews and addresses conflicts of interest brought to its attention. The Proxy Committee is comprised of such ClearBridge personnel (and others, at ClearBridge's request), as are designated from time to time. The current members of the Proxy Committee are set forth in the Proxy Committee's Terms of Reference.

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2. All conflicts of interest identified pursuant to the procedures outlined in Section IV. A. must be brought to the attention of the Proxy Committee for resolution. A proxy issue that will be voted in accordance with a stated ClearBridge position on such issue or in accordance with the recommendation of an independent third party generally is not brought to the attention of the Proxy Committee for a conflict of interest review because ClearBridge's position is that any conflict of interest issues are resolved by voting in accordance with a pre-determined policy or in accordance with the recommendation of an independent third party.

3. The Proxy Committee will determine whether a conflict of interest is material. A conflict of interest will be considered material to the extent that it is determined that such conflict is likely to influence, or appear to influence, ClearBridge's decision-making in voting the proxy. All materiality determinations will be based on an assessment of the particular facts and circumstances. A written record of all materiality determinations made by the Proxy Committee will be maintained.

4. If it is determined by the Proxy Committee that a conflict of interest is not material, ClearBridge may vote proxies notwithstanding the existence of the conflict.

5. If it is determined by the Proxy Committee that a conflict of interest is material, the Proxy Committee will determine an appropriate method to resolve such conflict of interest before the proxy affected by the conflict of interest is voted. Such determination shall be based on the particular facts and circumstances, including the importance of the proxy issue, the nature of the conflict of interest, etc. Such methods may include:

• disclosing the conflict to clients and obtaining their consent before voting;

• suggesting to clients that they engage another party to vote the proxy on their behalf;

• in the case of a conflict of interest resulting from a particular employee's personal relationships, removing such employee from the decision-making process with respect to such proxy vote; or

• such other method as is deemed appropriate given the particular facts and circumstances, including the importance of the proxy issue, the nature of the conflict of interest, etc.<sup>\*</sup>

A written record of the method used to resolve a material conflict of interest shall be maintained.

**C.** **Third Party Proxy Voting Firm - Conflicts of Interest** 

With respect to a third-party proxy voting firm described herein, the Proxy Committee will periodically review and assess such firm's policies, procedures and practices with respect to the disclosure and handling of conflicts of interest.

<sup>\*</sup> Especially in the case of an apparent, as opposed to actual, conflict of interest, the Proxy Committee may resolve such conflict of interest by satisfying itself that ClearBridge's proposed vote on a proxy issue is in the best interest of client accounts and is not being influenced by the conflict of interest. 

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V. OTHER CONSIDERATIONS

**A.** **When Votes May Not be Cast** 

In certain situations, ClearBridge may determine not to vote proxies on behalf of a client because ClearBridge believes that the expected benefit to the client of voting shares is outweighed by countervailing considerations. Examples of situations in which ClearBridge may determine not to vote proxies on behalf of a client include:

#### Share Blocking
Proxy voting in certain countries requires "share blocking." This means that shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (e.g. one week) with a designated depositary. During the blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares have been returned to client accounts by the designated depositary. In deciding whether to vote shares subject to share blocking, ClearBridge will consider and weigh, based on the particular facts and circumstances, the expected benefit to clients of voting in relation to the detriment to clients of not being able to sell such shares during the applicable period.

#### Securities on Loan
Certain clients of ClearBridge, such as an institutional client or a mutual fund for which ClearBridge acts as a sub-adviser, may engage in securities lending with respect to the securities in their accounts. ClearBridge typically does not direct or oversee such securities lending activities. To the extent feasible and practical under the circumstances, ClearBridge will request that the client recall shares that are on loan so that such shares can be voted if ClearBridge believes that the expected benefit to the client of voting such shares outweighs the detriment to the client of recalling such shares (e.g., foregone income). The ability to timely recall shares for proxy voting purposes typically is not entirely within the control of ClearBridge and requires the cooperation of the client and its other service providers. Under certain circumstances, the recall of shares in time for such shares to be voted may not be possible due to applicable proxy voting record dates and administrative considerations.

**B.** **Split Votes in Sub-Custodial Accounts (Non-US Markets)** 

In some non-US markets, where shares across multiple client accounts maybe he held in a joint sub-custodial account, split voting by a manager in such sub-custodial account may not be allowed. In those instances, ClearBridge will vote all shares in accordance with the pre-determined proxy voting guidelines, or if there is no voting policy established in this policy on the particular topic or issue, in accordance with the recommendations of the portfolio manager responsible for the client accounts holding the greatest number of shares of the relevant issuer.

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VI. DISCLOSURE OF PROXY VOTING

ClearBridge employees may not disclose to others outside of ClearBridge (including employees of other Franklin business units) how ClearBridge intends to vote a proxy absent prior approval from ClearBridge's Chief Compliance Officer, except that a ClearBridge investment professional may disclose to a third party (other than an employee of another Franklin business unit) how s/he intends to vote without obtaining prior approval from ClearBridge's Chief Compliance Officer if (1) the disclosure is intended to facilitate a discussion of publicly available information by ClearBridge personnel with a representative of a company whose securities are the subject of the proxy, and (2) ClearBridge has voting power with respect to less than 5% of the outstanding common stock of the company.

If a ClearBridge employee receives a request to disclose ClearBridge's proxy voting intentions to, or is otherwise contacted by, another person outside of ClearBridge (including an employee of another Franklin business unit or an existing ClearBridge client or its designated agent or representative) in connection with an upcoming proxy voting matter, he/she should immediately notify ClearBridge's Chief Compliance Officer and not share any information regarding proxy voting intentions with such persons without obtaining the Chief Compliance Officer's prior approval.

If a portfolio manager wants to take a public stance with regards to a proxy, s/he must consult with ClearBridge's Chief Compliance Officer before making or issuing a public statement.

VII. RECORDKEEPING AND OVERSIGHT

ClearBridge shall maintain the following records relating to proxy voting:

• a copy of these policies and procedures;

• a copy of each proxy form (as voted);

• a copy of each proxy solicitation (including proxy statements) and related materials with regard to each vote;

• documentation relating to the identification and resolution of conflicts of interest;

• a copy of each written client request for information on how ClearBridge voted proxies on behalf of the client, and a copy of any written response by ClearBridge to any (written or oral) client request for information on how ClearBridge voted proxies on behalf of the requesting client.

Such records shall be maintained and preserved in an easily accessible place for a period of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years in an appropriate office of the ClearBridge adviser.

To the extent that ClearBridge is authorized to vote proxies for a United States Registered Investment Company, ClearBridge shall maintain such records as are necessary to allow such fund to comply with its recordkeeping, reporting and disclosure obligations under applicable laws, rules and regulations.

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In lieu of keeping copies of proxy statements, ClearBridge may rely on proxy statements filed on the EDGAR system as well as on third party records of proxy statements and votes cast if the third party provides an undertaking to provide the documents promptly upon request.

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#### APPENDIX A

#### VOTING POLICY
These are policy guidelines that can always be superseded, subject to the duty to act solely in the best interest of the beneficial owners of accounts, by the investment management professionals responsible for the account holding the shares being voted. There may be occasions when different investment teams vote differently on the same issue. In addition, in the case of Taft-Hartley clients, ClearBridge will comply with a client direction to vote proxies in accordance with Institutional Shareholder Services' (ISS) PVS Proxy Voting Guidelines, which ISS represents to be fully consistent with AFL-CIO guidelines.

**A.** **Election of Directors** 

1. Voting on Director Nominees in Uncontested Elections.

a. We withhold our vote from a director nominee who:

• attended less than 75 percent of the company's board and committee meetings without a valid excuse (illness, service to the nation/local government, work on behalf of the company);

• received more than 50 percent withheld votes of the shares cast at the previous board election, and the company has failed to address the issue as to why;

• is a member of the company's audit committee, when excessive non-audit fees were paid to the auditor, or there are chronic control issues and an absence of established effective control mechanisms;

• is a member of the company's compensation committee if the compensation committee ignore a say on pay proposal that a majority of shareholders opposed;

b. We vote on a case-by-case basis in the following circumstances:

• *Significant Greenhouse Gas (GHG) Emitters* - We will vote on a case-by-case basis with respect to the Chair of the board and the Chair of the responsible committee in the case of companies that are significant GHG emitters but are not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy. Minimum steps include detailed disclosure of climate-related risks, such as the Task Force on Climate-related Financial Disclosures (TCFD); and, at this time, "appropriate" GHG emissions reductions targets (i.e., short-term and medium-term GHG reduction targets).

• *Nominating Committee Members*. We will vote on a case-by-case basis with respect to director nominees who are members of the company's nominating committee and there is no gender diversity or ethnic/racial diversity on the board (or those currently proposed for election to the board do not meet that criteria).

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• *Board Independence*. We will vote on a case-by-case basis with respect to non-independent members of the board who are up for re-election and the chair of the board's nominating committee if the board is not comprised of a majority of independent directors. This also applies to situations where board independence is not in line with local market regulations or best practices.

• *Director Independence*. We will vote on a case-by-case basis with respect to an independent member of the board whose independence is not in line with local best practices and market-specific governance frameworks (e.g., listing standards, governance codes, laws and regulations).

• *Overboarding*. We will vote on a case-by-case basis with respect to a member of the board who is up for re-election and sits on five or more unaffiliated public company boards.

c. We vote for all other director nominees.

2. Chairman and CEO is the Same Person.

We vote on a case-by-case basis on shareholder proposals that would require the positions of the Chairman and CEO to be held by different persons. We would generally vote FOR such a proposal unless there are compelling reasons to vote against the proposal, including:

• Designation of a lead director

• Majority of independent directors (supermajority)

• All independent key committees

• Size of the company (based on market capitalization)

• Established governance guidelines

• Company performance

3. Majority of Independent Directors

a. We vote for shareholder proposals that request that the board be comprised of a majority of independent directors. Generally, that would require that the director have no connection to the company other than the board seat. In determining whether an independent director is truly independent (e.g. when voting on a slate of director candidates), we consider certain factors including, but not necessarily limited to, the following: whether the director or his/her company provided professional services to the company or its affiliates either currently or in the past year; whether the director has any transactional relationship with the company; whether the director is a significant customer or supplier of the company; whether the director is employed by a foundation or university that received significant grants or endowments from the company or its affiliates; and whether there are interlocking directorships.

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b. We vote for shareholder proposals that request that the board audit, compensation and/or nominating committees include independent directors exclusively.

4. Stock Ownership Requirements

We vote against shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director, or to remain on the board.

5. Term of Office

We vote against shareholder proposals to limit the tenure of independent directors.

6. Director and Officer Indemnification and Liability Protection

a. Subject to subparagraphs b., c., and d. below, we vote for proposals concerning director and officer indemnification and liability protection.

b. We vote for proposals to limit and against proposals to eliminate entirely director and officer liability for monetary damages for violating the duty of care.

c. We vote against indemnification proposals that would expand coverage beyond just legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligations than mere carelessness.

d. We vote for only those proposals that provide such expanded coverage noted in subparagraph c. above in cases when a director's or officer's legal defense was unsuccessful if: (1) the director was found to have acted in good faith and in a manner that he reasonably believed was in the best interests of the company, *and* (2) if only the director's legal expenses would be covered.

7. Director Qualifications

a. We vote case-by-case on proposals that establish or amend director qualifications. Considerations include how reasonable the criteria are and to what degree they may preclude dissident nominees from joining the board.

b. We vote against shareholder proposals requiring two candidates per board seat.

**B.** **Proxy Contests** 

1. Voting for Director Nominees in Contested Elections

We vote on a case-by-case basis in contested elections of directors. Considerations include: chronology of events leading up to the proxy contest; qualifications of director nominees (incumbents and dissidents); for incumbents, whether the board is comprised of a majority of outside directors; whether key committees (i.e.: nominating, audit, compensation) comprise solely of independent outsiders; discussion with the respective portfolio manager(s).

2. Reimburse Proxy Solicitation Expenses

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We vote on a case-by-case basis on proposals to provide full reimbursement for dissidents waging a proxy contest. Considerations include: identity of persons who will pay solicitation expenses; cost of solicitation; percentage that will be paid to proxy solicitation firms.

**C.** **Auditors** 

1. Ratifying Auditors

We vote for proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position or there is reason to believe the independent auditor has not followed the highest level of ethical conduct. Specifically, we will vote to ratify auditors if the auditors only provide the company audit services and such other audit-related and non-audit services the provision of which will not cause such auditors to lose their independence under applicable laws, rules and regulations.

2. Financial Statements and Director and Auditor Reports

We generally vote for management proposals seeking approval of financial accounts and reports and the discharge of management and supervisory board members, unless there is concern about the past actions of the company's auditors or directors.

3. Remuneration of Auditors

We vote for proposals to authorize the board or an audit committee of the board to determine the remuneration of auditors, unless there is evidence of excessive compensation relative to the size and nature of the company.

4. Indemnification of Auditors

We vote against proposals to indemnify auditors.

**D.** **Proxy Contest Defenses** 

1. Board Structure: Staggered vs. Annual Elections

a. We vote against proposals to classify the board.

b. We vote for proposals to repeal classified boards and to elect all directors annually.

2. Shareholder Ability to Remove Directors

a. We vote against proposals that provide that directors may be removed *only* for cause.

b. We vote for proposals to restore shareholder ability to remove directors with or without cause.

c. We vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

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d. We vote for proposals that permit shareholders to elect directors to fill board vacancies.

3. Cumulative Voting

a. If plurality voting is in place for uncontested director elections, we vote for proposals to permit or restore cumulative voting.

b. If majority voting is in place for uncontested director elections, we vote against cumulative voting.

c. If plurality voting is in place for uncontested director elections, and proposals to adopt both cumulative voting and majority voting are on the same slate, we vote for majority voting and against cumulative voting.

4. Majority Voting

We vote for non-binding and/or binding resolutions requesting that the board amend a company's by-laws to stipulate that directors need to be elected with an affirmative majority of the votes cast, provided that it does not conflict with the state law where the company is incorporated. In addition, all resolutions need to provide for a carve-out for a plurality vote standard when there are more nominees than board seats (i.e. contested election). In addition, ClearBridge strongly encourages companies to adopt a post-election director resignation policy setting guidelines for the company to follow to promptly address situations involving holdover directors.

5. Shareholder Ability to Call Special Meetings

a. We vote against proposals to restrict or prohibit shareholder ability to call special meetings.

b. We vote for proposals that provide shareholders with the ability to call special meetings, taking into account a minimum ownership threshold of 10 percent (and investor ownership structure, depending on bylaws).

6. Shareholder Ability to Act by Written Consent

a. We vote against proposals to restrict or prohibit shareholder ability to take action by written consent.

b. We vote for proposals to allow or make easier shareholder action by written consent.

7. Shareholder Ability to Alter the Size of the Board

a. We vote for proposals that seek to fix the size of the board.

b. We vote against proposals that give management the ability to alter the size of the board without shareholder approval.

8. Advance Notice Proposals

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We vote on advance notice proposals on a case-by-case basis, giving support to those proposals which allow shareholders to submit proposals as close to the meeting date as reasonably possible and within the broadest window possible.

9. Amendment of By-Laws

a. We vote against proposals giving the board exclusive authority to amend the by-laws.

b. We vote for proposals giving the board the ability to amend the by-laws in addition to shareholders.

10. Article Amendments (not otherwise covered by ClearBridge Proxy Voting Policies and Procedures).

We review on a case-by-case basis all proposals seeking amendments to the articles of association.

We vote for article amendments if:

• shareholder rights are protected;

• there is negligible or positive impact on shareholder value;

• management provides adequate reasons for the amendments; and

• the company is required to do so by law (if applicable).

**E.** **Tender Offer Defenses** 

1. Poison Pills

a. We vote for shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

b. We vote on a case-by-case basis on shareholder proposals to redeem a company's poison pill. Considerations include: when the plan was originally adopted; financial condition of the company; terms of the poison pill.

c. We vote on a case-by-case basis on management proposals to ratify a poison pill. Considerations include: sunset provision - poison pill is submitted to shareholders for ratification or rejection every 2 to 3 years; shareholder redemption feature -10% of the shares may call a special meeting or seek a written consent to vote on rescinding the rights plan.

2. Fair Price Provisions

a. We vote for fair price proposals, as long as the shareholder vote requirement embedded in the provision is no more than a majority of disinterested shares.

b. We vote for shareholder proposals to lower the shareholder vote requirement in existing fair price provisions.

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3. Greenmail

a. We vote for proposals to adopt anti-greenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

b. We vote on a case-by-case basis on anti-greenmail proposals when they are bundled with other charter or bylaw amendments.

4. Unequal Voting Rights

a. We vote against dual class exchange offers.

b. We vote against dual class re-capitalization.

5. Supermajority Shareholder Vote Requirement to Amend the Charter or Bylaws

a. We vote against management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments.

b. We vote for shareholder proposals to lower supermajority shareholder vote requirements for charter and bylaw amendments.

6. Supermajority Shareholder Vote Requirement to Approve Mergers

a. We vote against management proposals to require a supermajority shareholder vote to approve mergers and other significant business combinations.

b. We vote for shareholder proposals to lower supermajority shareholder vote requirements for mergers and other significant business combinations.

7. White Knight/Squire Placements

We vote for shareholder proposals to require approval of blank check preferred stock issues.

**F.** **Miscellaneous Governance Provisions** 

1. Confidential Voting

a. We vote for shareholder proposals that request corporations to adopt confidential voting, use independent tabulators and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: in the case of a contested election, management is permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.

b. We vote for management proposals to adopt confidential voting subject to the proviso for contested elections set forth in sub-paragraph B.1. above.

2. Equal Access

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We vote for shareholder proposals that would allow significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees, and in order to nominate their own candidates to the board.

3. Bundled Proposals

We vote on a case-by-case basis on bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, we examine the benefits and costs of the packaged items. In instances when the joint effect of the conditioned items is not in shareholders' best interests and therefore not in the best interests of the beneficial owners of accounts, we vote against the proposals. If the combined effect is positive, we support such proposals.

4. Shareholder Advisory Committees

We vote on a case-by-case basis on proposals to establish a shareholder advisory committee. Considerations include: rationale and cost to the firm to form such a committee. We generally vote against such proposals if the board and key nominating committees are comprised solely of independent/outside directors.

5. Other Business

We vote for proposals that seek to bring forth other business matters.

6. Adjourn Meeting

We vote on a case-by-case basis on proposals that seek to adjourn a shareholder meeting in order to solicit additional votes.

7. Lack of Information

We vote against proposals if a company fails to provide shareholders with adequate information upon which to base their voting decision.

**G.** **Capital Structure** 

1. Common Stock Authorization

a. We vote on a case-by-case basis on proposals to increase the number of shares of common stock authorized for issue, except as described in paragraph 2 below.

b. Subject to paragraph 3, below we vote for the approval requesting increases in authorized shares if the company meets certain criteria:

• Company has already issued a certain percentage (i.e. greater than 50%) of the company's allotment.

• The proposed increase is reasonable (i.e. less than 150% of current inventory) based on an analysis of the company's historical stock management or future growth outlook of the company.

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c. We vote on a case-by-case basis, based on the input of affected portfolio managers, if holding is greater than 1% of an account.

2. Stock Distributions: Splits and Dividends

We vote on a case-by-case basis on management proposals to increase common share authorization for a stock split, provided that the split does not result in an increase of authorized but unissued shares of more than 100% after giving effect to the shares needed for the split.

3. Reverse Stock Splits

We vote for management proposals to implement a reverse stock split, provided that the reverse split does not result in an increase of authorized but unissued shares of more than 100% after giving effect to the shares needed for the reverse split.

4. Blank Check Preferred Stock

a. We vote against proposals to create, authorize or increase the number of shares with regard to blank check preferred stock with unspecified voting, conversion, dividend distribution and other rights.

b. We vote for proposals to create "declawed" blank check preferred stock (stock that cannot be used as a takeover defense).

c. We vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

d. We vote for proposals requiring a shareholder vote for blank check preferred stock issues.

5. Adjust Par Value of Common Stock

We vote for management proposals to reduce the par value of common stock.

6. Preemptive Rights

a. We vote on a case-by-case basis for shareholder proposals seeking to establish them and consider the following factors:

• Size of the Company.

• Characteristics of the size of the holding (holder owning more than 1% of the outstanding shares).

• Percentage of the rights offering (rule of thumb less than 5%).

b. We vote on a case-by-case basis for shareholder proposals seeking the elimination of pre-emptive rights.

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7. Debt Restructuring

We vote on a case-by-case basis for proposals to increase common and/or preferred shares and to issue shares as part of a debt-restructuring plan. Generally, we approve proposals that facilitate debt restructuring.

8. Share Repurchase Programs

We vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

9. Dual-Class Stock

10. We vote for proposals to eliminate dual-class structures, unless a company has a stated policy that stipulates that the dual class structure will be eliminated in a period not to exceed 5 years from its initial public offering. Issue Stock for Use with Rights Plan

We vote against proposals that increase authorized common stock for the explicit purpose of implementing a shareholder rights plan (poison pill).

11. Debt Issuance Requests

When evaluating a debt issuance request, the issuing company's present financial situation is examined. The main factor for analysis is the company's current debt-to-equity ratio, or gearing level. A high gearing level may incline markets and financial analysts to downgrade the company's bond rating, increasing its investment risk factor in the process. A gearing level up to 100 percent is considered acceptable.

We vote for debt issuances for companies when the gearing level is between zero and 100 percent.

We view on a case-by-case basis proposals where the issuance of debt will result in the gearing level being greater than 100 percent. Any proposed debt issuance is compared to industry and market standards.

12. Financing Plans

We generally vote for the adopting of financing plans if we believe they are in the best economic interests of shareholders.

**H.** **Executive and Director Compensation** 

In general, we vote for executive and director compensation plans, with the view that viable compensation programs reward the creation of stockholder wealth by having high payout sensitivity to increases in shareholder value. Certain factors, however, such as repricing underwater stock options without shareholder approval, would cause us to vote against a plan. Additionally, in some cases we would vote against a plan deemed unnecessary.

1. OBRA-Related Compensation Proposals

a. Amendments that Place a Cap on Annual Grant or Amend Administrative Features

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We vote for plans that simply amend shareholder-approved plans to include administrative features or place a cap on the annual grants any one participant may receive to comply with the provisions of Section 162(m) of the Internal Revenue Code.

b. Amendments to Added Performance-Based Goals

We vote for amendments to add performance goals to existing compensation plans to comply with the provisions of Section 162(m) of the Internal Revenue Code.

c. Amendments to Increase Shares and Retain Tax Deductions Under OBRA

We vote for amendments to existing plans to increase shares reserved and to qualify the plan for favorable tax treatment under the provisions of Section 162(m) the Internal Revenue Code.

d. Approval of Cash or Cash-and-Stock Bonus Plans

We vote for cash or cash-and-stock bonus plans to exempt the compensation from taxes under the provisions of Section 162(m) of the Internal Revenue Code.

2. Expensing of Options

We vote for proposals to expense stock options on financial statements.

3. Shareholder Proposals to Limit Executive and Director Pay

a. We vote on a case-by-case basis on all shareholder proposals that seek additional disclosure of executive and director pay information. Considerations include: cost and form of disclosure. We vote for such proposals if additional disclosure is relevant to shareholder's needs and would not put the company at a competitive disadvantage relative to its industry.

b. We vote on a case-by-case basis on all other shareholder proposals that seek to limit executive and director pay.

We have a policy of voting to reasonably limit the level of options and other equity-based compensation arrangements available to management to reasonably limit shareholder dilution and management compensation. For options and equity-based compensation arrangements, we vote FOR proposals or amendments that would result in the available awards being less than 10% of fully diluted outstanding shares (i.e. if the combined total of shares, common share equivalents and options available to be awarded under all current and proposed compensation plans is less than 10% of fully diluted shares). In the event the available awards exceed the 10% threshold, we would also consider the % relative to the common practice of its specific industry (e.g. technology firms). Other considerations would include, without limitation, the following:

• Compensation committee comprised of independent outside directors

• Maximum award limits

• Repricing without shareholder approval prohibited

• 3-year average burn rate for company

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• Plan administrator has authority to accelerate the vesting of awards

• Shares under the plan subject to performance criteria

4. Golden Parachutes

a. We vote for shareholder proposals to have golden parachutes submitted for shareholder ratification.

b. We vote on a case-by-case basis on all proposals to ratify or cancel golden parachutes. Considerations include: the amount should not exceed 3 times average base salary plus guaranteed benefits; golden parachute should be less attractive than an ongoing employment opportunity with the firm.

5. Golden Coffins

a. We vote for shareholder proposals that request a company not to make any death benefit payments to senior executives' estates or beneficiaries, or pay premiums in respect to any life insurance policy covering a senior executive's life ("golden coffin"). We carve out benefits provided under a plan, policy or arrangement applicable to a broader group of employees, such as offering group universal life insurance.

b. We vote for shareholder proposals that request shareholder approval of survivor benefits for future agreements that, following the death of a senior executive, would obligate the company to make payments or awards not earned.

6. Anti-Tax Gross-up Policy

a. We vote for proposals that ask a company to adopt a policy whereby it will not make, or promise to make, any tax gross-up payment to its senior executives, except for tax gross-ups provided pursuant to a plan, policy, or arrangement applicable to management employees of the company generally, such as relocation or expatriate tax equalization policy; we also vote for proposals that ask management to put gross-up payments to a shareholder vote.

b. We vote against proposals where a company will make, or promise to make, any tax gross-up payment to its senior executives without a shareholder vote, except for tax gross-ups provided pursuant to a plan, policy, or arrangement applicable to management employees of the company generally, such as relocation or expatriate tax equalization policy.

7. Employee Stock Ownership Plans (ESOPs)

We vote for proposals that request shareholder approval in order to implement an ESOP or to increase authorized shares for existing ESOPs, except in cases when the number of shares allocated to the ESOP is "excessive" (i.e., generally greater than five percent of outstanding shares).

8. Employee Stock Purchase Plans

a. We vote for qualified plans where all of the following apply:

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• The purchase price is at least 85 percent of fair market value

• The offering period is 27 months or less

• The number of shares allocated to the plan is five percent or less of outstanding shares

If the above do not apply, we vote on a case-by-case basis.

b. We vote for non-qualified plans where all of the following apply:

• All employees of the company are eligible to participate (excluding 5 percent or more beneficial owners)

• There are limits on employee contribution (ex: fixed dollar amount)

• There is a company matching contribution with a maximum of 25 percent of an employee's contribution

• There is no discount on the stock price on purchase date (since there is a company match)

If the above do not apply, we vote against the non-qualified employee stock purchase plan.

9. 401(k) Employee Benefit Plans

We vote for proposals to implement a 401(k) savings plan for employees.

10. Stock Compensation Plans

a. We vote for stock compensation plans which provide a dollar-for-dollar cash for stock exchange.

b. We vote on a case-by-case basis for stock compensation plans which do not provide a dollar-for-dollar cash for stock exchange using a quantitative model.

11. Directors Retirement Plans

a. We vote against retirement plans for non-employee directors.

b. We vote for shareholder proposals to eliminate retirement plans for non-employee directors.

12. Management Proposals to Reprice Options

We vote against management proposals seeking approval to reprice options.

13. Shareholder Proposals Regarding Executive and Director Pay

a. We vote against shareholder proposals seeking to set absolute levels on compensation or otherwise dictate the amount or form of compensation.

b. We vote against shareholder proposals requiring director fees be paid in stock only.

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c. We vote against shareholder proposals to eliminate vesting of options and restricted stock on change of control.

d. We vote for shareholder proposals to put option repricing to a shareholder vote.

e. We vote for shareholder proposals that call for a non-binding advisory vote on executive pay ("say-on-pay"). Company boards would adopt a policy giving shareholders the opportunity at each annual meeting to vote on an advisory resolution to ratify the compensation of the named executive officers set forth in the proxy statement's summary compensation table.

f. We vote "annual" for the frequency of say-on-pay proposals rather than once every two or three years.

g. We vote on a case-by-case basis for all other shareholder proposals regarding executive and director pay, taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

14. Management Proposals on Executive Compensation

For non-binding advisory votes on executive officer compensation, when management and the external service provider agree, we vote for the proposal. When management and the external service provider disagree, the proposal becomes a refer item. In the case of a Refer item, the factors under consideration will include the following:

• Company performance over the last 1, 3, and 5-year periods on a total shareholder return basis

• Performance metrics for short- and long-term incentive programs

• CEO pay relative to company performance (is there a misalignment)

• Tax gross-ups to senior executives

• Change-in-control arrangements

• Presence of a clawback provision, ownership guidelines, or stock holding requirements for senior executives

15. Stock Retention / Holding Period of Equity Awards

We vote on a case-by-case basis on shareholder proposals asking companies to adopt policies requiring senior executives to retain all or a significant (>50 percent) portion of their shares acquired through equity compensation plans, either:

• While employed and/or for one to two years following the termination of their employment; or

• For a substantial period following the lapse of all other vesting requirements for the award, with ratable release of a portion of the shares annually during the lock-up period

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The following factors will be taken into consideration:

• Whether the company has any holding period, retention ratio, or named executive officer ownership requirements currently in place

• Actual stock ownership of the company's named executive officers

• Policies aimed at mitigating risk taking by senior executives

• Pay practices at the company that we deem problematic

**I.** **State/Country of Incorporation** 

1. Voting on State Takeover Statutes

a. We vote for proposals to opt out of state freeze-out provisions.

b. We vote for proposals to opt out of state disgorgement provisions.

2. Voting on Re-incorporation Proposals

We vote on a case-by-case basis on proposals to change a company's state or country of incorporation. Considerations include: reasons for re-incorporation (i.e. financial, restructuring, etc); advantages/benefits for change (i.e. lower taxes); compare the differences in state/country laws governing the corporation.

3. Control Share Acquisition Provisions

a. We vote against proposals to amend the charter to include control share acquisition provisions.

b. We vote for proposals to opt out of control share acquisition statutes unless doing so would enable the completion of a takeover that would be detrimental to shareholders.

c. We vote for proposals to restore voting rights to the control shares.

d. We vote for proposals to opt out of control share cashout statutes.

**J.** **Mergers and Corporate Restructuring** 

1 Mergers and Acquisitions

a. We vote on a case-by-case basis on mergers and acquisitions. Considerations include: benefits/advantages of the combined companies (i.e. economies of scale, operating synergies, increase in market power/share, etc.); offer price (premium or discount); change in the capital structure; impact on shareholder rights.

2 Corporate Restructuring

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a. We vote on a case-by-case basis on corporate restructuring proposals involving minority squeeze outs and leveraged buyouts. Considerations include: offer price, other alternatives/offers considered and review of fairness opinions.

3 Spin-offs

a. We vote on a case-by-case basis on spin-offs. Considerations include the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

4 Asset Sales

a. We vote on a case-by-case basis on asset sales. Considerations include the impact on the balance sheet/working capital, value received for the asset, and potential elimination of diseconomies.

5 Liquidations

a. We vote on a case-by-case basis on liquidations after reviewing management's efforts to pursue other alternatives, appraisal value of assets, and the compensation plan for executives managing the liquidation.

6 Appraisal Rights

a. We vote for proposals to restore, or provide shareholders with, rights of appraisal.

7 Changing Corporate Name

a. We vote for proposals to change the "corporate name", unless the proposed name change bears a negative connotation.

8 Conversion of Securities

a. We vote on a case-by-case basis on proposals regarding conversion of securities. Considerations include the dilution to existing shareholders, the conversion price relative to market value, financial issues, control issues, termination penalties, and conflicts of interest.

9 Stakeholder Provisions

a. We vote against proposals that ask the board to consider non-shareholder constituencies or other non-financial effects when evaluating a merger or business combination.

**K.** **Social and Environmental Issues** 

When considering environmental and social (E&S) proposals, we have an obligation to vote proxies in the best interest of our clients, considering both shareholder value as well as societal impact.

1. Sustainability Reporting

a. We vote for proposals seeking greater disclosure on the company's environmental, social & governance policies and practices;

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b. We vote for proposals that would require companies whose annual revenues are at least $5 billion to prepare a sustainability report. All others will be decided on a case-by-case basis.

2. Diversity

a. We vote for proposals supporting nomination of most qualified candidates, inclusive of a diverse pool of women and people of color, to the Board of Directors and senior management levels;

b. We vote for proposals requesting comprehensive disclosure on board diversity;

c. We vote for proposals requesting comprehensive disclosure on employee diversity;

d. We vote for proposals requesting comprehensive reports on gender and racial pay disparity;

3. Climate Risk Disclosure

a. We vote for climate proposals that are not overly prescriptive seeking more disclosure on financial, physical or regulatory risks related to climate change and/or how the company measures and manages such risks;

b. We vote for climate proposals that are not overly prescriptive requesting a report/disclosure of goals on GHG emissions reduction targets from company operations and/or products;

4. Case-by-case E&S proposals (examples):

a. Animal welfare policies;

b. Human rights and related company policies;

c. Talent acquisition and retention policies; we generally support proposals that enable a company to recruit, support and retain talent in a globally competitive world;

d. Operations in high-risk or sensitive areas;

e. Product integrity and marketing; and

f. Proposals asking a company to conduct an independent racial equity and/or civil rights audit.

**L.** **Miscellaneous** 

1. Charitable Contributions

We vote against proposals to eliminate, direct or otherwise restrict charitable contributions.

2. Political Contributions

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We will vote in favor of non-binding proposals for reports on corporate lobbying and political contributions.

In general, we vote on a case-by-case basis on other shareholder proposals pertaining to political contributions. In determining our vote on political contribution proposals we consider, among other things, the following:

• Does the company have a political contributions policy publicly available

• How extensive is the disclosure on these documents

• What oversight mechanisms the company has in place for approving/reviewing political contributions and expenditures

• Does the company provide information on its trade association expenditures

• Total amount of political expenditure by the company in recent history

3. Operational Items

a. We vote against proposals to provide management with the authority to adjourn an annual or special meeting absent compelling reasons to support the proposal.

b. We vote against proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding unless there are compelling reasons to support the proposal.

c. We vote for by-law or charter changes that are of a housekeeping nature (updates or corrections).

d. We vote for management proposals to change the date/time/location of the annual meeting unless the proposed change is unreasonable.

e. We vote against shareholder proposals to change the date/time/location of the annual meeting unless the current scheduling or location is unreasonable.

f. We vote against proposals to approve other business when it appears as voting item.

4. Routine Agenda Items

In some markets, shareholders are routinely asked to approve:

• the opening of the shareholder meeting

• that the meeting has been convened under local regulatory requirements

• the presence of a quorum

• the agenda for the shareholder meeting

• the election of the chair of the meeting

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• regulatory filings

• the allowance of questions

• the publication of minutes

• the closing of the shareholder meeting

We generally vote for these and similar routine management proposals.

5. Allocation of Income and Dividends

We generally vote for management proposals concerning allocation of income and the distribution of dividends, unless the amount of the distribution is consistently and unusually small or large.

6. Stock (Scrip) Dividend Alternatives

a. We vote for most stock (scrip) dividend proposals.

b. We vote against proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

ClearBridge has determined that portfolio holdings that are registered investment companies, particularly closed end investment companies, raise special policy issues making specific voting guidelines frequently inapplicable. To the extent that ClearBridge has proxy voting authority with respect to shares of registered investment companies, ClearBridge shall vote such shares in the best interest of client accounts and subject to the general fiduciary principles set forth herein without regard to the specific voting guidelines set forth in Appendix A, A. through L.

The voting policy guidelines set forth herein will be reviewed annually and may be changed by ClearBridge's Proxy Committee in its sole discretion.

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**13.** **Proxy Voting Policies and Procedures** 

**13.1** **Statement of Policy** 

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The Firm generally retains proxy-voting authority with respect to securities purchased for its clients, unless otherwise agreed upon with the particular client. When the Firm retains the proxy voting authority, the Firm has a fiduciary duty to vote proxies in the best interest of its clients and in accordance with these policies and procedures (this "Proxy Voting Policy"). The Firm may decide to not vote proxies in proprietary pilot accounts.

In order to administer this Proxy Voting Policy the Firm has created a Proxy Committee comprised of senior personnel of the Firm, including portfolio management, Operations and Compliance departments.

**13.2** **Risks** 

In developing these policies and procedures, The Firm considered numerous risks associated with the proxy voting process. This analysis includes risks such as:

• The Firm's proxy voting policies and procedures are not reasonably designed to ensure that proxies are voted in the best interests of the Firm's clients;

• Proxies are not identified and processed in a timely manner;

• Proxies are not voted in clients' best interests;

• Conflicts of interest between the Firm and a client are not identified or resolved appropriately;

• The Firm does not conduct an investigation reasonably designed to ensure that its voting determinations are not based on materially inaccurate or incomplete information;

• Third-party proxy voting services retained by the Firm do not vote proxies according to the Firm's instructions and in clients' best interests;

• The Firm does not conduct appropriate evaluation and oversight of the third-party proxy voting services retained by the Firm;

• Proxy voting records, client requests for proxy voting information, and the Firm's responses to such requests, are not properly maintained;

• The Firm lacks policies regarding clients' participation in class actions.

• The Firm has established policies and procedures to mitigate these risks.

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**13.3** **Use of Third-Party Proxy Voting Service** 

While the voting of proxies remains a fiduciary duty of the Firm, the Firm may contract with service providers to perform certain functions with respect to proxy voting, subject to the oversight by the Firm, as described in these procedures.

If or when GLA decides to rely on the recommendations of a proxy advisory firm versus our own extensive internal research, GLA 1) would determine if the proxy advisory firm has the capacity and competency to make such voting recommendations, and conduct due diligence reviews of the firm; 2) would determine if the proxy recommendations made by the firm are based on materially accurate information; 3) would identify and address any conflicts of interest of the proxy firm to ensure that GLA continues to vote proxies in the best interests of its clients; 4) would review the proxy firm's consistency of voting with guidelines, fees and disclosures as relevant, and other items; and 5) would adopt policies and procedures reasonably designed to provide sufficient oversight of the proxy advisory firm and review the proxy firm's services and practices on an on-going or periodic basis.

The Firm has entered into an agreement with Institutional Shareholder Services, Inc. ("ISS") to provide the Firm with its analysis on proxies and to facilitate the electronic voting of proxies. The Firm has instructed ISS to execute all proxies in accordance with the applicable guidelines, except with respect to Special Voting Issues (as defined below) or unless otherwise instructed by the Firm with respect to a particular vote. The Compliance Department manages the Firm's relationship with ISS.

Proxies relating to securities held in client accounts will be sent directly to ISS. If a proxy is received by the Firm and not sent directly to ISS, the Firm will promptly forward the proxy to ISS. Having ISS complete the actual voting of all proxies provides a central source for the Firm's proxy voting records.

**13.4** **Proxy Voting Guidelines for Fundamental Equity and Strategic Fundamental Equity Strategies** 

*ISS' Standard Guidelines and U.S. Taft-Hartley Guidelines.* Except as described below, the Firm will vote proxies for its clients, including the commingled funds managed by the Firm, through the use of ISS' services in accordance with applicable ISS guidelines. When voting in accordance with ISS guidelines, the Firm will generally apply the ISS' Standard Guidelines. For the Firm's Taft-Hartley clients, however, the Firm will vote proxies in accordance with ISS' U.S. Taft-Hartley Guidelines.

*Special Voting Issues.* ISS will notify the Firm of certain votes involving, without limitation, certain material mergers and acquisition transactions, reorganizations, capital structure changes, dissolutions, conversions or consolidations, dissident shareholders, contested director elections, and certain social and environmental proposals ("Special Voting Issues"). With respect to all proxies involving Special Voting Issues, a member of the Proxy Committee and the applicable portfolio manager will conduct a more detailed analysis of the issuer or the specific matter to be voted on and will determine whether the Firm will follow ISS recommendations or whether the Firm will make an independent determination on how to vote the proxy in accordance with the best interests of the clients. The Operations Department will send the Firm's decision on how to vote the proxy to ISS, which will vote the proxy.

*Client-Directed Proxies.* In the event that a client-directed proxy is in conflict with ISS Guidelines, the Firm will vote in accordance with the client's proxy guideline. ISS will execute the vote as directed by the Firm.

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*ISS' Conflicts and Other Instances of Deviation from ISS Guidelines.* In the event that (i) the Firm becomes aware of a conflict of interest between the Firm and ISS, (ii) ISS is unable to complete or provide its research and analysis regarding a security on a timely basis or (iii) the Firm determines that voting in accordance with ISS guidelines is not in the best interest of the client, the Firm will not vote in accordance with ISS guidelines. In such cases, the Firm will make an independent decision on how to vote, which may or may not be consistent with ISS guidelines. ISS will execute the vote as directed by the Firm.

*Conflicts of the Firm.* In seeking to avoid conflicts, the Firm will vote in accordance with applicable ISS guidelines (i) if an employee of the Firm or one of its affiliates is on the board of directors of a company held in client accounts or (ii) if a conflict of interest exists between the Firm and a client with respect to the issuer. In the event of a conflict of interest between the Firm and a client, the Firm's voting in accordance with ISS guidelines does not relieve the Firm of its fiduciary obligation to either vote in the client's best interest or to provide to the client a full and fair disclosure of the conflict and obtain the client's informed consent.

In the case of ERISA clients, if the investment management agreement reserves to the ERISA client the authority to vote proxies when the Firm determines it has a material conflict that affects its best judgment as an ERISA fiduciary, the Firm will give the ERISA client the opportunity to vote the proxies themselves. Absent the client reserving voting rights, the Firm will vote the proxies in accordance with this Proxy Voting Policy.

When the Firm votes proxies on behalf of the account of a corporation, or a pension plan sponsored by a corporation, in which the Firm's other clients also own stock, the Firm will vote the proxy for its other clients in accordance with applicable ISS guidelines and the proxy for the corporation or its pension plan's account as directed by the corporation.

**13.5** **Proxy Voting Guidelines for Disciplined Equity Strategies and MAS** 

*Governance.* A company's board of directors is responsible for the overall governance of the corporation, for representing the interests of shareholders, and for overseeing the company's relationships with other stakeholders. Hallmarks of an effective board typically include independence, accountability, and diversity of backgrounds and experiences.

<u>Board of Directors</u> 

• Director Elections – The Firm will typically support the company's candidates for the board of directors unless there is a compelling reason to withhold support, such as poor attendance, insufficient board independence, over-boarding, or failure to satisfactorily carry out the duties and responsibilities of a director. In situations where there are competing candidates or competing slates of candidates, the Firm will vote in the best interests of our clients.

• Annual Elections – The Firm generally supports the annual election of all directors. We believe that annual elections improve the accountability of board members.

• Independent Chair – In most circumstances, the Firm believes that investor interests are served best when the board is led by an independent, non-executive chairperson. For instances when the CEO is also the board chair, the Firm supports the appointment of an independent lead director.

• Board Diversity – The Firm believes that boards are more effective when they are made up of directors with diverse backgrounds, experiences, and areas of expertise. The Firm may withhold support from members of the Nominating or Governance Committees if there is insufficient diversity on the board and an adequate explanation is not disclosed.

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• Board Committees – To avoid conflicts of interest, the Firm believes that members of the Audit, Compensation, and Nominating Committees should consist exclusively of independent directors. When this is not the case, the Firm may withhold support from members of the Nominating or Governance Committees.

<u>Compensation</u> 

• Executive Compensation – The Firm believes that every company is unique and, therefore, compensation plans will vary. We will evaluate compensation proposals on a case-by-case basis. Some of the criteria we will use in our analysis include:

• Disclosure – explanation of executive compensation plans should be clear, complete, and timely.

• Performance-based – compensation should be linked to the financial metrics that best reflect value creation on behalf of shareholders and should include both short-term and long-term performance metrics.

• Link to relevant ESG performance – ideally, a component of compensation should be linked to performance on material ESG issues that are likely to affect the financial performance of the company.

• Reasonableness – the total amount of compensation and the breakdown between base salary, annual incentive, long-term incentive, and stock option plans should be reasonable. Re-pricing or replacing underwater stock options, as well as excessive use of discretionary or guaranteed bonuses, should be avoided. Peer groups used by the company for comparative purposes should be appropriate.

We prefer companies to sponsor a say-on-pay vote on an annual basis.

• Director Compensation – In order to attract and retain qualified individuals and to ensure the alignment of directors' interests with those of shareholders, the Firm believes that effective director compensation should be reasonable in size, consist of equity that fully vests on the grant date, and should include multi-year equity holding requirements. Director compensation should not include performance-based components that may conflict with directors' roles representing shareholders' interests.

• Compensation Committee – The Firm may withhold support from members of the Compensation Committee if there is a lack of alignment between executive compensation and corporate performance or when significant opposition to a say-on-pay proposal is not addressed adequately.

<u>Shareholder Rights</u> 

• Proxy Access – Granting long-term shareholders the ability to nominate director candidates can improve board accountability. The Firm generally supports proxy access proposals with the following criteria: nominating investors must in aggregate hold at least three percent of outstanding shares; they must have held those shares continuously for at least three years; and nominees must constitute less than a majority of directors.

• Supermajority Voting – The Firm opposes supermajority voting rules whereby a simple majority vote (i.e. 50% + 1) is insufficient to pass a measure. We will generally vote against proposals to implement a supermajority provision and in favor of proposals to implement a simple majority provision.

• Cumulative Voting – The Firm generally opposes cumulative voting provisions, wherein a shareholder can combine all of their director votes in favor of a single candidate.

• Written Consent – The Firm will vote in support of enabling shareholders to act through written consent and vote against proposals limiting this right.

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• Special Meetings – The Firm s will generally vote in support of reasonable provisions that provide shareholders the right to call special meetings.

• Virtual Meetings – The Firm recognizes the importance of annual in-person meetings, which provide a unique forum for shareholders to communicate with corporate leadership. We also recognize the benefits provided by virtual annual meetings, which enable shareholders to participate without incurring the time and expense of travel. We will support proposals that establish a hybrid in-person/virtual meeting and against proposals that eliminate in-person annual meetings in favor of virtual-only meetings.

• Poison Pills – The Firm generally votes against poison pills or other anti-takeover measures that prevent the majority of shareholders from exercising their rights.

• Meeting Adjournment – Great Lakes Advisors will vote against the adjournment of meetings in order to solicit additional votes.

• Other Business – The Firm will vote against proposals to conduct other business at the meeting, which extends blank check powers to those acting as proxies.

• Bylaw Amendments – The Firm will vote in favor of proposals to require bylaw amendments be approved by shareholders and against proposals to allow bylaw amendments without shareholder approval.

*Environmental and Social Issues* 

<u>Disclosure</u> 

• The disclosure by companies of information on environmental and social issues that can affect the financial performance of the company will aid investors in making better, more well-informed investment decisions.

• The Firm will generally support proposals requesting companies disclose additional information on relevant environmental and social issues when current disclosure levels are determined to be insufficient.

<u>Climate Change</u> 

• The Firm generally supports proposals asking companies to take steps to reduce risks resulting from climate change such as reducing greenhouse gas emissions, improving resource use efficiency, and increasing the use of renewable energy.

<u>Diversity</u> 

• The Firm believes that a diverse workforce free from discrimination is in the best interest of companies and their shareholders.

• Policies – The Firm generally supports proposals asking companies to include language in diversity statements or policies specifically prohibiting discrimination based upon sexual orientation or gender identity.

• Disclosure – The Firm generally supports proposals asking companies to disclose information on employee diversity including publishing their EEO-1 reports.

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<u>Workplace Issues</u> 

• The Firm will generally support proposals requesting the adoption of workplace codes of conduct that address working conditions, fair wages, child labor, and forced labor.

• The Firm will generally support proposals requesting companies to adopt vendor or supplier standards addressing workplace safety, worker abuse or intimidation, forced labor, child labor, and fair pay.

• The Firm will support on a case-by-case basis proposals asking companies to audit and disclose audit results of workplaces and supply chains.

*Other Issues* 

<u>Lobbying</u>

• The Firm believes that companies may benefit from engaging in lobbying activities in order to influence policies or legislation that may affect their business. Lobbying may be funded either directly or indirectly through third-party groups such as trade associations.

• The Firm will review on a case-by-case basis proposals asking companies to disclose information about their lobbying activities.

<u>Political Contributions</u> 

• The Firm believes that making contributions to political candidates is generally not in the best interest of shareholders in that politicians will advocate for positions on a wide range of issues. Political influence by companies is more effective when conducted through lobbying on specific issues and advocating a specific position beneficial to the company and its shareholders.

• The Firm will review on a case-by-case basis proposals asking companies to disclose information about their political contributions.

**13.6** **Abstentions; Determination Not to Vote** 

The Firm may abstain from voting if the Firm determines that abstention is in the best interests of the client. In making this determination, the Firm will consider various factors, including but not limited to (i) the costs (e.g., translation or travel costs) associated with exercising the proxy and (ii) any legal restrictions on trading resulting from the exercise of the proxy.

Some clients of the Firm participate in securities lending. The Firm will not vote securities that are out on loan within a securities lending program.

**13.7** **Securities No Longer Owned or Not Held in Models** 

The Firm will not review the proxy votes for securities that are no longer owned by a client account at the time of the proxy meeting.

To the extent that GLA clients own securities that are not included in its Model Portfolios (as defined by our Strategic Fundamental Equity, Multi-Asset Strategy and Disciplined Equity units), the Proxy Committee may determine that, with the client's consent, GLA will exercise voting authority as recommended by management of the company, absent a contrary instruction from the client.

Lastly, in cases where a client's custodian account holds Wintrust Financial Corporation (WTFC) common stock and GLA has discretionary authority to vote all proxies in the client's account, but no investment authority over the WTFC security, GLA will Abstain from voting all items on the WTFC ballot.

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**13.8** **Proxy Voting Audit Procedures and Oversight of Third-Party Proxy Voting Service** 

When the Firm is voting in accordance with ISS guidelines, the Operations Department reviews the "pre-populated" votes on the ISS' electronic voting platform before ISS executes the vote. When voting on Special Voting Issues or in other instances of voting not in accordance with ISS guidelines, the Firm's Operations Department itself "pre-populates" votes on the ISS' electronic voting platform before ISS executes the vote.

Periodically, a random sample of the proxies voted by ISS will be audited to ensure ISS is voting in accordance with applicable ISS guidelines or consistent with the Firm's direction, as applicable. A sample of votes on Special Voting Issues will also be reviewed to evaluate whether the Firm's voting determinations were consistent with this Proxy Voting Policy and in its clients' best interest.

Annually, the Proxy Committee will review ISS and its policies and methodologies. This review will include, among others, the following topics and determinations:

• that ISS has the capacity and competence to adequately analyze proxy issues, including the adequacy and quality of its staffing, personnel and /or technology and any material changes in the ISS staffing and technology since the last review;

• whether ISS has an effective process for seeking timely input from issuers and its clients with respect to its proxy voting policies, methodologies and peer group constructions;

• whether ISS engages with issuers, including its process for ensuring that it has complete and accurate information about the issuer and each particular matter, and ISS' process, if any, for investment advisers to access the issuers' views about ISS' voting recommendations;

• whether the Firm has sufficient information on and understanding of ISS' methodologies and the factors underlying ISS' voting recommendations, including an understanding of how ISS obtains information relevant to its voting recommendations and how it engages with issuers and third parties;

• whether ISS is independent and can make recommendations in an impartial manner in the best interests of the Firm's clients. This analysis will include a review of (i) any ISS actual or potential conflicts known to the Firm, (ii) ISS' policies and procedures on identifying, disclosing and addressing conflicts of interest, and (iii) whether ISS is disclosing its actual or potential conflicts to the Firm in a timely, transparent and accessible manner;

• ISS' internal controls, including but not limited to a review of ISS' business continuity plan, methodologies with respect to implementing the Firm's voting instructions, proxy record keeping and internal and independent third-party audit certifications;

• Any factual errors, potential incompleteness, or potential methodological weaknesses in the ISS' analysis known to the Firm and whether such errors, incompleteness or weaknesses materially affected ISS' recommendations. The Firm will also access ISS' process for disclosure to the Firm and efforts to correct any such identified errors, incompleteness or weaknesses.

Based on the Firm's assessment of ISS and its service levels, the Firm can make a determination to obtain information about and consider alternative service providers to ISS.

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**13.9** **Disclosure** 

The Firm will disclose in its Form ADV Part 2A that clients may contact the Firm in order to obtain information on how the Firm voted such client's proxies, and to request a copy of this Proxy Voting Policy. If a client requests this information, the Client Servicing and Operations Departments will prepare a written response to the client that lists, with respect to each voted proxy that the client has inquired: (i) the name of the issuer, (ii) the proposal voted upon and (iii) how the Firm voted the client's proxy.

A summary of this Proxy Voting Policy will be included in the Firm's Form ADV Part 2, which is delivered to all clients. The summary will be updated whenever this Proxy Voting Policy is updated.

As a matter of policy, the Firm does not disclose how it expects to vote on upcoming proxies. Additionally, the Firm does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

**13.10** **Conflicts of Interest** 

Any actual or potential material conflict of interest regarding a proposal for which GLA has voting authority due to a business relationship, personal relationship, or familial relationship with GLA or an affiliate of GLA (including employees), the conflict shall be disclosed to the Proxy Committee, and the ballot shall be voted in alignment with recommendations from an independent proxy voting service to be determined at such time required. A business conflict of interest will be considered material if at least 1% of the annual revenue of GLA or "WHAMCO Holding" (GLA and its subsidiaries) is derived from a business relationship with the parties involved. GLA shall in no case vote the shares of Wintrust Financial Corp. (WTFC, GLA's parent company) that may be held in GLA accounts, and as such no conflict of interest shall exist with respect to such holdings.

**13.11** **Proxy Voting Record Keeping** 

The Firm will maintain a record of items 1-3 below in its files. In accordance with its services contract with the Firm, ISS will maintain a record of items 4 and 5 below in its files.

1. Copies of this Proxy Voting Policy, and any amendments thereto;

2. A copy of any document the Firm created that was material to making a decision on how to vote proxies, or that memorializes that decision. For votes that are inconsistent with ISS' guidelines, the Firm must document the rationale for its vote;

3. A copy of each written client request for information on how the Firm voted such client's proxies, and a copy of any written response to such request;

4. A copy of each proxy statement that the Firm or ISS receives regarding client securities; and

5. A record of each vote that the Firm casts.

**13.12** **Class Actions** 

The Firm does not direct clients' participation in class actions, as disclosed in Part 2 of Form ADV. The Compliance Department will determine whether to return any documentation inadvertently received by the Firm regarding clients' participation in class actions to the sender, or to forward such information to the appropriate clients.

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**13.13** **Annual Policy Review** 

The Proxy Committee will review, no less frequently than annually, the adequacy of this Proxy Voting Policy and the effectiveness of its implementation and determine whether the Policy is reasonably designed to ensure that the Firm casts proxy votes on behalf of its clients in the best interests of such clients.

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#### SUB-ADVISOR PROXY VOTING PROCEDURES AND GUIDELINES

#### (April 2025)
As the Fund primarily invests in fixed income securities, it is unlikely that that the Fund will hold voting securities. However, J.P. Morgan Investment Management Inc. (Sub-Adviser), as an investment sub-adviser to the Funds, has been granted the authority to vote the proxies of any voting securities held in each Fund's portfolio. In voting proxies, the Sub-Adviser's objective is to vote proxies in the best interests of its clients. To ensure that the proxies of portfolio companies are voted in the best interests of the Funds, the Fund's Board of Trustees has adopted the Sub-Adviser's detailed proxy voting procedures (the "Procedures") that incorporate guidelines ("Guidelines") for voting proxies on specific types of issues for the Funds.

The Sub-Adviser and its affiliated advisers ("JPMAM") are part of a global asset management organization with the capability to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, the Guidelines are customized for each region to take into account such variations. The Sub-Adviser has adopted a separate set of Guidelines that covers the regions each of (1) North America, (2) Europe, Middle East, Africa, Central America and South America ("EMEA"), (3) Asia (ex-Japan) and (4) Japan (each, a "Region"; collectively, the "Regions"). In addition, for each Region, the Sub-Adviser has adopted Sustainable Strategy Proxy Voting Guidelines ("Sustainable Proxy Guidelines") for certain sustainable strategies, which may apply to certain Funds as approved by the Board of Trustees. The Sustainable Proxy Guidelines for those sustainable strategies replace certain sections of the Guidelines for each of the Regions. Proposals for securities held in the sustainable strategies that are not covered by the Sustainable Proxy Guidelines will continue to be voted in accordance with the other provisions of the applicable Guidelines for each of the Regions..

Notwithstanding the variations among the Guidelines, all of the Guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value consistent with each Fund's objectives and strategies. As a general rule, in voting proxies of a particular security, the Sub-Adviser and its affiliated advisers will apply the Guidelines of the Region in which the issuer of such security is organized. Except as noted below, proxy voting decisions will be made in accordance with the Guidelines covering a multitude of both routine and non-routine matters that the Sub-Adviser and its affiliated advisers has encountered globally, based on many years of collective investment management experience.

To oversee the proxy voting process on an ongoing basis, the Sub-Adviser has established a proxy committee ("Proxy Committee") for each global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees including a proxy administrator ("Proxy Administrator") and senior officers from among the investment, legal, compliance, and risk management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines annually; (2) providing advice and recommendations on general proxy voting matters, including potential or material conflicts of interest escalated to it from time to time as well as on specific voting issues to be implemented by the Sub-Adviser; and (3) determining the independence of any third-party vendor to which it has delegated proxy voting responsibilities (such as, for example, delegation when the Sub-Adviser has identified a material conflict of interest) and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities.

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The Guidelines are proprietary to the Sub-Adviser and reflect the Sub-Adviser's views on proxy voting matters as informed by its investment experience and research over many years of proxy voting. Certain guidelines are prescriptive ("Prescribed Guidelines") meaning they specify how the Sub-Adviser will vote a particular proxy proposal except where the Sub-Adviser, pursuant to its procedures, determines to vote in a manner contrary to its Prescribed Guidelines also known as an "Override". Other guidelines contemplate voting on a case-by-case basis. In addition, there will undoubtedly be proxy matters that are not contemplated by the Guidelines. Individual company facts and circumstances vary. In some cases, the Sub-Adviser may determine that, in the best interest of its clients, a particular proxy item should be voted in a manner that is not consistent with the Prescribed Guidelines. Where the Sub-Adviser chooses to vote in a manner contrary to its Prescribed Guideline or where the Proxy Administrator determines that such vote requires further escalation to certain portfolio management teams ("escalated votes"), the procedures include a review and, for certain votes, an attestation process. These processes are designed to identify actual or potential material conflicts of interest (between a Fund on the one hand, and the Fund's Sub-Adviser or an affiliate, on the other hand), ensure that relevant personnel were not in possession of material non-public information ("MNPI"), and ensure that the proxy vote is cast in the best interests of the Fund.

In order to maintain the integrity and independence of the Sub-Adviser's investment processes and decisions, including proxy voting decisions, and to protect the Sub-Adviser's decisions from influences that could lead to a vote other than in the Funds' best interests, JPMC (including the Sub-Adviser) has adopted policies and procedures that (i) address the handling of conflicts, (ii) establish information barriers, and (iii) restrict the use of MNPI. Material conflicts of interest are further avoided by voting in accordance with the Sub-Adviser's Prescribed Guidelines. A material conflict is deemed to exist when the proxy is for JPMorgan Chase & Co. stock or for a J.P. Morgan Fund, or when the Proxy Administrator has actual knowledge indicating that a JPMorgan affiliate is an investment banker or has rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. When such conflicts are identified, the proxy will be voted by an independent third party using its own guidelines; provided, however, that the Sub-Adviser's investment professional(s) may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMorgan Chase affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote. The applicable proxy committee shall review the Exception Request and shall determine whether the Sub-Adviser should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

Depending on the nature of the conflict, the Sub-Adviser may elect to take one or more of the following measures or other appropriate action: removing certain Sub-Adviser personnel from the proxy voting process or "walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote; voting in accordance with the applicable Prescribed Guidelines, if any, if the application of the Prescribed Guidelines would objectively result in the casting of a proxy vote in a predetermined manner, or delegating the vote to an independent third party, in which case the proxy will be voted by the independent third party in accordance with its own determination. In the event that the portion of the Fund managed by the

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Sub-Adviser, in the aggregate with other funds managed by JPMIM, holds more than 25% of the outstanding voting securities of an open-end registered investment company or registered unit investment trust that is not managed by JPMIM (a "Non-J.P. Morgan Fund"), the Fund will vote its respective securities in a Non-J.P. Morgan Fund in the same proportion as the vote of all other holders of such securities.

For securities held in Funds that seek to follow the investment returns of an underlying index, the Sub-Adviser may abstain from voting if it determines that casting a vote would not have a material effect on the value of the Fund's investments based on the size of the Fund's holdings, its ownership in the issuer, and/or its consideration of the importance of the proxy vote.

The following summarizes some of the more noteworthy types of proxy voting policies of the North America Guidelines:

• The Sub-Adviser considers votes on director nominees on a case-by-case basis. Votes generally will be withheld from directors who: (a) attend less than 75% of board and committee meetings without a valid excuse; (b) adopt or renew a poison pill without shareholder approval; (c) are affiliated outside directors who serve on audit, compensation or nominating committees or are affiliated outside directors and the full board serves on such committees or the company does not have such committees; (d) ignore a shareholder proposal that is approved by a majority of either the shares outstanding or the votes cast based on a review over a consecutive two year time frame; (e) are insiders and affiliated outsiders on boards that are not at least majority independent except, in the case of controlled companies, vote for non-independent directors who serve on committees other than the audit committee; or (f) are CEOs of publicly-traded companies who serve on more than two public boards (besides his or her own board) or for all other directors who serve on more than four public company boards. In addition, votes are generally withheld for directors who serve on committees in certain cases. For example, the Sub-Adviser generally withholds votes from audit committee members in circumstances in which there is evidence that there exists material weaknesses in the company's internal controls. Votes generally are also withheld from directors when there is a demonstrated history of poor performance or inadequate risk oversight or when the board adopts changes to the company's governing documents without shareholder approval if the changes materially diminish shareholder rights. Votes generally will be withheld from board chair, lead independent directors, or governance committee chairs of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation. In addition, the Sub-Adviser generally votes against the chair of the nominating committee if one or more directors remain on the board after having received less than majority of votes cast in the prior election.

• The Sub-Adviser generally votes for board declassification proposals and against board classification proposals.

• The Sub-Adviser also considers management poison pill proposals on a case-by-case basis, looking for shareholder-friendly provisions before voting in favor.

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• The Sub-Adviser votes against proposals for a super-majority vote to approve a merger.

• The Sub-Adviser considers proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan on a case-by-case basis, taking into account such factors as the extent of dilution and whether the transaction will result in a change in control.

• The Sub-Adviser considers vote proposals with respect to stock-based incentive plans on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders) and includes an analysis of the structure of the plan and pay practices of other companies in the relevant industry and peer companies.

• The Sub-Adviser also considers on a case-by-case basis proposals to change an issuer's state of incorporation, mergers and acquisitions and other corporate restructuring proposals and certain social issue proposals.

• The Sub-Adviser generally votes for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes if the company is a Delaware corporation; otherwise, the Sub-Adviser votes on a case by case basis.

• The Sub-Adviser supports board refreshment, independence, and a diverse skill set for directors as an important part of contributing to long-term shareholder value. The Sub-Adviser generally supports investee companies' consideration of equal employment opportunity and inclusiveness in their general recruitment policies as the Sub-Adviser believes such diversity contributes to the effectiveness of boards and further development of sound governance and risk oversight. The Sub-Adviser supports investee companies' disclosure of gender, racial and ethnic composition of the board so that the Sub-Adviser can include that information as one of the many data points used in its holistic assessment of the companies. As with all proxy votes, the Sub-Adviser seeks to vote in each Fund's best interests to enhance long-term shareholder value.

• The Sub-Adviser will generally vote against a plan and/or withhold its vote from members of the compensation committee when there is a disconnect between the chief executive officer's pay and performance (an increase in pay and a decrease in performance). The Sub-Adviser reviews Say on Pay proposals on a case by case basis with additional review of proposals where the issuer's previous year's proposal received a low level of support.

The following summarizes some of the more noteworthy types of proxy voting policies of **Section 12 Social and Environmental Issues** from the North America Guidelines:

• The Sub-Adviser generally encourages a level of reporting on environmental matters that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. In general, the Sub-Adviser supports management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect

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to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

• In evaluating how to vote environmental proposals, key considerations may include, but are not limited to, issuer considerations such as asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations; cash deployments; cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs; corporate behavior of the company; demonstrated capabilities of the company, its strategic planning process, and past performance; current level of disclosure of the company and consistency of disclosure across its industry; and whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework. The Sub-Adviser may also consider whether adoption of the proposal would inform and educate shareholders; have companies that adopted the proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company; does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices; and does the proposal create the potential for unintended consequences such as a competitive disadvantage.

• The Sub-Adviser votes against the chair of the committee responsible for providing oversight of environmental matters and/or risk where the Sub-Adviser believes the company is lagging peers in terms of disclosure, business practices or targets. The Sub-Adviser also votes against committee members, lead independent director and/or board chair for companies that have lagged over several years.

• With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

• The Sub-Adviser expects boards to provide oversight of human capital management which includes the company management of its workforce, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record and health and safety. As an engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities and deliver shareholder returns, the Sub-Adviser will generally support shareholder resolutions seeking the company to disclose data on workforce demographics, and release of EEO-1 or comparable data where such disclosure is deemed by the Sub-Adviser as inadequate.

**Non-U.S. Guidelines.** The following summarizes some of the more noteworthy types of proxy voting policies of the EMEA, Asia (Ex-Japan) and Japan Guidelines (collectively, "Non-U.S. Guidelines"):

• Corporate governance procedures differ among the countries. Because of time constraints and local customs, it is not always possible for the Sub-Adviser to receive and review all proxy materials in connection with each item submitted for a vote. Many proxy statements are in foreign languages. Proxy materials are generally mailed by the issuer to the sub-custodian which holds the securities for the client in the country where the portfolio company is organized, and there may not be sufficient time for such materials to be

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transmitted to the Sub-Adviser in time for a vote to be cast. In some countries, proxy statements are not mailed at all, and in some locations, the deadline for voting is two to four days after the initial announcement that a vote is to be solicited and it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. <br>

• Certain markets require that shares being tendered for voting purposes are temporarily immobilized from trading until after the shareholder meeting has taken place. Elsewhere, notably emerging markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote. Some markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, which can result in considerable cost. The Sub-Adviser also considers the cost of voting in light of the expected benefit of the vote. In certain instances, it may sometimes be in the Fund's best interests to intentionally refrain from voting in certain overseas markets from time to time.

• The Non-U.S. Guidelines reflect the applicable Region's corporate governance or stewardship codes with respect to corporate governance and proxy voting. For example, JPMAM is a signatory to the UK Stewardship Code 2020 and believes that its existing stewardship policies meet the standards required under the Code. Additionally, for example, the EMEA Guidelines for UK companies are based on the revised UK Corporate Governance Code. If a portfolio company chooses to deviate from the provisions of the UK Corporate Governance Code, the Sub-Adviser takes the company's explanation into account as appropriate, based on the Sub-Adviser's overall assessment of the standards of corporate governance evidenced at the company. For Continental European markets, the Sub-Adviser expects companies to comply with local Corporate Governance Codes, where they exist. In markets where a comparable standard does not exist, the Sub-Adviser uses the EMEA Guidelines as the primary basis for voting, while taking local market practice into consideration where applicable. The Japan Guidelines reflect the 2020 revisions to the Japanese Stewardship Code. Likewise, the Asia (Ex-Japan) Guidelines endorse the stewardship principles promoted by different regulators and industry bodies in the region including the Singapore Stewardship Principles for Responsible Investors supported by Monetary Authority of Singapore and Singapore Exchange, the Principles for Responsible Ownership issued by the Securities and Futures Commission in Hong Kong, and the Principles of Internal Governance and Asset Stewardship issued by the Financial Services Council of Australia.

• Where proxy issues concern corporate governance, takeover defense measures, compensation plans, capital structure changes and so forth, the Sub-Adviser pays particular attention to management's arguments for promoting the prospective change.

• The Non-U.S. Guidelines encourage transparency and disclosure with respect to remuneration reporting as well as processes and policies designed to align compensation with the long-term performance of portfolio companies.

• In particular, the EMEA Guidelines indicate that the remuneration policy as it relates to senior management should ideally be presented to shareholders for approval with such

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votes normally occurring every third year. In addition, the EMEA Guidelines describe information that the Sub-Adviser expects to be included in remuneration reports including disclosure on amounts paid to executives, alignment between company performance and pay out to executives, disclosure of, among other things, variable incentive targets, levels of achievement and performance awards, information on the ratio of CEO pay to median employee pay. <br>

• With respect to the Japan Guidelines, the voting decision will be made taking into account matters such as recent trends in the company's earnings and performance, with the expectation that companies will have a remuneration system comprised of a reasonable mix of fixed and variable (based on short term and medium to long term incentives) compensation. Such Guidelines also support the introduction of clawback clauses in order to prevent excessive risk taking which can negatively impact shareholder value and excessive pay.

• Where shareholders are able to exercise a binding vote on remuneration policies, the Asia (Ex-Japan) Guidelines reflect the Sub-Adviser's belief that such polices should stand the test of time. The Asia (Ex-Japan) Guidelines further encourage companies to provide information on the ratio of CEO pay to median employee pay and to explain the reasons for changes to the ratio as it unfolds year by year. The Asia (Ex-Japan) Guidelines also highlight information that companies should have with regard to gender pay gaps and indicate how this issue is being addressed.

• The Sub-Adviser is in favor of a unitary board structure of the type found in the United Kingdom as opposed to tiered board structures. Thus, under the EMEA Guidelines, the Sub-Adviser will generally vote to encourage the gradual phasing out of tiered board structures, in favor of a unitary board structure. However, since tiered boards are still very prevalent in markets outside of the United Kingdom, the Non-U.S. Guidelines do not mandate a unitary board structure and local market practice will always be taken into account.

• The Sub-Adviser will use its voting powers to encourage appropriate levels of board independence and diversity as an important part of contributing to long-term shareholder value, taking into account local market practice.

• The EMEA Guidelines indicate that the Sub-Adviser expects boards to have a strategy to improve female representation in particular. The EMEA Guidelines generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the FTSE Women Leaders Review (formerly the Hampton-Alexander Review).

• The Japan Guidelines include provisions on board diversity and indicate that the Sub-Adviser believes directors with diverse backgrounds should make up a majority of a board over time. The Japan Guidelines provide that the current policy is to vote against the election of the representative directors, such as the president of the company, if there is only one or no female directors (at least 30% gender diversity before 2030).

• The Asia ex Japan Guidelines reflect, as a minimum standard for all Asia ex Japan markets, that JPMAM would expect no single-gender boards and that such boards would have 25%

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gender diverse representation, with 30% gender diverse representation or such higher amounts as reflected by local market practice before 2030. <br>

• The Sub-Adviser will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

• The Sub-Adviser will vote in favor of increases in capital which enhance a company's long-term prospects. The Sub-Adviser will also vote in favor of the partial suspension of preemptive rights if they are for purely technical reasons (e.g., rights offers which may not be legally offered to shareholders in certain jurisdictions). However, the Sub-Adviser will vote against increases in capital which would allow the company to adopt "poison pill" takeover defense tactics, or where the increase in authorized capital would dilute shareholder value in the long term.

• The Sub-Adviser will vote in favor of proposals which will enhance a company's long-term prospects. The Sub-Adviser will vote against an increase in bank borrowing powers which would result in the company reaching an unacceptable level of financial leverage, where such borrowing is expressly intended as part of a takeover defense, or where there is a material reduction in shareholder value.

• The Sub-Adviser will generally vote against anti-takeover devices.

• The Sub-Adviser considers social or environmental issues on a case-by-case basis under the Non-U.S. Guidelines, keeping in mind at all times the best economic interests of its clients. With respect to environmental proposals, the Non-U.S. Guidelines indicate that good corporate governance policies should consider the impact of company operations on the environment and the costs of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. The Non-U.S. Guidelines further encourage a level of environmental reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance. With regard to social issues, among other factors, the Sub-Adviser considers the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

**North America and Non-U.S. Guidelines.** The following describes certain elements that are common to the North America and Non-U.S. Guidelines:

• The North America and Non-U.S. Guidelines note that, in certain markets, by-law changes have taken place to allow a company to hold virtual or hybrid general shareholder meetings and reflect that general shareholder meetings should be fair, constructive and foster dialogue between company management and shareholders. In principle, the Sub-Adviser is supportive of proposals allowing shareholder meetings to be convened by electronic means so long as the flexibility in the format of the meetings contributes to enhancing

------

access to the meetings and where shareholder participation rights are protected, regardless of whether physical or virtual.

• The North America and Non-U.S. Guidelines include climate risk guidelines due to the Sub-Adviser's view that climate change has become a material risk to the strategy and financial performance of many companies. The Sub-Adviser may vote against directors of companies, that, in the Sub-Adviser's opinion, face material climate-related transition or asset risks, where such disclosures are not available or where the Sub-Adviser believes such disclosures are not meaningful. To provide shareholders with meaningful disclosures on how the company is addressing risks related to climate change, the Sub-Adviser encourages disclosure aligned with the reporting framework developed by the Task Force on Climate related Financial Disclosures ("TCFD"). In addition, for companies in industries where the Sub-Adviser believes climate change risks pose material financial risks, the Sub-Adviser encourages more comprehensive reporting including scenario analysis to help under the resilience of a company's strategy and disclosures of Scope 1 and 2 greenhouse gases ("GHG") emission targets, where decarbonization of a company's operations and purchased energy has been identified by the company as a key part of a company's strategy to manage climate change risks. In addition, for companies who have chosen to set long-term net zero targets, the Sub-Adviser encourages the company to make disclosures including scope of emissions included in such targets in order to allow the Sub-Adviser to evaluate the long-term credibility of transition plans. The Sub-Adviser may vote for shareholder resolutions requesting information where disclosure is unavailable or not meaningful.

#### Securities Lending
Proxies for securities that are out on loan normally cannot be voted, as title passes to the borrower of the securities. The Sub-Adviser is not involved in a Fund's securities lending arrangements as it is not a party to a securities lending agreement involving the Fund and does not make the decision to lend a Fund's securities. As a result, to the extent that a Fund engages in securities lending, the Sub-Adviser's will not recall securities of the Fund on loan.

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Lazard Proxy Voting

Policy and Procedures Overview

A. Introduction

Lazard Asset Management LLC and its investment advisory subsidiaries ("Lazard" or the "firm") provide investment man- agement services for client accounts, including proxy voting services. As a fiduciary, Lazard is obligated to vote proxies in the best interests of its clients over the long-term. Lazard has developed a structure that is designed to ensure that proxy voting is conducted in an appropriate manner, consistent with clients' best interests, and within the framework of this Proxy Voting Policy (the "Policy"). <sup>1</sup>

Lazard manages assets for a variety of clients worldwide, including institutions, financial intermediaries, sovereign wealth funds, and private clients. To the extent that proxy voting authority is delegated to Lazard, Lazard's general policy is to vote proxies on a given issue in the same manner for all of its clients. This Policy is based on the view that Lazard, in its role as investment adviser, must vote proxies based on what it believes (i) will maximize sustainable shareholder value as a long-term investor; (ii) is in the best interest of its clients; and (iii) the votes that it casts are intended in good faith to accom- plish those objectives.

This Policy recognizes that there may be times when meeting agendas or proposals may create the appearance of a material conflict of interest for Lazard. Lazard will look to alleviate the potential conflict by voting according to pre-approved guide- lines. In conflict situations where a pre-approved guideline is to vote case-by-case, Lazard will vote according to the recom- mendation of one of the proxy voting services Lazard retains to provide independent analysis. More information on how Lazard handles material conflicts of interest in proxy voting is provided in Section F of this Policy.

B. Responsibility to Vote Proxies

Generally, Lazard is willing to accept delegation from its clients to vote proxies. Lazard does not delegate that authority to any other person or entity, but retains complete authority for voting all proxies on behalf of its clients. Not all clients delegate proxy-voting authority to Lazard, however, and Lazard will not vote proxies, or provide advice to clients on how to vote proxies, in the absence of a specific delegation of authority or an obligation under applicable law. For example, securities that are held in an investment advisory account for which Lazard exercises no investment discretion are not voted by Lazard, nor are shares that a client has authorized their custodian bank to use in a stock loan program which passes voting rights to the party with possession of the shares.

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

C. General Administration

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview and Governance** 

Lazard's proxy voting process is administered by members of its Operations Department ("the Proxy Administration Team"). Oversight of the process is provided by Lazard's Legal & Compliance Department and by a Proxy Committee comprised of senior investment profession- als, members of the Legal & Compliance Department, the firm's Co-Heads of Sustainable Investment & Environmental, Social and Corporate Governance ("ESG") and other personnel. The Proxy Committee meets regularly, generally on a quarterly basis, to review this Policy and other matters relating to the firm's proxy voting functions. Meetings may be convened more fre- quently (for example, to discuss a specific proxy agenda or proposal) as needed. A representative of Lazard's Legal & Compliance Department will participate in all Proxy Committee meetings.

A quorum for the conduct of any meeting will be met if a majority of the Proxy Committee's members are in attendance by phone or in person. Decisions of the Proxy Committee will be made by consensus and minutes of each meeting will be taken and maintained by the Legal & Compliance Department. The Proxy Committee may, upon consultation with Lazard's Chief Compliance Officer, General Counsel or his/her designee, take any action that it believes to be necessary or appropriate to carry out the pur- poses of the Policy. The Chief Compliance Officer, General Counsel or his/her designee, is responsible for updating this Policy, interpreting this Policy, and may act on behalf of the Proxy Committee in circumstances where a meeting of the members is not feasible.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Role of Third Parties** 

Lazard currently subscribes to advisory and other proxy voting services provided by Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"). These proxy advisory services provide indepen- dent analysis and recommendations regarding various companies' proxy proposals. While this research serves to help improve our understanding of the issues surrounding a company's proxy proposals, Lazard's Portfolio Manager/ Analysts and Research Analysts (collectively, "Portfolio Management") are responsible for providing the vote recommendation for a given proposal except when the Conflicts of Interest policy applies (see Section F).

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ISS provides additional proxy-related administrative services to Lazard. ISS receives on Lazard's behalf all proxy information sent by custodians that hold securities on behalf of Lazard's clients and sponsored funds. ISS posts all relevant informa- tion regarding the proxy on its password-protected website for Lazard to review, including meeting dates, all agendas and ISS' analysis. The Proxy Administration Team reviews this information on a daily basis and regularly communicates with representatives of ISS to ensure that all agendas are considered and proxies are voted on a timely basis. ISS also provides Lazard with vote execution, recordkeeping and reporting sup- port services. Members of the Proxy Committee, along with members of the Legal & Compliance Team, conducts periodic due diligence of ISS and Glass Lewis consisting of an annual questionnaire and, as appropriate, on site visits.

The Proxy Committee believes that the Policy is consistent with the firm's Corporate Governance Principals and ESG and Climate Change Policies at at https://www.lazardassetmanage- ment.com/about/esg.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Voting Process** 

The Proxy Committee has approved proxy voting guidelines applicable to specific types of common proxy proposals (the "Approved Guidelines"). As discussed more fully below in Section D of this Policy, depending on the proposal, an Approved Guideline may provide that Lazard should vote for or against the proposal, or that the proposal should be considered on a case-by-case basis.

For each shareholder meeting the Proxy Administration Team provides Portfolio Management with the agenda and proposals, the Approved Guidelines, independent vote recommendations from Glass Lewis and ISS and supporting analyses for each proposal. Unless Portfolio Management disagrees with the Approved Guideline for a specific proposal, or where a potential material conflict of interest exists, the Proxy Administration Team will generally vote the proposal according to the Approved Guideline. In cases where Portfolio Management rec- ommends a vote contrary to the Approved Guideline, a member of the Proxy Administration Team will contact a member of the Legal & Compliance Department advising the Proxy Committee. Such communication, which may be in the form of an e-mail, shall include: the name of the issuer, a description of the proposal, the Approved Guideline, any potential conflict of interest presented and the reason(s) Portfolio Management believes a proxy vote in this manner is in the best interest of clients In such cases, the Proxy Committee and the Legal & Compliance Department will review the proposal and make a determination.

Where the Approved Guideline for a particular type of proxy proposal is to vote on a case-by-case basis, Lazard believes that Portfolio Management is best able to evaluate the potential impact to shareholders resulting from a particular proposal.

Similarly, with respect to certain Lazard strategies, as discussed more fully in Sections F and G below, the Proxy Administration Team will consult with Portfolio Management to determine when it would be appropriate to abstain from voting. The Proxy Administration Team seeks Portfolio Management's recommendation on how to vote all such proposals. The Proxy Administration Team may also consult with Lazard's Chief Compliance Officer, General Counsel or his/her designee, and may seek the final approval of the Proxy Committee regarding a recommendation by Portfolio Management.

As a global firm, we recognize that there are differing gover- nance models adopted in various countries and that local laws and practices vary widely. Although the Approved Guidelines are intended to be applied uniformly world-wide, where appro- priate, Lazard will consider regional/local law and guidance in applying the Policy.

D. Specific Proxy Items

Shareholders receive proxies involving many different proposals. Many proposals are routine in nature, such as a change in a com- pany's name. Others are more complicated, such as items regarding corporate governance and shareholder rights, changes to capital structure, stock option plans and other executive compensation/ issues, election of directors, mergers and other significant transac- tions and social or political issues. Lazard's Approved Guidelines for certain common agenda items are outlined below. The Proxy Committee will also consider any other proposals presented and determine whether to implement a new Approved Guideline.

Certain strategy-specific considerations may result in Lazard voting proxies other than according to the Approved Guidelines, not voting shares at all, issuing standing instructions to ISS on how to vote certain proxy matters on behalf of Lazard, or taking other action where unique circumstances require special voting efforts or consid- erations. These considerations are discussed in more detail in Section G, below.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Routine Items** 

Lazard generally votes routine items as recommended by the issuer's management and board of directors, based on the view that management is generally in a better position to assess these matters. Lazard considers routine items to be those that do not change the structure, charter, bylaws, or operations of an issuer in any way that is material to long-term shareholder value. Routine items generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issues relating to the timing or conduct of annual meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisionary financial budgets and strategy for the current year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals that allow votes submitted for the first call of the shareholder meeting to be considered in the event of a second call;

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<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 3 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to receive or approve of variety of routine reports (Lazard will generally vote FOR the approval of financial statements and director and auditor reports unless there are concerns about the accounts presented or audit procedures used or the company is not responsive to shareholder ques- tions about specific items that should be publicly disclosed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to a company's name.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Amendments to Board Policy/Charter/Regulation:** 

Proposals to amend a company's Articles of Association and other bylaws are commonly seen at shareholder meetings. Companies usually disclose what is being amended, or the amended bylaws, or both in their meeting circulars. Amendments are nearly always bundled together as a single voting resolution, and Lazard's general approach is to review these amendments on a case-by-case basis and to oppose article amendments as a whole when they include changes Lazard opposes.

**Lazard has Approved Guidelines generally to vote FOR** bylaw amendments that are driven by regulatory changes and are technical in nature or meant to update company-specific infor- mation such as address and/or business scope.

**Lazard has Approved Guidelines generally to vote AGAINST** bylaw amendments if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is no disclosure on the proposed amendments or full text of the amended bylaw; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amendments include increase in the decision authority of what is considered "excessive" and the company fails to provide a compelling justification.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Corporate Governance and Shareholder Rights** 

Many proposals address issues related to corporate governance and shareholder rights. These items often relate to a board of directors and its committees, anti-takeover measures, and the conduct of the company's shareholder meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Board of Directors and its Committees<sup>2</sup>

Lazard votes in favor of provisions that it believes will increase the effectiveness of an issuer's board of directors.

#### Lazard has Approved Guidelines generally to vote FOR the following:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the establishment of an independent nominating com- mittee, audit committee or compensation committee of a board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a requirement that a substantial majority (e.g., 2/3) of a company's directors be independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a proposal that a majority of the entirety of the board's committees be comprised of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to de-classify a board;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the implementation of director stock retention/holding periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals relating to the establishment of directors' mandatory retirement age and age restrictions for direc- tors especially where such proposals seek to facilitate the improvement of the diversity of the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the articles of association and other relevant documents which are in the long-term interests of share- holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the appointment or (re)election of internal statutory auditors/fiscal council members unless (a) the name of the management nominees are not disclosed in a timely manner prior to the meeting, (b) there are serious concerns about statutory reports presented or the audit procedures used, (c) questions exist concerning any of the auditors, (d) the auditors have previously served the company in an executive capacity (or are otherwise considered affiliated) or (e) minority shareholders have presented timely disclosure of minority fiscal council nominee(s) to be elected under separate elections.

**Lazard has Approved Guidelines generally to vote on a CASE by CASE Basis for the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to require an independent board chair or the separation of chairman and CEO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishment of shareholder advisory committees.

**Lazard has Approved Guidelines generally to vote AGAINST the following:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to classify a board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the election of directors where the board does not have independent "key committees" or sufficient board inde- pendence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-independent directors who serve on key committees that are not sufficiently independent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals relating to cumulative voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals where the names of the candidates (in the case of an election) or the principles for the establishment of a committee (where a new committee is being created) have not been disclosed in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of restrictions on competitive activities of directors<sup>3</sup> if (a) there is a lack of disclosure on the key information including identities of directors in question, current posi- tion in the company and outside boards they are serving on or (b) the non-nomination system is employed by the company for the director election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discharge of directors, including members of the management board and/or supervisory board and audi- tors, unless there is reliable information about significant and compelling concerns that the board is not fulfilling its fiduciary duties;<sup>4</sup> and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the chair of the board's nominating committee, or all incumbent nominating committee members in the absence of the chair, if there is not at least one female on the board of directors.

**US Listed Corporates**

Given the governance practices unique to the United States market, Lazard has adopted the following principles-based approach to proxy voting that is designed to address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board effectiveness – supporting board structure, diversity of cognitive thought, independence and avoiding over- boarding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability – in conjunction with the immediately preceding bullet point, emphasizing individual account- ability, for example holding the Chair of the Nomination Committee accountable where weaknesses and conflicts have been identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Anti-takeover Measures

Certain proposals are intended to deter outside parties from taking control of a company. Such proposals could entrench management and adversely affect shareholder rights and the value of the company's shares.

**Consequently, Lazard has adopted Approved Guidelines to vote AGAINST:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to adopt supermajority vote requirements or increase vote requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to adopt fair price provisions and on a case-by-case basis regarding proposals seeking to rescind them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "blank check" preferred stock

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis** regarding other provisions seeking to amend a company's by-laws or charter regarding anti-takeover provi- sions or shareholder rights plans (also known as "poison pill plans").

**Lazard has adopted an Approved Guideline to vote FOR** proposals that ask management to submit any new poison pill plan to shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Conduct of Shareholder Meetings

Lazard generally opposes any effort by management to restrict or limit shareholder participation in shareholder meetings, and is in favor of efforts to enhance shareholder participation. **Lazard has therefore adopted Approved Guidelines to vote AGAINST:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to adjourn US meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to eliminate or restrict shareholders' right to call a special meeting;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• efforts to eliminate or restrict right of shareholders to act by written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to adopt supermajority vote requirements, or increase vote requirements.

**Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis** on changes to quorum requirements and FOR proposals providing for confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Changes to Capital Structure** 

Lazard receives many proxies that include proposals relating to a company's capital structure. These proposals vary greatly, as each one is unique to the circumstances of the company involved, as well as the general economic and market conditions existing at the time of the proposal. A board and management may have many legitimate business reasons in seeking to effect changes to the issuer's capital structure, including investing in financial products and raising additional capital for appropriate business reasons, cash flow and market conditions. Lazard gen- erally believes that these decisions are best left to management but will monitor these proposals closely to ensure that they are aligned with the long-term interests of shareholders.

#### Lazard has adopted Approved Guidelines to vote FOR:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management proposals to increase or decrease authorized common or preferred stock (unless it is believed that doing so is intended to serve as an anti-takeover measure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock splits and reverse stock splits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investments in financial products unless the company fails to provide meaningful shareholder vote or there are significant concerns with the company's previous similar investments;<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requests to reissue any repurchased shares unless there is clear evidence of abuse of authority in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management proposals to adopt or amend dividend reinvest- ment plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend distribution policies unless (a) the dividend payout ratio has been consistently below 30% without adequate explanation or (b) the payout is excessive given the com- pany's financial position.

#### Lazard has adopted Approved Guidelines to vote on a CASE by CASE basis for:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• matters affecting shareholder rights, such as amending votes- per-share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management proposals to issue a new class of common or preferred shares (unless covered by an Approved Guideline relating to the disapplication of pre-emption rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of proceeds and the company's past share issuances;<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals seeking to approve or amend stock ownership limi- tations or transfer restrictions; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loan and financing proposals. In assessing requests for loan financing provided by a related party the following fac- tors will be considered: (a) use of proceeds, size or specific amount of loan requested, interest rate and relation of the party providing the loan.

#### Lazard has adopted Approved Guidelines to vote AGAINST:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in capital structure designed to be used in poison pill plans or which seeks to disregard pre-emption rights in a way that does not follow guidance set by the UK Pre-Emption Group's Statement of Principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision of loans to clients, controlling shareholders and actual controlling persons of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the provision of loans to an entity in which the company's ownership stake is less than 75% and the financing provision is not proportionate to the company's equity stake.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Executive Compensation Issues** 

Lazard supports efforts by companies to adopt compensa- tion and incentive programs to attract and retain the highest caliber management possible, and to align the interests of a board, management and employees with those of long-term shareholders. Lazard generally favors programs intended to reward management and employees for positive and sustained, long-term performance but will take into account various considerations such as whether compensation appears to be appropriate for the company after an analysis of the totality

of the circumstances (including the company's time in history and evolution).

#### Lazard has Approved Guidelines generally to vote FOR
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employee stock purchase plans, deferred compensation plans, stock option plans and stock appreciation rights plans that are in the long-term interests of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to submit severance agreements to shareholders for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual advisory votes on compensation outcomes where the outcomes are considered to be aligned with the interest of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual compensation policy votes where the policy structures are considered to be aligned with the interest of shareholders.

#### Lazard has Approved Guidelines generally to vote on a CASE by CASE basis regarding:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restricted stock plans that do not define performance criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to approve executive loans to exercise options.

#### Lazard has Approved Guidelines generally to vote AGAINST:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proposals to re-price underwater options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual advisory votes on remuneration outcomes where the outcomes are considered not to be in the interests of share- holders; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annual remuneration policy vote where the policy structures are considered not to be in the interests of shareholders.

**US Listed Corporates**

Given the governance practices unique to the United States market, Lazard maintains the view that votes regarding Say on Pay should in principle, support fair and transparent remuneration. In addition, we also consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of dissent on previous Say on Pay votes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual accountability, for example holding the Chair of the Compensation Committee accountable where weaknesses have been identified.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Mergers and Other Significant Transactions** 

Shareholders are asked to consider a number of different types of significant transactions, including mergers, acquisitions, sales of all or substantially all of a company's assets, reorganizations involving business combinations and liquidations. Each of these transactions is unique. Therefore, Lazard's Approved Guideline is to vote on a CASE by CASE basis for these proposals.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Environmental, Social, and Corporate Governance** 

Proposals involving environmental, social, and corporate gover- nance issues take many forms and cover a wide array of issues. Some examples may include: proposals to have a company increase its environmental disclosure; adoption of principles to limit or eliminate certain business activities; adoption of certain conservation efforts; adoption of proposals to improve the diversity of the board, the senior management team and the workforce in general; adoption of proposals to improve human capital management or the adoption of certain principles regard- ing employment practices or discrimination policies. These items are often presented by shareholders and are often opposed by the company's management and its board of directors.

As set out in Lazard's separate ESG Policy, Lazard is committed to an investment approach that incorporates ESG considerations in a comprehensive manner in order to safeguard the long-term interests of our clients and to manage more effectively long-term investment risks and opportunities related to ESG matters. Lazard generally supports the notion that corporations should be expected to act as good citizens. Lazard generally votes on envi- ronmental, social and corporate governance proposals in a way that it believes will most increase long-term shareholder value.

#### Lazard's Approved Guidelines are structured to evaluate many environmental, social and corporate governance proposals on a case-by-case basis.
However, as a guide, **Lazard will generally vote FOR proposals:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• asking for a company to increase its environmental/social disclosures (e.g., to provide a corporate sustainability report);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seeking the approval of anti-discrimination policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which are considered socially responsible agenda items;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which improve an investee company's ESG risk management and related disclosures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deemed to be in the long-term interests of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Shareholder Proposals** 

Lazard believes in the ability of shareholders to leverage their rights related to the use of shareholder proposals to address deficits in best practices and related disclosures by companies. Many ESG issues are improved through such use of shareholder proposals. For example, some companies are collaborating with shareholders on such proposals by voicing their support and rec- ommending that shareholders vote in-line with such proposals.

**Lazard has Approved Guidelines generally to vote FOR** share- holder proposals which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek improved disclosure of an investee company's ESG practices over an appropriate timeframe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek improved transparency over how the investee company is supporting the transition to a low carbon economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to improve the diversity of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek improved disclosures on the diversity of the board and the wider workforce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to establish minimum stock-ownership requirements for directors over an appropriate time frame;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to eliminate or restrict severance agreements, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are deemed to be in the long-term interests of shareholders including Lazard's clients.

**Lazard has Approved Guidelines generally to vote AGAINST** shareholder proposals which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to infringe excessively on management's decision- making flexibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to establish additional board committees (absent demonstrable need);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to establish term limits for directors if this is unnecessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to change the size of a board (unless this facilitates improved board diversity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to require two candidates for each board seat; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are considered not to be in the long-terms interests of share- holders.

E. Voting Securities in Different Countries

Laws and regulations regarding shareholder rights and voting proce- dures differ dramatically across the world. In certain countries, the requirements or restrictions imposed before proxies may be voted may outweigh any benefit that could be realized by voting the prox- ies involved. For example, certain countries restrict a shareholder's ability to sell shares for a certain period of time if the shareholder votes proxies at a meeting (a practice known as "share blocking"). In other instances, the costs of voting a proxy (i.e., by being rou-

tinely required to send a representative to the meeting) may simply outweigh any benefit to the client if the proxy is voted. Generally, the Proxy Administration Team will consult with Portfolio Management in determining whether to vote these proxies.

There may be other instances where Portfolio Management may wish to refrain from voting proxies (See Section G.1. below).

F. Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Overview** 

This Policy and related procedures implemented by Lazard are designed to address potential conflicts of interest posed by Lazard's business and organizational structure. Examples of such potential conflicts of interest are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lazard Frères & Co. LLC ("LF&Co."), Lazard's parent com- pany and a registered broker- dealer, or a financial advisory affiliate, has a relationship with a company the shares of which are held in accounts of Lazard clients, and has pro- vided financial advisory or related services to the company with respect to an upcoming significant proxy proposal (i.e., a merger or other significant transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lazard serves as an investment adviser for a company the management of which supports a particular proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lazard serves as an investment adviser for the pension plan of an organization that sponsors a proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Lazard employee who would otherwise be involved in the decision-making process regarding a particular proposal has a material relationship with the issuer or owns shares of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **General Policy** 

All proxies must be voted in the best long-term interest of each Lazard client, without consideration of the interests of Lazard, LF&Co. or any of their employees or affiliates. The Proxy Administration Team is responsible for all proxy voting in accordance with this Policy after consulting with the appropri- ate member or members of Portfolio Management, the Proxy Committee and/or the Legal & Compliance Department. No other employees of Lazard, LF&Co. or their affiliates may influence or attempt to influence the vote on any proposal. Violations of this Policy could result in disciplinary action, including letter of censure, fine or suspension, or termination of employment. Any such conduct may also violate state and Federal securities and other laws, as well as Lazard's client agree- ments, which could result in severe civil and criminal penalties being imposed, including the violator being prohibited from ever working for any organization engaged in a securities busi- ness. Every officer and employee of Lazard who participates in any way in the decision-making process regarding proxy voting is responsible for considering whether they have a conflict- ing interest or the appearance of a conflicting interest on any proposal. A conflict could arise, for example, if an officer or employee has a family member who is an officer of the issuer or owns securities of the issuer. If an officer or employee believes

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such a conflict exists or may appear to exist, he or she should notify the Chief Compliance Officer immediately and, unless determined otherwise, should not continue to participate in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Monitoring for Conflicts and Voting When a Material Conflict Exists** 

The Proxy Administration Team monitors for potential conflicts of interest that could be viewed as influencing the outcome of Lazard's voting decision. Consequently, the steps that Lazard takes to monitor conflicts, and voting propos- als when the appearance of a material conflict exists, differ depending on whether the Approved Guideline for the specific item is clearly defined to vote for or against, or is to vote on a case-by-case basis. Any questions regarding application of these conflict procedures, including whether a conflict exists, should be addressed to Lazard's Chief Compliance Officer or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Where Approved Guideline Is For or Against

Lazard has an Approved Guideline to vote for or against regard- ing most proxy agenda/proposals. Generally, unless Portfolio Management disagrees with the Approved Guideline for a spe- cific proposal, the Proxy Administration Team votes according to the Approved Guideline. It is therefore necessary to consider whether an apparent conflict of interest exists when Portfolio Management disagrees with the Approved Guideline. The Proxy Administration Team will use its best efforts to determine whether a conflict of interest or potential conflict of interest exists. If conflict appears to exist, then the proposal will be voted according to the Approved Guideline.. Lazard also reserves its right to Abstain.

In addition, in the event of a conflict that arises in connection with a proposal for Lazard to vote shares held by Lazard clients in a Lazard mutual fund, Lazard will typically vote each proposal for or against proportion to the shares voted by other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where Approved Guideline Is Case-by-Case

In situations where the Approved Guideline is to vote case-by- case and a material conflict of interest appears to exist, Lazard's policy is to vote the proxy item according to the majority rec- ommendation of the independent proxy services to which we subscribe. Lazard also reserves the right to Abstain.

G. Other Matters

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Issues Relating to Management of Specific Lazard Strategies** 

Due to the nature of certain strategies managed by Lazard, there may be times when Lazard believes that it may not be in the best interests of its clients to vote in accordance with the Approved Guidelines, or to vote proxies at all. In certain markets, the fact that Lazard is voting proxies may become public information, and, given the nature of those markets, may impact the price of

the securities involved. Lazard may simply require more time to fully understand and address a situation prior to determin- ing what would be in the best interests of shareholders. In these cases the Proxy Administration Team will look to Portfolio Management to provide guidance on proxy voting rather than vote in accordance with the Approved Guidelines, and will obtain the Proxy Committee's confirmation accordingly.

Additionally, Lazard may not receive notice of a shareholder meeting in time to vote proxies for or may simply be prevented from voting proxies in connection with a particular meeting. Due to the compressed time frame for notification of shareholder meetings and Lazard's obligation to vote proxies on behalf of its clients, Lazard may issue standing instructions to ISS on how to vote on certain matters.

Different strategies managed by Lazard may hold the same securi- ties. However, due to the differences between the strategies and their related investment objectives, one Portfolio Management team may desire to vote differently than the other, or one team may desire to abstain from voting proxies while the other may desire to vote proxies. In this event, Lazard would generally defer to the recommendation of the Portfolio Management teams to determine what action would be in the best interests of its clients. The Chief Compliance Officer or General Counsel, in consulta- tion with members of the Proxy Committee will determine whether it is appropriate to approve a request to split votes among one or more Portfolio Management teams.

&nbsp;&nbsp;&nbsp;&nbsp;2. Stock Lending

As noted in Section B above, Lazard does not generally vote proxies for securities that a client has authorized their custodian bank to use in a stock loan program, which passes voting rights to the party with possession of the shares. Under certain circum- stances, Lazard may determine to recall loaned stocks in order to vote the proxies associated with those securities. For example, if Lazard determines that the entity in possession of the stock has borrowed the stock solely to be able to obtain control over the issuer of the stock by voting proxies, or if the client should specifically request Lazard to vote the shares on loan, Lazard may determine to recall the stock and vote the proxies itself. However, it is expected that this will be done only in exceptional circumstances. In such event, Portfolio Management will make this determination and the Proxy Administration Team will vote the proxies in accordance with the Approved Guidelines.

H. Reporting

Separately managed account clients of Lazard who have authorized Lazard to vote proxies on their behalf will receive information on proxy voting with respect to that account. Additionally, the US mutual funds managed by Lazard will disclose proxy voting information on an annual basis on Form N-PX which is filed with the SEC.

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I. Recordkeeping

J. Review of Policy and Approved Guidelines

The Proxy Committee will review this Policy at least annually to consider whether any changes should be made to it or to any of the Approved Guidelines. The Proxy Committee will make revisions to its Approved Guidelines when it determines it is appropriate or when it sees an opportunity to materially improve outcomes for clients. Questions or concerns regarding the Policy should be raised with Lazard's General Counsel or Chief Compliance Officer.

Notes

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| 1 | In accordance with this Policy, Lazard's exclusive purpose when voting proxies is to (i) maximize long-term shareholder value; (ii) prioritize our clients' pecuniary interests; and (iii) ensure that the votes cast are intended in good faith to accomplish these objectives, while adhering to our fiduciary responsibility. All proxy votes are cast in alignment with this purpose, demonstrating Lazard's commitment to act in the best interest of our clients.  |

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2 Given the governance practices unique to the Japanese market, the voting structure described herein is aligned with the Japanese Stewardship Code.

3 This is intended to cover instances where directors engage in commercial transactions with the company and/or are involved with other companies (outside board memberships).

4 For example, a lack of oversight or actions by board members which invoke shareholder distrust, legal issues aiming to hold the board responsible for breach of trust or egregious gover-nance issues.

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| 5 | Evaluate (a) any known concerns with previous investments, (b) amount of the proposed investment relative to the company's assets and (c) disclosure of the nature of products in which the company proposed to invest and associated risks of the investment.  |

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| 6 | Specifically, with respect to the issuance of shares to raise funds for general financing purposes, Lazard will consider the Measures for the Administration of the Issuance of Securities by Listed Companies 2006 and the Detailed Rules for Private Placement by Listed Companies, the China Securities Regulatory Commission.  |

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Important Information

All sources Lazard Asset Management unless otherwise noted.

Published in November 2023.

This document reflects the views of Lazard Asset Management LLC or its affiliates ("Lazard") based upon information believed to be reliable as of the date hereof. There is no guarantee that any forecast or opinion will be realized. This document is provided by Lazard Asset Management LLC or its affiliates ("Lazard") for informational purposes only. Nothing herein consti- tutes investment advice or a recommendation relating to any security, commodity, derivative, investment management service or investment product. Investments in securities, derivatives and commodities involve risk, will fluctuate in price, and may result in losses. Certain assets held in Lazard's investment portfolios, in particular alternative investment portfolios, can involve high degrees of risk and volatility when compared to other assets. Similarly, certain assets held in Lazard's investment portfolios may trade in less liquid or efficient markets, which can affect investment performance. Past performance does not guarantee future results. The views expressed herein are subject to change, and may differ from the views of other Lazard investment professionals.

This document is intended only for persons residing in jurisdictions where its distribution or availability is consistent with local laws and Lazard's local regulatory authorizations. Please visit <u>www.lazardassetmanagement.com/globaldisclosure</u> for the specific Lazard entities that have issued this document and the scope of their authorized activities.

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#### Introduction
This policy applies to clients who have specifically authorised Martin Currie to vote proxies in the investment management agreement (IMA) or other written instrument or who have, without specifically authorising MC to vote proxies, granted general investment discretion and sets out how we approach voting proxies for these clients.

We recognise that we have a duty to act in the best interests of our clients. Martin Currie has adopted and implemented proxy voting policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients (where Martin Currie has been given discretion to do so) in accordance with the relevant applicable regulatory and legislative requirements both in the UK and other relevant jurisdictions and also in accordance with its fiduciary duties. To that end, our Proxy Voting Policy is designed to enhance shareholders' long-term economic interests. All our voting decisions are made in-house and are undertaken in accordance with our Global Corporate Governance Principles and in line with our clients' best interests. Proxy voting is integral to stewardship and as such we will, in most cases, routinely inform management of our investee companies when we are voting against them on material matters and provide our rationale.

Our policy is updated at least annually, taking into account emerging issues and trends, the evolution of market standards, and regulatory changes. The policy considers market-specific recommended best practices, transparency, and disclosure when addressing issues such as board structure, director accountability, corporate governance standards, executive compensation, shareholder rights, corporate transactions, and social/environmental issues.

The framework for making these decisions is set out in our Global Corporate Governance Principles. As responsible stewards of our customers' capital, the fundamental tenet of our Global Corporate Governance Principles is to protect and enhance the economic interests of our clients. These principles are focused around corporate governance and the role of board directors in promoting corporate success, thereby creating sustainable value for shareholders while having regard to other stakeholders, both internal and external.

We believe that Sustainability or Environmental, Social and Governance (ESG) factors create risks and opportunities for companies and that these should be managed appropriately. In particular, we believe that good governance of the companies in which we invest is an essential part of creating shareholder value and delivering investment performance for our clients.

We have adopted the International Corporate Governance Network (ICGN) Global Governance Principles, which set out a primary standard for well-governed companies that is widely applicable, irrespective of national legislative frameworks or listing rules. We also reference the Principles of Corporate Governance developed by the Organisation for Economic Co-operation and Development (OECD) which are intended to help policymakers evaluate and improve the international frameworks for corporate governance. Differences in national market regulation mean that a single set of detailed guidelines is unlikely to be appropriate for all the countries in which we invest. Where local corporate governance codes are consistent with our overall principles we will adopt these. At a minimum we would expect companies to comply with the accepted corporate governance standard in their domestic market or to explain why doing so is not in the interest of (minority) shareholders.

This document should also be read alongside our Global Corporate Governance Principles and our Stewardship and Engagement Policy which articulates how we discharge our stewardship duties for our clients.

This policy has been drafted in accordance with the Financial Reporting Council's Stewardship Code. It is also intended to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940. This policy sets forth the procedures of Martin Currie Investment Management Limited and Martin Currie Inc, (together 'Martin Currie') for voting proxies for clients, including investment companies registered under the Investment Company Act of 1940, as amended, except where such clients require different standards to the voting of proxies to be applied on their behalf.

We believe the ICGN principles provide a strong and concise framework for determining the minimum corporate governance standards we should expect from the companies in which we invest. We provide more

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detail on these in our Martin Currie Global Corporate Governance Principles.

We recognise that the circumstances under which companies operate vary considerably and as such we take into account the specific circumstances of each company when assessing how to approach corporate governance.

There may be situations in which MC may be unable to successfully vote a proxy, or may choose not to vote a proxy, such as where:

• There are fees imposed upon the exercise of a vote and it is determined that such fees outweigh the benefit of voting;

• There are legal barriers to voting (including share blocking);

• Portfolio held shares on the record date but they have been sold prior to the meeting date;

• We believe it is not in the best interest of the client to vote; and/or

• A security is subject to a securities lending program.

All conflicts of interest will be resolved in the best interest of the client. Martin Currie is a wholly owned subsidiary of a large, diverse financial services firm with many affiliates and makes its best efforts to avoid conflicts of interest.

#### Scope and principles
This policy covers:

✓ The guiding principles on which we base our proxy voting decisions

✓ How we carry out proxy voting and exercise voting rights in the best interests of our clients

✓ How we report to our clients

The guiding principles for how we vote for our clients are the Martin Currie Global Corporate Governance Principles. These high-level principles are set out below:

#### Principle 1: Board role and responsibilities
The board should promote the long-term best interests of the company by acting on an informed basis with good faith, care and loyalty, for the benefit of shareholders, while having regard to relevant stakeholders.

#### Principle 2: Leadership and independence
Board leadership requires clarity and balance in board and executive roles and an integrity of independent process to protect the interests of shareholders and relevant stakeholders in promoting the long-term success of the company

#### Principle 3: Composition and appointment
The board should comprise a sufficient mix of directors with relevant knowledge, independence, competence, industry experience and diversity of perspectives to generate effective challenge, discussion and objective decision-making in alignment with the company's purpose, long-term strategy and relevant stakeholders.

#### Principle 4: Corporate culture
The board should instil and demonstrate a culture of high standards of business ethics and integrity aligned with the company's purpose and values at board level and throughout the workforce.

#### Principle 5: Remuneration
Remuneration should be designed to equitably and effectively align the interests of the CEO, executive officers and workforce with a company's strategy and purpose to help ensure long-term sustainable value preservation and creation. Aggregate remuneration should be appropriately balanced with the payment of dividends to shareholders and retention of capital for future investment and the level of quantum should be sufficient to attract and retain talent and benchmarked against an appropriate peer group.

#### Principle 6: Risk oversight
The board should proactively oversee the assessment and disclosure of the company's key risks and approve the approach to risk management and internal controls regularly or with any significant business change and satisfy itself that the approach is functioning effectively

#### Principle 7: Corporate reporting
Boards should oversee timely and reliable company disclosures for shareholders and relevant stakeholders relating to the company's financial position, approach to sustainability, performance, business model, strategy, and long-term prospects.

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#### Principle 8: Internal and external audit
The board should establish rigorous, independent and effective internal and external audit procedures, to ensure the quality and integrity of corporate reporting.

#### Principle 9: Shareholder rights
Rights of all shareholders should be equal and must be protected. Fundamental to this protection is ensuring that a shareholder's voting rights are directly linked to its economic stake, and that minority shareholders have voting rights on key decisions or transactions which affect their interest in the company.

#### Principle 10: Shareholder meetings
Boards should ensure that meetings with shareholders are efficiently, democratically and securely facilitated to enable constructive interactivity and accountability for the company's long-term strategy, performance, and approach to sustainable value creation upon which voting decisions may be influenced.

The full ICGN Global Governance Principles can be found here: <u>ICGN Global Governance Principles</u>.

#### Voting guidelines
We assess voting matters on a case-by-case basis, taking into account a company's circumstances but are guided by our over-arching principles on good corporate governance. The assessment is carried out by the member of the investment team with responsibility for the stock in conjunction with the Stewardship, Sustainability and Impact team. To assist in this process, we subscribe to Institutional Shareholder Services Inc. (ISS) (details of this relationship are described in detail in the external research and proxy advisor section of this policy). ISS is our proxy voting advisor and provides voting research and recommendations for Martin Currie in accordance with their own policy which is closely aligned with our internal policy. Our procedures provide that, where a portfolio manager decides to instruct a vote in a manner other than in line with an ISS recommendation, the rationale behind this decision must be fully documented and retained and the prior approval of the Stewardship, Sustainability and Impact Team is required. <sup>1</sup>

We summarise below the areas that we will most commonly focus on when forming a view on how to cast the proxies for our clients. We do note the practical difficulties of a single set of guidelines due to national market regulation and corporate governance codes, hence our current preference for principles based guidance vs rules.

#### Director elections
In deciding how to vote on director elections we will consider, amongst other things:

• The composition of the board including skills and experience, diversity and whether the CEO/Chair positions are held by one individual.

• Whether the proportion of independent directors on the board is appropriate - The board of a widely- held company should comprise a majority of independent non-executive directors. Controlled companies should have a majority of independent non-executive directors, and at least three (or one-third) independent directors, on the board.

• Director attendance at board/committee meetings – where it is less than 75%, we would expect this to be explained.

• The number and nature of board appointments and individual holds – the tolerance will be lower where one of these is a CEO position.

• Unnecessary bundling of director elections.

• The composition of any committees and the appropriateness of their membership – for example whether the audit committee has recent and relevant financial experience.

• The appropriateness of the decisions made e.g., on remuneration.

• The quality, transparency and timing of reporting.

• Any egregious actions – e.g., material failures of governance, stewardship, risk oversight or fiduciary responsibilities, independence classification.

#### Remuneration
Where remuneration is put to a shareholder vote we will consider the extent to which it is aligned with our overall principles on remuneration, namely:

<sup>1</sup> For Martin Currie Australia, due to significant time zone differences, local senior management perform this oversight and challenge function.

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Remuneration should be aligned to strategy and purpose, should support long term value creation, and be aligned with shareholder interests.

• Disclosure associated with remuneration polices should be timely, clear and understandable for both investors and executives.

• Quantum should be sufficient to attract and retain talent and benchmarked against an appropriate peer group.

• Where discretion is used, this should be adequately explained and reflect underlying business performance.

• Executive management and non-executive directors should make a material long-term investment in shares of the businesses they manage or oversee safeguards put in place to ensure alignment of interest with shareholders.

• The remuneration committee should, ideally, comprise entirely independent non-executive directors or supervisory board members.

• The remuneration committee should use the discretion provided to it by shareholders to ensure that awards properly reflect business performance.

• Non-Executive Director remuneration should consist solely of a cash retainer and equity-based remuneration subject to adequate safeguards being in place.

#### Capital Structure
Companies will commonly make requests to shareholders to approve changes to the capital structure of the business including share issuance, share repurchases, and takeover defence schemes. When considering these requests, we will take the circumstances of each company into account and, amongst other things, the following:

• The voting structure and in particular where this diverges from one-share-one vote. We will normally vote against requests for the creation or continuation of dual-class capital structures, increased authorisation of classes of shares with superior voting rights or the creation of new or additional super voting shares.

• The potential for dilution – in markets where pre-emption rights apply to share issuance in general any routine authority to disapply pre-emption rights should not exceed 10 percent of ordinary share capital in any one year.

• Where there is a general authority to issue equity consideration will be given to other shareholder rights – for example the ability of shareholders to vote on significant transactions.

• Share buy-backs – where a request is made to authorise a share buy-back the time period this should be renewed annually and limited to no more than 15% of shares outstanding. Companies should have a clear policy on how they approach share buy-backs and should disclose in their next Annual Report the justification for any own share purchases made in the previous year.

• Take-over defence schemes – these will be reviewed on a case-by-case basis but are discouraged.

#### Shareholder proposals
Shareholder proposals can cover a wide range of topics and as such we will review each on its own merits. These will frequently focus on environmental and social issues as well as governance issues. We expect companies to manage effectively environmental, social and ethical factors that are relevant to their business, with a view to enhancing long-term sustainability and that companies should clearly define board and senior management responsibilities for environmental, social and ethical issues.

We vote on shareholder proposals on a pragmatic basis taking into account the context of the company concerned and any actions the company is already taking to address the concerns raised. We also expect boards to address issues raised where there is significant support for a shareholder proposal.

We recognise the materiality of climate change to many companies and shareholder proposals are likely to play a role in achieving the goals of these initiatives in aligning businesses to net zero. As such, for climate related proposals, we will also consider the alignment of the shareholder proposals with these ambitions. We have set out our approach to climate engagement and voting in more detail in our Climate Policy.

#### External research and proxy advisor
Martin Currie's procedures are designed to reasonably ensure that we vote proxies in the best interest of clients. To assist in this process, we subscribe to Institutional Shareholder Services Inc. (ISS) and details of this relationship are described further below. ISS is our proxy voting advisor and provides voting research and recommendations for Martin Currie in accordance with their own policy which is closely aligned with our internal policy. In addition, we use the services of Ownership Matters a specialist governance advisor. As

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appropriate, they engage with public issuers, shareholders, activists, and other stakeholders to seek additional information and to gain insight and context in order to provide informed vote recommendations. Martin Currie's starting point is to act in the best interests of our clients. Our voting decisions are informed by both our own internal work and that of our proxy advisor and specialist governance advisor. We assess voting matters on a case-by-case basis, taking into account a company's circumstances but are guided by our over-arching principles on good corporate governance. We recognise that regulatory frameworks vary across markets and that corporate governance practices vary internationally.

Where the recommendations of our advisors, both for and against proposals, are supported by our guidelines and our internal research we will generally vote in accordance with these recommendations. This assessment is carried out by a member of the investment team responsible for the stock. For material or contentious votes, the detailed rationale behind this decision is fully documented and retained. Most typically this occurs for votes against management, against our Global Corp Governance Principles or where our conclusions differ from third party research providers.<sup>[1]</sup>

#### Conflicts of Interest
Martin Currie has a conflicts control framework in place which is designed to identify, prevent and manage conflicts of interest. ISS is our proxy voting advisor and provides voting recommendations for Martin Currie in accordance with their own policy which is closely aligned with our internal policy. In this regard we also address potential conflicts of interest by our adoption of the ISS proxy voting guidelines and the day-to-day implementation of those guidelines by ISS.

Martin Currie recognises that there is a potential conflict of interest when we vote for a proxy solicited by a company with which we, or our portfolio managers, have a material business or personal relationship. In this context, the member of the investment team has a duty to disclose any potential, actual or apparent material conflict of interest relating to a proxy vote. Generally, a conflict is unlikely to arise if the vote is in accordance with our guidelines and that of our proxy advisor. However, if a member of the investment team wishes to vote contrary to the guidelines in relation to a company with which we have any material business or personal relationship, the matter must be referred to the Investment Executive for independent consideration. We would consider a potential conflict of interest to exist where Martin Currie or relevant staff has a material personal or business relationship with the proponent, issuer or other relevant participants in the proxy proposal.

In the event that a portfolio manager is materially conflicted they are obliged to disclose the conflict of interest and provide their justification for voting contrary to the guidelines to the Investment Executive for independent consideration. The Investment Executive are required to provide approval before the vote can be carried out. If the Investment Executive are unable to approve the vote one of the following courses of action will be taken:

• vote such proxy according to the specific recommendation of our proxy advisor

• abstain

• request that the client votes such proxy

In the event that Martin Currie is materially conflicted, the firm will:

• vote such proxy according to the specific recommendation of our proxy advisor

• abstain

• request that the client votes such proxy

The compliance team will also be informed of all instances where a conflict of interest arises in order for them to carry out an oversight role.

The Investment Operations team, as part of its annual due diligence, reviews the processes and controls adopted by our proxy advisor to manage potential material conflicts of interest it may face when performing the responsibilities delegated to it by the client.

#### Share blocking
Proxy voting in certain countries requires 'share blocking'. That is, shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the shareholders' custodian banks.

Martin Currie has determined that the value of exercising the vote does not usually outweigh the detriment of

<sup>[1]</sup> Challenge and oversight of this process is performed by the SSI team and by local senior management in the case of MCA.

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not being able to transact in the shares during this period. Accordingly, if share blocking is required, we are likely to abstain from voting those shares.

#### Stock lending
Martin Currie does not provide clients with a stock lending service. Should they want to lend their stock, they have to make their own arrangements, and assume responsibility for calling back their shares if they wish to exercise their voting rights. Where we are aware that securities are on loan and if we judge a vote to be material, we may advise the relevant clients recall that stock in order to cast a proxy vote. In circumstances where it is not possible or practical to assess the materiality or where it is not possible to recall the security (e.g., where the events subject to voting are not communicated by the company in sufficient time) no votes will be cast. Martin Currie may utilise third party service providers to assist it in identifying and evaluating whether an event is material, and to assist it in recalling loaned securities for proxy voting purposes. Where some or all shares of a portfolio company are on loan at the record date in relation to a meeting of that company, those shares cannot be voted. Martin Currie is generally not advised of what shares are on loan and may not have an opportunity to recall the shares prior to the record date. As a result, in most cases, those shares will not be voted.

#### Proxy voting records
A copy of Martin Currie's Proxy Voting Policy and Procedures is available upon request. Clients may also obtain information on how Martin Currie voted with respect to their proxies by contacting our client services team at Martin Currie Investment Management Ltd, 5 Morrison Street, Edinburgh, Scotland, EH3 8BH, tel. 44 (0) 131 229 5252, fax 44 (0) 131 222 2532, email: <u>distributionclientmanagement@martincurrie.com</u>. Martin Currie has a specific record-keeping policy which describes in greater detail the record-keeping processes as those apply to proxy voting.

Martin Currie has been accepted as a signatory to the UK Stewardship Code 2020 ('the Code'). The Code aims to enhance the quality of engagement between institutional investors and companies to help improve long-term returns to shareholders and the efficient exercise of governance responsibilities by setting out good practice on engagement with investee companies. In accordance with the provisions of the Code and our Global Corporate Governance Principles, cumulative proxy voting records are published quarterly on our website. This disclosure does not contain voting records for individual clients. Specific voting records for each client are available to those clients at any time upon request.

Martin Currie Investment Management Ltd, registered in Scotland (no 66107). Martin Currie Inc, registered in Scotland (no BR2575). Both companies are authorised and regulated by the Financial Conduct Authority. Martin Currie Investment Management Limited, 5 Morrison Street, Edinburgh, EH3 8BH, Tel: 44 (0) 131 229 5252 Fax: 44 (0) 131 228 5959, <u>www.martincurrie.com. Martin Currie Investment Management Ltd is registered with the Securities and Exchange Commission as an Investment Advisor. Martin</u> Currie Inc, 280 Park Avenue, New York, NY 10017 is registered with the Securities and Exchange Commission as an Investment Advisor.

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Please note that calls to the above number and any other communications may be recorded.

#### <sup>©</sup> 2024 Martin Currie Investment Management Limited.

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Proxy Voting Policies and Procedures

![LOGO](g767768dsp117b.jpg)

February 2025

**I.** **Introduction and General Principles** 

A. Certain investment adviser subsidiaries of Neuberger Berman Group LLC ("NB") have been delegated the authority and responsibility to vote the proxies of their respective investment advisory clients and exercise such responsibility according to these policies and procedures.

B. NB understands that proxy voting is an integral aspect of investment management. Accordingly, proxy voting must be conducted with the same degree of prudence and loyalty accorded any fiduciary or other obligation of an investment manager.

C. NB believes that the following policies and procedures are reasonably expected to ensure that proxy matters are conducted in the best interest of clients, in accordance with NB's fiduciary duties, applicable rules under the Investment Advisers Act of 1940, fiduciary standards and responsibilities for ERISA clients set out in Department of Labor interpretations, the UK Stewardship Code, the Japan Stewardship Code and other applicable laws and regulations.

D. In instances where NB does not have authority to vote client proxies, it is the responsibility of the client to instruct the relevant custody bank or banks to mail proxy material directly to such client.

E. In all circumstances, NB will comply with specific client directions to vote proxies, whether or not such client directions specify voting proxies in a manner that is different from NB's proxy votes for other client accounts.

F. NB will seek to vote all shares under its authority so long as that action is not in conflict with client instructions. There may be circumstances under which NB may abstain from voting a client proxy, such as when NB believes voting would not be in clients' best interests (e.g., not voting in countries with share blocking or meetings in which voting would entail additional costs). NB understands that it must weigh the costs and benefits of voting proxy proposals relating to foreign securities and make an informed decision with respect to whether voting a given proxy proposal is prudent and solely in the interests of the clients and, in the case of an ERISA client and other accounts and clients subject to similar local laws, a plan's participants and beneficiaries. NB's decision in such circumstances will take into account the effect that the proxy vote, either by itself or together with other votes, is expected to have on the value of the client's investment and whether this expected effect would outweigh the cost of voting.

**II.** **Responsibility and Oversight** 

A. NB has designated a Governance & Proxy Committee ("Proxy Committee") with the responsibility for:

(i) developing, authorizing, implementing and updating NB's policies and procedures;

(ii) administering and overseeing the governance and proxy voting processes; and

(iii) engaging and overseeing any third-party vendors as voting delegates to review, monitor and/or vote proxies.

NB, at the recommendation of the Proxy Committee, has retained Glass, Lewis & Co., LLC ("Glass Lewis") as its proxy voting service provider.

B. The Proxy Committee will meet as frequently and in such manner as necessary or appropriate to fulfill its responsibilities.

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#### Proxy Voting Policies and Procedures
C. The members of the Proxy Committee will be appointed from time to time and will include the Chief Investment Officer (Equities), the Director of Global Equity Research, the Global Head of Stewardship and Sustainable Investing, and certain portfolio managers. A senior member of the Legal and Compliance Department will advise the Proxy Committee and may vote as a full member of the Committee if a vote is needed to establish a quorum or in the event that a vote is needed to break a tie. The Head of Investment Stewardship serves in an advisory role to the Proxy Committee but may also vote as a full member of the Committee if a vote is needed to establish a quorum or in the event that a vote is needed to break a tie. The Proxy Committee may also appoint substitute or additional members if needed to establish quorum in the absence of one or more members.

D. In the event that one or more members of the Proxy Committee are not independent with respect to a particular matter, the remaining members of the Proxy Committee shall constitute an ad hoc independent subcommittee of the Proxy Committee, which will have full authority to act upon such matter.

**III.** **Proxy Voting Guidelines** 

A. The Proxy Committee developed the Governance and Proxy Voting Guidelines ("Voting Guidelines") based on our Governance and Engagement Principles. These Guidelines are updated as appropriate and generally at least on an annual basis. With input from certain of our investment professionals, the modifications are intended to reflect emerging corporate governance issues and themes. The Proxy Committee recognizes that in certain circumstances it may be in the interests of our clients to deviate from our Voting Guidelines.

B. Our views regarding corporate governance and engagement, and the related stewardship actions, are informed by our Stewardship and Sustainable Investing Group, in consultation with professionals in the Legal & Compliance and Global Equity Research groups, among others. These insightful, experienced and dedicated groups enable us to think strategically about engagement and stewardship priorities.

C. We believe NB's Voting Guidelines generally represent the voting positions most likely to support our clients' best economic interests across a range of sectors and contexts. These guidelines are not intended to constrain our consideration of the specific issues facing a particular company on a particular vote, and so there will be times when we deviate from the Voting Guidelines.

D. In the event that a portfolio manager or other investment professional at Neuberger Berman believes that it is in the best interest of a client or clients to vote proxies other than as provided in NB's Voting Guidelines, the portfolio manager or other investment professional will submit in writing to the Proxy Committee the basis for his or her recommendation. The Proxy Committee will review this recommendation in the context of the specific circumstances of the proxy vote being considered and with the intention of voting in the best interest of our clients.

**IV.** **Proxy Voting Procedures** 

A. NB will vote client proxies in accordance with a client's specific request even if it is in a manner inconsistent with NB's proxy votes for other client accounts. Such specific requests should be made in writing by the individual client or by an authorized officer, representative or named fiduciary of a client.

B. NB has engaged Glass Lewis as its proxy voting service provider to:

(i) provide research on proxy matters;

(ii) in a timely manner, notify NB of and provide additional solicitation materials made available reasonably in advance of a vote deadline;

(iii) vote proxies in accordance with NB's Voting Guidelines or as otherwise instructed and submit such proxies in a timely manner;

(iv) handle other administrative functions of proxy voting;

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(v) maintain records of proxy statements and additional solicitation materials received in connection with proxy votes and provide copies of such proxy statements promptly upon request; and

(vi) maintain records of votes cast.

C. Except in instances where clients have retained voting authority, NB will instruct custodians of client accounts to forward all proxy statements and materials received in respect of client accounts to Glass Lewis.

D. NB retains final authority and fiduciary responsibility, consistent with applicable law, for proxy voting for clients that have delegated it authority and discretion to vote proxies.

**V.** **Conflicts of Interest** 

A. NB shall direct Glass Lewis to vote proxies in accordance with the Voting Guidelines described in Section III or, in instances where a material conflict has been determined to exist, NB will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements. NB believes that this process is reasonably designed to address material conflicts of interest that may arise in conjunction with proxy voting decisions. Potential conflicts considered by the Proxy Committee when it is determining whether to deviate from NB's Voting Guidelines include, among others: a material client relationship with the corporate issuer being considered; personal or business relationships between the portfolio managers and an executive officer; director, or director nominee of the issuer; joint business ventures; or a direct transactional relationship between the issuer and senior executives of NB.

B. In the event that an NB Investment Professional believes that it is in the best interest of a client or clients to vote proxies in a manner inconsistent with the Voting Guidelines described in Section III, such NB Investment Professional will contact a member of the Legal & Compliance Department advising the Proxy Committee and complete and sign a questionnaire in the form adopted from time to time. Such questionnaires will require specific information, including the reasons the NB Investment Professional believes a proxy vote in this manner is in the best interest of a client or clients and disclosure of specific ownership, business or personal relationship, or other matters that may raise a potential material conflict of interest with respect to the voting of the proxy. The Proxy Committee will meet with the NB Investment Professional to review the completed questionnaire and consider such other matters as it deems appropriate to determine that there is no material conflict of interest with respect to the voting of the proxy in the requested manner. The Proxy Committee shall document its consideration of such other matters. In the event that the Proxy Committee determines that such vote will not present a material conflict, the Proxy Committee will make a determination whether to vote such proxy as recommended by the NB Investment Professional. In the event of a determination to vote the proxy as recommended by the NB Investment Professional, an authorized member of the Proxy Committee will instruct Glass Lewis to vote in such manner with respect to the client or clients. In the event that the Proxy Committee determines that the voting of a proxy as recommended by the NB Investment Professional would not be appropriate, the Proxy Committee will:

(i) take no further action, in which case the Committee shall vote such proxy in accordance with the Voting Guidelines;

(ii) disclose such conflict to the client or clients and obtain written direction from the client with respect to voting the proxy;

(iii) suggest that the client or clients engage another party to determine how to vote the proxy;

(iv) instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements; or

(v) engage another independent third party to determine how to vote the proxy if voting in the manner described in

(iv) is not feasible.

A record of the Proxy Committee's determinations shall be prepared and maintained in accordance with applicable policies.

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C. In the event that the Voting Guidelines described in Section III do not address how a proxy should be voted the Proxy Committee will make a determination as to how the proxy should be voted. The Proxy Committee will consider such matters as it deems appropriate to determine how such proxy should be voted, including whether there is a material conflict of interest with respect to the voting of the proxy in accordance with its decision. The Proxy Committee shall document its consideration of such matters, and an authorized member of the Proxy Committee will instruct Glass Lewis to vote in such manner with respect to such client or clients.

D. Material conflicts cannot be resolved by simply abstaining from voting.

**VI.** **Recordkeeping** 

NB will maintain records relating to the implementation of the Voting Guidelines and these procedures, including:

(i) a copy of the Voting Guidelines and these procedures, which shall be made available to clients upon request;

(ii) proxy statements received regarding client securities (which will be satisfied by relying on EDGAR or Glass Lewis);

(iii) a record of each vote cast (which Glass Lewis maintains on NB's behalf);

(iv) a copy of each questionnaire completed by any NB Investment Professional under Section V above; and

Such proxy voting books and records shall be maintained in an easily accessible place, which may include electronic means, for a period of five years, the first two by the Legal & Compliance Department. Material conflicts cannot be resolved by simply abstaining from voting.

**VII.** **Engagement and Monitoring** 

Consistent with the firm's active management strategies, NB portfolio managers and members of the Global Equity Research team continuously monitor material investment factors at portfolio companies. NB professionals remain informed of trends and best practices related to the effective fiduciary administration of proxy voting. NB will make revisions to its Voting Guidelines and related procedures document when it determines it is appropriate or when we observe the opportunity to materially improve outcomes for our clients. Additionally, we will regularly undertake a review of selected voting and engagement cases to better learn how to improve the monitoring of our portfolio companies and the effectiveness of our stewardship activities.

**VIII.** **Securities Lending** 

Some NB products or client accounts where NB has authority and responsibility to vote the proxies may participate in a securities lending program administered by NB. Where a security is currently on loan ahead of a shareholder meeting, NB will generally attempt to terminate the loan in time to vote those shares. Where a security that is potentially subject to being loaned is eligible to be voted in a stockholder meeting a portfolio manager may restrict the security from lending. NB maintains the list of securities restricted from lending and receives daily updates on upcoming proxy events from the custodian.

**IX.** **Disclosure** 

Neuberger Berman will publicly disclose all voting records of its co-mingled funds (Undertakings for Collective Investment in Transferable Securities [UCITS] and mutual funds), which can be found at <u>http</u><u>s://www.nb</u><u>.</u><u>com/en/us/s</u><u>t</u><u>e</u><u>wardship/nb-</u> <u>votes</u> -- Neuberger Berman cannot publicly disclose vote level records for separate accounts without express permission of the client. Neuberger Berman will publicly disclose aggregate reporting on at least an annual basis for all votes cast across co- mingled and separate accounts. Neuberger Berman welcomes the opportunity to discuss the rationale for a given vote with investee companies as part of our ongoing engagement activities. Neuberger Berman may also choose to provide broad explanations for certain voting positions on important or topical issues in advance of the vote. Additionally, our proxy voting guidelines can be found on our website: <u>https:/</u><u>/</u><u>www.nb</u><u>.</u><u>com/en</u><u>/</u><u>us/st</u><u>e</u><u>wardship</u><u>/</u><u>nb-vot</u><u>e</u><u>s.</u>

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#### Proxy Committee Membership as of January 2025:
Joseph Amato, President and Chief Investment Officer (Equities)

Jonathan Bailey, Global Head of Stewardship and Sustainable Investing

Elias Cohen, Portfolio Manager

Timothy Creedon, Director of Global Equity Research

Richard Glasebrook, Portfolio Manager

Brett Reiner, Portfolio Manager

Amit Solomon, Portfolio Manager

Corey Issing\*, Co-General Counsel – Asset Management

Caitlin McSherry\*, Head of Investment Stewardship

\*Corey Issing and Caitlin McSherry serve in advisory roles to the Committee. They are ex officio members of the Committee. They will only vote as full members of the Committee if their votes are needed to establish a quorum or in the event that a vote is needed to break a tie vote.

![LOGO](g767768dsp117a.jpg) <br>**Neuberger Berman**<br> 1290 Avenue of the Americas<br> New York, NY 10104-0001<br>www.nb.com<br>

3/25 <sup>©</sup>2025 Neuberger Berman Group LLC. All rights reserved.

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Global Proxy Voting Policy Summary

**Policy Statement:**PIMCO adopted a written proxy voting policy ("Proxy Policy") as required by Rule 206(4)-6 under the Advisers Act. It is PIMCO's policy to exercise any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority consistent with PIMCO's fiduciary obligations and applicable law.<sup>1</sup> The Proxy Policy is reasonably designed to ensure that voting and consent rights are exercised in the best interests of PIMCO's clients.

**Overview:** As a general matter, PIMCO will adhere to its fiduciary obligations for any proxies it has the authority to vote on behalf of its clients. Each proxy is voted on a case-by-case basis, taking into account relevant facts and circumstances. When considering client proxies<sup>2</sup>, PIMCO may determine not to vote a proxy in limited circumstances.

Equity Securities.<sup>3</sup> PIMCO has retained an Industry Service Provider ("ISP")<sup>4</sup> to provide research and voting recommendations for proxies relating to Equity Securities in accordance with the ISP's guidelines. By following the guidelines of an ISP, PIMCO seeks to mitigate potential conflicts of interest the firm may have with respect to proxies covered by the ISP.

PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting recommendation; or (ii) a PM/Analyst decides to override the ISP's voting recommendation. In each case as described above, the Legal and Compliance department will review each proxy to determine whether an actual or potential conflict of interest exists. When the ISP does not provide a voting recommendation, the relevant PM/Analyst will make a determination regarding how, or if, the proxy will be voted by completing required documentation.

Fixed Income Securities. Fixed income securities can be processed as proxy ballots or corporate action- consents at the discretion of the issuer/ custodian.

When processed as proxy ballots, the ISP generally does not provide a voting recommendation and their role is limited to election processing and recordkeeping. In such instances, any elections would follow the standard process discussed above for Equity Securities.

When processed as corporate action-consents, the Legal and Compliance department will review election forms to determine whether an actual or potential conflict of interest exists with respect to the PM's consent election. PIMCO's Credit Research and Portfolio Management Groups are responsible for issuing

<sup>1</sup> Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions.

<sup>2</sup> Proxies generally describe corporate action consent rights (relative to fixed income securities) and proxy voting ballots (relative to fixed income or equity securities) as determined by the issuer or custodian.

<sup>3</sup> The term "Equity Securities" means common and preferred stock, including common and preferred shares issued by investment companies; it does not include debt securities convertible into equity securities.

<sup>4</sup> The ISP for Equity Securities proxy voting is Institutional Shareholder Services , Inc., ("ISS").

**GLOBAL PROXY VOTING POLICY SUMMARY** \| **APRIL 2025**

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recommendations on how to vote proxy ballots and corporation action-consents with respect to fixed income securities.

Resolution of potential/identified conflicts of interest. The Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a working group to assess and resolve the conflict (the "Proxy Working Group"); or (ii) vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO's Legal and Compliance department or PIMCO's Conflict Committee with respect to specific types of conflicts.

PIMCO will supervise and periodically review its proxy voting activities and the implementation of the Proxy Policy. PIMCO's Proxy Policy, and information about how PIMCO voted a client's proxies, is available upon request.

<u>ISP Oversight:</u> Consistent with its fiduciary obligations, PIMCO will perform periodic due diligence and oversight of an ISP engaged to provide PIMCO with proxy voting research and recommendations. PIMCO's due diligence and oversight process includes, but is not limited to, the evaluation of: the ISP's operational processes and ability to provide proxy voting research and recommendations<sup>5</sup> and the ISP's compliance program.

<u>Sub-Adviser Engagement:</u> As an investment manager, PIMCO may exercise its discretion to engage a sub-adviser to provide portfolio management services to certain PIMCO-affiliated funds. Consistent with its management responsibilities, the Sub-Adviser may assume the authority for voting proxies on behalf of PIMCO for these Funds. Sub-Advisers may utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, where a sub-adviser exercises voting authority, PIMCO will maintain oversight of the investment management responsibilities (which may include proxy voting) performed by the Sub-Adviser and contracted third parties.

<sup>5</sup> This includes the adequacy and quality of the ISP's operational infrastructure as it relates to its process for seeking timel y input from issuers and its voting methodologies.

**GLOBAL PROXY VOTING POLICY SUMMARY** \| **APRIL 2025**

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**I.** **Introduction** 

Proxy voting is an important right of shareholders, such as PineBridge Clients, for which PineBridge must take reasonable care and diligence to ensure such rights are properly and timely exercised. PineBridge, as a fiduciary for its Clients, must vote proxies in their best interest. We believe considering forward looking improvement in ESG issues is in the economic interest of our Clients. Please refer to the PineBridge Stewardship and Engagement Policy for details on how PineBridge interacts with companies, entities or other market participants on Environmental, Social and Governance (ESG) issues.

**II.** **Policy Statement** 

#### Proxy Procedures
As a registered investment adviser that votes (or delegates the voting of) securities held in Client portfolios, PineBridge has implemented proxy voting procedures that are reasonably designed to help ensure that a) PineBridge votes proxies in the best interest of its Clients; b) describes its proxy voting procedures to its Clients, and c) discloses to Clients how they may obtain information on how PineBridge voted their proxies. These procedures are designed to help enable PineBridge to manage material conflicts of interest. While PineBridge must disclose its votes upon request to Clients, no public disclosure is required. (Note that disclosure is required for any mutual funds advised by PineBridge, on Form N-PX.)

#### Record-Keeping
PineBridge must retain (i) these proxy voting policies and procedures; (ii) proxy statements received regarding Client securities; (iii) records of votes it casts on behalf of Clients; (iv) records of Client requests for proxy voting information, and; (v) any documents prepared by PineBridge that were material to making a decision how to vote, or that memorialized the basis for the decision. PineBridge may rely on proxy statements filed on EDGAR instead of keeping its own copies and rely on proxy statements and records of proxy votes cast by PineBridge that are maintained by contract with a third-party proxy voting service or other third party.

#### Proxies of Shares of Non-U.S. Corporations
PineBridge has implemented general voting policies with respect to non-U.S. shares owned by Clients. However, although U.S. companies must give shareholders at least 20 days' advance notice to vote proxies, some non-U.S. companies may provide considerably shorter notice or none at all. PineBridge is not required to "rush" voting decisions in order to meet an impractical deadline, and as a result, PineBridge or PineBridge affiliates' regional designees under certain circumstances may not vote certain proxies. In addition, certain non-U.S. regulations impose additional costs to a Portfolio that votes proxies, and PineBridge will take that into consideration when determining whether or not to vote.

In the case of a material conflict between the interests of PineBridge and those of its Clients, PineBridge will take steps to address such conflicts (which may include consulting with counsel) and will attempt to resolve all conflicts in the Client's best interest.

**III.** **Procedures** 

• Compliance is responsible for ensuring that the PineBridge ADV includes the appropriate language summarizing PineBridge's proxy voting procedures and for updating the summary in the ADV whenever the procedures are updated. Compliance is also responsible for consulting with Legal to ensure that PineBridge's proxy voting policy is kept up to date and in a form appropriate for transmission to Clients.

• If a Client or potential Client requests a copy of the Proxy Voting Policy from Client Relations or Sales, Compliance should be contacted for the most recent version, or it may be obtained from the intranet. Client Relations will send to such Client a copy of the current version of the voting procedures within 7 days and will ensure that Compliance receives a log of each Client's request and the action taken.

• If a Client requests access to the records of how PineBridge voted its proxies, the Client should be assured that this will be provided, and Operations should be consulted. Operations has access to these proxy voting records.

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• PineBridge has established a Stewardship Committee (the "Committee"), which is responsible for defining and monitoring PineBridge's proxy voting strategy and process. The Committee is comprised of members of senior management, portfolio management, Compliance, Legal, Product and Operations.

• The Committee conducts an annual review of the proxy voting guidelines for domestic and non-U.S. Portfolios. Guidelines are reviewed to ensure that the interests of PineBridge's Clients are best served.

• Issues not addressed in the voting guidelines are determined on a case-by-case basis with input from the Committee and portfolio managers.

• PineBridge has engaged a third-party vendor to administer proxy voting on its behalf. The vendor receives, in a majority of cases, proxies directly from the Client's custodian and votes them based on PineBridge' s voting guidelines.

• In circumstances where PineBridge receives proxies directly, these proxies must be sent to the vendor promptly. The vendor then votes them in accordance with PineBridge's voting guidelines. The vendor maintains a listing of all votes cast on behalf of PineBridge Clients.

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Introduction

Principal Global Investors, LLC1 (doing business as Principal Asset Management) is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940 (the "Advisers Act"). As a registered investment adviser, Principal Asset Management has a fiduciary duty to act in the best interests of its clients. Principal Asset Management recognizes that this duty requires it to vote client securities, for which it has voting power on the applicable record date, in a timely manner and make voting decisions that are in the best interests of its clients. This document, the Principal Asset Management Proxy Voting Policies and Procedures (the "Policy"), is intended to comply with the requirements of the Investment Advisers Act of 1940, the Investment Company Act of 1940 and the Employee Retirement Income Security Act of 1974 applicable to the voting of the proxies of both US and non- US issuers on behalf of clients of Principal Asset Management who have delegated such authority and discretion.

Relationship between investment strategy, sustainable investing, and proxy voting

Principal Asset Management has a fiduciary duty to make investment decisions that are in its clients' best interests to maximize the value of their shares. Proxy voting is an important part of the process through which Principal Asset Management can support strong corporate governance structures, shareholder rights and transparency. Principal Asset Management also believes a company's positive environmental and social practices may reduce risk and, in turn, influence the value of a company. Principal Asset Management may take these factors into consideration, alongside other non-sustainability factors, when voting proxies in its effort to seek the best economic outcome for its clients. Shareholder proposals often address matters that are in direct conflict with the opinions of company management. As a result, we believe additional scrutiny is required and, therefore, all shareholder proposals are escalated to the investment teams for a final voting decision.

Roles and responsibilities

Role of the Proxy Voting Committee

Principal Asset Management Proxy Voting Committee (the "Proxy Voting Committee") shall (i) oversee the voting of proxies and the Proxy Advisory Firm, (ii) where necessary, make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with the Policy, (iv) review the business practices of the Proxy Advisory Firm and (v) evaluate, maintain, and review the Policy on an annual basis. The Proxy Voting Committee is comprised of representatives of each investment team. Representatives from Principal Asset Management Risk, Legal, Operations, and Compliance will be available to advise the Proxy Voting Committee as non-voting members. The Proxy Voting Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Policy and may designate personnel to instruct the vote on proxies on behalf the Principal Asset Management clients.

The Proxy Voting Committee shall meet at least four times per year, and as necessary to address special situations.

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Principal Asset Management is a DBA (doing business as) name of Principal Global Investors, LLC ("PGI"). For purposes of this Charter, "Principal Asset Management" refers specifically to PGI and Principal Real Estate Investors, LLC.

Role of portfolio management

While the Proxy Voting Committee establishes the Guidelines and Procedures, the Proxy Voting Committee does not direct votes for any client except in certain cases where a conflict of interest exists. Each investment team is responsible for determining how to vote proxies for those securities held in the portfolios their team manages. All investment team members also have an obligation to raise all potential conflicts of interest while executing their proxy voting responsibilities (refer to the Conflicts of Interest for specifics). While investment teams generally vote consistently with the Guidelines, there may be instances where their vote deviates from the Guidelines. In those circumstances, the investment team will work within the Exception Process. In some instances, the same security may be held by more than one investment team. In these cases, Principal Asset Management may vote differently on the same matter for different accounts as determined by each investment team.

Proxy voting guidelines

The Proxy Voting Committee and Chief Investment Officer, on an annual basis, or more frequently as needed, will establish a working group to review draft proxy voting guidelines recommended to the Committee ("Draft Guidelines"). The Guidelines working group will collect feedback and propose Draft Guidelines for adoption by the Committee. Each investment team maintains autonomy to select the most correlated Guidelines for their strategies. Collectively, these guidelines will constitute the current Proxy Voting Guidelines of Principal Asset Management and may change from time to time (the "Guidelines"). The Proxy Voting Committee has the obligation to determine that, in general, voting proxies pursuant to the Guidelines is in the best interests of clients. Exhibit A (Proxy Voting Philosophy Summary) provides an overview of our current philosophy underlying our three core Guidelines; Base, Sustainable and Board Aligned. Full overviews of each of these custom Guidelines are maintained and available.

There may be instances where proxy votes will not be in accordance with the Guidelines. Clients may instruct Principal Asset Management to utilize a different set of guidelines, request specific deviations, or directly assume responsibility for the voting of proxies. In addition, Principal Asset Management may deviate from the Guidelines on an exception basis if the investment team or Principal Asset Management has determined that it is in the best interest of clients in a particular strategy to do so. Any such a deviation will comply with the Exception Process which shall include a written record setting out the rationale for the deviation.

The subject of the proxy vote may not be covered in the Guidelines. In situations where the Guidelines do not provide a position, Principal Asset Management will consider the relevant facts and circumstances of a particular vote and then vote in a manner Principal Asset Management believes to be in the clients' bests interests. In such circumstances, the analysis will be documented in writing and periodically presented to the Proxy Voting Committee. To the extent that the Guidelines do not cover potential voting issues, Principal Asset Management may consider the spirit of the Guidelines and instruct the vote on such issues as it believes to be in the best interests of the client.

Use of proxy advisory firms

Principal Asset Management has retained one or more third-party proxy service provider(s) (the "Proxy Advisory Firm") to provide recommendations for proxy voting guidelines, information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom Principal Asset Management has proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although Principal Asset Management has retained the Proxy Advisory Firm for Proxy Voting

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Services, Principal Asset Management remains responsible for proxy voting decisions. Principal Asset Management has designed the Policy to oversee and evaluate the Proxy Advisory Firm, including with respect to the matters described below, to support its voting in accordance with this Policy.

Oversight of Proxy Advisory Firms

Prior to the selection of any new Proxy Advisory Firm and annually thereafter or more frequently if deemed necessary by Principal Asset Management, the Proxy Voting Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of Principal Asset Management's clients, and consistent with its voting policies. Such considerations may include, depending on the Proxy Voting Services provided, the following: (i) periodic sampling of votes pre-populated by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by Principal Asset Management are being followed; (ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to Principal Asset Management (iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations that Principal Asset Management considers material to Proxy Voting Services, including factors considered, with a particular focus on those relating to identifying, addressing and disclosing potential conflicts of interest (including potential conflicts related to the provision of Proxy Voting Services, activities other than Proxy Voting Services, and those presented by affiliation such as a controlling shareholder of the Proxy Advisory Firm) and monitoring that materially current, accurate, and complete information is used in creating recommendations and research; (iv) requiring the Proxy Advisory Firm to notify Principal Asset Management if there is a substantive change in the Proxy Advisory Firm's policies and procedures or otherwise to business practices, including with respect to conflicts, information gathering and creating voting recommendations and research, and reviewing any such change(s); (v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from, issuers, the Proxy Advisory Firm's clients and other third-party information sources; (vi) assessing how the Proxy Advisory Firm considers factors unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote; (vii) in case of an error made by the Proxy Advisory Firm, discussing the error with the Proxy Advisory Firm and determining whether appropriate corrective and preventive action is being taken; and (viii) assessing whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis and incorporates input from issuers and Proxy Advisory Firm clients in the update process. In evaluating the Proxy Advisory Firm, Principal Asset Management may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology.

Procedures for voting proxies

To increase the efficiency of the voting process, Principal Asset Management utilizes the Proxy Advisory Firm to act as its voting agent for its clients' holdings. Issuers initially send proxy information to the clients' custodians.

Principal Asset Management instructs these custodians to direct proxy related materials to the Proxy Advisory Firm. The Proxy Advisory Firm provides Principal Asset Management with research related to each resolution. Principal Asset Management analyzes relevant proxy materials on behalf of their clients and seek to instruct the vote of proxies in accordance with the Guidelines. A client may direct Principal Asset Management to vote for such client's account differently in applying the Policy and the Guidelines. Principal Asset Management may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations. Principal Asset Management seeks to vote (or refrain from voting) proxies for its clients in a manner determined to be in their best financial interests. In some cases, Principal Asset Management may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. Principal Asset Management may determine that voting is not in the best interests of a client and

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refrain from voting if the costs, including the opportunity costs, of voting would, in the view of Principal Asset Management, exceed the expected benefits of voting to the client.

Procedures for proxy issues within the guidelines

Where the Guidelines address the proxy matter being voted on, the Proxy Advisory Firm will generally process all proxy votes in accordance with the Guidelines. In the case of Shareholder Proposals for actively held securities, all ballots will be escalated to the applicable investment team to make a case-by-case determination of the vote decision. The applicable investment team may provide instructions to vote such Shareholder Proposals contrary to the Guidelines if the Exception Process is followed. In certain cases, a client may have elected to have Principal Asset Management administer a custom policy which is unique to the client. If Principal Asset Management is also responsible for the administration of such a custom policy, the procedures documented here generally will also be applicable (except for the specific policy differences), excluding reporting and disclosure procedures.

Procedures for proxy issues outside the guidelines

To the extent that the Guidelines do not cover potential voting issues, the Proxy Advisory Firm will seek direction from Principal Asset Management. Principal Asset Management may consider the spirit of the Guidelines and instruct the vote on such issues in a manner believed to be in the best interests of the client and in consideration of our policies covering Conflicts of Interest.

Securities lending

Some clients may have entered into securities lending arrangements with agent lenders to generate additional revenue. If a client participates in such lending, the client will need to inform Principal Asset Management as part of their contract with Principal Asset Management if they require Principal Asset Management to take actions in regard to voting securities that have been lent. If not commemorated in such agreement nor dictated by regulatory requirements, Principal Asset Management will not recall securities and as such, they will not have an obligation to direct the proxy voting of lent securities.

In the case of lending, Principal Asset Management maintains one share for each company security out on loan by the client. Principal Asset Management will vote the remaining share in these circumstances.

As noted above, where Principal Asset Management does not receive timely information, Principal Asset Management or the Proxy Advisory Firm may be unable to vote. This is more likely to occur when securities are on loan.

Regional variances in proxy voting

Principal Asset Management utilizes the Policy and Guidelines for both US and non-US clients, and there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is usually relatively easy to vote proxies, as the proxies are typically received automatically and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company's shareholders.

With respect to non-U.S. companies, we make reasonable efforts to vote most proxies and follow a similar process to those in the U.S. However, in some cases it may be both difficult and costly to vote proxies due to local regulations, customs or other requirements or restrictions, and such circumstances and expected costs may outweigh any anticipated economic benefit of voting. The major difficulties and costs may include: (i) appointing a proxy; (ii) obtaining reliable information about the time and location of a meeting; (iii) obtaining relevant information about voting procedures for foreign shareholders; (iv) restrictions on trading securities that are subject to proxy votes (share-blocking periods); (v) arranging for a proxy to vote locally in person; (vi) fees charged by custody banks for providing certain services with regard to voting proxies; and (vii) foregone income from securities lending programs. In certain instances, it may be determined by Principal Asset

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Management that the anticipated economic benefit outweighs the expected cost of voting. Principal Asset Management intends to make their determination on whether to vote proxies of non-U.S. companies on a case- by-case basis. In doing so, Principal Asset Management shall evaluate market requirements and impediments, including the difficulties set forth above, for voting proxies of companies in each country. Principal Asset Management periodically reviews voting logistics, including costs and other voting difficulties, on a client by client, and country by country basis, in order to determine if there have been any material changes that would affect Principal Asset Management's determinations and procedures.

Conflicts of interest

Principal Asset Management recognizes that, from time to time, potential conflicts of interest may exist. We adhere to a comprehensive Code of Ethics and Code of Conduct to guide our interactions as a fiduciary for client assets. Investment Management personnel also adhere to applicable regulatory requirements, state, and federal applicable laws and guidance.

Conflicts may occur across a spectrum of interactions and relationships that are likely inherent with a large financial services organization with a complex range of products and services. To avoid any perceived or actual conflict of interest, the procedures set forth below have been established for use when Principal Asset Management encounters a potential conflict to ensure that its voting decisions are based on maximizing shareholder value and are not the product of a conflict.

Addressing conflicts of interest – self disclosure

The investment management team must act in the client's best interest and must safeguard against the inappropriate influence of proxy votes. Investment personnel have a responsibility to escalate potential and actual conflicts of interest to Principal Asset Management Legal and/or Compliance for assessment. Examples of potential conflicts include but are not limited to outreach from: individuals within the broader Principal enterprise and affiliates; clients; lenders or providers of Principal and affiliates; and family, friends, or other personal or professional relations where there is an intent to direct, influence, or coordinate a vote. This excludes outreach from the issuer directly and outreach by third parties engaged on the issuer's behalf as customary/usual and in the ordinary course of the Issuer's business with the purpose of providing additional relevant research and information to be used in making a vote determination. Similarly, outreach from internal peer investment teams is also excluded. Principal Asset Management's investment philosophy may involve regular engagement with management of an asset which may involve vote topics. Such engagements will adhere to regulatory and other industry applicable requirements.

Vote guideline exception process

Individual investment teams may seek unique goals on behalf of clients invested in differing strategy types. There may be instances in which Principal Asset Management votes ballots that contradict one another. This does not constitute a potential conflict but is a biproduct of autonomy of philosophies. To facilitate this obligation and avoid conflicts, we have a defined process that allows for voting contrary to the selected Guidelines.

The following Exception Process must be used when (i) voting contrary to the Guidelines, (ii) voting on matters where there is an actual or potential conflict of interest, and (iii) where the Guidelines do not cover the vote at issue and a potential conflict is identified.

Exception Process: Prior to directing a vote to which this process applies, the relevant investment team must complete and submit a report to Principal Asset Management Compliance setting out: (i) the name of the security, (ii) the issue up for vote, (iii) a summary of the Guidelines' recommendation, the nature of the actual or potential conflict of interest, or statement as to why the investment team believes the Guidelines do not cover the vote at issue, each as applicable, (iv) the vote requested and the rationale for voting against the Guidelines' recommendation, or steps taken to mitigate the actual or potential conflict of interest, or the rationale for a

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vote not covered by the Guidelines, each as applicable. The member of the investment team requesting an exception has an affirmative obligation to disclose any known personal or business relationship that could affect the voting of the applicable proxy and must attest to compliance with Principal Asset Management's Code of Ethics. The Exception Process requires sign-off from both the covering Analyst and the Portfolio Manager prior to putting forward the exception for additional review. Principal Asset Management Compliance will approve or deny the exception in consultation, if deemed necessary, with Legal.

If Principal Asset Management Compliance determines that there is no material conflict, the Guidelines may be overridden. If Principal Asset Management Compliance determines that a material conflict exists or may exist, Compliance will refer the issue to the Proxy Voting Committee. The Proxy Voting Committee will consider the facts and circumstances of the pending proxy vote and the potential or actual material conflict and decide by a majority vote as to how to vote the proxy – i.e., whether to permit or deny the exception.

In considering requests under the Exception Process. the proxy vote and potential material conflict of interest, the Proxy Voting Committee may review the following factors (among others):

• The percentage of outstanding securities of the issuer held on behalf of clients by Principal Asset Management.

• The nature of the relationship of the issuer with the Principal Asset Management, its affiliates, its executive officers, or the investment team personnel.

• Whether there has been any attempt to directly or indirectly influence the investment team's decision (whether by internal or external/third parties);

• Whether the direction of the proposed vote would appear to benefit Principal Asset Management or a related party; and/or

• Whether an objective decision to vote in a certain way will still create a strong appearance of a conflict.

Votes ineligible for the exception process

To mitigate potential conflicts of interest, for any proxy votes specific to Principal Financial Group common stock (ticker: PFG), the Exception Process is not applicable.

In the case of any proprietary electronically traded funds ("ETFs"), mutual funds, or other comingled proprietary vehicles, Principal Asset Management will vote in the same proportion as all other voting shareholders of the underlying fund/vehicle, which is referred to as echo voting, and the Exception Process is not applicable. This voting is provided by the Proxy Advisory Firm. If echo voting is not available or operationally feasible, Principal Asset Management may abstain from voting.

Proxy advisory firm

If the Proxy Advisory Firm itself has a conflict and thus is unable to provide a recommendation, the investment team may vote in accordance with the recommendation of another independent service provider, if available. If a recommendation from an independent service provider other than the Proxy Advisory Firm is not available, the investment team will follow the Exception Process. Principal Asset Management Compliance will review the form and, if Compliance determines that there is no material conflict mandating a decision from the Proxy Voting Committee, the investment team may instruct the Proxy Advisory Firm to vote the proxy issue as it determines it is in the best interest of clients. If Principal Asset Management Compliance determines that a material conflict exists or may exist, Compliance will refer the issue to the Proxy Voting Committee for consideration as outlined above.

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Availability of proxy voting information and recordkeeping

Disclosure

Principal Asset Management publicly discloses proxy voting results on our website: Principal Asset Management Vote Disclosure. The interactive voting dashboard allows for dynamic disclosure of the manner in which votes were cast, including details related to (i) votes against management, (ii) abstentions, (iii) vote rationale, and (iii) voting metrics. For more information, clients may contact Principal Asset Management for details related to how Principal Asset Management has voted with respect to securities held in the Client's account. On request, Principal Asset Management will provide clients with a summary of Principal Asset Management's proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Proxy Voting Policies and Procedures upon request. Additional disclosure regarding Principal Asset Management's proxy voting is provided in Part 2A of its Form ADV.

Recordkeeping

Principal Asset Management will keep records of the following items: (i) the Guidelines, (ii) the Proxy Voting Policies and Procedures; (iii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iv) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (v) written records of written client requests for proxy voting information and responses from Principal Asset Management (whether a client's request was oral or in writing); (vi) any documents prepared by Principal Asset Management that were material to making a decision how to vote, or that memorialized the basis for the decision; (vii) a record of any testing conducted on any Proxy Advisory Firm's votes; (viii) materials collected and reviewed by Principal Asset Management as part of its due diligence of the Proxy Advisory Firm; (ix) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to Principal Asset Management; and (x) the minutes of the Proxy Voting Committee meetings. All records referenced above will be kept in an easily accessible place for at least the length of time required by local regulation and custom, or six years from the end of the fiscal year during which the last entry was made on such record, whichever is longer. We maintain the vast majority of these records electronically.

#### Appendix
Proxy voting philosophy

Principal Asset Management's Proxy Voting Philosophy is built on an unwavering commitment of creating long- term value for our shareholders and investing in businesses sharing this commitment. While we think setting and executing corporate policies should generally rest with a company's board of directors and executive management, we also think shareholders play a critical role in holding these parties accountable. We take this responsibility seriously. Our policy is implemented globally, taking into consideration the relevant legal and regulatory requirements in each region.

#### Our philosophy is structured around four key themes:
• Board structure and composition

• Board oversight of risk and strategy

• Board oversight of executive selection and compensation

• Shareholder rights and protections

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The positions described below should be understood as principles underlying our general philosophy and not as strict requirements to be followed with respect to each and every proxy vote.

Board structure, composition, and accountability

The philosophy of our active investment teams: Our clients, as shareholders, own the corporation. Boards of directors are accountable to them. Corporate management, in turn, is accountable to its board. As investors, we need to be comfortable delegating trust and responsibility to these parties – and these parties should have the appropriate discretion to manage a company's affairs with an awareness of the company's particular circumstances. We guide our proxy voting in this area to help ensure our clients are invested in companies with trustworthy and effective boards. Examples of relevant principals underlying this philosophy include but are not limited to:

**Independence** – A majority of board members are expected to be substantially independent from the company – not company executives, not key customers or suppliers, and not executives who sit on one another's boards. Non-independent board members should be prohibited from serving on key board committees such as audit, compensation, nominating and governance. In addition, board leadership should be independent of company management either through an independent chair or lead independent director with sufficient authority.

**Board composition and selection** – A board must possess the fully array of skills and experience necessary to oversee and guide the company it serves. We expect boards to curate an inventory of necessary skills and experiences and ensure full representation across the board. For new board members, boards should recruit unbiased slates of candidates who reflect the skills needed by the board.

**Board size** – A board should bring a wide range of relevant perspectives, incorporate skills aligning with business needs, and include enough members to ensure sufficient levels of independence for key committees.

**Capacity and commitments of board members** – Board members should demonstrate a capacity to fulfill their roles and a commitment to the responsible discharge of their duties. This includes attendance of at least 75% of board meetings and participation in no more than four other public company boards.

**Accountability** – As shareholder representatives, board members should be held to a high standard with their performance assessed on a regular basis. As such, shareholders should have the right to vote on the entire slate of directors on an annual basis.

Board oversight of risk and strategy

The philosophy of our active investment teams: The oversight, guidance, and support a board of directors provides to a management team is critical to the execution of its long-term corporate strategy and ultimately, the creation of shareholder value. We expect boards to assist in identifying material risks to the company's strategy, disclosure practices, and execution and to provide risk mitigation insight and monitoring. Examples of relevant principles underlying this philosophy include but are not limited to:

**Capital structure** – Increases in authorized shares outstanding are generally accepted if the proposed authorization results in an increase in shares authorized of 10% or less over a 2-year period. Proposals to create, modify, or issue common and preferred stock are generally accepted if the rights of the issuance are not superior to the rights of the current shareholders, subject to the principal that the authorization increase is limited to 10% of less over a 2-year period.

**Mergers and acquisitions** – We expect boards to actively review potential targets and offers, assessing all such activities with shareholder value creation as the primary consideration. As investors, we recognize all merger and acquisition proposals are unique and should be assessed on their individual merit, including the deal premium, strategic rationale and possibility of competing offers.

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**Auditors** – A board of directors should oversee the company's third-party auditor to ensure an independent and accurate assessment of the company's financial position is being portrayed. This should include a regular review of auditor qualifications, independence and competency.

**Climate reporting** – We expect boards and managements to assess financially material climate risks to the business and, when relevant, provide the disclosure necessary for a reasonable investor to make informed decisions regarding potential impacts upon shareholder value.

Board oversight of executive selection and compensation

The philosophy of our active investment teams: A key aspect of a board of directors' governance responsibility is the support, selection and assessment of the management team. Boards should hold executives to clear value creation and be willing to make changes to management when shareholder value creation falls short of reasonable potential. Boards should also create and maintain formal succession plans to ensure continuity and minimize key person risk. Examples of relevant principles underlying this philosophy include but are not limited to:

**Executive pay** – A board should have a clear philosophy on executive pay and maintain an independent compensation committee focused on attracting and retaining executives who will drive shareholder value over time. Executives' pay and long-term performance should align executives with shareholders through measures of financial performance relative to financial targets aligned with value generation, and the performance of relevant peers. Likewise, we expect the board of directors to be aligned with shareholders through financial incentives and share ownership.

**Stock based compensation** – We support the use of share-based incentive plans intended to increase the share ownership by management and align shareholder interests with management. Such plans should take into consideration the dollar cost of the plans to shareholders and the appropriateness of financial targets included in the plans. However, we believe that retroactive re-pricing of underwater options is indicative of poor corporate governance and will generally vote in opposition to a repricing scheme.

**Say on pay frequency** – In order to ensure alignment between pay and performance, we support annual advisory votes to approve executive compensation.

**Executive selection and succession** – We expect a board of directors to carry out a thorough executive selection process considering a range of qualified candidates with a variety of skills and backgrounds. It is ultimately the responsibility of a board to select the candidate they think will best generate long-term value for shareholders.

Shareholder rights and protections

The philosophy of our active investment teams: As investors, we view the protection of shareholder rights as integral to proper corporate governance and think major corporate changes require prior shareholder approval. We also recognize there are costs associated with shareholder proposals and think ownership thresholds are appropriate in many circumstances. We oppose all structural impediments to increasing shareholder value.

Examples of relevant principles underlying this philosophy include but are not limited to:

**Shareholder rights plans "Poison Pills"** – We generally oppose the use of poison pills unless a "pill" is approved by shareholders and does not hamper value creation.

**Supermajority voting** – A majority vote of shareholders should be sufficient to approve items such as bylaws and acquisitions. Supermajority requirements have the potential to erode the rights of minority shareholders and are viewed negatively.

**Unequal voting rights** – We support equal voting rights and think voting power should be allocated in direct proportion to the shareholders' equity ownership. Accordingly, we believe that dual share classes generally

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present more disadvantages than advantages to long-term investors and will generally vote against proposals to create or continue such structures. Notable exceptions include Real Estate Investment Trusts.

**Shareholder rights** – We think shareholders generally have the right to nominate directors, call special meetings and act without holding a meeting in certain circumstances. However, we also recognize there is potential for abuse and therefore support reasonable ownership thresholds.

**Capital structure** – The decision to issue or repurchase stock, issue debt or split shares is made by a board presumably with the intent of improving the overall capital structure, investing in growth, reaching a broader investment audience, enhancing shareholder value, and/or managing challenging liquidity/leverage circumstances. As such, we review these decisions on a case-by-case basis taking into consideration the degree of dilution and impact on liquidity. Proposals to create, modify or issue common and preferred stock are generally accepted if the rights of the issuance are not superior to the rights of current shareholders subject to the principal that an authorization increase is limited to 10% or less over a 2-year period.

A note on shareholder proposals

Shareholder Proposals are often company specific making a one-size fits all approach to voting suboptimal. For that reason, shareholder proposals are escalated to the active investment teams for case-by-case analysis and decision making. Voting decisions are made by weighing the financial materiality of the proposal against any opposing rationale from company management, with the ultimate determination driven by the economic best interest of shareholders. While votes are generally cast consistently across the investment teams, there may be situations where portfolio managers holding the same security disagree on what is in the best interests of their shareholders.

Passive strategy voting

Our passively managed strategies follow the same voting philosophy as our actively managed strategies. In the absence of a determination by our active investment teams, our passive strategies will typically vote in alignment with management. We think managements and boards of directors should have comprehensive insights into the company's long-term strategy and operations. This insight puts them in a sound position to determine the financial materiality of proposals and their alignment with the economic interest of shareholders in the absence of an evaluation by our active teams.

We execute this philosophy through our Proxy Voting Guidelines as overseen by our Proxy Voting committee. Strategies are aligned to one of our custom Guidelines - Base, Sustainable and Board Aligned. We provide clients with transparency into our voting history and rationale via our interactive website. In most strategies, clients may also choose to vote their own shares or request a custom set of vote guidelines aligning with their own specific requirements.

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#### Important Information
This material covers general information only and does not take account of any investor's investment objectives or financial situation and should not be construed as specific investment advice, a recommendation, or be relied on in any way as a guarantee, promise, forecast or prediction of future events regarding an investment or the markets in general. The opinions and predictions expressed are subject to change without prior notice. The information presented has been derived from sources believed to be accurate; however, we do not independently verify or guarantee its accuracy or validity. Any reference to a specific investment or security does not constitute a recommendation to buy, sell, or hold such investment or security, nor an indication that the investment manager or its affiliates has recommended a specific security for any client account. Subject to any contrary provisions of applicable law, the investment manager and its affiliates, and their officers, directors, employees, agents, disclaim any express or implied warranty of reliability or accuracy and any responsibility arising in any way (including by reason of negligence) for errors or omissions in the information or data provided.

This material is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

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#### Schroders Investment Management North America Inc.

#### Proxy Voting Policy Summary (10/20/2023)

#### Proxy Voting Policy Requirements
Pursuant to its Proxy Voting policy, Schroders votes on all shares in publicly quoted equities except as described below. Schroders votes on all of its clients' shares covered by its policy, except in the following very limited circumstances:

• Where there are share blocking requirements over the shares and the Investment team considers that the ability to trade the shares is more important than the ability to vote, it may elect not to do so. In this case, Schroders' Corporate Governance team is consulted and must approve this decision.

• Where the relevant Corporate Governance team considers that costs associated with voting the shares (for example, the financial and/or administrative cost of providing additional documentation) may outweigh the value of the ability to vote.

• Where there are physical barriers to voting and/or timing issues. For example, where the Schroders proxy voting provider has not provided an electronic means to vote or has not provided their research (which enables Schroders to vote) more than one U.K. business day before the voting cut off.

#### All voting is conducted as per Global and Regional Voting Guidelines adopted by the Schroders Group.
Schroders Global Voting Guidelines can be found <u>here</u>. The Global Voting Guidelines set the minimum standards to be applied and are supported by the Regional Voting Guidelines, where applicable, which provide specific guidance on how to apply these locally. All voting is conducted in line with such Guidelines except in the circumstances described above.

Global and Regional Voting Guidelines are reviewed at least annually by regional Corporate Governance teams, with any material changes agreed with by the Compliance team.

#### Corporate Governance teams are responsible for conducting the voting on shares covered by Schroders Proxy Voting policy.
Corporate Governance teams discuss and agree with the relevant Investment teams how to vote with respect to each issuer's shares covered by the policy with reference to the applicable Global and Regional Voting Guidelines, and any discussion and/or other engagement with each company. Once an agreement is reached, the relevant Corporate Governance team is responsible for voting accordingly.

#### Schroders has the ability to conduct all voting electronically.
All voting is conducted via the electronic voting platform provided by Schroders proxy voting provider, unless there are specific operational reasons not to do so or Schroders attends the meeting in person.

#### Voting Escalation Process
Where an agreement on how to vote the shares cannot be reached between the relevant Corporate Governance team and the relevant Investment team(s):

• The Corporate Governance team and the Investment team(s) will each write a memo setting out their views on the resolution, how they believe the shares should be voted and their rationale.

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#### Schroders Investment Management North America Inc.

#### Proxy Voting Policy Summary (10/20/2023)
• The Corporate Governance team shall convene a meeting (electronically or physically) between the disagreeing parties and the Co-Head of Investment and Head of Equities who will adjudicate and make a decision on how to vote the shares.

• The Corporate Governance team will document this decision in writing and vote the shares in accordance with the decision.

For the avoidance of doubt, Schroders is not required to follow any recommendations made by the Schroders proxy voting provider, provided as part of its research.

#### Conflicts of Interest
Schroders is responsible for monitoring and identifying situations that could give rise to a conflict of

interest, including those that could give rise to a conflict of interest when voting at company meetings. Those responsible for monitoring and identifying situations that could give rise to a conflict of interest are responsible for informing the Corporate Governance team of any potential conflicts in accordance with Schroders Group Conflicts of Interest Policy.

Where a potential conflict is identified with respect to an account on whose behalf the Corporate Governance team is voting, or the company being voted on, Schroders will typically follow the standard voting recommendations of the Schroders proxy voting provider.

Examples of potential conflicts of interest include, but are not limited to:

• Where the company in question is a significant client, or part of the same group, as a significant client of Schroders.

• Where the Schroders' employee making the voting decision is a director of, significant shareholder of, or has a position of influence at the company in question.

• Where a Schroders plc director or senior manager is a director of the company in question.

• Where Schroders plc or an affiliate is a shareholder of the company being voted on.

• Where there is a conflict of interest between one client and another client, or there is pressure to vote in a particular way due to a client request.

• Where the Corporate Governance team votes on Schroders plc resolutions.

There may be scenarios where it is in the best interest of a client to override the recommendations of the Schroders proxy voting provider. In such scenarios, Schroders will obtain approval for the decision from Schroders' the Head of Equities (or other relevant asset class) with the reason for such a vote being recorded in writing. In cases where a recommendation from the Schroders proxy voting provider is not available, Schroders will vote in what it considers to be the best interests of its clients.

#### Corporate Actions
In the case of mergers, acquisitions or similar corporate actions where an account holds investments in both the target and the acquirer, Schroders acts in what it considers the best interests of its clients based on the information available at the time.

There may be other instances where different accounts, managed by the same or different Schroders fund managers, hold stocks on either side of a transaction. In these cases, the fund managers will each vote in the best interests of their respective clients. The Corporate Governance team will execute the votes on the instruction of the relevant Investment team(s).

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Proxy Voting – October 2024

Policy Statement

When VanEck has been granted proxy voting authority by a client, VanEck, as a matter of policy and practice, will vote all proxies in accordance with applicable rules and regulations and in the best interests of its clients without influence by real or apparent conflicts of interest. Under its duty of care, VanEck will monitor corporate events and vote proxies. Under the duty of loyalty, VanEck will cast proxy votes in a manner consistent with the best interest of its clients and not subrogate the clients' interests to its own.

VanEck has adopted the following policies and procedures, which are reasonably designed to ensure that proxies are voted in a manner that is consistent with the best interests of its clients in accordance with its fiduciary duties and Rule 206(4)-6 under the Advisers Act.

Background / Regulatory Requirements

An investment adviser must exercise the duties of care and loyalty with respect to proxy voting in accordance with its fiduciary duties and SEC rules 30b1-4, 206(4)-6 and 204-2, as amended under the Advisers Act. Consistent with its fiduciary duties and Rule 206(4)-6 under the Advisers Act, an adviser owes its clients the duties of care and loyalty when voting proxies on their behalf. As such, an adviser must stay abreast of corporate events and vote proxies in a manner that is always in the best interests of its clients despite any potential conflicts of interest.

Rule 206(4)-6 of the Advisers Act requires an adviser to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; and b) disclose information about its proxy voting procedures to its clients and to inform clients how to obtain information about how their proxies were voted. Additionally, Rule 204-2 under the Advisers Act requires an adviser to maintain certain proxy voting records.

An adviser that exercises voting authority without complying with Rule 206(4)-6 will be deemed to have engaged in a "fraudulent, deceptive, or manipulative" act, practice or course of business within the meaning of Section 206(4) of the Advisers Act.

Procedure

#### PROXY VOTING AGENT
VanEck has engaged Glass, Lewis & Co., LLC ("Glass Lewis"), an independent third party proxy voting specialist, to assist in the implementation and administration of proxy voting-related functions. Glass Lewis is responsible for notifying VanEck of all upcoming meetings, providing a proxy analysis and vote recommendation for each proposal, verifying that all proxies are received, submitting vote instructions to the appropriate tabulator, and contacting custodian banks to request missing proxies. In addition, Glass Lewis is responsible for maintaining copies of all proxy statements received by issuers and to promptly provide such materials to VanEck upon request.

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VanEck oversees the Glass Lewis activities by reviewing reports produced by Glass Lewis, performing periodic audits of the proxy votes, reviewing Glass Lewis policies, procedures and practices regarding potential conflicts of interest, and conducting periodic onsite due diligence.

#### PROXY VOTING GUIDELINES
VanEck has adopted the Glass Lewis Proxy Voting Guidelines (the "Proxy Voting Guidelines"). The Proxy Voting Guidelines reflect VanEck's general voting positions on specific corporate governance issues and corporate actions. The Proxy Voting Guidelines address routine as well as significant matters commonly encountered. VanEck's portfolio managers review the Proxy Voting Guidelines (including any revisions made to the Proxy Voting Guidelines) on an annual basis.

While it is VanEck's policy to generally follow the Proxy Voting Guidelines, the portfolio manager retains the right, on any specific proxy, to vote differently from the Proxy Voting Guidelines, if he/she believes it is in the best interests of VanEck's clients. Absent a Glass Lewis vote recommendation, such votes will be made on a case-by-case basis by VanEck. Any such exceptions will be documented by the portfolio manager and reviewed by the CCO or designee.

#### PRE -P OPULATION OF VOTES
The Adviser pre-populates votes with Glass Lewis to help ensure all proxies are voted and such proxies are voted consistent with Glass Lewis' recommendations. The Adviser has the right to change or override the vote up until the vote deadline and in some instances up until the time of the meeting. In the absence of intervention by the Adviser, Glass Lewis will submit votes prior to the vote deadline. The Adviser has established procedures to access and review additional information provided by the issuer of a proxy that may become available before the Adviser casts its vote.

#### SHARES OF REGISTERED INVESTMENT COMPANIES
Certain funds advised by VanEck may invest their assets in other unaffiliated investment companies. To comply with Section 12(d)(1)(F), Rule 12d1-4 of the 1940 Act, or No-Action Letters<sup>1</sup> (if applicable), funds that hold shares in underlying funds may vote their shares in any underlying fund in the same proportion as the vote of all other shareholders in that underlying fund (sometimes called "echo" or "proportionate" voting) as required by the rules. The above proportionate voting procedures do not apply to non-U.S. underlying funds held by the VanEck Funds.

#### NON -V OTING

#### FOREIGN SECURITIES
VanEck may refrain from voting a proxy of a foreign issue due to logistical considerations that may impair VanEck's ability to vote the proxy. These issues may include, but are not limited to: (i) proxy statements and ballots being written in a foreign language, (ii) untimely notice of a shareholder meeting, (iii) requirements to vote proxies in person, (iv) restrictions on foreigner's ability to exercise votes, or (v) requirements to provide local agents with power of attorney to facilitate the voting instructions. Such proxies are voted on a best-efforts basis.

<sup>1</sup> SPDR S&P Dividend ETF No-Action Letter, dated March 28, 2016 (IM Ref. No. 20151221518).

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In certain foreign jurisdictions, the voting of portfolio proxies can result in additional restrictions that have an economic impact or cost to the security, such as "share-blocking." Share-blocking would prevent VanEck from selling the shares of the foreign company for a period of time if VanEck votes the portfolio proxy relating to the foreign company. VanEck will generally refrain from voting proxies on foreign securities that are subject to share blocking restrictions.

#### SECURITIES LENDING
Certain portfolios managed by VanEck participate in securities lending programs to generate additional revenue. Proxy voting rights generally pass to the borrower when a security is on loan. If the security in question is on loan as part of a securities lending program, the Adviser may determine that the benefit to the Client of voting a particular proxy is outweighed by the revenue that would be lost by terminating the loan and recalling the securities. VanEck will use its best efforts to recall a security on loan and vote such securities if the portfolio manager determines that the proxy involves a material event.

There may be other instances where the Adviser may determine that casting a vote will not reasonably be expected to have a material effect on the value of a Client's investments and instances where the Adviser is unable to vote because it did not receive proxy materials timely. Annually, the Adviser shall provide a report to the Board of proxies not voted.

#### RESOLVING MATERIAL CONFLICTS OF INTEREST
VanEck may occasionally be subject to material conflicts of interest in voting proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes.

A "material conflict of interest" means the existence of a business relationship between a portfolio company or an affiliate and VanEck, any affiliate or subsidiary, or an "affiliated person" of a VanEck mutual fund. Examples of when a material conflict of interest exists include a situation where the adviser provides significant investment advisory, brokerage or other services to a company whose management is soliciting proxies; an officer of the adviser serves on the board of a charitable organization that receives charitable contributions from the portfolio company and the charitable organization is a client of the adviser; a portfolio company that is a significant selling agent of the adviser's products and services solicits proxies; a broker-dealer or insurance company that controls 5% or more of the adviser's assets solicits proxies; the adviser serves as an investment adviser to the pension or other investment account of the portfolio company; the adviser and the portfolio company have a lending relationship. In each of these situations voting against management may cause the adviser a loss of revenue or other benefit.

When a material conflict of interest exists, proxies will be voted in the following manner:

1. Strict adherence to the Proxy Voting Guidelines, or

2. The potential conflict will be disclosed to the client:

a) Requesting the client to vote the proxy,

b) Recommending the client to engage another party to determine how the proxy should be voted, or

c) If the foregoing are not acceptable to the client, disclosure of how VanEck intends to vote and a written consent to that vote by the client.

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Any deviations from the foregoing voting mechanisms must be approved by the CCO with a written explanation of the reason for the deviation.

#### CLIENT INQUIRIES AND DISCLOSURE
VanEck provides clients with a copy of the Proxy Voting Policy and Procedures upon request. In addition, it discloses a summary of this policy in Part 2A of Form ADV which it provides to clients at or prior to entering into an investment advisory agreement with a client and also offers to existing clients on an annual basis.

Generally, clients of VanEck have the right, and shall be afforded the opportunity, to have access to records of voting actions taken with respect to securities held in their respective accounts. All inquiries by clients as to how VanEck has voted proxies must immediately be forwarded to the Portfolio Administration Department.

#### OVERSIGHT OF PROXY ADVISER
The Adviser oversees Glass Lewis' activities by reviewing various voting reports. The Adviser reviews Glass Lewis' policies, procedures and practices regarding potential conflicts of interest to confirm that Glass Lewis remains independent and objective in the formulation of its recommendations. No less frequently than annually, the Adviser shall review Glass Lewis' capacity/competency (*i.e.*, nature and quality of services, capability of research staff, methodologies for formulating voting recommendations, the adequacy and quality of staffing, personnel and technology, as applicable). The Adviser shall no less frequently than annually sample actual votes cast to confirm votes were cast as intended.

#### RECORDKEEPING
VanEck is required to maintain and preserve in an easily accessible place for a period of not less than five years, the first two years in VanEck's office, the following records:

1. Copies of VanEck's Proxy Voting Policies, Procedures and Guidelines;

2. Copies or records of each proxy statement received with respect to clients' securities for whom VanEck exercises voting authority;

3. A record of each vote cast on behalf of an account as well as certain records pertaining to VanEck's decision on the vote;

5. A copy of each written client request for information on how VanEck voted proxies on behalf of the client, and a copy of any written response by VanEck to any client request for information (either written or oral) on how VanEck voted proxies on behalf of the requesting client.

VanEck relies on Glass Lewis to maintain proxy statements and records of proxy votes on VanEck's behalf. As such, Glass Lewis must provide a copy of the records promptly upon request.

#### SAY -O N -P AY
VanEck is an institutional investment manager who is required to file reports under Section 13(f) and exercises voting authority on behalf of its clients on executive compensation (Say-on-Pay) matters pursuant to Section 14A of the Exchange Act.

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Since VanEck exercises voting authority over securities, VanEck must file Form N-PX annually by August 31, covering the 12-month period ending June 30. This form includes records of proxy votes cast on behalf of its client accounts regarding:

● Executive compensation (Say-on-Pay) votes (Section 14A(a)),

● Frequency of Say-on-Pay votes (Section 14A(b)),

● Golden parachute compensation related to mergers and acquisitions.

If another adviser or a registered fund managed by VanEck has reported the votes, VanEck may submit an Institutional Manager Notice Report (the "Notice Report") on Form N-PX. The Notice Report indicates that no additional votes are being reported.

The Notice Report is an abbreviated filing where VanEck simply discloses that the registered fund has reported all the relevant proxy votes. The Notice Report must identify the registered funds that are responsible for reporting the votes, as well as the fact that VanEck is relying on the joint reporting provision.

VanEck may choose to file a detailed Form N-PX detailing all proxy votes on Say-on-Pay votes or file a Notice Report.

VanEck may request confidential treatment of certain votes if disclosure would likely result in harm to VanEck or its clients. Such requests must be filed in accordance with SEC Rule 24b-2 and the instructions for confidential treatment on Form N-PX.

Detailed records of all proxy votes must be maintained. These records must be kept for at least five years and made available for SEC examinations upon request.

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#### H-12 PROXY VOTING

#### BACKGROUND AND RISKS
Voting rights associated with security ownership are closely related to the discretionary asset management services VCM provides to its clients. Therefore, VCM should be capable of accepting and exercising voting authority on behalf of clients with the same standard of care, skill, prudence, and diligence it is subject to when exercising its investment authority on behalf of clients. Further, in order to exercise voting authority on behalf of clients, VCM must comply with Rule 206(4)-6 of the Advisers Act (the "proxy rule") and Rule 14Ad-1 of the Securities and Exchange Act of 1934 (the "proxy reporting rule"). The proxy rule requires VCM to adopt and implement written policies and procedures designed to ensure it votes securities in the best interest of clients including managing material conflicts of interest between VCM and its clients, to disclose to clients a summary of its proxy voting policies and procedures, how they may obtain a copy of these procedures, and information about how VCM voted their securities. The proxy reporting rule requires certain investment managers to report their proxy voting record annually on Form N-PX with respect to certain votes on executive compensation.

Inability to accept and exercise voting authority on behalf of clients or failure to comply with the proxy rule or proxy reporting rule could result in violations of securities law, breach of fiduciary duty, client harm, or damage to VCM's reputation.

#### POLICY
VCM will establish policies and procedures and retain resources necessary to ensure it is capable of exercising voting authority on behalf of clients according to the same standard of care with which it exercises investment authority. Because VCM will exercise voting authority, it will comply with the proxy rule and the proxy reporting rule and must vote securities in the best interest of clients.

For purposes of this policy, voting in the best interest of clients means using complete and accurate information to vote with the objective of increasing the long-term economic value of client assets. Similar to investment decision making, voting decisions are qualitative in nature and VCM will consider a variety of factors to arrive at vote decisions. Further a voting decision in the same security may be different between clients for the same reasons VCM clients are invested in different securities. For example, client agreements, investment strategies,

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or specific investment franchise views on ballot proposals may cause the same security to be voted in a different manner across VCM's client base.

VCM will vote all securities over which it has authority, provided the client has voting rights and there is sufficient time and information available to make informed decisions. VCM will take reasonable steps to obtain appropriate and timely information.

In situations where voting may impact the ability to trade a security (e.g., shareblocking), VCM will not vote unless it determines that voting is in a client's best interest.

For a copy of the guidelines (as defined below) please visit VCM's website at https://investor.vcm.com/policies. To obtain information on specific proxies voted by VCM, clients may contact their VCM client manager or email an inquiry to client_service_team@vcm.com.

VCM will create, maintain, and retain appropriate records related to voting client securities.

#### LIST OF REQUIRED CONTROLS
• Proxy Voting Committee (the "committee")

• Client Investment Management Agreements ("IMAs")

• Third-party proxy firm ("proxy firm")

• M-19 Vendor Due Diligence and Oversight ("vendor oversight policy")

• Proxy voting guidelines

• Annual committee guideline review

• Form ADV, Part 2A

• M-13 Record Retention and Destruction, Appendix A ("recordkeeping requirements")

#### CONTROL IMPLEMENTATION PROCEDURES
• The committee will consist of members with experience related to the functional areas applicable to voting client securities including responsible investing, investment management, operations, and compliance. The committee is responsible for exercising VCM's fiduciary responsibilities related to

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voting client securities including voting in the best interests of clients and identifying and managing conflicts of interest. The committee will be active, keep a charter, and maintain records that demonstrate adequate execution of its responsibilities.

• When a client enters into an advisory relationship with VCM, proxy voting roles and responsibilities between the client and VCM will be fully disclosed. Responsibilities delegated to VCM will be communicated to the committee and the committee will be responsible for implementing voting requirements in accordance with each IMA.

• In order to support its fiduciary duty related to voting client securities and comply with the proxy rule and proxy reporting rule, VCM will retain, and the committee will oversee a third-party proxy advisory firm ("proxy firm") to provide both administrative and advisory services related to voting client securities. In relation to the proxy reporting rule, the proxy firm will provide draft filings in the appropriate format. The Business Owner of this policy is responsible for ensuring the accuracy of the filing. The Compliance Owner is responsible for ensuring the report is filed in a timely manner and complies with the proxy reporting rule. Selection and ongoing oversight of the proxy firm will be conducted in accordance with the vendor oversight policy. The Sponsor, as defined in the vendor oversight policy, must be a member of the committee. Currently, VCM retains Institutional Shareholder Services Inc. as its proxy firm.

• The committee will adopt written proxy voting guidelines authored by the proxy firm ("guidelines"). These guidelines can be used as standing instructions on how the proxy firm must vote ballots provided that the committee must:

• Have the ability to customize the guidelines.

• Retain the ability to override the guidelines on individual ballot proposals at the client level.

• Review the guidelines at least annually, implement customizations based on this review, and submit a written memo to the compliance committee documenting the results of the annual review that includes the name of the proxy firm, links to the specific guidelines adopted, and a description of customizations made.

• Make the memo available to clients upon request.

• The purpose of the guidelines is 1) to benefit from the specialized expertise related to voting securities provided by the proxy firm and to provide an independent source to resolve conflicts of interest identified

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between VCM and its clients. For the first purpose, the committee will take into account the guidelines but will have ultimate responsibility for voting decisions. The committee will, in its discretion, rely on additional sources such as portfolio manager input to ensure the voting decisions it makes are in the best interest of specific clients. If the guidelines are silent on any pending ballot proposal, the committee will exercise its voting responsibility with due care and document the rationale for the vote decision. For the second purpose, if the committee identifies a conflict of interest between VCM and clients, the committee must vote in accordance with the guidelines unless the rationale for deviating from guidelines has unanimous consent from the committee and is put in writing, including an analysis of how the conflict of interest is eliminated, mitigated, or disclosed. <br>

• The proxy firm will provide technology-based platform that provides operational controls over voting securities that include, at minimum, ballot reconciliation, casting complete ballots in a timely manner and in accordance with adopted written guidelines, ability to adjust or override a vote based on committee input, and reporting capabilities that support compliance with the proxy reporting rule and VCM's need to oversee the proxy firm and report internally and externally. The committee is responsible for ensuring these controls are operating as intended though must, at minimum, develop reporting designed to ensure all eligible client accounts are properly set up and configured on the proxy firm's platform and that the proxy firm is voting securities in accordance with the guidelines and this policy. Such reports should be reviewed by the committee at regular intervals and any exceptions should be referred to the LCR department.

• The disclosures required under the proxy rule will be contained in VCM's Form ADV, Part 2A and will be delivered to clients at the time and frequency required by regulation.

• The committee will be familiar with the recordkeeping requirements related to voting client securities and will maintain records and ensure the proxy firm maintains records for the required periods.

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|:---|:---|
| **Compliance Policy Executive Summary** | **Compliance Policy Executive Summary** |
| **Policy Name:** | H-12 Proxy Voting Policy |
| **Applicability:** | Victory Capital Management Inc. ("VCM") |
| **Category:** | Investments - General |
| **Compliance Owner:** | Chief Compliance Officer, VCM |

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| **Business Owner:** | Director Responsible Investment, VCM |
| **Effective Date:** | June 30, 2024 |
| **Executive Summary:** | Policy and procedures governing the voting of client securities |

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#### PROXY VOTING

#### POLICY

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|  **INTRODUCTION**<br>Our investment philosophy is to seek out and own high quality, durable and resilient companies with long-term growth potential. We aim to be engaged owners of these companies on behalf of our clients.<br>The emphasis of our stewardship work is on:<br>![LOGO](g767768g1121013633785.jpg) 'business-as-usual' meetings with management teams on topics that are deemed to be materially relevant to long-term financial performance.<br>![LOGO](g767768g1121013633785.jpg) Thoughtful voting at company meetings to support long-term value creation for our clients.<br>Considered proxy voting strengthens our ability to be engaged owners of companies on behalf of our clients. It helps us to promote effective corporate governance and the prioritisation of long-term shareholder value creation1.<br>**OUR APPROACH**<br>Voting complements our engagement with leadership teams by allowing us to express our views on specific issues to protect and promote the best long-term financial interests of our clients.<br>For clients that delegate voting authority to us, we consider it to be a key lever in our ability to be effective stewards of shareholder capital and part of our fiduciary responsibilities as an investment manager for clients. For these reasons, we have a strong preference for being given full discretionary voting authority by our clients. | We carefully consider management's views when determining how to vote at shareholder meetings, but our decision is always subject to our assessment of the likely long-term financial implications, and by extension, client impact.<br>While we aim to vote at every shareholder meeting and on every resolution, this is on a 'best endeavours' basis and may not always be possible. Instances where we might not be able to vote include, but are not limited to, the following:<br>![LOGO](g767768g1121013633785.jpg) Where the client has directed stock lending. Walter Scott does not undertake stock lending. Any such arrangement rests solely with clients and their appointed custodian. Walter Scott generally does not ask clients to recall stock on loan in order to vote.<br>![LOGO](g767768g1121013634128.jpg) Where the necessary power of attorney is not in place.<br>![LOGO](g767768g1121013634237.jpg) When the proxy-voting documentation is not delivered in a timely manner by the custodian.<br>![LOGO](g767768g1121013634128.jpg) Where jurisdictional restrictions are applicable, such as excluded markets.<br>As proxy voting can be an effective feedback mechanism, in some instances we will engage with the company in question after the relevant meeting on proxy related matters.<br>To ensure that we have all the necessary information on an Annual General Meeting or Extraordinary General Meeting, we receive documentation on forthcoming votes from custodians and receive meeting analysis from an external proxy voting advisory service. | We consider third party recommendations for information purposes but arrive at voting decisions independently, based on company meeting materials and, where required, engagement with the company for additional information.<br>1. MONITORING & REVIEW OF PROXY VOTING<br>The Stewardship & Sustainability team in Investment Operations is responsible for managing the day-to-day proxy voting process. The team works with stock champions to ensure voting is consistent and aligned with our approach.<br>Voting is overseen by the Proxy Voting & Engagement Group (PVEG), a subgroup of the Investment Stewardship & Sustainability Committee (ISSC). All votes are signed off by one of the Co-Chairs of the ISSC, the Head of Research, the Stewardship and Sustainability Lead, the Head of Research Operations or in their absence a director of Walter Scott. The PVEG reviews proxy voting decisions on a periodic basis.<br>The PVEG will determine our approach to voting on contentious or sensitive issues, or items that are not expressly covered in our policy, or where further guidance has been requested by a member of the Research team.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 1 We do not acquire or hold securities for the purpose or effect of changing or influencing control of management for purposes of Rule 13d-1(b) and Rule 13d-1(c) of the Securities Exchange Act of 1934, as amended. |

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Effective 1 September 2019. Revised 11 April 2025

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PROXY VOTING POLICY

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| In the event that there is not agreement between the PVEG and the relevant stock champion on our proposed approach to voting, or where there is a particularly material or contentious issue, or a recommendation to vote in a manner that is contrary to our Proxy Voting Policy, the final decision will be referred to the ISSC.<br>2. CONFLICTS OF INTEREST<br>Potential conflicts of interest may arise when we exercise our discretionary proxy voting authority on behalf of clients. For example, several of our clients are corporate-sponsored pension schemes associated with companies in which we invest.<br>Walter Scott as a firm, or senior employees of the firm, could potentially have business or personal relationships with companies or stakeholders involved with the proxies that we are voting. This could be, for example, the issuer, proxy solicitor or<br> a shareholder activist.<br>This is not an exhaustive list, and we may encounter additional conflicts when exercising our discretionary proxy voting authority. We have designed our Proxy Voting Policy and pre-established voting procedures to ensure that only the interests of our clients influence our voting decisions. In the event of a potential conflict, the matter is referred to the PVEG to confirm whether the voting position in question is consistent with the Proxy Voting Policy.<br>If the PVEG determines that a vote cannot be made consistent with the Proxy Voting Policy due to an actual or perceived conflict of interest (e.g. if the proxy proposal is not addressed by our pre-established voting guidelines or the conflict is too great) the group will not approve voting. Instead, it will consider options deemed necessary and appropriate to manage the conflict and act in the best interests of clients including, but not limited to, seeking voting direction or consent from clients.<br>3. VOTING GUIDELINES<br>We consider all votes on a case-by-case basis, however we have guidelines in place for specific issues. These guidelines are not intended to limit our analysis of | individual issues at specific companies, and we will ultimately always apply discretion in reaching voting decisions that are determined to be in the best interests of our clients.<br>4. BOARDS AND DIRECTORS<br>4.1 BOARD COMPOSITION AND EFFECTIVENESS<br>We expect boards to be comprised of individuals who collectively bring a range of collective skills, external experience, support and challenge to the boardroom. We generally prefer to see an independent chair of the board and / or an independent lead director (with the authority to convene the independent directors separately when appropriate).<br>We generally presume directors are not independent if they have served on the board for ten or more years and we do not consider representatives of shareholders or former company executives to be independent.<br>Whilst we take into account that corporate governance standards and expectations vary between regions, we typically expect majority independent boards for non-controlled companies. Controlled companies should generally seek to link board independence levels to the economic stake held by minority shareholders. We may engage with companies in the first instance where board independence is in question. If a company is unable to justify the apparent lack of independence, we may subsequently consider voting against the election of all non-independent directors, and / or against the chair of the board where we have material concerns. We generally expect to see diversity on boards and may engage with companies where this is not the case. As such, we support disclosure of a board's process for constructing an effective board, which should include a description of the range of skills, professional experience and personal characteristics represented on the board.<br>4.2 BOARD COMMITTEES<br>Where there are separate committees to oversee remuneration, audit, nominations and other topics, we may vote against chairs or members where we have concerns about independence, skills, commitment or the matters | overseen by the committee. Our preference is for 100% independent audit and remuneration committees wherever feasible. For non-controlled companies, we expect majority independence for remuneration and audit committees and an independent committee chair. We would also expect to see a majority independent nominations committee. Where these standards are not met, we may engage in the first instance but should that prove ineffective we may subsequently consider voting against non-independent committee members, the chair of the nominations committee and / or the chair of the board or take any other voting action deemed to be appropriate.<br>4.3 DIRECTOR COMMITMENT AND ATTENDANCE<br>When voting on directorships, we give consideration to other commitments and the extent to which these might compromise the director's ability to carry out their responsibilities. If we believe a director is not fully committed to their role, we will typically seek to engage with the company in the first instance. If a director persistently fails to attend board and / or committee meetings without a satisfactory explanation, we may consider voting against the re-election of that individual or against the chair of the nominations committee and / or the chair of the board if deemed to be appropriate.<br>4.4 CLASSIFIED / STAGGERED BOARDS AND VOTING STANDARDS<br>We generally support declassification of boards and simple majority voting (as opposed to cumulative voting) for director elections. The provision for annual director election by shareholders is, in our view, typically in the best long-term interests of clients.<br>5. AUDIT<br>The selection of an external auditor should ideally be subject to annual shareholder approval. There should be transparency in advance of an audit tender so that shareholders can engage with the company in relation to the process should they wish to do so. Generally, it is our preference that the audit firm should be periodically changed. If this is not |

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PROXY VOTING POLICY

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| expected market practice in the relevant region where the company is headquartered, then we would expect that the lead audit partner be rotated periodically, or we may vote against the re-election of the external auditor and / or vote against the chair of the audit committee.<br>We further expect that there is an appropriate balance between audit and non-audit fees paid to the respective audit firm and will typically not support the re-election of the external auditor and / or the chair of the audit committee if the non-audit fees exceed 50% of total fees payable in a calendar year without reasonable explanation.<br>6. REMUNERATION<br>6.1 DISCLOSURE<br>Remuneration disclosure should be transparent and understandable, facilitating comparability and accountability. We will typically vote against remuneration disclosure that fails to meet these standards.<br>6.2 EXECUTIVE REMUNERATION<br>It is our preference for executive remuneration to be designed to align the interests of management and directors with long-term shareholders and durable value creation.<br>We generally vote in favour of compensation plans that we consider to be clear, robust and proportionate. We will consider voting against proposals that appear permissive or excessive within the context of relevant sector and market practices, and with respect to any company specific circumstances.<br>We have a preference for an annual vote on executive compensation. This helps to ensure ongoing alignment between management's remuneration and the interests of shareholders.<br>6.3 NON-EXECUTIVE REMUNERATION<br>The board as a whole should determine levels of pay for non-executive directors and the non-executive chair in such a manner as to ensure alignment with shareholders' interests, taking independent advice where appropriate to encourage objectivity. Performance-based pay or share options should not typically be granted to non-executive directors and non-executive chairs. | We may consider not providing our support for compensation plans that fail to meet these standards or alternatively consider voting against the chair of the remuneration committee and / or the chair of the board if deemed to be appropriate.<br>6.4 EMPLOYEE STOCK PURCHASE PLANS<br>We typically support employee stock purchase plans that align with the interests of shareholders and are appropriate in quantum. We may vote against employee stock purchase plans that fail to meet these standards or alternatively we may consider voting against the chair of the remuneration committee if deemed to be appropriate.<br>7. CHANGES TO CAPITAL STRUCTURE<br>7.1 RAISING EQUITY<br>We tend to vote against proposals that allow management to raise equity if the potential dilution\* exceeds 10% and no specific reason for the capital increase is given. If a specific reason is given, then we will evaluate each proposal on its merits.<br>7.2 PRE - EMPTIVE RIGHTS<br>We generally vote against proposals to waive shareholders' pre-emptive rights to participate in a capital increase if the potential dilution\* exceeds 10%. We may accept waiving of pre-emptive rights in certain situations such as the creation of shares to pay for acquisitions or to reward staff and will evaluate each proposal on its merits.<br>7.3 SHARE REPURCHASES AND REISSUANCE<br>We will typically approve proposals asking for permission to repurchase shares. Furthermore, we will generally vote for proposals to authorise the reissuance of previously repurchased shares as long as the potential dilution\* is less than 10%.<br>7.4 TAKE OVER PROTECTI O N<br>We will generally vote against anti-takeover proposals or other 'poison pill' arrangements which can provide undue protection to entrenched management teams, including the authority to grant shares for such purposes. | 8. PROTECTION OF SHARE HOLDER RIGHTS<br>8.1 VOTING STRUCTURES<br>Our preference is for a 'one share, one vote' structure for ordinary or common shares. We discourage any divergence from this approach, such as the adoption of dual class or otherwise unequal voting structures, as that gives certain shareholders influence or control disproportionate to their economic interests. In the event that such unequal voting structures already exist, we encourage disclosure and explanation and favour the use of 'sunset' mechanisms.<br>We further encourage commensurate extra protections for minority shareholders (particularly in the event of a takeover bid) and have a strong preference for controlling shareholders to recuse themselves from votes where there is a potential conflict of interest and from advisory votes where it would be beneficial to determine the view of minority investors.<br>8.2 RELATED - PARTY TRANSACTIONS<br>We consider management's guidance on related-party transactions, and we will vote in favour if the resolution aligns with the long-term best interests of shareholders.<br>9. MISCELLANEOUS<br>9.1 ANNUAL REPORT AND ACCOUNTS AND DISCLOSURE EXPECTATIONS<br>We have a preference that company Annual Report and Accounts and proxy voting materials are available in English.<br>9.2 ALLOCATION OF INCOME AND DIVIDENDS<br>We may consider voting against proposals where the dividend allocation is below what we consider to be appropriate, and the company retains significant cash on its balance sheet without adequate explanation. We may vote against proposals if a company has not specified the dividend allocation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> \* Potential dilution is calculated as (authorised shares less outstanding shares) / outstanding share count. |

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| 9.3 VAGUE OR POORLY DEFINED PROPOSALS<br>Where proposals are vague or poorly defined, we generally seek clarification from the company. If this is not forthcoming, we may vote against the proposal.<br>9.4 POLITICAL DONATIONS<br>We generally oppose proposals asking for permission to make political donations. In certain markets (such as the UK) where there is a legal requirement to seek pre-approval from shareholders for all political donations, we will typically support proportionate requests that are designed to protect the company against inadvertent or unauthorised donations. In these circumstances we expect the company to clearly state in its notice of meeting that it does not intend to make any political donations and to have appropriate policies in place to manage the risk of inadvertent or unauthorised political donations.<br>9.5 PLEDGING OF SHARES<br>We generally discourage the pledging of stock by management and directors of investee companies. | 9.6 BUNDLED RESOLUTIONS<br>We review bundled resolutions on a case-by-case basis and typically encourage unbundling.<br>9.7 SHARE HOLDER PROPOSALS<br>The general meeting provides an opportunity for shareholders to signal their view on how the company is managing its risks and addressing opportunities, including whether there is a need for the board to improve its response on a particular issue.<br>With respect to ESG related shareholder proposals, we make decisions based on long-term financial factors. We consider there to be potential material risks that can emerge when ESG matters are not appropriately managed.<br>We consider ESG related resolutions and shareholder proposals on a case-by-case basis, taking account of management's recommendation. We believe that material ESG factors can be drivers of long-term investment return from both an opportunity and risk mitigation perspective. We believe the board should identify, address and oversee material risks to the business and its long-term growth, | including but not limited to ESG issues.<br>9.8 AD - HOC ITEMS<br>We generally vote against proposals requesting approval for ad-hoc items (where potential proposals are not known prior to the meeting).<br>9.9 MATERIAL VOTES<br>Where we believe a resolution is material, in that the outcome could significantly affect the long-term investment return, on a best-efforts basis we will generally seek to ask clients who lend stock to recall any stock on loan.<br>10. PROXY VOTING DISCLOSURE<br>We publish aggregate quarterly voting data on our website alongside quarterly resolution-level data. Our annual Sustainability Report also includes aggregate annual voting data.<br>11. OWNERSHIP<br>This policy is owned by Walter Scott's Investment Management Committee and is reviewed on an annual basis. |

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WALTER SCOTT & PARTNERS LIMITED, ONE CHARLOTTE SQUARE, EDINBURGH EH2 4DR TEL: + 44 (0)131

225 1357 . FAX: +44 (0) 131 225 7997

WWW.WALTER SCOTT.COM

Registered in Scotland 93685. Registered Office as above. Authorised and regulated by the Financial Conduct Authority.

FCA Head Office: 12 Endeavour Square, London E20 1JN · www.fca.org.uk

![LOGO](g767768snap2.jpg)

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#### Proxy Voting
**Introduction**

Westfield will offer to vote proxies for all client accounts. Westfield believes that the voting of proxies can be an important tool for investors to promote best practices in corporate governance. Therefore, Westfield seeks to vote all proxies in the best interest of clients which includes ERISA plan participants and beneficiaries, as applicable. Westfield also recognizes that the voting of proxies with respect to securities held in client accounts is an investment responsibility having economic value. Based on this, Westfield votes all ballots received for client accounts and covers all costs associated with voting proxy ballots.

In accordance with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act"), Westfield has adopted and implemented policies and procedures that they believe are reasonably designed to ensure that proxies are voted in the best interest of clients. Westfield's authority to vote proxies for their clients is established in writing, usually by the investment advisory contract. Clients can change such authority at any time with prior written notice to Westfield. Clients can also contact their Marketing representative or the Operations Department (wcmops@wcmgmt.com) for a report of how their accounts' securities were voted.

**Oversight of Proxy Voting Function**

Westfield has engaged a third-party service provider, Institutional Shareholder Services, Inc. (the "vendor"), to assist with proxy voting. The Operation's Proxy team will:

• oversee the vendor; this includes working with the Compliance team in performing annual audits of the proxy votes and conducting annual due diligence;

• ensure required proxy records are retained according to applicable rules and regulations and internal policy;

• distribute proxy reports prepared by the vendor for internal and external requests;

• review the proxy policy and voting guidelines at least annually; and

• identify material conflicts of interest that may impair Westfield's ability to vote shares in clients' best interest.

**Proxy Voting Guidelines**

Westfield utilizes the vendor's proxy voting guidelines, which consider market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield does not select a client's voting policy. Clients must choose the policy that best fits their requirements. Clients may choose to vote in accordance with the vendor's U.S. proxy voting guidelines (i.e., Standard Guidelines), Taft-Hartley guidelines which are in full conformity with the AFL-CIO's proxy voting guidelines, Socially Responsible Investing Guidelines ("SRI") or Sustainability Guidelines. A summary of ISS' voting guidelines is located at the end of this policy.

The vendor reviews the above listed policies annually to ensure they are still considering market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield reviews these changes annually to ensure they are in clients' best interests.

Generally, information on Westfield's proxy voting decisions or status of votes will not be communicated or distributed to external solicitors. On occasion, Westfield may provide such information to solicitors if it is believed that a response will benefit clients, or a response is requested from the Westfield security analyst or portfolio manager. Westfield is required to disclose all say-on-pay votes on an annual basis in its Form N-PX filing to the SEC.

Westfield Capital Management Company, L.P.

Date Approved: 03/03/2025

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**Proxy Voting Process**

The vendor tracks proxy meetings and reconciles proxy ballots received for each meeting. Westfield will use best efforts in obtaining any missing ballots; however, only those proxy ballots the vendor has received will be voted. For any missing ballots, the vendor and/or Westfield will contact custodians to locate such ballots. Since there can be many factors affecting proxy ballot retrieval, it is possible that Westfield will not receive a ballot in time to place a vote. Clients who participate in securities lending programs should be aware that Westfield will not call back any shares on loan for proxy voting purposes. However, Westfield could request a client call back shares if they determine there is the potential for a material benefit in doing so.

For each meeting, the vendor reviews the agenda and applies a vote recommendation for each proposal based on the written guidelines assigned to the applicable accounts. Proxies will be voted in accordance with the guidelines, unless the Westfield analyst or portfolio manager believes that following the vendor's guidelines would not be in the clients' best interests.

With limited exceptions, an analyst or portfolio manager may request to override the Standard or the Sustainability Guidelines at any time on or before the meeting cutoff date. When there is an upcoming material meeting (also referred to as "significant votes"), the Proxy team will bring the identified ballots to the analyst's or portfolio manager's attention. Westfield utilizes the vendor's classification to determine materiality (e.g. mergers, acquisitions, proxy contests). If the analyst or portfolio manager chooses to vote against the vendor's stated guidelines in any instance, he/she must make the request in writing and provide a rationale for the vote against the stated guidelines. No analyst or portfolio manager overrides are permitted in the Taft-Hartley and SRI guidelines.

**Conflicts of Interest**

Compliance and the Proxy team are responsible for identifying conflicts of interest that could arise when voting proxy ballots on behalf of Westfield's clients. Per Westfield's Code of Ethics and other internal policies, all employees should avoid situations where potential conflicts may exist. Westfield has put in place certain reviews to ensure proxies are voted solely on the investment merits of the proposal. In identifying potential conflicts, Compliance will review many factors, including, but not limited to existing relationships with Westfield or an employee, and the vendor's disclosed conflicts. If an actual conflict of interest is identified, it is reviewed by the Compliance and/or Proxy teams. If it is determined that the conflict is material in nature, the analyst or portfolio manager may not override the vendor's recommendation. Westfield's material conflicts are coded within the vendor's system. These meetings are flagged within the system to ensure Westfield does not override the vendor's recommendations.

Annually, Westfield will review the vendor's policies regarding their disclosure of their significant relationships to determine if there are conflicts that would impact Westfield. Westfield will also review their Code of Ethics which specifically identifies their actual or potential conflicts. During the annual due diligence meeting, Westfield ensures that the vendor has firewalls in place to separate the staff that performs proxy analyses and research from the members of ISS Corporate Solutions, Inc.

**Proxy Reports**

Westfield can provide account specific proxy reports to clients upon request or at scheduled time periods (e.g., quarterly). Client reporting requirements typically are established during the initial account set-up stage, but clients may modify this reporting schedule at any time with prior written notice to Westfield. The reports will contain at least the following information:

• company name

• meeting agenda

Westfield Capital Management Company, L.P.

Date Approved: 03/03/2025

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• how the account voted on each agenda item

• how management recommended the vote to be cast on each agenda item

• rationale for any votes against the established guidelines (rationale is not always provided for votes that are in-line with guidelines since these are set forth in the written guidelines)

**Recordkeeping**

In accordance with Rule 204-2 of the Investment Advisers Act of 1940, proxy voting records will be maintained for at least five years. The following records will be retained by either Westfield or the proxy vendor:

• a copy of the Proxy Voting Polices and Guidelines and amendments that were in effect during the required time period;

• electronic or paper copies of each proxy statement received by Westfield or the vendor with respect to securities in client accounts (Westfield may also rely on obtaining copies of proxy statements from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

• records of each vote cast for each client;

• written reports to clients on proxy voting and all client requests for information and Westfield's response;

• disclosure documentation to clients on how they may obtain information on how Westfield voted their securities

Westfield Capital Management Company, L.P.

Date Approved: 03/03/2025

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**The policies contained herein are a <u>sampling</u> only of selected key ISS U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:** 

#### https://www.issgovernance.com/policy-gateway/voting-policies/

#### Board of Directors
Voting on Director Nominees in Uncontested Elections

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with new nominees **<sup>1</sup>** considered on case-by-case basis):

#### Independence
Vote against **<sup>2</sup>** or withhold from non-independent directors (Executive Directors and Non-Independent Non- Executive Directors per ISS' Classification of Directors) when:

• Independent directors comprise 50 percent or less of the board;

• The non-independent director serves on the audit, compensation, or nominating committee;

• The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or

• The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

#### Composition
**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year **<sup>3</sup>**) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

• Medical issues/illness;

• Family emergencies; and

• Missing only one meeting (when the total of all meetings is three or fewer).

**<sup>1</sup>** A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question. 

**<sup>2</sup>** In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company. 

**<sup>3</sup>** Nominees who served for only part of the fiscal year are generally exempted from the attendance policy. 

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In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

**Overboarded Directors:** Generally vote against or withhold from individual directors who:

• Sit on more than five public company boards; or

• Are CEOs of public companies who sit on the boards of more than two public companies besides their own— withhold only at their outside boards. **<sup>4</sup>** 

**Gender Diversity:** Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**Racial and/or Ethnic Diversity:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the **<sup>5</sup>** board has no apparent racially or ethnically diverse members4F . An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

#### Responsiveness
Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

• The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:

• Disclosed outreach efforts by the board to shareholders in the wake of the vote;

• Rationale provided in the proxy statement for the level of implementation;

• The subject matter of the proposal;

• The level of support for and opposition to the resolution in past meetings;

• Actions taken by the board in response to the majority vote and its engagement with shareholders;

• The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and Other factors as appropriate.

• The board failed to act on takeover offers where the majority of shares are tendered;

• At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.

**<sup>4</sup>** Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (>50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships. 

**<sup>5</sup>** Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity. 

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Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

• The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:

• The company's response, including:

• Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; and

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

• The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

#### Accountability

#### PROBLEMATIC TAKEOVER DEFENSES , CAPITAL STRUCTURE , AND GOVERNANCE STRUCTURE
**Poison Pills:** Generally vote against or withhold from all nominees (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if:

• The company has a poison pill with a deadhand or slowhand feature<sub>5F</sub> ;

• The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or

• The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders **<sup>7</sup>**.

Vote case-by-case on nominees if the board adopts an initial short-term pill**<sup>6</sup>** (with a term of one year or less) without shareholder approval, taking into consideration:

• The trigger threshold and other terms of the pill;

• The disclosed rationale for the adoption;

• The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development, sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events);

• A commitment to put any renewal to a shareholder vote;

• The company's overall track record on corporate governance and responsiveness to shareholders; and

• Other factors as relevant.

**<sup>6</sup>** If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption. 

**<sup>7</sup>** Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient. 

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**Unequal Voting Rights**: Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights **<sup>8</sup>**.

Exceptions to this policy will generally be limited to:

• Newly-public companies **<sup>9</sup>** with a sunset provision of no more than seven years from the date of going public;

• Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

• Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be *de minimis*; or

• The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained.

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

**Removal of Shareholder Discretion on Classified Boards**: The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure** : For companies that hold or held their first annual meeting**<sup>9</sup>** of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

• Supermajority vote requirements to amend the bylaws or charter;

• A classified board structure; or

• Other egregious provisions.

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments:** Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees**1**, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

• The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

• Disclosure by the company of any significant engagement with shareholders regarding the amendment;

• The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

• The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

• The company's ownership structure;

**<sup>8</sup>** This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares"). 

**<sup>9</sup>** Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering. 

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• The company's existing governance provisions;

• The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

• Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against (except new nominees**<sup>1</sup>**, who should be considered case-by-case) if the directors:

• Classified the board;

• Adopted supermajority vote requirements to amend the bylaws or charter;

• Eliminated shareholders' ability to amend bylaws;

• Adopted a <u>fee-shifting provision</u>; or

• Adopted another provision deemed egregious.

**Restricting Binding Shareholder Proposals:** Generally vote against or withhold from the members of the governance committee if:

• The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation :** The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

• A classified board structure;

• A supermajority vote requirement;

• Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

• The inability of shareholders to call special meetings;

• The inability of shareholders to act by written consent;

• A multi-class capital structure; and/or

• A non-shareholder-approved poison pill.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

• The presence of a shareholder proposal addressing the same issue on the same ballot;

• The board's rationale for seeking ratification;

• Disclosure of actions to be taken by the board should the ratification proposal fail;

• Disclosure of shareholder engagement regarding the board's ratification request;

• The level of impairment to shareholders' rights caused by the existing provision;

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• The history of management and shareholder proposals on the provision at the company's past meetings;

• Whether the current provision was adopted in response to the shareholder proposal;

• The company's ownership structure; and

• Previous use of ratification proposals to exclude shareholder proposals.

#### Problematic Audit-Related Practices
Generally vote against or withhold from the members of the Audit Committee if:

• The non-audit fees paid to the auditor are <u>excessive</u>;

• The company receives an adverse opinion on the company's financial statements from its auditor; or

• There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

Vote case-by-case on members of the Audit Committee and potentially the full board if:

• Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.

#### Problematic Compensation Practices
In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

• There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

• The company maintains significant <u>problematic pay practices</u>; or

• The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

• The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or

• The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock**: Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

• The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

• The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

• Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

• Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and

• Any other relevant factors.

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#### Climate Accountability
For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain **<sup>10</sup>**, generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy :

• Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

• Board governance measures;

• Corporate strategy;

• Risk management analyses; and

• Metrics and targets.

• Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

#### Governance Failures
Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

• Material failures of governance, stewardship, risk oversight<sub> </sub> **<sup>11</sup>**, or fiduciary responsibilities at the company;

• Failure to replace management as appropriate; or

• Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

Voting on Director Nominees in Contested Elections

#### Vote-No Campaigns
**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**<sup>10</sup>** Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list. 

**<sup>11</sup>** Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock. 

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#### Proxy Contests/Proxy Access
**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors:

• Long-term financial performance of the company relative to its industry;

• Management's track record;

• Background to the contested election;

• Nominee qualifications and any compensatory arrangements;

• Strategic plan of dissident slate and quality of the critique against management;

• Likelihood that the proposed goals and objectives can be achieved (both slates); and

• Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

Other Board-Related Proposals

#### Independent Board Chair
**General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

• The scope and rationale of the proposal;

• The company's current board leadership structure;

• The company's governance structure and practices;

• Company performance; and

• Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

• A majority non-independent board and/or the presence of non-independent directors on key board committees;

• A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;

• The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;

• Evidence that the board has failed to oversee and address material risks facing the company;

• A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or

• Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

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#### Shareholder Rights & Defenses

#### Shareholder Ability to Act by Written Consent
**General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

• Shareholders' current right to act by written consent;

• The consent threshold;

• The inclusion of exclusionary or prohibitive language;

• Investor ownership structure; and

• Shareholder support of, and management's response to, previous shareholder proposals.

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

• An unfettered<sub></sub> **<sup>12</sup>** right for shareholders to call special meetings at a 10 percent threshold;

• A majority vote standard in uncontested director elections;

• No non-shareholder-approved pill; and

• An annually elected board.

#### Shareholder Ability to Call Special Meetings
**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

• Shareholders' current right to call special meetings;

• Minimum ownership threshold necessary to call special meetings (10 percent preferred);

• The inclusion of exclusionary or prohibitive language;

• Investor ownership structure; and

• Shareholder support of, and management's response to, previous shareholder proposals.

#### Virtual Shareholder Meetings
**General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to

**<sup>12</sup>** "Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting. 

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disclose the circumstances under which virtual-only **<sup>13</sup>** meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

• Scope and rationale of the proposal; and

• Concerns identified with the company's prior meeting practices.

#### Capital/Restructuring

#### Common Stock Authorization

#### General Authorization Requests
**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:

• If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to **50** % of current authorized shares.

• If share usage is 50% to 100% of the current authorized, vote for an increase of up to **100** % of current authorized shares.

• If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

• In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

• The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;

• On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

• The company has a non-shareholder approved poison pill (including an NOL pill); or

• The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

• In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

• The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

• A government body has in the past year required the company to increase its capital ratios.

<sup>13</sup> Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

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For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

#### Specific Authorization Requests
**General Recommendation:** Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

• twice the amount needed to support the transactions on the ballot, and

• the allowable increase as calculated for general issuances above.

#### Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.
**General Recommendation:** For U.S. domestic issuers incorporated outside the U.S. and listed <u>solely</u> on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.

For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

#### Mergers and Acquisitions
**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

• *Valuation* - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.

• *Market reaction* - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

• *Strategic rationale* - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

• *Negotiations and process* - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.

• *Conflicts of interest* - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary" section of this report is an aggregate figure

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• that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

• *Governance* - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

#### Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions
The main purpose of SPACs is to identify and acquire a viable target within a specified timeframe, and failure to achieve this objective within the allotted time calls into question management's ability to execute its primary objective. The end of that timeframe is generally referred to as the termination date.

**General Recommendation:** Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

#### Compensation
Executive Pay Evaluation

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

1. Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

2. Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

3. Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (*e.g.*, including access to independent expertise and advice when needed);

4. Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

5. Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

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#### Advisory Votes on Executive Compensation - Management Proposals (Say- on-Pay)
**General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

• There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

• The company maintains significant <u>problematic pay practices</u>; or

• The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

• There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for- performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

• The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

• The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

• The situation is egregious.

Primary Evaluation Factors for Executive Pay

#### Pay-for-Performance Evaluation
ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices <sup>14</sup>, this analysis considers the following:

1. Peer Group <sup>15</sup> Alignment:

• The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

• The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

• The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

2. Absolute Alignment <sup>16</sup> – the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years – i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

**<sup>14</sup>** The <u>Russell 3000E</u> Index includes approximately 4,000 of the largest U.S. equity securities. 

**<sup>15</sup>** The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant. 

**<sup>16</sup>** Only Russell 3000 Index companies are subject to the Absolute Alignment analysis. 

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If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

• The ratio of performance- to time-based incentive awards;

• The overall ratio of performance-based compensation to fixed or discretionary pay;

• The rigor of performance goals;

• The complexity and risks around pay program design;

• The transparency and clarity of disclosure;

• The company's peer group benchmarking practices;

• Financial/operational results, both absolute and relative to peers;

• Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);

• Realizable pay<sub></sub> **<sup>17</sup>** compared to grant pay; and

• Any other factors deemed relevant.

#### Problematic Pay Practices
Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

• Problematic practices related to non-performance-based compensation elements;

• Incentives that may motivate excessive risk-taking or present a windfall risk; and

• Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

• Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

• Extraordinary perquisites or tax gross-ups;

• New or materially amended agreements that provide for:

• Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

• CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

• CIC excise tax gross-up entitlements (including "modified" gross-ups);

• Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

• Liberal CIC definition combined with any single-trigger CIC benefits;

• Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

• Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause or resignation for good reason); or

• Any other provision or practice deemed to be egregious and present a significant risk to investors.

**<sup>17</sup>** ISS research reports include realizable pay for S&P1500 companies. 

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The above examples are not an exhaustive list. Please refer to ISS' <u>U.S. Compensation Policies FAQ</u> document for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

#### Options Backdating
The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

• Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

• Duration of options backdating;

• Size of restatement due to options backdating;

• Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

• Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

#### Compensation Committee Communications and Responsiveness
Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

• Failure to respond to majority-supported shareholder proposals on executive pay topics; or

• Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account:

• Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

• Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

• Disclosure of specific and meaningful actions taken to address shareholders' concerns;

• Other recent compensation actions taken by the company;

• Whether the issues raised are recurring or isolated;

• The company's ownership structure; and

• Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

Equity-Based and Other Incentive Plans

Please refer to ISS' <u>U.S. Equity Compensation Plans FAQ</u> document for additional details on the Equity Plan Scorecard policy.

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans <sup>18</sup> depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

**<sup>18</sup>** Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case. 

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• **Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

• SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

• SVT based only on new shares requested plus shares remaining for future grants.

• **Plan Features:**

• Quality of disclosure around vesting upon a change in control (CIC);

• Discretionary vesting authority;

• Liberal share recycling on various award types;

• Lack of minimum vesting period for grants made under the plan;

• Dividends payable prior to award vesting.

• Grant Practices:

• The company's three-year burn rate relative to its industry/market cap peers;

• Vesting requirements in CEO's recent equity grants (3-year look-back);

• The estimated duration of the plan (based on the sum of shares remaining available and the new shares

• requested, divided by the average annual shares granted in the prior three years);

• The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

• Whether the company maintains a sufficient claw-back policy;

• Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

• Awards may vest in connection with a liberal change-of-control definition;

• The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it – for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history of repricing – for non-listed companies);

• The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

• The plan is excessively dilutive to shareholders' holdings;

• The plan contains an evergreen (automatic share replenishment) feature; or

• Any other plan features are determined to have a significant negative impact on shareholder interests.

#### Social and Environmental Issues
Global Approach – E&S Shareholder Proposals

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

• If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

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• If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

• Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

• The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

• Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal;

• If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

• If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

Climate Change

#### Say on Climate (SoC) Management Proposals
**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve the company's climate transition action plan **<sup>19</sup>**, taking into account the completeness and rigor of the plan. Information that will be considered where available includes the following:

• The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

• Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

• The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

• Whether the company has sought and received third-party approval that its targets are science-based;

• Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

• Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

• Whether the company's climate data has received third-party assurance;

• Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

• Whether there are specific industry decarbonization challenges; and

• The company's related commitment, disclosure, and performance compared to its industry peers.

#### Say on Climate (SoC) Shareholder Proposals
**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

• The completeness and rigor of the company's climate-related disclosure;

• The company's actual GHG emissions performance;

• Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

**<sup>19</sup>** Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan. 

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• Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

#### Climate Change/Greenhouse Gas (GHG) Emissions
**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

• Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

• The company's level of disclosure compared to industry peers; and

• Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

• The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

• The company's level of disclosure is comparable to that of industry peers; or

• There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

• Whether the company provides disclosure of year-over-year GHG emissions performance data;

• Whether company disclosure lags behind industry peers;

• The company's actual GHG emissions performance;

• The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

• Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

#### Racial Equity and/or Civil Rights Audit Guidelines
**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

• The company's established process or framework for addressing racial inequity and discrimination internally;

• Whether the company adequately discloses workforce diversity and inclusion metrics and goals;

• Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review;

• Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;

• The company's track record in recent years of racial justice measures and outreach externally; and

• Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination.

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#### ESG Compensation-Related Proposals
**General Recommendation:** Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:

• The scope and prescriptive nature of the proposal;

• The company's current level of disclosure regarding its environmental and social performance and governance;

• The degree to which the board or compensation committee already discloses information on whether it has considered related E&S criteria; and

• Whether the company has significant controversies or regulatory violations regarding social or environmental issues.

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#### We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

#### GET STARTED WITH ISS SOLUTIONS
Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

<sup>©</sup> 2025 \| Institutional Shareholder Services and/or its affiliates

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Introduction](#pvp18767768_1)** | **27** |
|  **[Board of Directors](#pvp18767768_2)** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Voting on Director Nominees in Uncontested Elections](#pvp18767768_3) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board Size](#pvp18767768_4) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board Diversity](#pvp18767768_5) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Majority Threshold Voting Requirement for Director Elections](#pvp18767768_6) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Cumulative Voting](#pvp18767768_7) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Access to the Proxy](#pvp18767768_8) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Takeover Defenses / Shareholder Rights](#pvp18767768_9) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Poison Pills](#pvp18767768_10) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Proxy Contests – Voting for Director Nominees in Contested Elections](#pvp18767768_11) | 30 |
|  **[Capital Structure](#pvp18767768_12)** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Increase Authorized Common Stock](#pvp18767768_13) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Reverse Stock Splits](#pvp18767768_14) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Dual Class Structures](#pvp18767768_15) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Preferred Stock Authorization](#pvp18767768_16) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Share Repurchase Programs](#pvp18767768_17) | 32 |
|  **[Auditor Ratification](#pvp18767768_18)** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Auditor Independence](#pvp18767768_19) | 33 |
|  **[Mergers, Acquisitions, and Restructurings](#pvp18767768_20)** | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mergers and Acquisitions](#pvp18767768_21) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Reincorporation](#pvp18767768_22) | 34 |
|  **[Executive Compensation](#pvp18767768_23)** | **35** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Equity Incentive Plans](#pvp18767768_24) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Options Backdating](#pvp18767768_25) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Advisory Votes on Executive Compensation – Management Say-on-Pay Proposals (MSOP)](#pvp18767768_26) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Golden Parachutes](#pvp18767768_27) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Proposals to Limit Executive and Director Pay](#pvp18767768_28) | 36 |
|  **[Corporate Responsibility & Accountability](#pvp18767768_29)** | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Corporate and Supplier Codes of Conduct](#pvp18767768_30) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Greenhouse Gas Emissions](#pvp18767768_31) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Sustainability Reporting and Planning](#pvp18767768_32) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Hydraulic Fracturing](#pvp18767768_33) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Workplace Practices and Human Rights](#pvp18767768_34) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Environmental Justice](#pvp18767768_35) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Just Transition](#pvp18767768_36) | 38 |

---

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#### Introduction
The proxy voting policy of ISS' Taft-Hartley Advisory Services is based upon the AFL-CIO Proxy Voting Guidelines, which comply with all the fiduciary standards delineated by the U.S. Department of Labor.

Taft-Hartley client accounts are governed by the Employee Retirement Income Security Act (ERISA). ERISA sets forth the tenets under which pension fund assets must be managed and invested. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence. The duty of loyalty requires that the voting fiduciary exercise proxy voting authority solely in the economic interest of participants and plan beneficiaries. The duty of prudence requires that decisions be made based on financial criteria and that a clear process exists for evaluating proxy issues.

The Taft-Hartley Advisory Services voting policy was carefully crafted to meet those requirements by promoting long-term shareholder value, emphasizing the "economic best interests" of plan participants and beneficiaries. Taft-Hartley Advisory Services will assess the short-term and long-term impact of a vote and will promote a position that is consistent with the long-term economic best interests of plan members embodied in the principle of a "worker-owner view of value."

The Taft-Hartley Advisory Services guidelines address a broad range of issues, including election of directors, executive compensation, proxy contests, auditor ratification, and tender offer defenses – all significant voting items that affect long-term shareholder value. In addition, these guidelines delve deeper into workplace issues that may have an impact on corporate performance, including:

• Corporate policies that affect job security and wage levels;

• Corporate policies that affect local economic development and stability;

• Corporate responsibility to employees, communities, and the environment; and

• Workplace safety and health issues.

Taft-Hartley Advisory Services shall analyze each proxy on a case-by-case basis, informed by the guidelines outlined in the following pages. Taft-Hartley Advisory Services does not intend for these guidelines to be exhaustive. It is neither practical nor productive to fashion voting guidelines and policies which attempt to address every eventuality. Rather, Taft-Hartley Advisory Services' guidelines are intended to cover the most significant and frequent proxy issues that arise. Issues not covered by the guidelines shall be voted in the interest of plan participants and beneficiaries of the plan based on a worker-owner view of long-term corporate value. Taft-Hartley Advisory Services shall revise its guidelines as events warrant and will remain in conformity with the AFL-CIO proxy voting policy.

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**The policies contained herein are a sampling only of selected key Taft-Hartley Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:** 

<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u> 

#### Board of Directors
Voting on Director Nominees in Uncontested Elections

Electing directors is the single most important stock ownership right that shareholders can exercise. The board of directors is responsible for holding management accountable to performance standards on behalf of the shareholders. Taft-Hartley Advisory Services supports annually elected boards and holds directors to a high standard when voting on their election, qualifications, and compensation.

Taft-Hartley Advisory Services believes votes should be cast in a manner that will encourage the independence of boards. In particular, the Taft-Hartley guidelines board independence standards require a two-thirds majority independent board. The Taft-Hartley guidelines also employ a higher bar on director independence classifications and consider directors who have been on the board for a period exceeding 10 years as non-independent directors. Furthermore, key board committees should be composed entirely of independent directors. Taft -Hartley Advisory Services supports shareholders proposals requesting the separation of the chairman and CEO positions and opposes the election of a non-independent chair.

Taft-Hartley Advisory Services takes into account the attendance records of directors, using a benchmark attendance rate of 75 percent of board and committee meetings. Cases of chronic poor attendance without reasonable justification may also warrant adverse recommendations for nominating/governance committees or the full board. Taft-Hartley Advisory Services will also vote against a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if he/she sits on more than four public company boards while CEO directors will be considered as such if they serve on more than one public company board besides their own. Furthermore, adverse recommendations for directors may be warranted at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain ,<sup>1</sup> Taft- Hartley Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it is determined that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

<sup>1</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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Board Size

While there is no hard and fast rule among institutional investors as to what may be an optimal board size, a board that is too large may function inefficiently. Conversely, a board that is too small may allow the CEO to exert disproportionate influence or may stretch the time requirements of individual directors too thin. Given that the preponderance of boards in the U.S. range between five and fifteen directors, many institutional investors believe this benchmark is a useful standard for evaluating such proposals. Taft-Hartley Advisory Services will generally vote against any proposal seeking to amend the company's board size to fewer than five seats or more than fifteen seats.

Board Diversity

Taft-Hartley Advisory Services will generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) for companies where there are no women on the company's board or for companies in the Russell 3000 or S&P 1500 indices where the board has no apparent racially or ethnically diverse members **<sup>2</sup>**.

Taft-Hartley Advisory Services will support shareholder proposals asking the board to make greater efforts to search for qualified female and minority candidates for nomination to the board of director. Taft-Hartley fiduciaries generally believe that increasing diversity in the boardroom better reflects a company's workforce, customers and community, and enhances shareholder value.

Majority Threshold Voting Requirement for Director Elections

Taft-Hartley fiduciaries believe shareholders should have a greater voice regarding the election of directors and view majority threshold voting as a viable alternative to the current deficiencies of the plurality system in the U.S. Shareholders have expressed strong support for resolutions on majority threshold voting. Taft-Hartley Advisory Services supports proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors, provided the proposal includes a carve-out for a plurality voting standard in contested director elections.

Cumulative Voting

Under a cumulative voting scheme, shareholders are permitted to have one vote per share for each director to be elected and may apportion these votes among the director candidates in any manner they wish. This voting method allows minority shareholders to influence the outcome of director contests by "cumulating" their votes for one nominee, thereby creating a measure of independence from management control. Taft-Hartley Advisory Services will generally vote against proposals to eliminate cumulative voting, and for proposals to allow cumulative voting.

<sup>2</sup> Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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Shareholder Access to the Proxy

Many investors view proxy access as an important shareholder right, one that is complementary to other best- practice corporate governance features. Taft-Hartley Advisory Services is generally supportive of reasonably crafted shareholder proposals advocating for the ability of long-term shareholders to cost-effectively nominate director candidates that represent their interests on management's proxy card. Shareholder proposals that have the potential to result in abuse of the proxy access right by way of facilitating hostile takeovers will generally not be supported.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Taft-Hartley Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in- person meeting.

Taft-Hartley Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Poison Pills

Shareholder rights plans, more commonly known as poison pills, are warrants issued to shareholders allowing them to purchase shares from the company at a price far below market value when a certain ownership threshold

has been reached, thereby effectively preventing a takeover. Poison pills can entrench management and give the board veto power over takeover bids, thereby altering the balance of power between shareholders and management. While poison pills are evaluated on a case-by-case basis depending on a company's particular set of circumstances, Taft-Hartley Advisory Services will generally vote for proposals to submit a company's poison pill to shareholder vote and/or eliminate or redeem poison pills.

Proxy Contests — Voting for Director Nominees in Contested Elections

Contested elecptions of directors frequently occur when a board candidate or "dissident slate" seeks election for the purpose of achieving a significant change in corporate policy or control of seats on the board. Competing slates will be evaluated on a case-by-case basis with several considerations in mind. These include, but are not limited to, the following: personal qualifications of each candidate; the economic impact of the policies advanced by the dissident slate of nominees; and their expressed and demonstrated commitment to the interests of the shareholders of the company.

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#### Capital Structure
Increase Authorized Common Stock

Corporations seek shareholder approval to increase their supply of common stock for a variety of business reasons. Taft-Hartley Advisory Services will vote for proposals to increase authorized common stock when management has provided a specific justification for the increase, evaluating proposals on a case-by-case basis. An increase of up to 50 percent is enough to allow a company to meet its capital needs. Taft-Hartley Advisory Services will vote against proposals to increase an authorization by more than 50 percent unless management provides compelling reasons for the increase. Adverse recommendations would be considered warranted if the proposal or the company's prior or ongoing use of authorized shares is problematic (e.g., the company has a non-shareholder approved poison pill).

Reverse Stock Splits

Reverse splits exchange multiple shares for a lesser amount to increase share price. Evaluation of management proposals to implement a reverse stock split will take into account whether there is a corresponding proportional decrease in authorized shares. Without a corresponding decrease, a reverse stock split is effectively an increase in authorized shares by way of reducing the number of shares outstanding, while leaving the number of authorized shares to be issued at the pre-split level. Taft-Hartley Advisory Services also considers if the reverse stock split is necessary to maintain listing of a company's stock on the national stock exchanges, or if there is substantial doubt about the company's ability to continue as a going concern without additional financing.

Taft-Hartley Advisory Services generally supports a reverse stock split if the number of authorized shares will be reduced proportionately. When there is not a proportionate reduction of authorized shares, Taft-Hartley trustees should oppose such proposals unless a stock exchange has provided notice to the company of a potential delisting.

Dual Class Structures

Taft-Hartley Advisory Services does not support dual share class structures. Incumbent management can use a dual class structure to gain unequal voting rights. A separate class of shares with superior voting rights can allow management to concentrate its power and insulate itself from the majority of its shareholders. An additional drawback is the added cost and complication of maintaining the two-class system. Taft-Hartley Advisory Services will vote for a one share, one vote capital structure, and vote against the creation or continuation of dual class structures.

Preferred Stock Authorization

Preferred stock is an equity security which has certain features similar to debt instruments- such as fixed dividend payments and seniority of claims to common stock - and usually carries little to no voting rights. The terms of blank check preferred stock give the board of directors the power to issue shares of preferred stock at their discretion with voting, conversion, distribution, and other rights to be determined by the board at time of issue. Taft-Hartley Advisory Services will generally vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable. Taft-Hartley Advisory Services will also consider company-specific factors including the company's prior or ongoing use of authorized shares, disclosure on specific reasons/rationale for the proposed increase, the dilutive impact of the request, disclosure of specific risks to shareholders of not approving the request, and whether the shares requested are blank check preferred shares that can be used for antitakeover purposes.

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Share Repurchase Programs

While most U.S. companies can and do implement share buyback programs via board resolutions without shareholder votes, there are exceptions to this rule. Certain financial institutions, for example, are required by their regulators to receive shareholder approval for buyback programs. In addition, certain U.S.-listed cross-market companies are required by the law of their country of incorporation to receive shareholder approval to grant the board the authority to repurchase shares.

For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, Taft-Hartley Advisory Services will vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns. Taft-Hartley Advisory Services will vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from executives at a premium to market price.

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#### Auditor Ratification
Auditor Independence

Auditors are the backbone upon which a company's financial health is measured, and auditor independence is essential for rendering objective opinions upon which investors then rely. When an auditor is paid more in consulting fees than for auditing, its relationship with the company is left open to conflicts of interest. Because accounting scandals evaporate shareholder value, any proposal to ratify auditors is examined for potential conflicts of interest, with particular attention to the fees paid to the auditor, auditor tenure, as well as whether the ratification of auditors has been put up for shareholder vote. Failure by a company to present its selection of auditors for shareholder ratification should be discouraged as it undermines good governance and disenfranchises shareholders.

Taft-Hartley Advisory Services will vote against the ratification of a company's auditor if it receives more than one- quarter of its total fees for consulting or if auditor tenure has exceeded seven years. A vote against the election of Audit Committee members will also be recommended when auditor ratification is not included on the proxy ballot and/or when consulting fees exceed audit fees. Taft-Hartley Advisory Services supports shareholder proposals to ensure auditor independence and effect mandatory auditor ratification.

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#### Mergers, Acquisitions, and Restructurings
Taft-Hartley Advisory Services votes for corporate transactions that take the high road to competitiveness and company growth. Taft-Hartley Advisory Services believes that structuring merging companies to build long-term relationships with a stable and quality work force and preserving good jobs creates long-term company value. Taft- Hartley Advisory Services opposes corporate transactions which indiscriminately lay off workers and shed valuable competitive resources.

Mergers and Acquisitions

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case- by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

Reincorporation

For a company that seeks to reincorporate, Taft-Hartley Advisory Services evaluates the merits of the move on a case-by-case basis, taking into consideration both financial and corporate governance concerns including the reasons for reincorporation, a comparison of both the company's governance practices and provisions prior to and following the reincorporation, and corporation laws of original state and destination state.

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#### Executive Compensation
Equity Incentive Plans

Taft-Hartley Advisory Services supports compensating executives at a reasonable rate and believes that executive compensation should be strongly correlated to sustained performance. Stock options and other forms of equity compensation should be performance-based with an eye toward improving shareholder value. Well-designed stock option plans align the interests of executives and shareholders by providing that executives benefit when stock prices rise as the company— and shareholders— prosper together. Poorly designed equity award programs can encourage excessive risk-taking behavior and incentivize executives to pursue corporate strategies that promote short-term stock price to the ultimate detriment of long-term shareholder value.

Many plans sponsored by management provide goals so easily attained that executives can realize massive rewards even though shareholder value is not necessarily created. Stock options that are awarded selectively and excessively can dilute shareholders' share value and voting power. In general, Taft-Hartley Advisory Services supports plans that are offered at fair terms to executives who satisfy well-defined performance goals. Option plans are evaluated on a case-by-case basis, taking into consideration factors including: exercise price, voting power dilution, equity burn rate, executive concentration ratios, pay-for-performance, and the presence of any repricing provisions.

Options Backdating

Options backdating has serious implications and has resulted in financial restatements, delisting of companies, and/or the termination of executives or directors. When options backdating has taken place, Taft-Hartley Advisory Services may consider recommending against or withholding votes from the compensation committee, depending on the severity of the practices and the subsequent corrective actions taken by the board. Taft-Hartley Advisory Services adopts a case-by-case approach to the options backdating issue to differentiate companies that had sloppy administration versus those that had committed fraud, as well as those companies that have since taken corrective action. Instances in which companies have committed fraud are more disconcerting, and Taft-Hartley Advisory Services will look to them to adopt formal policies to ensure that such practices will not re-occur in the future.

Advisory Votes on Executive Compensation – Management Say-on-Pay Proposals (MSOP)

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (management "Say on Pay"), an advisory vote on the frequency of Say on Pay, as well as a shareholder advisory vote on golden parachute compensation. Taft-Hartley Advisory Services believes that executive pay programs should be fair, competitive, reasonable, and appropriate, and that pay for performance should be a central tenet in executive compensation philosophy. Taft-Hartley Advisory Services will vote against MSOP proposals if there is a misalignment between CEO pay and company performance, the company maintains problematic pay practices, or the board exhibits a significant level of poor communication and responsiveness to shareholders.

Taft-Hartley Advisory Services also supports annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

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Golden Parachutes

Golden parachutes are designed to protect the senior level employees of a corporation in the event of a change-in- control. Under most golden parachute agreements, senior level management employees receive a lump sum pay- out triggered by a change-in-control at usually two to three times base salary. These severance agreements can grant extremely generous benefits to well-paid executives and most often offer no value to shareholders. Taft- Hartley Advisory Services will evaluate golden parachutes compensation and shareholder proposals to have all golden parachute agreements submitted for shareholder ratification on a case-by-case basis, consistent with Taft- Hartley Advisory Services' policies on problematic pay practices related to severance packages.

Proposals to Limit Executive and Director Pay

Taft-Hartley Advisory Services will vote for shareholder proposals that seek additional disclosure of executive and director pay information. Taft-Hartley Advisory Services will also vote for shareholder proposals that seek to eliminate outside directors' retirement benefits. Taft-Hartley Advisory Services reviews on a case-by-case basis all other shareholder proposals that seek to limit executive and director pay. This includes shareholder proposals that seek to link executive compensation to non-financial factors such as corporate downsizing, customer/employee satisfaction, community involvement, human rights, social and environmental goals, and performance.

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#### Corporate Responsibility & Accountability
Taft-Hartley Advisory Services generally supports social, workforce, and environmental shareholder-sponsored resolutions if they seek to create responsible corporate citizens while at the same time attempting to enhance long-term shareholder value. Taft-Hartley Advisory Services typically supports proposals that ask for disclosure reporting of information that is not available outside the company and not proprietary in nature. Such reporting is particularly most vital when it appears that a company has not adequately addressed shareholder concerns regarding social, workplace, environmental and/or other issues.

Corporate and Supplier Codes of Conduct

Taft-Hartley Advisory Services generally supports proposals that call for the adoption and/or enforcement of clear principles or codes of conduct relating to countries in which there are systematic violations of human rights. These conditions include the use of slave, child, or prison labor, undemocratically elected governments, widespread reports by human rights advocates, fervent pro-democracy protests, or economic sanctions and boycotts.

Many proposals refer to the seven core conventions, commonly referred to as the "Declaration on Fundamental Principles and Rights At Work," ratified by the International Labor Organization (ILO). The seven conventions fall under four broad categories: i) right to organize and bargain collectively; ii) non-discrimination in employment; iii) abolition of forced labor; and iv) end of child labor. Each member nation of the ILO body is bound to respect and promote these rights to the best of their abilities.

Taft-Hartley Advisory Services supports the implementation and reporting on ILO codes of conduct. Taft-Hartley Advisory Services also votes in favor of requests for an assessment of the company's human rights risks in its operation or in its supply chain, or report on its human rights risk assessment process.

Greenhouse Gas Emissions

Shareholder proposals asking a company to issue a report to shareholders – at reasonable cost and omitting proprietary information – on greenhouse gas emissions ask that the report include descriptions of efforts within companies to reduce emissions, their financial exposure and potential liability from operations that contribute to global warming, and their direct or indirect efforts to promote the view that global warming is not a threat. Proponents argue that there is scientific proof that the burning of fossil fuels causes global warming, that future legislation may make companies financially liable for their contributions to global warming, and that a report on the company's role in global warming can be assembled at reasonable cost. Taft-Hartley Advisory Services generally supports greater disclosure on climate change-related proposals.

Sustainability Reporting and Planning

The concept of sustainability is commonly understood as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. Indeed, the term sustainability is complex and poses significant challenges for companies on many levels. Many in the investment community have termed this broader responsibility the "triple bottom line," referring to the triad of performance goals related to economic prosperity, social responsibility, and environmental quality. In essence, the concept requires companies to balance the needs and interests of their various stakeholders while operating in a manner that sustains business growth for the long-term, supports local communities and protects the environment and natural capital for future generations.

Taft-Hartley Advisory Services generally supports shareholder proposals seeking greater disclosure on the company's environmental and social practices, and/or associated risks and liabilities.

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Hydraulic Fracturing

Shareholder proponents have elevated concerns on the use of hydraulic fracturing, an increasingly controversial process in which water, sand, and a mix of chemicals is blasted horizontally into tight layers of shale rock to extract natural gas. As this practice has gained more widespread use, environmentalists have raised concerns that the chemicals mixed with sand and water to aid the fracturing process can contaminate ground water supplies. Proponents of resolutions at companies that employ hydraulic fracturing are also concerned that wastewater produced by the process could overload the waste treatment plants to which it is shipped. Shareholders have asked companies that utilize hydraulic fracturing to report on the environmental impact of the practice and to disclose policies aimed at reducing hazards from the process.

Taft-Hartley Advisory Services generally supports shareholder requests seeking greater transparency on the practice of hydraulic fracturing and its associated risks.

Workplace Practices and Human Rights

Taft-Hartley Advisory Services supports shareholder requests for workplace safety reports, including reports on accident risk reduction effort. In addition, Taft-Hartley Advisory Services will generally support proposals calling for action on equal employment opportunity and anti-discrimination, and requests to conduct an independent racial equity and/or civil rights audit.

Environmental Justice

Companies have faced proposals addressing environmental justice concerns, focused on vulnerable stakeholders – particularly communities of color and low-income communities – who are disproportionately impacted by environmental pollution. These heightened risks can be exacerbated by climate change. Taft-Hartley Advisory Services generally supports shareholder proposals requesting disclosure of an environmental justice report, as well as a third-party environmental justice assessment.

Just Transition

Companies have faced proposals requesting disclosure on the just transition – addressing stakeholder concerns within a company's value chain with regards to the effects of climate change and the energy transition. Relevant stakeholder groups can include employees, suppliers (and workers in supply chains), communities impacted by operations, and other vulnerable groups potentially affected by a company's climate change strategy. Just transition disclosure should adequately assess, consult on, and address impacts on affected stakeholders regarding climate change risks. Taft-Hartley Advisory Services generally supports shareholder proposals requesting just transition and labor protection disclosure, in alignment with the International Labour Organization, the World Benchmarking Alliance, and other generally accepted guidelines and indicators.

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#### We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

#### GET STARTED WITH IS S SOLUTIONS
Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to

help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

<sup>©</sup> 2025 \| Institutional Shareholder Services and/or its affiliates

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#### **TABLE OF CONTENTS**

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|:---|:---|
|  **[Introduction](#pvp18767768_101)** | **42** |
|  **[Management Proposals](#pvp18767768_102)** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board of Directors](#pvp18767768_103) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board Responsiveness](#pvp18767768_104) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Auditors](#pvp18767768_105) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Takeover Defenses / Shareholder Rights](#pvp18767768_106) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Miscellaneous Governance Provisions](#pvp18767768_107) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Capital Structures](#pvp18767768_108) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Executive and Director Compensation](#pvp18767768_109) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mergers and Corporate Restructuringso](#pvp18767768_110) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mutual Fund Proxies](#pvp18767768_111) | 46 |
|  **[Shareholder Proposals](#pvp18767768_112)** | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals on Corporate Governance and Executive Compensation](#pvp18767768_113) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals on Social and Environmental Topics](#pvp18767768_114) | 46 |

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#### Introduction
ISS' Social Advisory Services division recognizes that socially responsible investors have dual objectives: financial and social. +Socially responsible investors invest for economic gain, as do all investors, but they also require that the companies in which they invest conduct their business in a socially and environmentally responsible manner.

These dual objectives carry through to socially responsible investors' proxy voting activity once the security selection process is completed. In voting their shares, socially responsible institutional shareholders are concerned not only with sustainable economic returns to shareholders and good corporate governance but also with the ethical behavior of corporations and the social and environmental impact of their actions.

Social Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the dual objectives of socially responsible shareholders. On matters of social and environmental import, the guidelines seek to reflect a broad consensus of the socially responsible investing community. Generally, we take policies that have been developed by groups such as the Interfaith Center on Corporate Responsibility, the General Board of Pension and Health Benefits of the United Methodist Church, Domini Social Investments, and other leading church shareholders and socially responsible mutual fund companies as our frame of reference. Additionally, we incorporate the active ownership and investment philosophies of leading globally recognized initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), the United Nations Principles for Responsible Investment (UNPRI), the United Nations Global Compact, and environmental and social European Union Directives.

On matters of corporate governance, executive compensation, and corporate structure, Social Advisory Services guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance consistent with responsibilities to society as a whole.

The guidelines provide an overview of how Social Advisory Services recommends that its clients vote. We note that there may be cases in which the final vote recommendation on a particular company varies from the vote guideline due to the fact that we closely examine the merits of each proposal and consider relevant information and company-specific circumstances in arriving at our decisions. Where Social Advisory Services acts as a voting agent for its clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Social Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social, and corporate governance topics, in addition to evolving market standards, regulatory changes, and client feedback.

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**The policies contained herein are a <u>sampling</u> only of selected key Social Advisory Services U.S. proxy voting guidelines and are not intended to be exhaustive. The complete guidelines can be found at:** 

#### https://www.issgovernance.com/policy-gateway/voting-policies/

#### Management Proposals
Board of Directors

Social Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be composed of a majority of independent directors and key board committees should be composed entirely of independent directors. The independent directors are expected to organize much of the board's work, even if the chief executive officer also serves as chairman of the board. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Directors are ultimately responsible to the corporation's shareholders. The most direct expression of this responsibility is the requirement that directors be elected to their positions by the shareholders.

Social Advisory Services will generally oppose all director nominees if the board is not majority independent and will vote against or withhold from non-independent directors who sit on key board committees. Social Advisory Services will also vote against or withhold from incumbent members of the nominating committee, or other directors on a case-by-case basis, where the board is not comprised of at least 40 percent underrepresented gender identities.<sup>1</sup> or at least 20 percent racially or ethnically diverse directors. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will be opposed. Furthermore, Social Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Social Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain,<sup>2</sup> Social Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it has been determined that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Social Advisory Services supports requests asking for the separation of the positions of chairman and CEO, opposes the creation of classified boards, and reviews proposals to change board size on a case-by-case basis. Social Advisory Services also generally supports shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Social Advisory Services may vote against or

<sup>1</sup> Underrepresented gender identities include directors who identify as women or as non-binary.

<sup>2</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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withhold from directors at companies where problematic pay practices exist and where boards have not been accountable or responsive to their shareholders.

Board Responsiveness

Social Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Social Advisory Services takes into account other factors, including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

Auditors

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Social Advisory Services believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Social Advisory Services will vote against the ratification of the auditor in cases where non-audit fees represent more than 25 percent of the total fees paid to the auditor in the previous year. Social Advisory Services supports requests asking for the rotation of the audit firm if the request includes a timetable of five years or more.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Social Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Social Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Miscellaneous Governance Provisions

Social Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case- by-case basis, taking into account the impact on shareholder rights.

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Capital Structures

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Social Advisory Services supports a one-share, one-vote policy and opposes mechanisms that skew voting rights. Social Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's prior or ongoing use of share authorizations and elements of the current request.

Executive and Director Compensation

The global financial crisis resulted in significant erosion of shareholder value and highlighted the need for greater assurance that executive compensation is principally performance-based, fair, reasonable, and not designed in a manner that would incentivize excessive risk-taking by management. The crisis raised questions about the role of pay incentives in influencing executive behavior and motivating inappropriate or excessive risk-taking and other unsustainable practices that could threaten a corporation's long-term viability. The safety lapses that led to the disastrous explosions at BP's Deepwater Horizon oil rig and Massey Energy's Upper Big Branch mine, and the resulting unprecedented losses in shareholder value; a) underscore the importance of incorporating meaningful economic incentives around social and environmental considerations in compensation program design, and; b) exemplify the costly liabilities of failing to do so.

Social Advisory Services evaluates executive and director compensation by considering the presence of appropriate pay-for-performance alignment with long-term shareholder value, compensation arrangements that risk "pay for failure," and an assessment of the clarity and comprehensiveness of compensation disclosures. Shareholder proposals calling for additional disclosure on compensation issues or the alignment of executive compensation with social or environmental performance criteria are supported, while shareholder proposals calling for other changes to a company's compensation programs are reviewed on a case-by-case basis.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Social Advisory Services will vote against Say on Pay proposals if there is a misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Social Advisory Services will evaluate whether pay quantum is in alignment with company performance, and consideration will also be given to whether the proportion of performance-contingent pay elements is sufficient in light of concerns with a misalignment between executive pay and company performance.

Social Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

Mergers and Corporate Restructurings

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case- by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

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Mutual Fund Proxies

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Social Advisory Services evaluates these proposals on a case-by-case basis taking into consideration recent trends and best practices at mutual funds.

#### Shareholder Proposals
Shareholder Proposals on Corporate Governance and Executive Compensation

Shareholder proposals topics include board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. Social Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported. Social Advisory Services supports initiatives that seek to strengthen the link between executive pay and performance, including performance elements related to corporate social responsibility.

Shareholder Proposals on Social and Environmental Topics

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, sustainability and climate, weapons, consumer welfare, animal welfare, and public safety.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. Among the reasons for this change are:

• The number and variety of shareholder resolutions on social and environmental issues has increased;

• Many of the sponsors and supporters of these resolutions are large institutional shareholders with significant holdings, and therefore, greater direct influence on the outcomes;

• The proposals are more sophisticated – better written, more focused, and more sensitive to the feasibility of implementation; and

• Investors now understand that a company's response to social and environmental issues can have serious economic consequences for the company and its shareholders.

Social Advisory Services generally supports requests for additional disclosures that would allow shareholders to better assess the board and management's oversight of risks in the company's operations. Social Advisory Services will closely evaluate proposals that ask the company to cease certain actions that the proponent believes are harmful to society or some segment of society with special attention to the company's legal and ethical obligations, its ability to remain profitable, and potential negative publicity if the company fails to honor the request. Social Advisory Services supports shareholder proposals that seek to improve a company's public image or reduce its exposure to liabilities and risks.

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#### We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

#### GET STARTED WITH ISS SOLUTIONS
Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

<sup>©</sup> 2025 \| Institutional Shareholder Services and/or its affiliates

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  **[Introduction](#pvp18767768_201)** | **50** |
|  **[Management Proposals](#pvp18767768_202)** | **51** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board of Directors](#pvp18767768_203) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board Responsiveness](#pvp18767768_204) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Auditors](#pvp18767768_205) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Takeover Defenses / Shareholder Rights](#pvp18767768_206) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Miscellaneous Governance Provisions](#pvp18767768_207) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Capital Structures](#pvp18767768_208) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Executive and Director Compensation](#pvp18767768_209) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mergers and Corporate Restructurings](#pvp18767768_210) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mutual Fund Proxies](#pvp18767768_211) | 53 |
|  **[Shareholder Proposals](#pvp18767768_212)** | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals on Corporate Governance and Executive Compensation](#pvp18767768_213) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Shareholder Proposals on Social and Environmental Topics](#pvp18767768_214) | 54 |

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#### Introduction
ISS' Sustainability Advisory Services recognizes the growing view among investment professionals that sustainability or environmental, social, and corporate governance (ESG) factors could present material risks to portfolio investments. Whereas investment managers have traditionally analyzed topics such as board accountability and executive compensation to mitigate risk, greater numbers are incorporating ESG performance into their investment decision making in order to have a more comprehensive understanding of the overall risk profile of the companies in which they invest to ensure sustainable long-term profitability for their beneficiaries.

Investors concerned with portfolio value preservation and enhancement through the incorporation of sustainability factors can also carry out this active ownership approach through their proxy voting activity. In voting their shares, sustainability-minded investors are concerned not only with economic returns to shareholders and good corporate governance, but also with ensuring corporate activities and practices are aligned with the broader objectives of society. These investors seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives including affirmative support for related shareholder resolutions advocating enhanced disclosure and transparency.

Sustainability Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the objectives of sustainability-minded investors and fiduciaries. On matters of ESG import, ISS' Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of environment, fair labor practices, non-discrimination, and the protection of human rights. Generally, ISS' Sustainability Policy will take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), Ceres Roadmap 2030, Global Sullivan Principles, MacBride Principles, and environmental and social European Union Directives. Each of these efforts promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions that promote practices that present new opportunities or that mitigate related financial and reputational risks.

On matters of corporate governance, executive compensation, and corporate structure, the Sustainability Policy guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

These guidelines provide an overview of how ISS approaches proxy voting issues for subscribers of the Sustainability Policy. Sustainability Advisory Services notes there may be cases in which the final vote recommendation at a particular company varies from the voting guidelines due to the fact that Sustainability Advisory Services closely examines the merits of each proposal and consider relevant information and company-specific circumstances in arriving at decisions. To that end, ISS engages with both interested shareholders as well as issuers to gain further insight into contentious issues facing the company. Where ISS acts as voting agent for clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Sustainability Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social and corporate governance topics, as well as the evolution of market standards, regulatory changes and client feedback.

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**The policies contained herein are a <u>sampling</u> only of selected key Sustainability Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:** 

#### https://www.issgovernance.com/policy-gateway/voting-policies/

#### Management Proposals
Board of Directors

ISS' Sustainability Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be sufficiently independent from management (and significant shareholders) so as to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

Sustainability Advisory Services will generally oppose non-independent director nominees if the board is not composed of a majority of independent directors and will vote against or withhold from non-independent directors who sit on key board committees. Sustainability Advisory Services will also vote against or withhold from the chair of the nominating committee, or other nominees on a case-by-case basis, if the board lacks at least one director of an underrepresented gender identity**<sup>1</sup>** or where the board has no apparent racially or ethnically diverse members. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will be opposed. Furthermore, Sustainability Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Sustainability Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain**<sup>2</sup>**, Sustainability Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it is determined that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Sustainability Advisory Services generally supports requests asking for the separation of the positions of chairman and CEO, and shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Sustainability Advisory Services may vote against or withhold from directors at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

<sup>1</sup> Underrepresented gender identities include directors who identify as women or as non-binary.

<sup>2</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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![LOGO](g767768dsp198.jpg)

Board Responsiveness

Sustainability Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Sustainability Advisory Services takes into account other factors including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

Auditors

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Sustainability Advisory Services believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Sustainability Advisory Services will vote against the ratification of the auditor in cases where fees for non-audit services are excessive.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Sustainability Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Sustainability Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Miscellaneous Governance Provisions

Sustainability Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case-by-case basis, taking into account the impact on shareholder rights.

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Capital Structures

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Sustainability Advisory Services supports a one-share, one-vote policy and opposes mechanisms that skew voting rights. Sustainability Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's past use of share authorizations and elements of the current request.

Executive and Director Compensation

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Sustainability Advisory Services will vote against Say on Pay proposals if there is an unmitigated misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Sustainability Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

Mergers and Corporate Restructurings

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case-by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

Mutual Fund Proxies

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Sustainability Advisory Services evaluates these proposals on a case- by-case basis taking into consideration recent trends and best practices at mutual funds.

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#### Shareholder Proposals
Shareholder Proposals on Corporate Governance and Executive Compensation

Shareholder proposals topics include board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. Sustainability Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported.

Shareholder Proposals on Social and Environmental Topics

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, sustainability and climate, weapons, consumer welfare, and public safety.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. Among the reasons for this change are:

• The number and variety of shareholder resolutions on social and environmental issues has increased;

• Many of the sponsors and supporters of these resolutions are large institutional shareholders with significant holdings, and therefore, greater direct influence on the outcomes;

• The proposals are more sophisticated – better written, more focused, and more sensitive to the feasibility of implementation; and

• Investors now understand that a company's response to social and environmental issues can have serious economic consequences for the company and its shareholders.

While focusing on value enhancement through risk mitigation and exposure to new sustainability-related opportunities, these resolutions also seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives to promote disclosure and transparency. Sustainability Advisory Services generally supports standards-based ESG shareholder proposals that enhance long-term shareholder and stakeholder value while aligning the interests of the company with those of society at large. In particular, the policy will focus on resolutions seeking greater transparency and/or adherence to internationally recognized standards and principles.

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Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

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#### PART C: OTHER INFORMATION
**Item 28.** **Exhibits** <br>

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|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (a)(1) | [Third Amended and Restated Master Trust Agreement, dated December 17, 2018, is incorporated by reference to PEA No. 78 to the Registration Statement on Form N-1A filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/875186/000119312518356415/d661390dex99a4.htm) |
| (a)(2) | Amendment No. 1, dated July 8, 2024, to the Third Amended and Restated Master Trust Agreement, dated December 17, 2018, is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (b)(1) | [Amended and Restated By-Laws, dated December 17, 2018, is incorporated by reference to PEA No. 78 to the Registration Statement on Form N-1A filed on December 21, 2018.](http://www.sec.gov/Archives/edgar/data/875186/000119312518356415/d661390dex99b2.htm) |
| (c) | Not Applicable. |
| (d)(1) | [Investment Management Agreement, dated as of October 28, 2009, between the Registrant and Consulting Group Advisory Services LLC ("CGAS") is incorporated by reference to PEA No. 53 to the Registration Statement on Form N- 1A filed on December 29, 2009.](http://www.sec.gov/Archives/edgar/data/875186/000095012309073954/w75627bexv99wdw1.htm) |
| (d)(2) | [Amendment to Investment Management Agreement between the Alternative Strategies Fund and CGAS, dated December 20, 2017, is incorporated by reference to PEA No. 76 to the Registration Statement on Form N-1A filed on December 29, 2017.](http://www.sec.gov/Archives/edgar/data/875186/000119312517383454/d476457dex99d2.htm) |
| (d)(3) | Amendment to Investment Management Agreement between the Registrant and CGAS, relating to the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF, dated December 6, 2024, is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(4) | Investment Advisory Agreement, dated July 29, 2024 between CGAS and AllianceBernstein L.P. ("AllianceBernstein") relating to the Morgan Stanley Pathway Small-Mid Cap Equity ETF, is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(5) | Investment Advisory Agreement, dated February 29, 2024, between CGAS and Allspring Global Investments ("Allspring") relating to the Core Fixed Income Fund, is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(6) | [Investment Sub-Advisory Agreement, dated September 22, 2025, between Allspring and Allspring Global Investments (UK) Limited relating to the Core Fixed Income Fund, is filed herewith.](d767768dex99d6.htm) |
| (d)(7) | [Investment Advisory Agreement, dated October 28, 2009, between CGAS and BlackRock Financial Management, Inc. ("BlackRock") relating to the Core Fixed Income Fund (formerly, Core Fixed Income Investments) is incorporated by reference to PEA No. 53 to the Registration Statement on Form N-1A filed on December 29, 2009.](http://www.sec.gov/Archives/edgar/data/875186/000095012309073954/w75627bexv99wdw3.htm) |
| (d)(8) | [Supplement to Investment Advisory Agreement, dated February 22, 2016, between CGAS and BlackRock relating to the addition of the Predecessor Large Cap Equity Fund and the Predecessor Small-Mid Cap Equity Fund is incorporated by reference to PEA No. 73 to the Registration Statement on Form N-1A filed on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/875186/000119312516802221/d302330dex99d3.htm) |
| (d)(9) | [Supplement to Investment Advisory Agreement, dated July 15, 2015, between CGAS and BlackRock relating to the addition of the International Equity Fund and the Emerging Markets Equity Fund is incorporated by reference to PEA No. 73 to the Registration Statement on Form N-1A filed on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/875186/000119312516802221/d302330dex99d4.htm) |
| (d)(10) | [Supplement to Investment Advisory Agreement, dated February 25, 2019, between CGAS and BlackRock relating to the addition of the Municipal Bond Fund, is incorporated by reference to PEA No. 82 to the Registration Statement on Form N-1A filed on December 27, 2019.](http://www.sec.gov/Archives/edgar/data/875186/000119312519324989/d824453dex99d7.htm) |
| (d)(11) | Supplement to Investment Advisory Agreement, dated October 2, 2024, between CGAS and BlackRock relating to the Morgan Stanley Pathway Large Cap Equity ETF and the Morgan Stanley Pathway Small-Mid Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(12) | [Investment Advisory Agreement, May 22, 2014, between CGAS and Causeway Capital Management LLC ("Causeway") relating to the International Equity Fund (formerly, International Equity Investments) is incorporated by reference to PEA No. 63 to the Registration Statement on Form N-1A filed on December 29, 2014.](http://www.sec.gov/Archives/edgar/data/875186/000119312514455595/d839203dex99d28.htm) |

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|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (d)(13) | [Investment Advisory Agreement, dated November 20, 2017, between CGAS and ClearBridge Investments, LLC ("ClearBridge") relating to the Predecessor Large Cap Equity Fund, is incorporated by reference to PEA No. 76 to the Registration Statement on Form N-1A filed on December 29, 2017.](http://www.sec.gov/Archives/edgar/data/875186/000119312517383454/d476457dex99d36.htm) |
| (d)(14) | Supplement to the Investment Advisory Agreement, dated October 2, 2024, between CGAS and ClearBridge, relating to the Morgan Stanley Pathway Large Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(15) | Investment Management Agreement, dated as of July 17, 2023, between CGAS and Great Lakes Advisors, LLC ("Great Lakes") relating to the Predecessor Large Cap Equity Fund, is incorporated by reference to PEA No. 87 to the Registration Statement on Form N-1A filed on December 21, 2023. |
| (d)(16) | Supplement to the Investment Advisory Agreement, dated October 2, 2024, between CGAS and Great Lakes, relating to the Morgan Stanley Pathway Large Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(17) | [Investment Advisory Agreement, dated March 28, 2025, between CGAS and J.P. Morgan Investment Management Inc. ("JPMIM") relating to the Core Fixed Income Fund is filed herewith.](d767768dex99d17.htm) |
| (d)(18) | [Investment Advisory Agreement, dated October 28, 2009, between CGAS and Lazard Asset Management LLC ("Lazard") relating to the Emerging Markets Equity Fund (formerly, Emerging Markets Equity Investments—Value Strategy) is incorporated by reference to PEA No. 53 to the Registration Statement on Form N-1A filed on December 29, 2009.](http://www.sec.gov/Archives/edgar/data/875186/000095012309073954/w75627bexv99wdw8.htm) |
| (d)(19) | [Investment Advisory Agreement, dated January 31, 2013, between CGAS and Lazard relating to the Emerging Markets Equity Fund—Growth Strategy (formerly, Emerging Markets Equity Investments—Growth Strategy) is incorporated by reference to PEA No. 61 to the Registration Statement on Form N-1A filed on December 27, 2013.](http://www.sec.gov/Archives/edgar/data/875186/000119312513486302/d649082dex99d28.htm) |
| (d)(20) | [Investment Advisory Agreement, dated March 19, 2021, between CGAS and Martin Currie Inc. ("Martin Currie") relating to Emerging Markets Equity Fund, is incorporated by reference to PEA No. 87 to the Registration Statement on Form N- 1A filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/875186/000119312521369034/d254480dex99d19.htm) |
| (d)(21) | [Supplement to the Investment Advisory Agreement, dated March 19, 2021, between CGAS and ClearBridge Investment Management Limited ("CIML") (Formerly known as Martin Currie) relating to the Emerging Markets Equity Fund is filed herewith.](d767768dex99d21.htm) |
| (d)(22) | [Investment Advisory Agreement, dated February 22, 2016, between CGAS and Neuberger Berman Investment Advisers LLC ("Neuberger") relating to the Predecessor Small-Mid Cap Equity Fund is incorporated by reference to PEA No. 73 to the Registration Statement on Form N-1A filed on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/875186/000119312516802221/d302330dex99d20.htm) |
| (d)(23) | Supplement to the Investment Advisory Agreement, dated October 1, 2024, between CGAS and Neuberger Berman Investment Advisers LLC ("Neuberger") relating to the Morgan Stanley Pathway Small-Mid Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(24) | [Investment Advisory Agreement, dated October 28, 2009, between CGAS and Pacific Investment Management Company LLC ("PIMCO") relating to the International Fixed Income Fund (formerly, International Fixed Income Investments) is incorporated by reference to PEA No. 53 to the Registration Statement on Form N-1A filed on December 29, 2009.](http://www.sec.gov/Archives/edgar/data/875186/000095012309073954/w75627bexv99wdw14.htm) |
| (d)(25) | [Supplement to Investment Advisory Agreement, dated April 13, 2012, between CGAS and PIMCO relating to the addition of the International Fixed Income Fund—Emerging Local Bond Strategy (formerly, International Fixed Income Investments—Emerging Local Bond Strategy), is incorporated by reference to PEA No. 59 to the Registration Statement on Form N-1A filed on December 28, 2012.](http://www.sec.gov/Archives/edgar/data/875186/000119312512517997/d451033dex99d16.htm) |
| (d)(26) | [Supplement to Investment Advisory Agreement, dated September 15, 2015, between CGAS and PIMCO relating to the removal of the International Fixed Income Fund—Emerging Local Bond Strategy (formerly, International Fixed Income Investments—Emerging Local Bond Strategy), is incorporated by reference to PEA No. 70 to the Registration Statement on Form N-1A filed on December 29, 2015.](http://www.sec.gov/Archives/edgar/data/875186/000119312515415983/d62246dex99d16.htm) |
| (d)(27) | [Form of Investment Advisory Agreement, between CGAS and PIMCO relating to the Inflation-Linked Fixed Income Fund and the Ultra-Short Term Fixed Income Fund, is incorporated by reference to PEA No. 70 to the Registration Statement on Form N-1A filed on December 29, 2015.](http://www.sec.gov/Archives/edgar/data/875186/000119312515415983/d62246dex99d30.htm) |

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (d)(28) | [Amended Investment Advisory Agreement, dated January 20, 2016, between CGAS and PIMCO relating to the addition of the Inflation-Linked Fixed Income Fund and the Ultra-Short Term Fixed Income Fund is incorporated by reference to PEA No. 73 to the Registration Statement on Form N-1A filed on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/875186/000119312516802221/d302330dex99d26.htm) |
| (d)(29) | [Investment Advisory Agreement, dated March 19, 2021, between CGAS and PineBridge Investments LLC ("PineBridge") relating to the High Yield Fund, is incorporated by reference to PEA No. 87 to the Registration Statement on Form N-1A filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/875186/000119312521369034/d254480dex99d28.htm) |
| (d)(30) | Investment Management Agreement, dated as of November 20, 2023, between Principal Global Investors, LLC ("Principal") relating to the Predecessor Large Cap Equity Fund is incorporated by reference to PEA No. 87 to the Registration Statement on Form N-1A filed on December 21, 2023. |
| (d)(31) | Supplement to the Investment Management Agreement, dated as of October 2, 2024, between CGAS and Principal relating to the Morgan Stanley Pathway Large Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (d)(32) | [Investment Advisory Agreement, dated October 28, 2009, between CGAS and Schroder Investment Management North America Inc. ("Schroders") relating to the International Equity Fund (formerly, International Equity Investments) is incorporated by reference to PEA No. 53 to the Registration Statement on Form N-1A filed on December 29, 2009.](http://www.sec.gov/Archives/edgar/data/875186/000095012309073954/w75627bexv99wdw18.htm) |
| (d)(33) | [Investment Sub-Advisory Agreement, dated August 27, 2007, between Schroders and Schroder Investment Management North America Ltd. ("SIMNA Ltd.") is incorporated by reference to PEA No. 49 to the Registration Statement on Form N-1A filed on October 26, 2007.](http://www.sec.gov/Archives/edgar/data/875186/000119312507227104/dex99d18.htm) |
| (d)(34) | [Investment Advisory Agreement, dated July 20, 2016, between CGAS and Van Eck Associates Corporation ("VanEck") relating to the Emerging Markets Equity Fund is incorporated by reference to PEA No. 73 to the Registration Statement on Form N-1A filed on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/875186/000119312516802221/d302330dex99d32.htm) |
| (d)(35) | [Investment Advisory Agreement, dated November 27, 2017, between CGAS and Victory Capital Management, Inc. ("Victory Capital") relating to the International Equity Fund, is incorporated by reference to PEA No. 76 to the Registration Statement on Form N-1A filed on December 29, 2017.](http://www.sec.gov/Archives/edgar/data/875186/000119312517383454/d476457dex99d37.htm) |
| (d)(36) | [Investment Advisory Agreement, dated March 19, 2021, between CGAS and Walter Scott & Partners Limited ("Walter Scott") relating to the International Equity Fund, is incorporated by reference to PEA No. 87 to the Registration Statement on Form N-1A filed on December 29, 2021.](http://www.sec.gov/Archives/edgar/data/875186/000119312521369034/d254480dex99d33.htm) |
| (d)(37) | [Investment Advisory Agreement, dated October 28, 2009, between CGAS and Westfield Capital Management Company, L.P. ("Westfield") relating to the Large Capitalization Growth Fund (formerly, Large Capitalization Growth Investments) and the Small Capitalization Growth Fund (formerly, Small Capitalization Growth Investments) is incorporated by reference to PEA No. 53 to the Registration Statement on Form N-1A filed on December 29, 2009.](http://www.sec.gov/Archives/edgar/data/875186/000095012309073954/w75627bexv99wdw26.htm) |
| (d)(38) | [Amendment to Investment Advisory Agreement, dated February 22, 2016, between CGAS and Westfield relating to Predecessor Small-Mid Cap Equity Fund is incorporated by reference to PEA No. 73 to the Registration Statement on Form N-1A filed on December 22, 2016.](http://www.sec.gov/Archives/edgar/data/875186/000119312516802221/d302330dex99d36.htm) |
| (d)(39) | [Amendment to Investment Advisory Agreement, dated October 2, 2024, between CGAS and Westfield relating to the Morgan Stanley Pathway Small-Mid Cap Equity ETF is filed herewith.](d767768dex99d39.htm) |
| (e)(1) | [Distribution Agreement dated August 29, 2013, between the Registrant and Morgan Stanley Smith Barney LLC is incorporated by reference to PEA No. 61 to the Registration Statement on Form N-1A filed on December 27, 2013.](http://www.sec.gov/Archives/edgar/data/875186/000119312513486302/d649082dex99e.htm) |
| (e)(2) | Distribution Agreement dated October 1, 2024, between the Registrant and Foreside Fund Services, LLC ("Foreside") relating to the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (e)(3) | Authorized Participant Agreement, dated December 5, 2024, between Foreside and BofA Securities, Inc. relating to the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (e)(4) | Authorized Participant Agreement between Foreside and BNY Mellon Capital Markets, LLC, relating to the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (e)(5) | Authorized Participant Agreement, dated December 6, 2024, between Foreside and Virtu Americas LLC, relating to the Morgan Stanley Pathway Large Cap Equity ETF and Morgan Stanley Pathway Small-Mid Cap Equity ETF is incorporated by reference to PEA No. 93 to the Registration Statement on Form N-1A filed on December 23, 2024. |
| (f) | Not Applicable. |
| (g)(1) | [Custodian Services Agreement, dated January 1, 2011, between the Trust and Brown Brothers Harriman & Co. ("BBH") is incorporated by reference to PEA No. 56 to the Registration Statement on Form N-1A filed on October 21, 2011.](http://www.sec.gov/Archives/edgar/data/875186/000095012311091231/w83871aexv99wg.htm) |
| (g)(2) | [Amendment to Custodian Services Agreement, dated December 17, 2015, between the Trust and BBH, is incorporated by reference to PEA No. 70 to the Registration Statement on Form N-1A filed on December 29, 2015.](http://www.sec.gov/Archives/edgar/data/875186/000119312515415983/d62246dex99g2.htm) |
| (g)(3) | [Form of Amended Custodian Services Agreement, dated January 2018, between the Trust and BBH, is incorporated by reference to PEA No. 76 to the Registration Statement on Form N-1A filed on December 29, 2017.](http://www.sec.gov/Archives/edgar/data/875186/000119312517383454/d476457dex99g3.htm) |
| (h)(1) | [Transfer Agency and Services Agreement, dated as of January 1, 2009, between the Trust and PFPC Inc. (now BNY Mellon Investment Servicing (US)) is incorporated by reference to PEA No. 56 to the Registration Statement on Form N- 1A filed on October 21, 2011.](http://www.sec.gov/Archives/edgar/data/875186/000095012311091231/w83871aexv99whw1.htm) |
| (h)(2) | [Administration Agreement dated December 23, 2010, and effective January 1, 2011, between the Trust and BBH is incorporated by reference to PEA No. 56 to the Registration Statement on Form N-1A filed on October 21, 2011.](http://www.sec.gov/Archives/edgar/data/875186/000095012311091231/w83871aexv99whw2.htm) |
| (h)(3) | [Amendment to Administration Agreement, dated as of May 25, 2011, between the Trust and BBH is incorporated by reference to PEA No. 56 to the Registration Statement on Form N-1A filed on October 21, 2011.](http://www.sec.gov/Archives/edgar/data/875186/000095012311091231/w83871aexv99whw3.htm) |
| (h)(4) | [Amendment to Administration Agreement, dated as of December 17, 2015, between the Trust and BBH, is incorporated by reference to PEA No. 70 to the Registration Statement on Form N-1A filed on December 29, 2015.](http://www.sec.gov/Archives/edgar/data/875186/000119312515415983/d62246dex99h4.htm) |
| (h)(5) | [Form of Amendment to Administration Agreement, dated January 2018, between the Trust and BBH, is incorporated by reference to PEA No. 76 filed on December 29, 2017.](http://www.sec.gov/Archives/edgar/data/875186/000119312517383454/d476457dex99h6.htm) |
| (h)(6) | [Amendment to Administration Agreement, dated May 29, 2018, between the Trust and BBH, is incorporated by reference to PEA No. 82 to the Registration Statement on Form N-1A filed on December 27, 2019.](http://www.sec.gov/Archives/edgar/data/875186/000119312519324989/d824453dex99h6.htm) |
| (h)(7) | [Administrative Services Agreement, dated as of May 12, 2010, between the Trust and Morgan Stanley Smith Barney LLC, is incorporated by reference to PEA No. 55 to the Registration Statement on Form N-1A filed on December 29, 2010.](http://www.sec.gov/Archives/edgar/data/875186/000095012310117234/b80200exv99whw4.htm) |
| (i) | [Opinion of Morgan, Lewis & Bockius LLP is filed herewith.](d767768dex99i.htm) |
| (j) | [Consent of Independent Registered Public Accounting Firm is filed herewith.](d767768dex99j.htm) |
| (k) | Not Applicable. |
| (l) | Purchase Agreement between the Registrant and Shearson Lehman Brothers Inc. is incorporated by reference to PEA No. 1. |
| (m) | Not Applicable. |
| (n) | Not Applicable. |
| (o) | Reserved. |
| (p)(1) | [Code of Ethics for Morgan Stanley Pathway Funds, dated May 17, 2018, is incorporated by reference to PEA No. 82 to the Registration Statement on Form N-1A filed on December 27, 2019.](http://www.sec.gov/Archives/edgar/data/875186/000119312519324989/d824453dex99p1.htm) |
| (p)(2) | [Code of Ethics for CGAS, dated April 6, 2021, is incorporated by reference to PEA No. 88 to the Registration Statement on Form N-1A filed on December 29, 2022.](http://www.sec.gov/Archives/edgar/data/875186/000119312522314795/d382313dex99p2.htm) |
| (p)(3) | [Code of Ethics for AllianceBernstein, dated January 2025, is filed herewith.](d767768dex99p3.htm) |
| (p)(4) | [Code of Ethics for Allspring, dated September 1, 2025, is filed herewith.](d767768dex99p4.htm) |
| (p)(5) | [Code of Ethics for BlackRock, dated September 29, 2025, is filed herewith](d767768dex99p5.htm) |
| (p)(6) | Code of Ethics for Causeway, dated December 30, 2022, is incorporated by reference to PEA No. 92 to the Registration Statement on Form N-1A filed on October 18, 2024. |
| (p)(7) | [Code of Ethics for ClearBridge, dated November 2025, is filed herewith.](d767768dex99p7.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (p)(8) | [Code of Ethics for Great Lakes, dated September 15, 2025, is filed herewith](d767768dex99p8.htm) |
| (p)(9) | [Code of Ethics for JPMIM, dated August 29, 2025, is filed herewith.](d767768dex99p9.htm) |
| (p)(10) | Code of Ethics for Lazard, dated April 2022, is incorporated by reference to PEA No. 92 to the Registration Statement on Form N-1A filed on October 18, 2024. |
| (p)(11) | [Code of Ethics for CIML, dated August 2025, is filed herewith.](d767768dex99p11.htm) |
| (p)(12) | [Code of Ethics for Neuberger, dated January 31, 2025, is filed herewith.](d767768dex99p12.htm) |
| (p)(13) | [Code of Ethics for PIMCO, dated July 2025, is filed herewith.](d767768dex99p13.htm) |
| (p)(14) | [Code of Ethics for PineBridge, dated January 2025, is filed herewith.](d767768dex99p14.htm) |
| (p)(15) | [Code of Ethics for Principal, dated October 1, 2025, is filed herewith.](d767768dex99p15.htm) |
| (p)(16) | [Code of Ethics for Schroders, dated August 2025, is filed herewith.](d767768dex99p16.htm) |
| (p)(17) | [Code of Ethics for Van Eck, dated February 10, 2025, is filed herewith.](d767768dex99p17.htm) |
| (p)(18) | [Code of Ethics for Victory Capital, dated April 1, 2025, is filed herewith.](d767768dex99p18.htm) |
| (p)(19) | [Code of Ethics for Walter Scott, dated September 17, 2025, is filed herewith.](d767768dex99p19.htm) |
| (p)(20) | [Code of Ethics for Westfield, dated October 21, 2025, is filed herewith.](d767768dex99p20.htm) |
| (q)(1) | [Power of Attorney, dated April 18, 2013, is incorporated by reference to PEA No. 61 to the Registration Statement on Form N-1A filed on December 27, 2013.](http://www.sec.gov/Archives/edgar/data/875186/000119312513486302/d649082dex99q3.htm) |
| (q)(2) | [Power of Attorney, dated August 21, 2015, is incorporated by reference to PEA No. 69 to the Registration Statement on Form N-1A filed on October 15, 2015.](http://www.sec.gov/Archives/edgar/data/875186/000119312515344679/d51673dex99q2.htm) |
| (q)(3) | [Power of Attorney, dated December 29, 2022, is incorporated by reference to PEA No. 88 to the Registration Statement on Form N-1A filed on December 29, 2022.](http://www.sec.gov/Archives/edgar/data/875186/000119312522314795/d382313dex99q3.htm) |
| (q)(4) | [Power of Attorney, dated December 16, 2025, is filed herewith.](d767768dex99q4.htm) |

---

**Item 29.** **Persons Controlled by or Under Common Control with the Fund** <br>

None.

**Item 30.** **Indemnification** <br>

Incorporated by reference to Pre-Effective Amendment No. 2 to the Registration Statement on Form N-1A filed on January 7, 1993.

**Item 31.** **Business and Other Connections of the Investment Adviser** <br>

#### Investment Manager – The Consulting Group
The Consulting Group and its predecessor have been in the investment consulting business since 1973. The Consulting Group is a division of CGAS. CGAS was formed as a Delaware corporation in September 2005, and was reorganized as a Delaware limited liability company in May 2009. CGAS and the Consulting Group are each businesses of Morgan Stanley.

The list required by this Item 31 of officers and directors of CGAS and the Consulting Group, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two fiscal years is incorporated by reference to Form ADV filed by CGAS on behalf of Consulting Group pursuant to the Advisers Act (SEC File No. 801-64791).

------

#### Sub-adviser – AllianceBernstein L.P.
AllianceBernstein serves as an investment advisor to the Morgan Stanley Pathway Small-Mid cap Equity ETF. AllianceBernstein provides investment advisory services to institutional and retail clients. AllianceBernstein's principal executive offices are located at 501 Commerce Street, Nashville, Tennessee 37203.

The list required by this Item 31 of officers and directors of AllianceBernstein, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A, B and D of Form ADV filed by AllianceBernstein pursuant to the Advisers Act (SEC File No. 801-56720).

#### Sub-adviser – Allspring Global Investments, LLC/Allspring Global Investments (UK) Limited
Allspring serves as an investment advisor to the Core Fixed Income Fund. Allspring provides investment advisory services to institutional and retail clients. Allspring's principal executive offices are located at 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, North Carolina 28203.

The list required by this Item 31 of officers and directors of Allspring, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A B, and D of Form ADV filed by Allspring pursuant to the Advisers Act (SEC File No. 801-21122).

#### Sub-adviser – BlackRock Financial Management, Inc.
BlackRock serves as an investment advisor to the Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Municipal Bond Fund and the Core Fixed Income Fund. BlackRock has been registered as an investment advisor under the Advisers Act since 1988. BlackRock serves as an investment advisor to institutional and retail clients. BlackRock's principal executive offices are located at Park Ave. Plaza, 55 East 52nd Street, New York, NY 10055.

The list required by this Item 31 of officers and directors of BlackRock, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by BlackRock pursuant to the Advisers Act (SEC File No. 801-48433).

#### Sub-adviser – Causeway Capital Management LLC
Causeway serves as an investment advisor to the International Equity Fund. Causeway provides investment advisory services to institutions. Causeway's principal executive offices are located at 11111 Santa Monica Boulevard, 15<sup>th</sup> Floor, Los Angeles, CA 90025.

The list required by this Item 31 of officers and directors of Causeway, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Causeway pursuant to the Advisers Act (SEC File No. 801-60343).

#### Sub-adviser – ClearBridge Investments, LLC
Clearbridge serves as an investment advisor to the Morgan Stanley Pathway Large Cap Equity ETF. ClearBridge provides investment advisory services to individual and institutional clients. ClearBridge's principal executive offices are located at 620 8<sup>th</sup> Avenue, 48<sup>th</sup> Fl, New York, NY 10018.

The list required by this Item 31 of officers and directors of ClearBridge, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by ClearBridge pursuant to the Advisers Act (SEC File No. 801-64710).

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#### Sub-adviser – Great Lakes Advisors, LLC
Great Lakes serves as an investment advisor to the Morgan Stanley Pathway Large Cap Equity ETF. Great Lakes manages and advises on assets for the full range of both institutional and private wealth clients. Great Lakes' principal executive offices are located at Metro Center, 1 Station Place, Suite 470, Stamford, CT 06902.

The list required by this Item 31 of officers and directors of Great Lakes, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Great Lakes pursuant to the Advisers Act (SEC File No. 801-16937).

#### Sub-Adviser – J.P. Morgan Investment Management Inc.
JPMIM serves as an investment advisor to the Core Fixed Income Fund. JPMIM manages and advises on assets for the full range of both institutional and private wealth clients. JPMIM's principal executive offices are located at 383 Madison Avenue, New York, NY 10179.

The list required by this Item 31 of officers and directors of JPMIM, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by JPMIM pursuant to the Advisers Act (SEC File No. 801-21011).

#### Sub-adviser – Lazard Asset Management LLC
Lazard serves as an investment advisor to the Emerging Markets Equity Fund. Lazard provides investment advisory services to individuals and institutions. Lazard's principal executive offices are located at 30 Rockefeller Plaza, 57<sup>th</sup> Floor, New York, NY 10112.

The list required by this Item 31 of officers and directors of Lazard, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedule A and D of Form ADV filed by Lazard pursuant to the Advisers Act (SEC File No. 801-61701).

#### Sub-adviser – ClearBridge Investment Management Limited
CIML serves as investment adviser to the Emerging Markets Equity Fund. CIML provides investment advisory services to individual and institutional clients. CIML's principal executive offices are located at Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2ES, Scotland.

The list required by this Item 31 of officers and directors of CIML, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by CIML pursuant to the Advisers Act (SEC File No. 801-14261).

#### Sub-adviser – Neuberger Berman Investment Advisers LLC
Neuberger serves as investment adviser to the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Neuberger provides investment advisory services to individual and institutional clients. Neuberger's principal executive offices are located at 1290 6<sup>th</sup> Avenue, New York, NY 10104.

The list required by this Item 31 of officers and directors of Neuberger, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Neuberger pursuant to the Advisers Act (SEC File No. 801-61757).

#### Sub-adviser – Pacific Investment Management Company LLC
PIMCO serves as an investment advisor to the International Fixed Income Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund. PIMCO has been registered as an investment advisor under the Advisers Act since 1971. PIMCO serves as an investment advisor to institutional and retail clients. PIMCO's principal executive offices are located at 650 Newport Center Drive, Newport Beach, CA 92660.

The list required by this Item 31 of officers and directors of PIMCO, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is

------

incorporated by reference to Schedules A and D of Form ADV filed by PIMCO pursuant to the Advisers Act (SEC File No. 801-48187).

#### Sub-adviser – PineBridge Investments LLC
PineBridge serves as investment adviser to the High Yield Fund. PineBridge provides investment advisory services to individual and institutional clients. PineBridge's principal executive offices are located at Park Avenue Tower, 65 E 55<sup>th</sup> Street, New York, NY 10022.

The list required by this Item 31 of officers and directors of PineBridge, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by PineBridge pursuant to the Advisers Act (SEC File No. 801-18759).

#### Sub-adviser – Principal Global Investors, LLC
Principal serves as an investment advisor to the Morgan Stanley Pathway Large Cap Equity ETF. Principal provides investment advisory services to institutional investors and individuals on a discretionary or non-discretionary basis. Principal Global Investors, LLC principal executive offices are located at 801 Grand Avenue, Des Moines, IA 50392.

The list required by this Item 31 of officers and directors of Delaware, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Principal pursuant to the Advisers Act (SEC File No. 801-55959).

#### Sub-adviser – Schroder Investment Management North America Inc.
Schroders serves as investment adviser to the International Equity Fund. Schroders provides investment advisory services to individual and institutional clients. Schroders' principal executive offices are located at 7 Bryant Park, New York, NY 10018.

The list required by this Item 31 of officers and directors of Schroders, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Schroders pursuant to the Advisers Act (SEC File No. 801-15834).

#### Sub-adviser – Van Eck Associates Corporation
VanEck serves as investment adviser to the Emerging Markets Equity Fund. VanEck provides investment advisory services to individual and institutional clients. VanEck's principal executive offices are located at 666 Third Avenue, New York, NY 10017.

The list required by this Item 31 of officers and directors of VanEck, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by VanEck pursuant to the Advisers Act (SEC File No. 801-21340).

#### Sub-adviser – Victory Capital Management, Inc.
Victory Capital serves as investment adviser to the International Equity Fund. Victory Capital provides investment advisory services to individual and institutional clients. Victory Capital's principal executive offices are located at 15935 La Cantera Parkway, San Antonio, TX 78256.

The list required by this Item 31 of officers and directors of Victory Capital, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Victory Capital pursuant to the Advisers Act (SEC File No. 801-46878).

#### Sub-adviser – Walter Scott & Partners Limited
Walter Scott serves as investment adviser to the International Equity Fund. Walter Scott provides investment advisory services to individual and institutional clients. Walter Scott's principal executive offices are located at One Charlotte Square, Edinburgh, EH2 4DR, Scotland.

The list required by this Item 31 of officers and directors of Walter Scott, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is

------

incorporated by reference to Schedules A and D of Form ADV filed by Walter Scott pursuant to the Advisers Act (SEC File No. 801-19420).

#### Sub-adviser – Westfield Capital Management Company, L.P.
Westfield serves as an investment advisor to the Morgan Stanley Pathway Small-Mid Cap Equity ETF. Westfield is the investment adviser of various institutional clients. Westfield's principal executive offices are located One Financial Center, 23rd Floor, Boston, MA 02111.

The list required by this Item 31 of officers and directors of Westfield, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedule A and D of Form ADV filed by Westfield pursuant to the Advisers Act (SEC File No. 801-69413).

**Item 32.** **Principal Underwriters** <br>

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| | |
|:---|:---|
| (a)(1) | Morgan Stanley Smith Barney LLC ("MSSB"), is the principal underwriter for the International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund, each series of Morgan Stanley Pathway Funds.  |

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(a)(2) Foreside Fund Services, LLC ("Foreside") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. AMG ETF Trust

15. Amplify ETF Trust

16. Applied Finance Dividend Fund, Series of World Funds Trust

17. Applied Finance Explorer Fund, Series of World Funds Trust

18. Applied Finance Select Fund, Series of World Funds Trust

19. Ardian Access LLC

20. ARK ETF Trust

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21. ARK Venture Fund

22. Bitwise Funds Trust

23. BondBloxx ETF Trust

24. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

25. Bridgeway Funds, Inc.

26. Brinker Capital Destinations Trust

27. Brookfield Real Assets Income Fund Inc.

28. Build Funds Trust

29. Calamos Convertible and High Income Fund

30. Calamos Convertible Opportunities and Income Fund

31. Calamos Dynamic Convertible and Income Fund

32. Calamos Global Dynamic Income Fund

33. Calamos Global Total Return Fund

34. Calamos Strategic Total Return Fund

35. Carlyle Tactical Private Credit Fund

36. Cascade Private Capital Fund

37. Catalyst Strategic Income Opportunities Fund

38. CBRE Global Real Estate Income Fund

39. Center Coast Brookfield MLP & Energy Infrastructure Fund

40. Clifford Capital Partners Fund, Series of World Funds Trust

41. Cliffwater Corporate Lending Fund

42. Cliffwater Enhanced Lending Fund

43. Coatue Innovative Strategies Fund

44. Cohen & Steers ETF Trust

45. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

46. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

47. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

48. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

49. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

50. CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

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51. Davis Fundamental ETF Trust

52. Defiance Connective Technologies ETF, Series of ETF Series Solutions

53. Defiance BMNR Option Income ETF, Series of ETF Series Solutions

54. Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

55. Defiance Quantum ETF, Series of ETF Series Solutions

56. Denali Structured Return Strategy Fund

57. Dodge & Cox Funds

58. DoubleLine ETF Trust

59. DoubleLine Income Solutions Fund

60. DoubleLine Opportunistic Credit Fund

61. DoubleLine Yield Opportunities Fund

62. DriveWealth ETF Trust

63. EIP Investment Trust

64. Ellington Income Opportunities Fund

65. ETF Opportunities Trust

66. Exchange Listed Funds Trust

67. Exchange Place Advisors Trust

68. FlexShares Trust

69. Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

70. Forum Funds

71. Forum Funds II

72. Forum Real Estate Income Fund

73. Fundrise Growth Tech Fund, LLC

74. GoldenTree Opportunistic Credit Fund

75. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

76. Grayscale Funds Trust

77. Guinness Atkinson Funds

78. Harbor ETF Trust

79. Harris Oakmark ETF Trust

80. Hawaiian Tax-Free Trust

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81. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

82. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

83. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

84. Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

85. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

86. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

87. Innovator ETFs Trust

88. Ironwood Institutional Multi-Strategy Fund LLC

89. Ironwood Multi-Strategy Fund LLC

90. Jensen Quality Growth ETF, Series of Trust for Professional Managers

91. John Hancock Exchange-Traded Fund Trust

92. Kurv ETF Trust

93. Lazard Active ETF Trust

94. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

95. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

96. Mairs & Power Growth Fund, Series of Trust for Professional Managers

97. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

98. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

99. Manor Investment Funds

100. MoA Funds Corporation

101. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

102. Morgan Stanley ETF Trust

103. Morningstar Funds Trust

104. NEOS ETF Trust

105. Niagara Income Opportunities Fund

106. North Square Evanston Multi-Alpha Fund

107. NXG Cushing<sup>®</sup> Midstream Energy Fund

108. NXG NextGen Infrastructure Income Fund

109. OTG Latin American Fund, Series of World Funds Trust

110. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

------

111. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

112. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

113. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

114. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

115. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

116. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

117. Palmer Square Funds Trust

118. Palmer Square Opportunistic Income Fund

119. Partners Group Private Income Opportunities, LLC

120. Perkins Discovery Fund, Series of World Funds Trust

121. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

122. Plan Investment Fund, Inc.

123. Point Bridge America First ETF, Series of ETF Series Solutions

124. Precidian ETFs Trust

125. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

126. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

127. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

128. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

129. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

130. Renaissance Capital Greenwich Funds

131. REX ETF Trust

132. Reynolds Funds, Inc.

133. RMB Investors Trust

134. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

135. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

136. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

137. Roundhill Cannabis ETF, Series of Listed Funds Trust

138. Roundhill ETF Trust

139. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

140. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

------

141. Roundhill Video Games ETF, Series of Listed Funds Trust

142. Rule One Fund, Series of World Funds Trust

143. Russell Investments Exchange Traded Funds

144. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

145. Six Circles Trust

146. Sound Shore Fund, Inc.

147. SP Funds Trust

150. Sparrow Funds

151. Spear Alpha ETF, Series of Listed Funds Trust

152. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

153. STF Tactical Growth ETF, Series of Listed Funds Trust

154. Strategic Trust

155. Strategy Shares

156. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

157. Tekla World Healthcare Fund

158. Tema ETF Trust

159. The 2023 ETF Series Trust

160. The 2023 ETF Series Trust II

161. The Community Development Fund

162. The Cook & Bynum Fund, Series of World Funds Trust

163. The Private Shares Fund

164. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

165. Third Avenue Trust

166. Third Avenue Variable Series Trust

167. Tidal Trust I

168. Tidal Trust II

169. Tidal Trust III

170. Tidal Trust IV

------

171. TIFF Investment Program

172. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

173. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy Plan International ETF, Series of The Timothy Plan

175. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

177. Total Fund Solution

178. Touchstone ETF Trust

179. Trailmark Series Trust

180. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

181. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

182. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

183. T-Rex 2x Long Ether Daily Target ETF

184. U.S. Global Investors Funds

185. Union Street Partners Value Fund, Series of World Funds Trust

186. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

187. Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund, Series of World Funds Trust

188. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

189. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

190. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

191. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

192. Virtus Stone Harbor Emerging Markets Income Fund

193. Volatility Shares Trust

194. WEBs ETF Trust

195. Wedbush Series Trust

196. Wellington Global Multi-Strategy Fund

197. Wilshire Mutual Funds, Inc.

198. Wilshire Variable Insurance Trust

199. WisdomTree Trust

200. XAI Octagon Floating Rate & Alternative Income Term Trust

------

(b)(1) The information required by this Item 32 with respect to each trustee, officer and partner of Morgan Stanley is incorporated by reference to Schedule A of Form BD filed by Morgan Stanley pursuant to the Securities Exchange Act of 1934 (SEC File No. 8-68191).

(b)(2) The following are the Officers and Manager of Foreside. Foreside's main business address is 190 Middle Street, Suite 301, Portland, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position<br> with<br>Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

**Item 33.** **Location of Accounts and Records** <br>

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, MA 02110

Morgan Stanley Smith Barney LLC

2000 Westchester Avenue

Purchase, NY 10577

Consulting Group Advisory Services LLC

2000 Westchester Avenue

Purchase, NY 10577

BNY Investment Servicing (US)

P.O. Box 9699

Providence, RI 02940-9699

BNY Asset Servicing

BNY Mellon Center

201 Washington Street

Boston, MA 02108-4408

------

AllianceBernstein L.P.

501 Commerce Street

Nashville, TN 37203

Allspring Global Investments, LLC

1415 Vantage Park Dr. 3<sup>rd</sup> Floor

Charlotte, NC 28203

Allspring Global Investments (UK) Limited

30 Cannon Street, Third Floor

London, EC4M 6XH

BlackRock Financial Management, Inc.

Park Ave. Plaza

55 East 52<sup>nd</sup> Street

New York, NY 10055

Causeway Capital Management LLC

11111 Santa Monica Boulevard, 15<sup>th</sup> Floor

Los Angeles, CA 90025

ClearBridge Investments, LLC

620 8<sup>th</sup> Avenue, 48<sup>th</sup> Fl

New York, NY 10018

Great Lakes Advisors, LLC

Metro Center

1 Station Place, Suite 470

Stamford, CT 06902

Lazard Asset Management LLC

30 Rockefeller Plaza, 57<sup>th</sup> Floor

New York, NY 10112

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017-2014

ClearBridge Investment Management Limited

Saltire Court, 20 Castle Terrace

Edinburgh, EH1 2ES, Scotland

Neuberger Berman Investment Advisers LLC

1290 6<sup>th</sup> Avenue

New York, NY 10104

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

PineBridge Investments LLC

Park Avenue Tower

65 E 55<sup>th</sup> Street

New York, NY 10022

Principal Global Investors, LLC

801 Grand Avenue

Des Moines, IA 50392

Schroder Investment Management North America Inc.

7 Bryant Park

New York, NY 10018

Van Eck Associates Corporation

666 Third Avenue

New York, NY 10017

Victory Capital Management, Inc.

------

15935 La Cantera Parkway

San Antonio, TX 78256

Walter Scott & Partners Limited

One Charlotte Square

Edinburgh, EH2 4DR, Scotland

Westfield Capital Management Company, L.P.

One Financial Center, 23<sup>rd</sup> Floor

Boston, MA 02111

**Item 34.** **Management Services** <br>

Not Applicable.

**Item 35.** **Undertakings** <br>

Not Applicable.

------

#### EXHIBIT INDEX

#### Exhibit No.

---

| | |
|:---|:---|
| (d)(6) | [Investment Sub-Advisory Agreement, dated September 22, 2025, between Allspring and Allspring Global Investments (UK) Limited relating to the Core Fixed Income Fund, is filed herewith.](d767768dex99d6.htm) |
| (d)(17) | [Investment Advisory Agreement, dated March 28, 2025, between CGAS and J.P. Morgan Investment Management Inc. ("JPMIM") relating to the Core Fixed Income Fund is filed herewith.](d767768dex99d17.htm) |
| (d)(21) | [Supplement to the Investment Advisory Agreement, dated March 19, 2021, between CGAS and CIML (Formerly known as Martin Currie) relating to the Emerging Markets Equity Fund is filed herewith.](d767768dex99d21.htm) |
| (i) | Opinion of Morgan, Lewis & Bockius LLP |
| (j) | Consent of Independent Registered Public Accounting Firm |
| (p)(3) | Code of Ethics for AllianceBernstein. |
| (p)(4) | Code of Ethics for Allspring. |
| (p)(5) | Code of Ethics for BlackRock. |
| (p)(7) | Code of Ethics for ClearBridge. |
| (p)(8) | Code of Ethics for Great Lakes. |
| (p)(9) | Code of Ethics for JPMIM. |
| (p)(11) | Code of Ethics for CIML. |
| (p)(12) | Code of Ethics for Neuberger. |
| (p)(13) | Code of Ethics for PIMCO. |
| (p)(14) | Code of Ethics for PineBridge. |
| (p)(15) | Code of Ethics for Principal. |
| (p)(16) | Code of Ethics for Schroders |
| (p)(17) | Code of Ethics for VanEck |
| (p)(18) | Code of Ethics for Victory |
| (p)(19) | Code of Ethics for Walter Scott |
| (p)(20) | Code of Ethics for Westfield. |
| (q)(4) | Power of Attorney for Daniela O'Leary-Gill, dated December 16, 2025. |

---

------

#### 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 under rule 485(b) under the Securities Act of 1933, as amended and has duly caused this Post-Effective Amendment No. 94 to its Registration Statement to be signed on its behalf by the undersigned, and where applicable, the true and lawful attorney-in-fact, thereunto duly authorized, in the city of New York and State of New York on the 23<sup>rd</sup> day of December 2025.

---

| | |
|:---|:---|
| Morgan Stanley Pathway Funds | Morgan Stanley Pathway Funds |
| By: | /s/ Paul Ricciardelli |
|  | Paul Ricciardelli, Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 94 to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| /s/ Paul Ricciardelli | &nbsp;&nbsp;&nbsp;&nbsp; Trustee and Chief Executive Officer | December 23, 2025 |
| Paul Ricciardelli | &nbsp;&nbsp;&nbsp;&nbsp; Trustee and Chief Executive Officer | December 23, 2025 |
| /s/ Francis Smith | &nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Principal Accounting Officer | December 22, 2025 |
| Francis Smith | &nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Principal Accounting Officer | December 22, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
| Adela Cepeda \* | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
| Eric McKissack \* | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
| Mark J. Reed \* | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
| Teresa S. Westbrook \*\* | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |
| Daniela O'Leary-Gill \*\*\* | &nbsp;&nbsp;&nbsp;&nbsp; Trustee | December 22, 2025 |

---

\* Signed pursuant to a power of attorney dated January 1, 2019

\*\* Signed pursuant to a power of attorney dated December 29, 2022

\*\*\* Signed pursuant to a power of attorney dated December 16, 2025

---

| | |
|:---|:---|
| /s/ Eric Metallo | December 22, 2025 |
| Eric Metallo, *Attorney-in-Fact Secretary* | December 22, 2025 |

---

## Ex-99.D6

**SUPPLEMENT TO THE PROSPECTUSES, SUMMARY PROSPECTUSES AND** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**For the** 

**Allspring Core Plus Bond Fund** 

**Allspring Core Plus ETF** 

**Allspring Income Plus ETF** 

**Allspring Income Plus Fund** 

**Allspring Short-Term Bond Plus Fund** 

**SUPPLEMENT TO THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION** 

**For the** 

**Allspring Managed Account CoreBuilder Shares - Series CP** 

**Allspring Managed Account CoreBuilder Shares - Series SP** 

**(each a "Fund", together the "Funds")** 

At a meeting held August 19-20, 2025, the Boards of Trustees of Allspring Funds Trust and Allspring Exchange-Traded Funds Trust approved, respectively, the addition of Allspring Global Investments (UK) Limited as a sub-adviser to the Funds. The following changes are effective on or about November 3, 2025.

**<u>I. Prospectus:</u>** Effective on or about November 3, 2025, Sarah Harrison will become a portfolio manager to each Fund. Accordingly, for each Fund, the table in the section entitled "Fund Summary – Fund Management" is amended to include the following:

---

| | | |
|:---|:---|:---|
| **Manager** | **Sub-Adviser** | **Portfolio Managers,<br>Title/Managed Since** |
| Allspring Funds Management, LLC | Allspring Global Investments (UK) Limited | **Sarah Harrison,** Portfolio Manager / 2025 |

---

In the section entitled "Management of the Fund – The Sub-Adviser and Portfolio Managers" the following is added:

**Allspring Global Investments (UK) Limited** ("Allspring (UK)"), is a registered investment adviser located at 30 Cannon Street, Third Floor, London, EC4M 6XH. Allspring (UK), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC, provides investment advisory services to banking or thrift institutions, investment companies, pension and profit sharing plans, corporations, and state or municipal government entities.

---

| | |
|:---|:---|
| **Sarah Harrison** | Ms. Harrison joined Allspring (UK) or one of its predecessors firms in 2022, where she currently serves as a portfolio manager within the Plus Fixed Income team. Prior to joining Allspring (UK), Ms. Harrision was a credit portfolio manager at Morgan Stanley, serving as the lead on European high yield strategies and as a co-portfolio manager on global high yield strategies. |

---

<u>**II. Statement of Additional Information**</u> Effective November 3, 2025, in the section entitled "Manager and Other Service Providers - Portfolio Managers" the following *Other Managed Accounts* table is added for each Fund and the *Beneficial Ownership* table is amended:

**Sarah Harrison<sup>1</sup>** 

---

| | |
|:---|:---|
|  **Registered Investment Companies** |  |
|  Number of Accounts | 0.0 |
|  Total Assets Managed | $0.0 |
|  Number of Accounts Subject to Performance Fee | 0.0 |
|  Assets of Accounts Subject to Performance Fee | $0.0 |
|  **Other Pooled Investment Vehicles** |  |
|  Number of Accounts | 0.0 |
|  Total Assets Managed | $0.0 |
|  Number of Accounts Subject to Performance Fee | 0.0 |

---

------

---

| | |
|:---|:---|
|  Assets of Accounts Subject to Performance Fee | $0.0 |
|  **Other Accounts** |  |
|  Number of Accounts | 0.0 |
|  Total Assets Managed | $0.0 |
|  Number of Accounts Subject to Performance Fee | 0.0 |
|  Assets of Accounts Subject to Performance Fee | $0.0 |

---

1. Sarah Harrison became a portfolio manager of the Fund on November 3, 2025. The information presented in
this table is as of August 31, 2024, at which time Ms. Harrison was not a portfolio manager of the Fund.

With respect to each Fund, the Beneficial Ownership Table is amended to reflect that as of July 31, 2025, Sarah Harrison did not have holdings in the Fund.

September 22, 2025 SUP0059 09-25

## Ex-99.D17

**MORGAN STANLEY PATHWAY FUNDS** 

**INVESTMENT ADVISORY AGREEMENT** 

INVESTMENT ADVISORY AGREEMENT, effective as of the 28th day of March 2025, between Consulting Group Advisory Services LLC (the "Manager"), a limited liability company organized and existing under the laws of the State of Delaware, and J.P. Morgan Investment Management Inc. ("Adviser"), a corporation organized and existing under the laws of the State of Delaware.

WHEREAS, the Manager entered into a Management Agreement dated as of October 28th, 2009 (the "Management Agreement") with the Morgan Stanley Pathway Funds, a Massachusetts business trust (the "Trust"), which is engaged in business as an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, the Trust is and will continue to be a series fund having two or more investment portfolios, each with its own assets, investment objectives, policies and restrictions (each a "Portfolio");

WHEREAS, the Adviser is engaged principally in the business of rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, (the "Advisers Act"); and

WHEREAS, the Manager desires to retain the Adviser to assist it in the provision of a continuous investment program for that portion of the assets of the Portfolio listed on Appendix A which the Manager may from time to time assign to the Adviser (the "Allocated Assets") and the Adviser is willing to furnish such services;

NOW, THEREFORE, in consideration of the premises and mutual promises herein set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT. Manager hereby retains the Adviser to act as investment adviser for and to manage the Allocated Assets for the period and on the terms set forth in this Agreement. The Adviser accepts such engagement and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES OF THE ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. INVESTMENT ADVISORY SERVICES. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Adviser shall manage the investments of the Allocated Assets in accordance with the Portfolio's investment objective, policies, and restrictions as provided in the Trust's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time (hereinafter referred to as the "Prospectus"), and in compliance with the requirements applicable to registered investment companies under applicable laws and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code") and such other limitations as the Manager may institute. Subject to the forgoing, the Adviser shall have full discretionary authority to (a) make investment decisions for the Allocated Assets; (b) place

------

purchase and sale orders for portfolio transactions, cover open positions, and generally to deal in securities, financial and commodity futures contract, other derivatives transactions, options, short-term investment vehicles and other property and assets comprising or relating to the Allocated Assets; and (c) employ professional portfolio managers and securities analysts to provide research services to the Allocated Assets. In providing these services, the Adviser will conduct a continual program of investment, evaluation and, if appropriate, sale and reinvestment of the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. ADVISER UNDERTAKINGS. In all matters relating to the performance of this Agreement, the Adviser shall act in conformity with the Trust's Master Agreement dated April 12, 1991, as amended from time to time (the "Trust Agreement") and Prospectus and with the written instructions and directions of the Board and the Manager. The Adviser hereby agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) regularly report to the Board and the Manager (in such form and frequency as the Manager and Adviser mutually
agree) with respect to the implementation of the investment program, compliance of the Allocated Assets with the Prospectus, the 1940 Act and the Code, and on other topics as may reasonably be requested by the Board or the Manager, including
attendance at Board meetings, as reasonably requested, to present such reports to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As reasonably requested by the Manager or the Portfolio, provide the Portfolio with information available to
Adviser regarding Allocated Assets in the Portfolio to assist the Board in determining the appropriate valuation of such assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide, subject to any obligations or undertakings reasonably necessary to maintain the confidentiality of the
Adviser's non-public information, records and supporting documentation about the composite of accounts and the portfolios the Adviser manages that have investment objectives, policies, and strategies
substantially similar to those employed by the Adviser in managing the Allocated Assets which may be reasonably necessary, under applicable laws, to allow the Trust or its agent to present historical performance information concerning the
Adviser's similarly managed accounts and portfolios, for inclusion in the Trust's Prospectus and any other reports and materials prepared by the Trust or its agent, in accordance with regulatory requirements or as requested by applicable
federal or state regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. EXPENSES. The Adviser will bear all of its expenses in connection with the performance of its services under this Agreement. All other expenses to be incurred in the operation of the Portfolio will be borne by the Trust, except to the extent specifically assumed by the Adviser. The expenses to be borne by the Trust include, without limitation, the following: organizational costs, taxes, interest, brokerage fees and commissions, Trustees' fees, Securities and Exchange Commission fees and state Blue Sky qualification fees, advisory fees, charges of custodians, transfer and dividend disbursing agents' fees, certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of independent pricing services, costs

------

of maintaining existence, costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing and printing prospectuses and statements of additional information for regulatory purposes and for distribution to existing shareholders, costs of shareholders' reports and meetings, and any extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. BROKERAGE. In connection with the investment and reinvestment of the Allocated Portion, the Manager consents to the execution of transactions outside a trading venue and acknowledges that the Adviser is authorized to effect securities and other investment transactions through brokers and dealers of its choosing. In selecting brokers or dealers to execute transactions on behalf of the Allocated Assets of the Portfolio, the Adviser will use its best efforts to seek the best overall terms available. In assessing the best overall terms available for any transaction, the Adviser will consider factors it deems relevant, including, without limitation, the breadth of the market in the security or commodity interest, the price of the security or commodity interest, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. In selecting brokers or dealers to execute a particular transaction, and in evaluating the best overall terms available, the Adviser is authorized to consider the brokerage and research services (within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended) provided to the Portfolio and/or other accounts over which the Adviser exercises investment discretion. Consistent with Section 28(e) of the Exchange Act, the 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 the Allocated Assets which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the 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 Adviser and its affiliates to their discretionary clients, including the Portfolio. Except as permitted by Rule 17a-10 under the 1940 Act, Adviser will not engage in principal transactions with respect to the Allocated Assets with any broker-dealer affiliated with the Manager or with any other adviser to the Portfolio, and will engage in agency transactions with respect to the Allocated Assets with such affiliated broker-dealers only in accordance with all applicable rules and regulations. The 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 ("Affiliated Broker-Dealers")) and the Affiliated Broker-Dealers may retain commissions in connection with effecting such agency transactions for the Portfolio, provided that it is consistent with Rule 17e-1 under the 1940 Act. The Manager understands that other broker-dealers may be willing to effect transactions for the Allocated Assets at lower commission rates than those charged by Affiliated Broker-Dealers. When executing trades through Affiliated Broker-Dealers, the Adviser shall seek to obtain the most favorable terms for the Allocated Assets transactions that are reasonably available under the circumstances. Adviser will provide to Manager a list of its affiliated broker-dealers, as such may be amended from time to time. Manager will provide to Adviser a list of its affiliated broker-dealers and of those of each other adviser to the Portfolio. The Manager acknowledges that it has been provided a copy of the Adviser's Order Execution Policy applicable to certain transactions executed through its office in the United Kingdom, as applicable, and consents to transactions being executed on behalf of the Portfolio as described therein.

The Manager authorizes and empowers the Adviser to direct the Portfolio's custodian (the "Custodian") to open and maintain accounts for trading in securities and other instruments for and

------

in the name of the Portfolio or the Adviser. In addition, the Manager authorizes and empowers the Adviser to execute for the Portfolio as its agent and attorney-in-fact reasonable and customary customer agreements and other documentation in connection therewith, such as futures and options account agreements (including swaps addenda thereto), cleared derivative execution agreements, International Swaps and Derivatives Association, Inc. master agreements and credit support annexes ("ISDAs") and any related clearing agreements or control agreements and other agreements related to the foregoing with brokers, dealers, futures commission merchants swap dealers and/or clearing houses as the Adviser shall select. The Manager acknowledges and agrees that the Adviser will rely on representations, warranties and covenants made by the Manager when entering into such agreements and when entering into derivatives transactions on behalf of the Portfolio, and, upon reasonable request by the Adviser, the Manager will provide the Adviser with the representations, warranties and covenants that are required for such transactions. Subject to applicable law, including the custody requirements under the 1940 Act, the Adviser may, using such of the securities and other property in the Portfolio as the Adviser deems necessary or desirable, direct the Custodian to deposit for the Portfolio original and maintenance brokerage and margin deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers as the Adviser deems desirable or appropriate. The Adviser shall cause all securities and other property purchased or sold for the Portfolio to be settled at the place of business of the Custodian or as the Custodian shall direct. All securities and other property of the Portfolio shall remain in the direct or indirect custody of the Custodian and, at all times, in a manner consistent with the 1940 Act. The Adviser shall notify the Custodian as soon as practicable of the necessary information to enable the Custodian to effect such purchases and sales.

The Adviser further shall have the authority to instruct the Custodian (i) to pay cash for securities and other property delivered to the Custodian for the Portfolio, (ii) to deliver securities and other property against payment for the Portfolio, and (iii) to transfer assets and funds to such brokerage accounts as the Adviser may designate, all consistent with the powers, authorities and limitations set forth herein. The Adviser shall not have authority to cause the Custodian to deliver securities and other property, or pay cash to the Adviser except as expressly provided herein

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. AGGREGATION OF ORDERS. On occasions when the Adviser deems the purchase or sale of a security to be in the best interest of the Allocated Assets as well as other clients of the Adviser, the Adviser may to the extent permitted by applicable laws and regulations, but shall be under no obligation to, aggregate the orders for securities to be purchased or sold (including those that transactions executed through its office in the United Kingdom, as applicable). In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner the Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Portfolio and to its other clients. The Manager recognizes that, in some cases, the Adviser's allocation procedure may limit the size of the position that may be acquired or sold for the Allocated Assets. Further information regarding the Adviser's order aggregation practices is available in Part 2A of Adviser's Form ADV and, with respect to activities conducted in its offices in the United Kingdom (as applicable), the FCA Disclosure Document provided to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. BOOKS AND RECORDS. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that all records which it maintains for the Allocated Assets of the Portfolio are the property of the Trust and further agrees to surrender promptly to the Trust copies of any of such records upon the Portfolio's or the Manager's request,

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provided, however, that Adviser may retain copies of any records to the extent required for it to comply with applicable laws or the Adviser's policies and procedures. The Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule. Notwithstanding the foregoing, Adviser has no responsibility for the maintenance of the records of the Portfolio, except for those related to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. ADVISER COMPLIANCE RESPONSIBILITIES. The Adviser and the Manager acknowledge that the Adviser is not the compliance agent for the Portfolio, and does not have access to all of the Trust's books and records necessary to perform certain compliance testing that would be customary for a subadviser. However, to the extent that the Adviser has agreed to perform the services specified in this Agreement, the Adviser shall perform compliance testing with respect to the Allocated Assets based upon information in its possession and upon information and written instructions received from the Manager or the Trust's Administrator and shall not be held in breach of this Agreement so long as it performs in accordance with such information and instructions. Specifically, the Adviser shall not be responsible for the Portfolio being in violation of any applicable law or regulation or investment policy or restriction applicable to the Portfolio as a whole or for the Portfolio's failure to qualify as a regulated investment company under the Code if the securities and other holdings of the Allocated Assets would not be in such violation or failing to so qualify if the Allocated Assets were deemed a separate series of the Trust or a separate regulated investment company under the Code. The Manager or Trust's Administrator shall promptly provide the Adviser with copies of the Trust Agreement, the Trust's By-Laws, the Prospectus and any written policies or procedures adopted by the Board applicable to the Allocated Assets and any amendments or revisions thereto. Adviser shall supply such reports or other documentation as reasonably requested from time to time by the Manager to evidence Adviser's compliance with such Prospectus, and the applicable policies or procedures as agreed upon between Manager and Adviser. For avoidance of doubt, Adviser shall not be responsible for non-compliance with any amendments to agreed upon policies and procedures applicable to the Allocated Assets to the extent the amendments are not timely provided to Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. PROXY VOTING. The Adviser shall vote all proxies for the Allocated Assets in accordance with the Adviser's proxy voting guidelines. The Manager shall cause to be forwarded to Adviser all proxy solicitation materials that Manager receives. The Adviser further agrees that it will provide the Board with a written report of the proxies voted during the most recent 12-month period or such other period as the Board may designate, in a format agreed upon between Manager and Adviser. Upon reasonable request, Adviser shall provide the Manager with records of all proxy votes relating to the Allocated Assets as required under the Advisers Act. For avoidance of doubt, the Adviser will not be responsible for providing proxy voting data required for Form N-PX beyond the Allocated Assets voting record. Adviser will also provide an annual certification, the form of which shall be agreed upon between the Manager and Adviser, attesting to the accuracy and completeness of such proxy voting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. USE OF NAMES. The Adviser shall not use the name, logo, insignia, or other identifying mark of the Trust or the Manager or any of their affiliates or any derivative or logo or trade or service mark thereof, or disclose information related to the business of the Manager or any of its affiliates in material relating to the Adviser in any manner not approved prior thereto by the Manager; provided, however, that the Manager hereby approves of all uses of its or the Trust's name and that of their affiliates which merely refer in accurate terms to the appointment of

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the Adviser hereunder or which are required by the SEC or a state securities commission; and provided, further, that in no event shall such approval be unreasonably withheld. The Manager shall not use the name, logo, insignia, or other identifying mark of the Adviser or any of its affiliates in any prospectus, sales literature or other material relating to the Trust in any manner not approved prior thereto by the Adviser; provided, however, that the Adviser hereby approves of all uses of its name which merely refer in accurate terms to the appointment of the Adviser hereunder or which are required by the SEC or a state securities commission; and provided, further, that in no event shall such approval be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. OTHER ADVISERS. With respect to any Portfolio, (i) the Adviser will not consult with any other adviser to that Portfolio (including, in the case of an offering of securities subject to Section 10(f) of the 1940 Act, any adviser that is a principal underwriter or an affiliated person of a principal underwriter of such offering) concerning transactions for that Portfolio in securities or other assets, except, in the case of transactions involving securities of persons engaged in securities related business, for purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; and (ii) the Adviser will provide advice and otherwise perform services hereunder exclusively with respect to the Allocated Assets of that Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. PORTFOLIO HOLDINGS. The Adviser will not disclose, in any manner whatsoever, any list of securities held by the Portfolio, except in accordance with the Portfolio's portfolio holdings disclosure policy, as may otherwise be required by law or as permitted pursuant to Section 16. Delegation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPENSATION OF ADVISER. The Manager will pay the Adviser, with respect to each Portfolio on Appendix A attached hereto, the compensation specified in Appendix A. Such fees will be computed daily and paid monthly, calculated at an annual rate based on the Allocated Assets' average daily net assets as determined by the Trust's accounting agent. Compensation for any partial period shall be pro-rated based on the length of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. STANDARD OF CARE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser shall exercise its best judgment in rendering its services described in this Agreement. Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio or the Manager in connection with the matters to which this Agreement relates, except a loss resulting from Adviser's willful misfeasance, bad faith or gross negligence on its part in the performance of its duties hereunder or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser does not guarantee the future performance of the Allocated Assets of the Portfolio or any specific level of performance, the success of any investment decision

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or strategy that the Adviser may use, or the success of the Adviser's overall management of the Allocated Assets. The Manager understands that investment decisions made for the Allocated Assets by the Adviser are subject to various market, currency, economic, political, business and structural risks, and that those investment decisions will not always be profitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Notwithstanding anything in the Agreement to the contrary, the Adviser shall not be liable to the Portfolio or the Manager in respect of the default, fraud, act or omission, negligence or willful misconduct of any market counterparty through or with whom transactions are effected for the Allocated Assets of the Portfolio. Notwithstanding the foregoing, Adviser will act in good faith and with due diligence in the selection, use and monitoring of third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Under no circumstances shall the Manager or the Adviser be liable for any special, consequential, indirect, incidental, exemplary or punitive damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Nothing in this Section 4 shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Manager agrees to indemnify and hold harmless the Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) ("Losses"), howsoever arising, from or in connection with this Agreement or the performance by the Adviser of its duties hereunder; provided however that the Manager will not indemnify the Adviser for Losses resulting from the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties or from the Adviser's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser agrees to indemnify and hold harmless the Manager from and against any and all Losses resulting from the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of, or from reckless disregard of, the Adviser's obligations and duties under this Agreement; provided however that the Adviser will not indemnify the Manager for Losses resulting from the Manager's willful misfeasance, bad faith or gross negligence in the performance of its duties or from the Manager's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. NON-EXCLUSIVITY. The Manager understands that Adviser and its affiliates perform investment advisory services for various clients. Manager agrees that Adviser may give advice and take action with respect to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the Allocated Assets of the Portfolio. It is the Adviser's policy to allocate investment opportunities among clients over a period of time on a fair and equitable basis. The Manager recognizes that the Adviser, in effecting transactions for its various accounts, may not always be able to take or liquidate investment positions in the same security at the same time and at the same price. The Manager agrees that the Adviser shall not have any obligations to purchase or sell, or to recommend for purchase or sale, for the Allocated Asset of the Portfolio any security which the Adviser or its affiliates, their directors, officers, principals or employees may purchase or sell for its or their own accounts or for the account of any other client, if in the opinion of the Adviser such transaction or investment appears unsuitable,

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impractical or undesirable for the Portfolio. Nothing in this Agreement will in any way limit or restrict the Adviser or any of its respective officers, directors, principals, affiliates or employees from buying, selling or trading in any securities for its or their own accounts or other accounts. The Manager acknowledges and agrees that the Adviser and its affiliates may make different investment decisions with respect to each of its clients or for its own account, and that such fact shall not be relied upon by the Manager or any of the Manager's agents or representatives as evidence of a breach of the Adviser 's duties hereunder. Nothing in this Agreement shall limit or restrict the right of the Adviser, the Manager, the Portfolio, the Trust, or any of their respective directors, officers, affiliates or employees to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. MAINTENANCE OF INSURANCE. During the term of this Agreement and for a period of one year after termination hereof, Adviser will maintain comprehensive general liability coverage and will carry a fidelity bond covering it and each of its employees and authorized agents with limits of not less than those considered commercially reasonable and appropriate under the current industry practices. Adviser shall provide Manager with certificates of insurance upon Manager's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. CONFIDENTIALITY. Each party to this Agreement shall keep confidential any nonpublic information concerning the other party and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing party has authorized such disclosure or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state regulatory authorities. Nonpublic information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference or reliance upon the nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TERM OF AGREEMENT. This Agreement shall become effective as of the date of its execution and shall continue in effect for a period of two years from the date of execution. Thereafter, this Agreement shall continue automatically for successive annual periods, provided such continuance is specifically approved at least annually by (i) the Board or (ii) a vote of a "majority" (as defined in the 1940 Act) of the Portfolio's outstanding voting securities, provided that in either event the continuance also is approved by a majority of the Board who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement is terminable, without penalty, at any time, by the Manager, by the Board, or by vote of holders of a majority (as defined in the 1940 Act) of the Portfolio's shares; or on 60 days' written notice by the Adviser, and will terminate five business days after the Adviser receives written notice of the termination of the Management Agreement between the Trust and the Manager. This Agreement also will terminate automatically in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. REPRESENTATIONS OF ADVISER. The Adviser represents, warrants, and agrees as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Manager of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser has provided the information about itself set forth in the Prospectus and has reviewed the description of its operations, duties and responsibilities as set forth therein (the "Adviser Information") and acknowledges that to the best of the Adviser's knowledge the Adviser Information is true and correct, contains no material misstatement of fact and does not omit any material fact necessary to make the statements therein not misleading. The Adviser further agrees to inform the Manager and the Trust's Administrator immediately of any material fact known to the Adviser respecting or relating to the Adviser that is not contained in the Prospectus, or of any statement contained therein which becomes untrue in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and, if it has not already done so, will provide the Manager and the Trust with a copy of such code of ethics. On at least an annual basis, the Adviser will comply with the reporting requirements of Rule 17j-1, which may include (i) certifying to the Manager that the Adviser and its Access Persons have complied with the Adviser's Code of Ethics with respect to the Allocated Assets and (ii) identifying any material violations which have occurred with respect to the Allocated Assets. In the event the Adviser has identified to the Manager a material violation that has occurred with respect to the Allocated Assets, the Adviser agrees to promptly provide to the Manager such information as the Manager may reasonably request in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Adviser, its employees, officers and agents. Upon reasonable request, and at its discretion, the Adviser may provide the Manager with access to the records relating to such policies and procedures, to the extent they relate to the Allocated Assets. Adviser will also provide, at the reasonable request of the Manager, periodic certifications, in a form agreed upon between Manager and Adviser, attesting to such written policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Adviser has provided the Manager and the Trust with a copy of its registration under the Advisers Act on Form ADV as most recently filed with the SEC and hereafter will furnish a copy of its annual amendment to the Manager. The statements contained in the Adviser's registration on Form ADV to the best of Adviser's knowledge are true and correct in all material respects and do not omit to state any material facts required to be stated therein or necessary in order to make the statements therein not misleading. The Adviser agrees to maintain the completeness and accuracy of its registration on Form ADV in accordance with the Advisers Act. The Adviser acknowledges that it is an "investment adviser" to the Portfolio with respect to the Allocated Assets within the meaning of the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Adviser confirms that, as of the date of this Agreement, to the best of

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Adviser's knowledge neither it nor any of its "affiliated persons," as defined in the 1940 Act, are affiliated persons of: (i) the Manager; (ii) Morgan Stanley Smith Barney LLC, the distributor for the Trust; or (iii) any trustee or officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. REPRESENTATIONS OF MANAGER. The Manager represents, warrants, and agrees as follows: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services of investment adviser to the Portfolio; (iii) has met, and will continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization, necessary to be met in order to perform the services of investment adviser to the Portfolio; (iv) has the authority to enter into and appoint Adviser to perform the services contemplated by this Agreement; and (v) will promptly notify the Adviser of the occurrence of any event that would disqualify the Manager from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Manager further agrees to inform the Adviser immediately of any material fact known to the Manager if any of the foregoing is no longer true or accurate. The Manager has provided the Adviser with the Trust's Declaration of Trust as in effect on the date of this Agreement, the By-Laws, copies of the current Prospectus and Statement of Additional Information, and agree to furnish Adviser with any material supplements or amendments to the foregoing documents, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. PROVISION OF CERTAIN INFORMATION BY ADVISER. The Adviser will notify the Manager as soon as reasonably possible (1) in the event the SEC or other governmental authority has censured the Adviser; placed limitations upon its activities, functions or operations; or suspended or revoked its registration, if any, as an investment adviser; or (2) upon having a reasonable basis for believing that the Portfolio has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code. The Adviser further agrees to notify the Manager promptly of any material fact known to the Adviser respecting or relating to the Adviser that is not contained in the Prospectus, and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement contained therein that becomes untrue in any material respect. As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of Adviser's obligations and responsibilities contained in this Agreement, Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 of the 1940 Act. Such assistance shall include, but is not limited to, (i) certifying periodically, upon the reasonable request of the Trust, that it is in compliance with all applicable "federal securities laws," as required by Rule 38a-l under the 1940 Act, and Rule 206(4)-7 under the Advisers Act with respect to the Allocated Assets; (ii) cooperating with third-party audits arranged by the Trust to evaluate the effectiveness of its compliance controls; (iii) providing the Trust's chief compliance officer with direct access to its compliance personnel during the Adviser's normal business hours; (iv) providing the Trust's chief compliance officer with periodic reports as agreed upon between the Manager and the Adviser; and (v) providing special reports in the event of compliance problems within a commercially reasonable period of time. Further, Adviser is aware that: (i) the Chief Executive Officer (Principal Executive Officer) and Treasurer/Chief Financial Officer (Principal Financial Officer) of the Trust (collectively, the "Certifying Officers") are required to certify the Trust's periodic reports on Form N-CSR pursuant to Rule 30a-2 under the 1940 Act; and (ii) the Certifying Officers must rely upon certain matters of fact generated by Adviser of which they do not have firsthand knowledge. Consequently, Adviser has in place and will observe procedures and controls that are reasonably designed to

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ensure the adequacy of the services provided to the Trust under this Agreement and the accuracy of the information prepared by it and which is included in the Form N-CSR, and shall provide certifications to the Trust to be relied upon by the Certifying Officers in certifying the Trust's periodic reports on Form N-CSR, in a form satisfactory to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. PROVISION OF CERTAIN INFORMATION BY THE MANAGER. The Manager will promptly notify the Adviser (1) in the event that the SEC has censured the Manager or the Trust; placed limitations upon either of their activities, functions, or operations; suspended or revoked the Manager's registration as an investment adviser; or, to the knowledge of the Manager, has commenced proceedings or an investigation that may result in any of these actions and (2) upon having a reasonable basis for believing that the Portfolio has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. AMENDMENT OF AGREEMENT. No provision of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. LIMITATION OF LIABILITY. The Manager and Adviser agree that the obligations of the Trust under this Agreement shall not be binding upon any of the Board members, shareholders, nominees, officers, employees or agents; whether past, present or future, of the Trust individually, but are binding only upon the assets and property of the Portfolio, as provided in the Trust Agreement. The execution and delivery of this Agreement have been duly authorized by the Manager and the Adviser, and signed by an authorized officer of each acting as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. DELEGATION. The Adviser may employ an affiliate or a third party to perform any accounting, administrative, reporting, proxy voting or ancillary services required to enable the Adviser to perform its functions under this Agreement. The Adviser may provide information about the Allocated Assets of the Portfolio to any such affiliate or other third party for the purpose of providing the services contemplated under this clause. The Adviser will act in good faith in the selection, use and monitoring of affiliates and other third parties, and any delegation or appointment hereunder shall not relieve the Adviser of any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. MISCELLANEOUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. GOVERNING LAW. This Agreement shall be construed in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof, and with the 1940 Act. To the extent that the applicable laws of the State of New York conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. CHANGE IN CONTROL. The Adviser will notify the Manager of any change of control of the Adviser (as the term "control" is defined under the 1940 Act and the Advisers Act) in each case prior to or promptly after such change. In addition, the Adviser will notify the Manager of any changes in the key personnel who are either the portfolio manager(s) of the Allocated Assets or the Chief Executive Officer or Chief Financial Officer of the Adviser as soon as practicable after any such change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. CAPTIONS. The captions contained in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. ENTIRE AGREEMENT. This Agreement represents the entire agreement and understanding of the parties hereto and shall supersede any prior agreements between the parties relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. DEFINITIONS. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, releases or orders of the SEC validly issued pursuant to the 1940 Act. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell," and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, release or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, release, or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, release, or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. NOTICES. Any notice herein required is to be in writing and is deemed to have been given to Adviser or Manager upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or similar means of delivery that provide evidence of receipt.

All notices to the Manager shall be sent to:

Morgan Stanley Wealth Management

c/o Consulting Group Advisory Services LLC

522 Fifth Avenue

New York, NY 10036

Attention: Chief Operating Officer

<u>Facsimile: (914) 610-7445</u>

<u>Email: robert1.garcia@morganstanley.com</u>

All notices to the Adviser shall be sent to:

J.P. Morgan Investment Management Inc.

277 Park Avenue

New York, NY 10172

Attention: Jessica Badillo, Vice President

Email: jessica.badillo@jpmorgan.com

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. DELIVERY OF FORM ADV. The Manager acknowledges receipt of the Adviser's Form ADV and, to the extent activities are conducted in the United Kingdom, the FCA Disclosure Document prior to the execution of this Agreement.

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**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.** 

If the terms and conditions described above are in accordance with your understanding, kindly indicate your acceptance of this Agreement by signing and returning to us the enclosed copy of this Agreement.

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| | |
|:---|:---|
| **THE MANAGER:** | **THE MANAGER:** |
| CONSULTING GROUP ADVISORY SERVICES LLC | CONSULTING GROUP ADVISORY SERVICES LLC |
| By: | /s/ Robert Garcia |
| Name: | Robert Garcia |
| Title: | Chief Operating Officer |
| **THE ADVISER:** | **THE ADVISER:** |
| J.P. MORGAN INVESTMENT MANAGEMENT INC. | J.P. MORGAN INVESTMENT MANAGEMENT INC. |
| By: | /s/ Jessica Badillo |
| Name: Jessica Badillo | Name: Jessica Badillo |
| Title: | Vice President |

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**APPENDIX A** 

**FEE SCHEDULE** 

For the services provided by Adviser to the Allocated Assets, pursuant to the attached Investment Advisory Agreement, the Manager will pay the Adviser a fee, computed daily and payable monthly, based on the average daily net assets of the Allocated Assets at the following annual rates of the average daily net assets of the Allocated Assets as determined by the Trust's accounting agent:

<u> PORTFOLIO</u> <u> ASSETS</u> <u> RATE</u> <br> Morgan Stanley Pathway Funds – Core Fixed Income Fund All Assets Redacted

## Ex-99.D21

**MORGAN STANLEY PATHWAY FUNDS** 

**INVESTMENT ADVISORY AGREEMENT** 

INVESTMENT ADVISORY AGREEMENT, effective as of the 30th day of September 2025, between Consulting Group Advisory Services LLC (the "Manager"), a limited liability company organized and existing under the laws of the State of Delaware, and ClearBridge Investment Management Limited, formerly known as Martin Currie Investment Management Limited ("Adviser"), a company organized and existing under the laws of Scotland.

WHEREAS, the Manager entered into a Management Agreement dated as of October 28th, 2009 (the "Management Agreement") with the Morgan Stanley Pathway Funds, a Massachusetts business trust (the "Trust"), which is engaged in business as an open-end management investment company registered under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, the Trust is and will continue to be a series fund having two or more investment portfolios, each with its own assets, investment objectives, policies and restrictions (each a "Portfolio"); WHEREAS, the Adviser is engaged principally in the business of rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, (the "Advisers Act") and is regulated in the United Kingdom by the Financial Conduct Authority (the "FCA") under, primarily, the Financial Services and Markets Act 2000 and the FCA Rules (as more fully described in Exhibit B – FCA Disclosures); and

WHEREAS, the Manager desires to retain the Adviser to assist it in the provision of a continuous investment program for that portion of the assets of the Portfolio listed on Appendix A which the Manager may from time to time assign to the Adviser (the "Allocated Assets") and the Adviser is willing to furnish such services;

NOW, THEREFORE, in consideration of the premises and mutual promises herein set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT. Manager hereby retains the Adviser to act as investment adviser for and to manage the Allocated Assets for the period and on the terms set forth in this Agreement. The Adviser accepts such engagement and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES OF THE ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. INVESTMENT ADVISORY SERVICES. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Manager, the Adviser shall manage the investments of the Allocated Assets in accordance with the Portfolio's investment objective, policies, and restrictions as provided in the Trust's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time (hereinafter

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referred to as the "Prospectus"), and in compliance with the requirements applicable to registered investment companies under applicable laws and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code") and such other limitations as the Manager may institute. The Adviser shall (a) make investment decisions for the Allocated Assets; (b) place purchase and sale orders for portfolio transactions for the Allocated Assets; and (c) employ professional portfolio managers and securities analysts to provide research services to the Allocated Assets. In providing these services, the Adviser will conduct a continual program of investment, evaluation and, if appropriate, sale and reinvestment of the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. ADVISER UNDERTAKINGS. In all matters relating to the performance of this Agreement, the Adviser shall act in conformity with the Trust's Master Agreement dated April 12, 1991, as amended from time to time (the "Trust Agreement") and Prospectus and with the written instructions and directions of the Board and the Manager. The Adviser hereby agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) regularly report to the Board and the Manager (in such form and frequency as the Manager and Adviser mutually
agree) with respect to the implementation of the investment program, compliance of the Allocated Assets with the Prospectus, the 1940 Act and the Code, and on other topics as may reasonably be requested by the Board or the Manager, including
attendance at Board meetings, as reasonably requested, to present such reports to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) comply with valuation procedures adopted by the Board, including any amendments thereto, and consult with the
Trust's pricing agent regarding the valuation of securities that are not registered for public sale, not traded on any securities markets, or otherwise may require fair valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide, subject to any obligations or undertakings reasonably necessary to maintain the confidentiality of the
Adviser's non-public information, information about the composite of accounts and the portfolios the Adviser manages that have investment objectives, policies, and strategies substantially similar to
those employed by the Adviser in managing the Allocated Assets which may be reasonably necessary, under applicable laws, to allow the Trust or its agent to present historical performance information concerning the Adviser's similarly managed
accounts and portfolios, for inclusion in the Trust's Prospectus and any other reports and materials prepared by the Trust or its agent, in accordance with regulatory requirements or as requested by applicable federal or state regulatory
authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) review schedules of the Allocated Assets periodically provided to the Adviser by the Manager and promptly
confirm to the Manager the concurrence of the Adviser's records with such schedules.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. EXPENSES. The Adviser will bear all of its expenses in connection with the performance of its services under this Agreement. All other expenses to be incurred in the operation of the Portfolio will be borne by the Trust, except to the extent specifically assumed by the Adviser. The expenses to be borne by the Trust include, without limitation, the following: organizational costs, taxes, interest, brokerage fees and commissions, Trustees' fees, Securities and Exchange Commission fees and state Blue Sky qualification fees, advisory fees, charges of custodians, transfer and dividend disbursing agents' fees, certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of independent pricing services, costs of maintaining existence, costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing and printing prospectuses and statements of additional information for regulatory purposes and for distribution to existing shareholders, costs of shareholders' reports and meetings, and any extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. BROKERAGE. The Adviser will select brokers and dealers to effect all orders for the purchase and sale of Allocated Assets. In selecting brokers or dealers to execute transactions on behalf of the Allocated Assets of the Portfolio, the Adviser will use its best efforts to seek the best overall terms available in accordance with the Adviser's Execution Policy (as more fully described in Exhibit B). In assessing the best overall terms available for any transaction, the Adviser will consider factors it deems relevant, including, without limitation, the breadth of the market in the security or commodity interest, the price of the security or commodity interest, the financial condition and execution capability of the broker or dealer and the reasonableness of the commission, if any, for the specific transaction and on a continuing basis. In accordance with the FCA Rules, the Adviser will pay directly out of its own resources for research (as such term is defined in the FCA Rules) it receives from brokers in connection with the management of the Portfolio, excluding any acceptable minor non-monetary benefits (as such term is defined in the FCA Rules). Except as permitted by Rule 17a-10 under the 1940 Act, Adviser will not engage in principal transactions with respect to the Allocated Assets with any broker-dealer affiliated with the Manager or with any other adviser to the Portfolio, and will engage in agency transactions with respect to the Allocated Assets with such affiliated broker-dealers only in accordance with all applicable rules and regulations. Adviser will provide to Manager a list of its affiliated broker-dealers, as such may be amended from time to time. Manager will provide to Adviser a list of its affiliated broker-dealers and of those of each other adviser to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. AGGREGATION OF ORDERS. On occasions when the Adviser deems the purchase or sale of a security to be in the best interest of the Allocated Assets as well as other clients of the Adviser, the Adviser may to the extent permitted by applicable laws and regulations, but shall be under no obligation to, aggregate the orders for securities to be purchased or sold. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner the Adviser considers to be the most equitable and consistent with its fiduciary obligations to the Portfolio and to its other clients. The Manager recognizes that, in some cases, the Adviser's allocation procedure may limit the size of the position that may be acquired or sold for the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. BOOKS AND RECORDS. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that all records which it maintains for the Allocated Assets of the Portfolio are the property of the Trust and further agrees to surrender

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promptly to the Trust copies of any of such records upon the Portfolio's or the Manager's request, provided, however, that Adviser may retain copies of any records to the extent required for it to comply with applicable laws. The Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule. Notwithstanding the foregoing, Adviser has no responsibility for the maintenance of the records of the Portfolio, except for those related to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. ADVISER COMPLIANCE RESPONSIBILITIES. The Adviser and the Manager acknowledge that the Adviser is not the compliance agent for the Portfolio, and does not have access to all of the Trust's books and records necessary to perform certain compliance testing. However, to the extent that the Adviser has agreed to perform the services specified in this Agreement, the Adviser shall perform compliance testing with respect to the Allocated Assets based upon information in its possession and upon information and written instructions received from the Manager or the Trust's Administrator and shall not be held in breach of this Agreement so long as it performs in accordance with such information and instructions. Specifically, the Adviser shall not be responsible for the Portfolio being in violation of any applicable law or regulation or investment policy or restriction applicable to the Portfolio as a whole or for the Portfolio's failure to qualify as a regulated investment company under the Code if the securities and other holdings of the Allocated Assets would not be in such violation or failing to so qualify if the Allocated Assets were deemed a separate series of the Trust or a separate regulated investment company under the Code. The Manager or Trust's Administrator shall promptly provide the Adviser with copies of the Trust Agreement, the Trust's By-Laws, the Prospectus and any written policies or procedures adopted by the Board applicable to the Allocated Assets and any amendments or revisions thereto. Adviser shall supply such reports or other documentation as reasonably requested from time to time by the Manager to evidence Adviser's compliance with such Prospectus, policies or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. PROXY VOTING. The Adviser shall use its good faith judgment in a manner which it reasonably believes best serves the interests of the Portfolio's shareholders to vote or abstain from voting all proxies solicited by or with respect to the issuers of securities in the Allocated Assets. The Manager shall cause to be forwarded to Adviser all proxy solicitation materials that Manager receives. Adviser agrees that it has adopted written proxy voting procedures that comply with the requirements of the 1940 Act and the Advisers Act. The Adviser further agrees that it will provide the Board as the Board may reasonably request, with a written report of the proxies voted during the most recent 12-month period or such other period as the Board may designate, in a format that shall comply with the 1940 Act. Upon reasonable request, Adviser shall provide the Manager with all proxy voting records relating to the Allocated Assets, including but not limited to those required by Form N-PX. Adviser will also provide an annual certification, in a form reasonably acceptable to Manager, attesting to the accuracy and completeness of such proxy voting records. The Adviser may delegate certain procedural functions related to proxy voting as more fully set out in Paragraph G of Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. USE OF NAMES. The Adviser shall not use the name, logo, insignia, or other identifying mark of the Trust or the Manager or any of their affiliates or any derivative or logo or trade or service mark thereof, or disclose information related to the business of the

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Manager or any of its affiliates in material relating to the Adviser in any manner not approved prior thereto by the Manager; provided, however, that the Manager hereby approves of all uses of its or the Trust's name and that of their affiliates which merely refer in accurate terms to the appointment of the Adviser hereunder or which are required by the SEC or a state securities commission; and provided, further, that in no event shall such approval be unreasonably withheld. The Manager shall not use the name, logo, insignia, or other identifying mark of the Adviser or any of its affiliates in any prospectus, sales literature or other material relating to the Trust in any manner not approved prior thereto by the Adviser; provided, however, that the Adviser hereby approves of all uses of its name which merely refer in accurate terms to the appointment of the Adviser hereunder or which are required by the SEC or a state securities commission; and provided, further, that in no event shall such approval be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. OTHER ADVISERS. With respect to any Portfolio, (i) the Adviser will not consult with any other adviser to that Portfolio (including, in the case of an offering of securities subject to Section 10(f) of the 1940 Act, any adviser that is a principal underwriter or an affiliated person of a principal underwriter of such offering) concerning transactions for that Portfolio in securities or other assets, except, in the case of transactions involving securities of persons engaged in securities related business, for purposes of complying with the conditions of paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act; and (ii) the Adviser will provide advice and otherwise perform services hereunder exclusively with respect to the Allocated Assets of that Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. PORTFOLIO HOLDINGS. The Adviser will not disclose, in any manner whatsoever, any list of securities held by the Portfolio, except in accordance with the Portfolio's portfolio holdings disclosure policy or as may otherwise be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPENSATION OF ADVISER. The Manager will pay the Adviser, with respect to each Portfolio on Appendix A attached hereto, the compensation specified in Appendix A. Such fees will be computed daily and paid monthly, calculated at an annual rate based on the Allocated Assets' average daily net assets as determined by the Trust's accounting agent. Compensation for any partial period shall be pro-rated based on the length of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. STANDARD OF CARE. The Adviser shall exercise its best judgment in rendering its services described in this Agreement. Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Portfolio or the Manager in connection with the matters to which this Agreement relates, except a loss resulting from Adviser's willful misfeasance, bad faith or gross negligence on its part in the performance of its duties hereunder or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Manager agrees to indemnify and hold harmless the Adviser from and against any and all claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) ("Losses"), howsoever arising, from or in connection with this Agreement or the performance by the Adviser of its duties hereunder; provided however that the Manager

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will not indemnify the Adviser for Losses resulting from the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties or from the Adviser's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser agrees to indemnify and hold harmless the Manager from and against any and all Losses resulting from the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of, or from reckless disregard of, the Adviser's obligations and duties under this Agreement; provided however that the Adviser will not indemnify the Manager for Losses resulting from any events or circumstances outside the reasonable control of the Adviser including, but not limited to, changes in the price or value of the assets in the Allocated Assets brought about solely through movements in the market, the reduction in and/or lack of availability of assets which were envisaged to be in the Allocated Assets, an inflow to, outflow from the Allocated Assets, breaches arising during an agreed transition period following an amendment of and investment guidelines or a benchmark or caused by following an instruction of the Manager, the Manager's willful misfeasance, bad faith or gross negligence in the performance of its duties or from the Manager's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. NON-EXCLUSIVITY. The services of the Adviser to the Manager with respect to the Allocated Assets are not to be deemed to be exclusive, and the Adviser and its affiliates shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers, and employees of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees, or employees of any other firm or corporation, including other investment companies. Manager acknowledges that Adviser or its affiliates may give advice and take actions in the performance of its duties to clients which differ from the advice, or the timing and nature of actions taken, with respect to other clients' accounts (including the Allocated Assets) or employee accounts which may invest in some of the same securities recommended to advisory clients. In addition, advice provided by the Adviser may differ from advice given by its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. MAINTENANCE OF INSURANCE. During the term of this Agreement and for a period of one year after termination hereof, Adviser will maintain comprehensive general liability coverage and will carry a fidelity bond covering it and each of its employees and authorized agents with limits of not less than those considered commercially reasonable and appropriate under the current industry practices. Adviser shall promptly notify Manager of any reduction to or termination of said coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. CONFIDENTIALITY. Each party to this Agreement shall keep confidential any nonpublic information concerning the other party and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing party has authorized such disclosure or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state regulatory authorities. Nonpublic information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of

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confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference or reliance upon the nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TERM OF AGREEMENT. This Agreement shall become effective as of the date of its execution and shall continue in effect for a period of two years from the date of execution. Thereafter, this Agreement shall continue automatically for successive annual periods, provided such continuance is specifically approved at least annually by (i) the Board or (ii) a vote of a "majority" (as defined in the 1940 Act) of the Portfolio's outstanding voting securities, provided that in either event the continuance also is approved by a majority of the Board who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement is terminable, without penalty, at any time, by the Manager, by the Board, or by vote of holders of a majority (as defined in the 1940 Act) of the Portfolio's shares, or on 60 days' advance written notice by the Adviser; and the Agreement will terminate five business days after the Adviser receives written notice of the termination of the Management Agreement between the Trust and the Manager. This Agreement also will terminate automatically in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. REPRESENTATIONS OF ADVISER. The Adviser represents, warrants, and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization, necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Manager of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser has provided the information about itself set forth in the Prospectus and has reviewed the description of its operations, duties and responsibilities as set forth therein (the "Adviser Information") and acknowledges that the Adviser Information is true and correct, contains no material misstatement of fact and does not omit any material fact necessary to make the statements therein not misleading. The Adviser further agrees to inform the Manager and the Trust's Administrator immediately of any material fact known to the Adviser respecting or relating to the Adviser that is not contained in the Prospectus, or of any statement contained therein which becomes untrue in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and, if it has not already done so, will provide the Manager and the Trust with a copy of such code of ethics. On at least an annual basis, the Adviser will comply with the reporting requirements of Rule 17j-1, which may include (i) certifying to the Manager that the Adviser and its Access Persons have complied with the Adviser's Code of Ethics with respect to the Allocated Assets and (ii) identifying any material

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violations which have occurred with respect to the Allocated Assets. In the event the Adviser has identified to the Manager a material violation that has occurred with respect to the Allocated Assets, the Adviser agrees to promptly provide to the Manager such information as the Manager may reasonably request in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Adviser, its employees, officers and agents. Upon reasonable request, Adviser shall provide the Manager with access to the records relating to such policies and procedures as they relate to the Allocated Assets. Adviser will also provide, at the reasonable request of the Manager, periodic certifications, in a form reasonably acceptable to the Manager, attesting to such written policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Adviser has provided the Manager and the Trust with a copy of its registration under the Advisers Act on Form ADV as most recently filed with the SEC and hereafter will furnish a copy of its annual amendment to the Manager. The statements contained in the Adviser's registration on Form ADV are true and correct in all material respects and do not omit to state any material facts required to be stated therein or necessary in order to make the statements therein not misleading. The Adviser agrees to maintain the completeness and accuracy of its registration on Form ADV in accordance with the Advisers Act. The Adviser acknowledges that it is an "investment adviser" to the Fund with respect to the Allocated Assets within the meaning of the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Adviser confirms that neither it nor any of its "affiliated persons," as defined in the 1940 Act, are affiliated persons of: (i) the Manager; (ii) any other adviser to the Portfolio or any affiliated person of such adviser; (iii) Morgan Stanley Smith Barney LLC, the distributor for the Trust; or (iv) any trustee or officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. PROVISION OF CERTAIN INFORMATION BY ADVISER. The Adviser will promptly notify the Manager (1) in the event the SEC or other governmental authority has censured the Adviser; placed limitations upon its activities, functions or operations; suspended or revoked its registration, if any, as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions or (2) upon having a reasonable basis for believing that the Portfolio has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code. The Adviser further agrees to notify the Manager promptly of any material fact known to the Adviser respecting or relating to the Adviser that is not contained in the Prospectus, and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement contained therein that becomes untrue in any material respect. As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of Adviser's obligations and responsibilities contained in this Agreement, Adviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act and the rules and regulations promulgated by the SEC thereunder, and Rule 38a-1 of the 1940 Act. Such assistance shall include, but is not limited to, (i) certifying periodically, upon the reasonable request of the Trust, that it is in compliance with all applicable "federal securities laws," as required by Rule 38a-l under the 1940 Act, and Rule 206(4)-7 under the Advisers Act; (ii) facilitating and cooperating with third-party audits arranged by the Trust to evaluate the effectiveness of its compliance controls; (iii)

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providing the Trust's chief compliance officer with direct access to its compliance personnel; (iv) providing the Trust's chief compliance officer with periodic reports and (v) promptly providing special reports in the event of compliance problems. Further, Adviser is aware that: (i) the Chief Executive Officer (Principal Executive Officer) and Treasurer/Chief Financial Officer (Principal Financial Officer) of the Trust (collectively, the "Certifying Officers") are required to certify the Trust's periodic reports on Form N-CSR pursuant to Rule 30a-2 under the 1940 Act; and (ii) the Certifying Officers must rely upon certain matters of fact generated by Adviser of which they do not have firsthand knowledge. Consequently, Adviser has in place and will observe procedures and controls that are reasonably designed to ensure the adequacy of the services provided to the Trust under this Agreement and the accuracy of the information prepared by it and which is included in the Form N-CSR, and shall provide certifications to the Trust to be relied upon by the Certifying Officers in certifying the Trust's periodic reports on Form N-CSR, in a form satisfactory to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. PROVISION OF CERTAIN INFORMATION BY THE MANAGER. The Manager will promptly notify the Adviser (1) in the event that the SEC has censured the Manager or the Trust; placed limitations upon either of their activities, functions, or operations; suspended or revoked the Manager's registration as an investment adviser; or, to the knowledge of the Manager, has commenced proceedings or an investigation that may result in any of these actions and (2) upon having a reasonable basis for believing that the Portfolio has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. AMENDMENT OF AGREEMENT. No provision of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. LIMITATION OF LIABILITY. The Manager and Adviser agree that the obligations of the Trust under this Agreement shall not be binding upon any of the Board members, shareholders, nominees, officers, employees or agents; whether past, present or future, of the Trust individually, but are binding only upon the assets and property of the Portfolio, as provided in the Trust Agreement. The execution and delivery of this Agreement have been duly authorized by the Manager and the Adviser, and signed by an authorized officer of each acting as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. MISCELLANEOUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. GOVERNING LAW. This Agreement shall be construed in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof, and with the 1940 Act. To the extent that the applicable laws of the State of New York conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. CHANGE IN CONTROL. The Adviser will notify the Manager of any change of control of the Adviser, including any change in its general partners or 25% shareholders or 25% limited partners or 25% members, as applicable, in each case prior to or promptly after such change. In addition, the Adviser will notify the Manager of any changes in the key personnel who are either the portfolio manager(s) of the Allocated Assets or senior management of the Adviser as soon as practicable after any such change.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. CAPTIONS. The captions contained in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. ENTIRE AGREEMENT. This Agreement represents the entire agreement and understanding of the parties hereto and shall supersede any prior agreements between the parties relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. DEFINITIONS. Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, releases or orders of the SEC validly issued pursuant to the 1940 Act. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell," and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, release or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, release, or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, release, or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. NOTICES. Any notice herein required is to be in writing and is deemed to have been given to Adviser or Manager upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or by facsimile machine or similar means of delivery that provide evidence of receipt.

All notices to the Manager shall be sent to:

Morgan Stanley Wealth Management

c/o Consulting Group Advisory Services LLC

750 7th Ave

New York, NY 10019

Attention: Chief Operating Officer

<u>Facsimile: (914) 610-7445</u>

<u>Email: robert1.garcia@morganstanley.com</u>

All notices to the Adviser shall be sent to:

ClearBridge Investment Management Limited

c/o ClearBridge Investments, LLC

One Madison Avenue

------

New York, NY 10010

Attention: ClearBridge General Counsel

Email: legalteam@clearbridge.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. DELIVERY OF FORM ADV. The Manager acknowledges receipt of the Adviser's Form ADV prior to the execution of this Agreement.

------

If the terms and conditions described above are in accordance with your understanding, kindly indicate your acceptance of this Agreement by signing and returning to us the enclosed copy of this Agreement.

---

| |
|:---|
| **THE MANAGER:** |
| CONSULTING GROUP ADVISORY SERVICES LLC |

---

---

| | |
|:---|:---|
| By: | /s/ Robert Garcia |
| Name: | Robert Garcia |
| Title: | Chief Operating Officer |

---

---

| |
|:---|
| **THE ADVISER:** |
| CLEARBRIDGE INVESTMENT MANAGEMENT LIMITED |
| By: |
| Name: |
| Title: |

---

------

**APPENDIX A** 

**FEE SCHEDULE** 

For the services provided by Adviser to the Allocated Assets, pursuant to the attached Investment Advisory Agreement, the Manager will pay the Adviser a fee, computed daily and payable monthly, based on the average daily net assets of the Allocated Assets at the following annual rates of the average daily net assets of the Allocated Assets as determined by the Trust's accounting agent:

<u> PORTFOLIO</u> <u> ASSETS</u> <u> RATE</u> <br> Morgan Stanley Pathway Funds – Emerging Markets Equity Fund All Assets Redacted

------

**EXHIBIT B** 

**<u>FCA DISCLOSURES</u>**

**FCA Disclosures and other Requirements** 

**A.** **Regulatory status and client categorization** 

1. The Adviser is authorized and regulated by the United Kingdom Financial Conduct Authority ("FCA")
pursuant to the rules of the FCA from time to time (the "FCA Rules").

2. For the purposes of the FCA Rules, the Adviser has categorized the Manager as a Professional Client (as defined
under the FCA Rules) for all services under this Agreement. Notwithstanding the terms of this Agreement, the Adviser has not categorized any other person under the FCA Rules in connection with the services under the Agreement.

3. The Manager may request a categorization with a higher level of protection. Any change in categorization must
be agreed with the Adviser in writing. It is the Manager's responsibility to inform the Adviser about any change to its circumstances which might affect the determination of the Adviser of the appropriate categorization of the Manager.

**B.** **Execution, dealing arrangements and risk warnings** 

1. The Manager hereby confirms that it consents to the Adviser's Execution Policy (as amended from time to
time) and that it has received the Execution Policy in place at the date of this Agreement. In particular, the Manager agrees that the Adviser may, to the extent permitted by law, trade outside of a Trading Venue, which, for the purposes of
this Agreement, shall mean a system in which multiple third party buying and selling trading interests in financial systems are able to interact in the system, including regulated markets, multilateral trading facilities and organized trading
facilities, as required by UK MIFID (as defined below) and related legislation.

2. Subject to paragraph B3 below, the Adviser will at all times comply with its Execution Policy and in particular
will act in the best interests of the Trust.

3. Based on information provided by the Manager, the Adviser shall take all sufficient steps to ensure that in
providing the investment management service under this Agreement, a decision to trade is suitable for the Trust in accordance with the FCA Rules. As the Manager is a Professional Client, the Adviser is entitled to assume that the Manager has the
necessary level of experience and knowledge in order to understand the risks involved in the transaction or in the management of the Allocated Assets. The Manager will be responsible for ensuring that information provided to the Adviser is kept up
to date so as to enable the Adviser to assess whether the transactions are suitable for the Trust.

4. Subject to the FCA Rules and any applicable regulations and the provisions of ERISA and other applicable law,
the Adviser shall be permitted to enter into Dealing Arrangements (Arrangements entered into by the Adviser in accordance with the FCA

------

Rules for the receipt of goods or services that relate to the execution of trades or the provision of research in any of the designated investments specified in the FCA Rules). In such case, the Adviser shall provide the Manager with adequate information regarding such Dealing Arrangements, including the details of the goods and services that relate to the execution of trades, at least annually, in accordance with the FCA Rules.

5. Unless otherwise agreed, the Adviser will not provide information about executed transactions on a transaction
by transaction basis.

The Manager has read and understands the Risk Warnings statement provided by the Adviser which sets out a summary of certain risks associated with investments which may be held in the Allocated Assets or in respect of a particular investment strategy.

6. The Adviser shall be responsible for assessing the suitability of investments it makes for the Trust as
required by FCA Rules. The reason for assessing suitability is to enable the Adviser to act in the Trust's best interest. The Manager shall be responsible for ensuring sufficient information is provided to the Adviser to enable it to assess
suitability for the Trust and the Manager shall ensure that all such information provided to the Adviser is accurate, complete and up to date.

7. The Manager acknowledges that certain of the Allocated Assets transactions may be subject to the provisions of
UK MIFID (as defined below) which applies certain transaction and position reporting obligations directly on the Adviser in respect of the Allocated Assets. The Manager agrees to provide in a timely fashion all such information and documentation and
to promptly take all such action as the Adviser may from time to time reasonably require in relation to the UK MIFID transaction and position reporting obligations.

The Adviser's Legal Entity Identifier is 549300BZQ6CXNOPQ8E95.

**UK MIFID** means the statutory instruments covered by the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (SI 2018/1403) on markets in financial instruments and any secondary legislation, rules, regulations and procedures made pursuant thereto.

**C.** **Conflicts of Interest** 

1. The Adviser and any affiliate may, in their absolute discretion, effect transactions in which the Adviser, any
affiliate, or another client of the Adviser or an affiliate has, directly or indirectly, a material interest or a relationship of any description with another party, which involves a conflict or may involve a potential conflict with the
Adviser's duty to the Manager or the Trust. The Adviser will ensure that such transactions comply with ERISA and are effected on terms which are not materially less favorable to the Trust than if the conflict or potential conflict had not
existed. Except as required by the FCA Rules or ERISA, neither the Adviser nor any affiliate shall be liable to account to the Manager or the Trust for any profit, commission or remuneration made or received from or by reason of such transactions or
any connected transactions or to disclose the same or

------

the identity of any other client or counterparty involved in such transactions, nor will the Adviser's fees unless otherwise provided be abated.

2. The Adviser's Conflicts of Interest Policy which has been provided to the Manager sets out the types of
actual or potential conflicts of interest which affect the Adviser's business and provides details of how these are managed.

**D.** **Data Protection** 

1. The Adviser will act as data controller (and in certain circumstances, data processor) within the meaning of
the UK Data Protection Act 1998 and any other applicable legislation that may govern the treatment of personal data supplied to it under this Agreement (the "DPA"). Each party undertakes to comply with its obligations under the DPA or
such other equivalent law of its jurisdiction of establishment applicable in relation to such personal data.

2. The Manager hereby acknowledges and agrees that the Adviser, its affiliates and agents may be processing and
using personal data (as defined in the DPA) given by or on behalf of the Manager or the Trust under this Agreement for the provision of services to the Trust which may include the transfer of such data out of the United Kingdom and/or the European
Economic Area (as defined in the DPA). The Manager agrees that such data may also be used by the Adviser and its agents and affiliates to update the Adviser records, to advise the Manager or the Trust of other products and services unless the
Manager has indicated otherwise and for such other purposes as the Manager may notify from time to time.

3. Each party may record telephone conversations with the other, subject to compliance with the laws applicable in
its jurisdiction of establishment.

**E.** **Complaints** 

All formal complaints by the Manager relating to the services provided by the Adviser under this Agreement should in the first instance be made in writing to the chief compliance officer of the Adviser. A copy of the Adviser's complaints handling procedure is available on request.

**F.** **Compensation** 

As a Professional Client it is unlikely that the Manager will be entitled to compensation from the UK Financial Ombudsman Scheme if the Adviser cannot meet its obligations. Further details of the scheme, including the extent to which the Manager may be eligible, will be made available on request.

## Ex-99.I

![LOGO](g767768g1223075557665.jpg)

December 23, 2025

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No.</u> <u>94 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No.</u> <u>811-06318)</u>

Ladies and Gentlemen:

We have acted as counsel to Morgan Stanley Pathway Funds, 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, with no par value (collectively, the "Shares") of the following portfolios of the Trust: Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (each, a "Fund" and together, the "Funds"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 94 to the Registration Statement (the "Amendment") to be filed with the U.S. 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, executed 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 Third Amended and Restated Master Trust Agreement for the Trust and all amendments and supplements thereto (the "Trust Agreement");

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| | |
|:---|:---|
| **Morgan, Lewis & Bockius LLP** |  |
| 2222 Market Street |  |
| Philadelphia, PA 19103-3007 | ![LOGO](g767768g1223075114739.jpg) +1.215.963.5000 |
| United States | ![LOGO](g767768dsp0053a.jpg) +1.215.963.5001 |

---

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(c) a certificate executed by Eric C. Metallo, Chief Legal Officer and Secretary of the Trust, certifying as to, and attaching copies of, the Trust Agreement, the Trust's Second Amended and Restated 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 U.S. 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.

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| |
|:---|
| Very truly yours, |
| <u>/s/ Morgan, Lewis & Bockius LLP</u> |

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## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Post-Effective Amendment to Registration Statement No. 033-40823 on Form N-1A of our report dated October 24, 2025 relating to the financial statements and financial highlights of Morgan Stanley Pathway Large Cap Equity ETF, Morgan Stanley Pathway Small-Mid Cap Equity ETF, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund, and Alternative Strategies Fund, each a series of Morgan Stanley Pathway Funds, appearing in Form N-CSR of Morgan Stanley Pathway Funds for the year ended August 31, 2025, and to the references to us under the headings "Financial Highlights" in the Prospectus and "Counsel and Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, which are part of such Registration Statement.

![LOGO](g767768dsp01.jpg)

Boston, Massachusetts

December 19, 2025

## Ex-99.P3

![LOGO](g767768page057.jpg)

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**A Message from Seth Bernstein, Chief** 

**Executive Officer of AllianceBernstein** 

*Client trust is the foundation of a financial services company. As we have seen, trust takes years to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty, integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this most critical asset.* 

*Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and foremost — and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has long been committed to maintaining and promoting high ethical standards and business practices. We have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations governing our businesses, the Code is intended to establish certain guiding principles for all of us.* 

*Separately, the firm has in place a series of ethics, fiduciary and business-related policies and procedures, which set forth detailed requirements to which employees are subject. We also have prepared various Compliance Manuals, which provide in summary form, an overview of the concepts described in more detail both in this Code and in our other policies and procedures.* 

*You should take the time to familiarize yourself with the policies in this Code and use common sense in applying them to your daily work environment and circumstances. Your own personal integrity and good judgment are the best guides to ethical and responsible conduct. If you have questions, you should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. If the normal channels for reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the attention of the Company Ombudsman, who is an independent, informal and confidential resource for concerns about AllianceBernstein business matters that may raise issues of ethics or questionable practices.* 

*Our continued success depends on each of us maintaining high ethical standards and business practices. I count on each of you to place our clients' interests first – and to do so always by applying good ethics and sound judgment in your daily responsibilities.* 

*Seth Bernstein* 

------

**AllianceBernstein L.P.** 

**CODE OF BUSINESS CONDUCT AND ETHICS** 

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| | |
|:---|:---|
| 1. Introduction | **1** |
| 2. The AB Fiduciary Culture | **1** |
| 3. Compliance with Laws, Rules and Regulations | **2** |
| 4. Policy Against Discrimination and Sexual and Unlawful Harassment | **2** |
| 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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Board Member or Trustee | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Other Affiliations | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. By or on behalf of AB | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Overview | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employee Responsibilities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Company Policies and Practices | 15 |
| 22. Exceptions from the Code | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Written Statement and Supporting Documentation | 15 |

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------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Compliance Interview | 16 |
| 23. Regulatory Inquiries, Investigations and Litigation | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Requests for Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Types of Inquiries | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Responding to Information Requests | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Use of Outside Counsel | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Regulatory Investigation | 17 |
| &nbsp;&nbsp;&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** |

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------

**Personal Trading Policies and Procedures** 

**Appendix A** 

---

| | |
|:---|:---|
| **1. Overview** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Introduction | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Client" | 1 |
| **2. Requirements and Restrictions – All Employees** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General Standards | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Designated Brokerage Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Pre-Clearance Requirement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Limitation on the Number of Trades | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Short Sales | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Trading in AB Units and AB Funds | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities Being Considered for Purchase or Sale | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Dissemination of Research Information | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Limited Offerings/Private Placements | 10 |
| **3. Additional Restrictions–Portfolio Managers** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Actions During Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions Contrary to Client Positions | 11 |
| **4. Additional Restrictions–Research Analysts** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Actions During Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Actions Contrary to Ratings | 12 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **12** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **13** |
| **7. Exceptions to the Personal Trading Policy** | **13** |

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| | |
|:---|:---|
| **8. Reporting Requirements** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Duplicate Confirmations and Account Statements | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Holdings Reports by Employees | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Annual Certification by Employees with Managed Accounts | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Annual Holdings Reports by Employees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Report and Certification of Adequacy to the Board of Directors of Fund Clients | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report Representations | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Maintenance of Reports | 15 |
| **9. Reporting Requirements for Directors who are not Employees** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Outside Directors / Affiliated Outside Directors | 16 |

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**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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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** 

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The primary objective of AB's business is to provide value, through investment advisory and other financial services, to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals and pension funds.

AB requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations and contractual guidelines. As a general matter, AB is a fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to act in a manner consistent with this duty.

When dealing with or on behalf of a client, every employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the 1940 Act, the Advisers Act and the Employee Retirement Income Security Act ("ERISA") impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities. AB and its employees must comply fully with these rules and regulations. Legal and Compliance Department personnel are available to assist employees in meeting these requirements.

All employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of AB or its employees and not the clients' best interests.

Our fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as your personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the Sections that follow.

**3. Compliance with Laws, Rules and Regulations** 

AB has a long-standing commitment to conduct its business in compliance with applicable laws and regulations and in accordance with the highest ethical principles. This commitment helps ensure our reputation for honesty, quality, and integrity. All individuals subject to the Code are required to comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws. These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes- Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the Department of Justice. As mentioned above, as a listed company, we are also subject to specific rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and regulatory mandates in their respective jurisdictions, which must be fully complied with.

Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and ethical manner, trumps all other considerations, including the interests of our clients. Policies referenced in this Code provide additional details and requirements to ensure compliance. A violation under any of these policies may be deemed a violation of the Code.

**4. Policy Against Discrimination and Sexual and Unlawful Harassment** 

AB is committed to providing a working environment free from all forms of discrimination and harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability,

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marital status, citizenship status, sexual orientation, gender identity expression, military or veteran status, or any other basis that is by applicable law. Harassment or discrimination by any AB employee, officer, or director will not be tolerated.

AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of such conduct can be found in the Employee Handbook. All employees, officers, and directors are responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident of discrimination or harassment will not be subject to reprisals. Anyone who is found to have engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action, up to and including termination of employment or dismissal from the Board.

**5. Conflicts of Interest / Unlawful Actions** 

A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent with, the interests of AB's clients or to the interests of AB or its unitholders.

A conflict situation can arise when an AB employee, consultant, officer, or director takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a member of his or her family,<sup>1</sup> receives improper personal benefits (including personal loans, services, or payment for services that the AB employee performs in the course of AB business) as a result of his or her position at AB or gains personal enrichment or benefits through access to confidential information.

Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with AB or has outside business interests that may result in divided loyalties or compromise independent judgment.

Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities. Conflicts of interest can also arise because of personal relationships with others within or outside AB (such as family relationships, romantic relationships, or close friendships) that may compromise objectivity and independent judgment.

AB has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Compliance Manual, *Policy and Procedures for Giving and Receiving Gifts and Entertainment*, copies of which can be found on the Legal and Compliance Department intranet site. These policies highlight additional potential conflicts of interest.

Conflicts of interest can arise in many common situations; despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to our clients. All AB employees, consultants, officers, and directors are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital.

In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes:

<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. 

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• Making any untrue statement of a material fact or employing any device, scheme, or artifice to defraud a client;

• Omitting to state (or failing to provide any information necessary to properly clarify any statements made, in
light of the circumstances) a material fact, thereby creating a materially misleading impression;

• Accepting any compensation for the purchase or sale of any property to or for a fund or other client account;

• Making investment decisions, changes in research ratings and trading decisions other than exclusively for the
benefit of, and in the best interest of, our clients;

• Using information about investment or trading decisions or changes in research ratings (whether considered,
proposed or made) to benefit or avoid economic injury to you or anyone other than our clients;

• Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or
any investment or trading decision for a client in order to avoid economic injury to you or anyone other than our clients;

• Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent
of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping");

• Revealing to any other person (except in the normal course of your duties on behalf of a client) any information
regarding securities transactions by any client or the consideration by any client of any such securities transactions; or

• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a
client or engaging in any manipulative practice with respect to any client.

AB requires all employees, covered consultants and directors to disclose any Conflicts of Interests that any person may become aware of upon joining AB or during their course of employment or board service.

These disclosures must be made to the Compliance Department through StarCompliance.

**6. Insider Trading** 

There are instances where AB employees or directors may have confidential "inside" information about AB or its affiliates, or about a company with which we do business, or about a company in which we may invest on behalf of clients that is not known to the investing public. AB employees must maintain the confidentiality of such information. If a reasonable investor would consider this information important in reaching an investment decision, the AB employee or director with this information must not buy or sell securities of any of the companies in question or give this information to another person who trades in such securities. This rule is very important, and AB has adopted the following three specific policies that address it: *Policy and Procedures Concerning Purchases and Sales of AB Units*, *Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds*, and *Policy and Procedures Regarding Insider Trading and Control of Material Nonpublic Information* (collectively, the "AB Insider Trading Policies"). A copy of the AB Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB employees and directors are required to be familiar with these policies<sup>2</sup> and to abide by them.

<sup>2</sup> The subject of insider trading will be covered in various Compliance training programs and materials.

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**7. Personal Trading: Summary of Restrictions** 

AB recognizes the importance to its employees and directors of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds.

AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. **Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate.**

The policies and procedures for personal trading are set forth in full detail in the AB Personal Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members and other financial dependents.

• Employees must disclose all of their brokerage accounts to the Legal and Compliance Department;

• Employees may maintain brokerage accounts only at specified designated broker-dealers (exceptions may apply
outside of the U.S.);

• Employees must pre-clear all securities trades with the Legal and
Compliance Department (via the StarCompliance Code of Ethics application) prior to placing trades with their broker-dealer (prior supervisory approval is required for portfolio managers, research analysts, traders, persons with access to AB
research, and others designated by the Legal and Compliance Department);

• Employees may only make twenty trades in individual securities during any rolling thirty calendar-day period;

• Employee purchases of individual securities, ETFs, ETNs, closed-end funds
and AB managed or sub-advised open-end mutual funds) are subject to a 60-day holding period and 30-day buy-back period (6 months for AB Japan Ltd.);

• Employees may not engage in short-term trading of a mutual fund in violation of that fund's short-term
trading policies;

• Employees may not participate in initial public offerings of equity securities;

• Employees must get written approval, and make certain representations, in order to participate in limited or
private investments, including hedge funds;

• Employees must submit initial and annual holding reports, disclosing all securities and holdings in mutual funds
managed by AB held in personal accounts;

• Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in securities and
mutual funds managed by AB in personal accounts;

• The Legal and Compliance Department has the authority to deny:

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

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

**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;&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;&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. 

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&nbsp;&nbsp;&nbsp;&nbsp;&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</u> <u>Disclosure Form</u> must be submitted and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. 

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**c. Outside Financial or Business Interests** 

AB employees should be cautious with respect to personal investments that may lead to conflicts of interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases where an AB employee, a member of his or her family, or a close personal acquaintance, holds a substantial interest in a company that has significant dealings with AB or any of its subsidiaries either on a recurring or "one-off" basis. For example, holding a substantial interest in a family-controlled or other privately-held company that does business with, or competes against, AB or any of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast, holding shares in a widely held public company that does business with AB from time to time may not raise the same types of concerns. Prior to making any such personal investments, AB employees must pre-clear the transaction, in accordance with the Personal Trading Policies and Procedures, attached as Appendix A of this Code, and should consult as appropriate with their supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of the Legal and Compliance Department.

AB employees should also be cautious with respect to outside business interests that may create divided loyalties, divert substantial amounts of their time and/or compromise their independent judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer and/or other representative of AB's Human Capital or Legal and Compliance Department. Business transactions that benefit relatives or close personal friends, such as awarding a service contract to them or a company in which they have a controlling or other significant interest, may also create a conflict of interest or the appearance of a conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of AB's Human Capital or Legal and Compliance Department before entering into any such transaction. New employees that have outside financial or business interests (as described herein) should report them as required and bring them to the attention of their supervisor immediately.

**9. Gifts, Entertainment, and Inducements** 

Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. However, under certain circumstances, gifts, entertainment, favors, benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment. Accepting or offering such inducements could raise doubts about an AB employee's ability to make independent business judgments in our clients' or AB's best interests. For example, a problem would arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would compromise, or could be reasonably viewed as compromising, that individual's ability to make objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB employee of a gift, entertainment or other inducement appears to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships through improper means.

These situations can arise in many different circumstances (including with current or prospective suppliers and clients) and AB employees should keep in mind that certain types of inducements may constitute illegal bribes, pay-offs or kickbacks. In particular, the rules of various securities regulators place specific constraints on the activities of persons involved in the sales and marketing of securities. AB has adopted the <u>Policy and Procedures for Giving and Receiving Gifts and</u> <u>Entertainment</u> to address these and other matters. AB employees must familiarize themselves with this policy and comply with its requirements, which include reporting the acceptance of most business meals, gifts and entertainment to the Compliance Department. A copy of this policy can be found on the Legal and Compliance Department intranet site and will be supplied by the Compliance Department upon request.

Each AB employee must use good judgment to ensure there is no violation of these principles. If you have any question or uncertainty about whether any gifts, entertainment or other types of inducements are appropriate, please contact your supervisor or a representative of AB's Legal and

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Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman.

**10. Compliance with Anti-Corruption Laws** 

AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or authorization, whether directly or via a third party, of any bribe, and any other form of corruption, whether involving a government official or an employee of a public or private commercial entity. Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and private sector individuals (collectively, the "Anti-Corruption Laws").

We expect all AB employees to refuse to make or accept questionable and/or improper payments. As a component of this commitment, no AB employee may give money, gifts, or anything else of value (which include providing jobs or internships) to any official or any employee of a governmental or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an improper business advantage. In addition, any proposed payment or gift to a government official, including employees of government-owned or controlled enterprises (e.g., sovereign wealth and pension funds, public utilities, and national banks), must be reviewed in advance by a representative of the Legal and Compliance Department, even if such payment is common in the country of payment (see discussion of the Anti-Corruption Laws below and in the firm's <u>Anti-Bribery and</u> <u>Corruption Policy</u>). AB employees should be aware that they do not actually have to make the payment to violate AB's policy and the law — merely offering, promising or authorizing it will be considered a violation.

In order to ensure that AB fully complies with the requirements of the Anti-Corruption Laws, employees must be familiar with the firm's <u>Anti-Bribery and Corruption Policy.</u> Generally, the Anti- Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and agents, to provide anything of value to public or private sector employees, directly or indirectly, for the purpose of obtaining an improper business advantage (which can include improperly securing government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third party) to make a payment directly or through another person or company for any illegal, improper and/or corrupt purpose is strictly prohibited.

It is often difficult to determine at what point a business courtesy extended to another person crosses the line into becoming excessive, and what ultimately could be considered a bribe. Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any public official, including employees of government-owned or controlled enterprises, under any circumstances, without the express prior written approval (e-mail correspondence is acceptable) of the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance Department.

**11. Political Contributions/Activities** 

**a. By or on behalf of AB** 

Election laws in many jurisdictions generally prohibit political contributions by corporations to candidates. Many local laws also prohibit corporate contributions to local political campaigns. In accordance with these laws, AB does not make direct contributions to any candidates for national or local offices where applicable laws make such contributions illegal. In these cases, contributions to political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office

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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</u> <u>Entertainment</u>, the <u>Pay-to-Play: Political Contributions Policy,</u> as well as the pre-clearance requirement as described below.

Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529 Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and reporting requirements of the Municipal Securities Rulemaking Board.

Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could prohibit AB from entering into a government contract for a certain number of years if a covered employee makes or solicits a covered contribution. Other jurisdictions require AB to report contributions made by certain employees, without the accompanying ban on business. In certain jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain political contributions, AB has in place a pre-clearance requirement, under which all employees must pre-clear with the Compliance Department through StarCompliance, all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any (U.S.) federal, state or local candidate, political party, or political entity.

Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre- Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that they pre-clear with the Compliance Department all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or local candidate or political party.

**12. "Ethical Wall" Policy** 

AB has established a policy entitled Insider Trading and Control of Material Non-Public Information ("<u>Ethical Wall Policy</u>"), a copy of which can be found on the Legal and Compliance Department intranet site. This policy was established to prevent the flow of material non-public information about a listed company or its securities from AB employees who receive such information in the

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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.

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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;

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• Knowingly providing an internal or external auditor or regulator with inaccurate or misleading data or
information;

• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the company's accounting;

• Seeking to have a partner or other team member removed from the audit engagement because such person objects to
the company's accounting;

• Knowingly altering, tampering or destroying company documents;

• Knowingly withholding pertinent information; or

• Knowingly providing incomplete information.

Under the (U.S.) Sarbanes Oxley Law, any false statement — that is, any lie or attempt to deceive an investigator — may result in criminal prosecution.

**18. Accuracy of Disclosure** 

Securities and other laws impose public disclosure requirements on AB and require it to regularly file reports and financial information and make other submissions to various regulators and stock market authorities around the globe. Such reports and submissions must comply with all applicable legal requirements and may not contain misstatements or omit material facts.

AB employees who are directly or indirectly involved in preparing such reports and submissions, or who regularly communicate with the press, investors and analysts concerning AB, must ensure within the scope of the employee's job activities that such reports, submissions and communications are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements. This applies to all public disclosures, oral statements, visual presentations, press conferences and media calls concerning AB, its financial performance and similar matters. In addition, members of AB's Board, executive officers and AB employees who regularly communicate with analysts or actual or potential investors in AB securities are subject to the <u>AB Regulation FD Compliance Policy</u> copy of the policy can be found on the Legal and Compliance Department intranet site.

**19. Confidentiality** 

Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by AB or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by AB or mandated by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from AB or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate written request (see Section 23).

Confidential information includes all non-public information that might be of use to competitors, or harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be confidential. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with AB ends.

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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

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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;&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;

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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** 

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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;

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• 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.

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![LOGO](g767768page081.jpg)

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**Personal Trading Policies and Procedures** 

**Appendix A** 

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| | |
|:---|:---|
| **1. Overview** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Introduction | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Client" | 1 |
| **2. Requirements and Restrictions – All Employees** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General Standards | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Disclosure of Personal Accounts | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Designated Brokerage Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Pre-Clearance Requirement | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Limitation on the Number of Trades | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Short-Term Trading | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Short Sales | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Trading in AB Units and AB Funds | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities Being Considered for Purchase or Sale | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Restricted List | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Dissemination of Research Information | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Initial Public Offerings | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Limited Offerings/Private Placements | 10 |
| **3. Additional Restrictions–Portfolio Managers** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Actions During Blackout Periods | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions Contrary to Client Positions | 11 |
| **4. Additional Restrictions–Research Analysts** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Actions During Blackout Periods | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Actions Contrary to Ratings | 12 |
| **5. Additional Restrictions–Buy-Side Equity Traders** | **12** |
| **6. Additional Restrictions–Alternate Investment Strategies Groups** | **13** |
| **7. Exceptions to the Personal Trading Policy** | **13** |

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| | |
|:---|:---|
| **8. Reporting Requirements** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Duplicate Confirmations and Account Statements | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Holdings Reports by Employees | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Quarterly Reports by Employees–including Certain Funds and Limited Offerings | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Annual Certification by Employees with Managed Accounts | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Annual Holdings Reports by Employees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Report and Certification of Adequacy to the Board of Directors of Fund Clients | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Report Representations | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Maintenance of Reports | 15 |
| **9. Reporting Requirements for Directors who are not Employees** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Outside Directors / Affiliated Outside Directors | 16 |

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**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.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;3. **" Beneficial Ownership "** refers to an <u>Employee</u> <u>'</u> <u>s</u> or their <u>Dependent</u> <u>'</u> <u>s</u> ability to directly or indirectly profit or share in the profits of a security transaction. In general, the definition of "beneficial ownership" is
interpreted in the same manner as the provisions set forth under Section 16 of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"Client"** 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. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **"Chief Compliance Officer"** refers to AllianceBernstein LP's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;7. **"Control"** has the meaning set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **" Dependent "** refers to any individual who resides within an <u>Employee</u> 's 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;&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>.<sup>2 3</sup> The current list of "Designated Brokers" can be found <u>here</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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 <u>AB Funds and ETFs</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency and digital assets<sup>4</sup>; 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;&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.

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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</u> <u>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;&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;&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-<u>AB Funds</u>; However, if they have the ability to invest in Reportable Securities, including AB Funds, then these accounts would be considered "personal accounts" and should

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be reported as required by this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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-</u><u>ng.starcompliance.com</u>.

<sup>5</sup> Defined as any client order on a buy-side trading desk which has not been completely executed.

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**2.** **Requirements and Restrictions – All Employees** 

The following the standards which must be observed by Employees:

**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 AB's Insider Trading Policies, 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.

**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 Brokers<sup>6</sup> (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.

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**c.** **Designated Brokerage Account<sup>7</sup>** 

Personal Accounts of an Employee, other than Managed Accounts, may only be held at a <u>Designated</u> <u>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.

**d.** **Pre-Clearance Requirement** 

Employees and their Dependents may not purchase or sell, directly or indirectly, any <u>Reportable</u> <u>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 <u>Security is Being Considered for Purchase or Sale</u> for a Client (see Section 2(i) below) or is being purchased or sold for a Client following the approval on the same day of a personal trading request form for the same Security, the Legal and Compliance Department is authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the trading desk and the appropriate business unit head (if available), that the order, based on market conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a Client's ability to purchase or sell the Security or other Securities of the issuer involved.

<u>**The 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).

**e.** **Limitation on the Number of Trades** 

No more than an aggregate of twenty (20) transactions in <u>Reportable Securities</u> may occur in an Employee's <u>Personal Accounts</u> during any rolling thirty-day period.

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**<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;• 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.

**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;• 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;• 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;• 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;• 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;• Shares received through an employee stock plan or compensation program by a Dependent may be sold within the 60-day holding period.

Trades made in violation of this section of the Code shall be unwound, or, if that is not practicable, all profits from the short-term trading will be disgorged.

**g.** **Short Sales** 

The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of a Security in a Personal Account if, at the time of the transaction, any Client has a long position in such Security in an AB-managed portfolio (except that an Employee may engage in short sales

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against the box and covered call writing provided that these personal Securities transactions do not violate the prohibition against short- term trading).

**h.** **Trading in AB Units and AB Funds** 

During certain times of the year Employees may be prohibited from conducting transactions in the equity units of AB.

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>*. Employees are not permitted to transact in short sales of AB Units.

**Note that Employees are not permitted to establish automatic investment plans, including but not limited to dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases outside of the trading window.**

**i.** **Securities Being Considered for Purchase or Sale** 

Subject to the exceptions below, Employees and their Dependents are prohibited from purchasing or selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal Account if, at the time of the transaction, the <u>Security 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;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;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.

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**<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;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;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;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.

**j.** **Restricted List** 

A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily Restricted List is made available each business day to all Employees via <u>The Loop</u>.

**k.** **Dissemination of Research Information** 

An Employee may not buy or sell any Security for a Personal Account that is the subject of "significantly new" or "significantly changed" research during the period, commencing with the approval of the research and continuing for twenty-four hours subsequent to the first publication or release of the research. An Employee also may not buy or sell any Security on the basis of research that AB has not yet made public or released. The terms "significantly new" and "significantly changed" include:

&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;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;c. Any other rating, view, opinion, or advice from an AB analyst, the issuance (or re-issuance) of which in the opinion of such research analyst, or his or her director of research, would be reasonably likely to have a material effect on the price of the security.

**<u>This prohibition will not apply to the following</u>:**

&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;• 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>** 

***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

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the Security is being purchased or sold by or for the Client:

&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;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;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;2. The aggregate value of the transactions do not exceed (1) $250,000, and (3) 1% of the daily trade volume of the
security; and

&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.

**l.** **Initial Public Offerings** 

Employees or their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)) are not permitted to acquire for a Personal Account any equity Security issued in an Initial Public Offering.

**m.** **Limited Offerings/Private Placements** 

Employees and their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)), are not permitted to acquire any Security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) without prior written approval and documentation for the basis for granting approval from the Chief Compliance Officer (or designee) and the Employee's manager or the manager's designee. The Chief Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with AB. Employees authorized to acquire Securities issued in a limited or private offering must disclose that investment when they play a part in any Client's subsequent consideration of an investment in the issuer. In such a case, the decision of AB to purchase Securities of that issuer for a Client will be subject to an independent review by Investment Personnel with no personal interest in such issuer.<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)".

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**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*

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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 Personal Account within seven calendar days before and after making a change in a rating or other published view with respect to that Security. If a research analyst engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged.

**b.** **Actions During Blackout Periods** 

No person acting as a research analyst shall delay or accelerate a rating or other published view with respect to any Security because of a previous purchase or sale of a Security in such person's Personal Account. In the event that a research analyst determines that it is appropriate to make a change in a rating or other published view within seven days of the purchase or sale of the same Security in a Personal Account, the research analyst must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action.

**c.** **Actions Contrary to Ratings** 

No person acting as a research analyst shall trade a Security (to the extent such Security is included in the research analyst's research universe) contrary to an outstanding rating or a pending ratings change or traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason specified by the research analyst and approved by the Chief Compliance Officer or their designee and is not otherwise based on the research analyst's view of how the security is likely to perform.

**5.** **Additional Restrictions–Buy-Side Equity Traders** 

In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity trading desk.

***General Prohibition****: Employees acting in the capacity of a buy-side equity trader are not permitted to trade for their personal account any security that is among the eligible portfolio investments traded on that Desk.*

*This prohibition does not apply to transactions directed by Dependents whose 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. 

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*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;• 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

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not need to be reported;

&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;• 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;• 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;• 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;• 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;• 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

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the date of the submission.<sup>9</sup> The report must disclose:

&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;• 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;• 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;• 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;• 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.

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**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;&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;• 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;• 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;• The price of the Security at which the transaction was effected; and

&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.P4

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Code of Ethics

Effective September 1, 2025

GENERAL

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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 | 12 |
|  Records Retention | 12 |
|  Appendices |  |
|  Appendix A – Key Terms and Definitions | 13 |
|  Appendix B – Guidance | 15 |

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| GENERAL | 2.0 |

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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.

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| GENERAL | 3.0 |

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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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• Take investment opportunities away from clients;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate and municipal bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds ("ETFs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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").

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| GENERAL | 4.0 |

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Examples of accounts that can hold Reportable Securities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Brokerage accounts**, including custodial and trust accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Allspring 401(k) accounts,** which are capable of investing in Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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."

Initial and Annual Holdings Reports

<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.

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| GENERAL | 5.0 |

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**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;&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;&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;&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

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| GENERAL | 6.0 |

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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>.

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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Managed Accounts;

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

<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.

<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.

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| GENERAL | 7.0 |

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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 code of ethics 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).

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Managed Accounts;

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

<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.

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| | |
|:---|:---|
| GENERAL | 8.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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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.

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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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.

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| | |
|:---|:---|
| GENERAL | 9.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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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, code of ethics 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. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

<sup>10</sup> Excluding payroll contributions (or company matches).

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| | |
|:---|:---|
| GENERAL | 10.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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| | |
|:---|:---|
| GENERAL | 11.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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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.

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| | |
|:---|:---|
| GENERAL | 12.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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Appendix A – Key Terms and Definitions

---

| | |
|:---|:---|
| 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 | 13.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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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 | 14.0 |

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| | |
|:---|:---|
| ![LOGO](g767768dsp101.jpg) | CODE OF ETHICS |

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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

---

| | |
|:---|:---|
| ACCOUNT | REPORTABLE<br>ACCOUNT? |
| Brokerage accounts (including IRA, GIA, ISA, SIPP, custodial, and trust accounts) | Yes |
| Managed Accounts and Automatic Investment Plans | Yes |
| Allspring 401(k) plans | Yes |
| Education/junior savings accounts that can invest in Reportable Securities (e.g., ESA, Junior ISA) | Yes |
| Health Savings Account ("HSA") that can invest in Reportable Securities | Yes |
| Employee stock purchase or ownership plans ("ESPP" or "ESOP") | Yes |
| External (non-Allspring) 401(k) plans that can invest in Reportable Funds | Yes |
| External (non-Allspring) 401(k) plan that cannot hold Reportable Funds | No |
| Cash management accounts that cannot buy or sell Reportable Securities (e.g., Cash ISA) | No |
| Cryptocurrency accounts | No |

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Reportable Securities and Pre-Clearance

---

| | | |
|:---|:---|:---|
| SECURITY | REPORTABLE SECURITY? | PRE-CLEAR? |
| Stocks (common, preferred, rights and warrants) | Yes | Yes |
| Bonds (corporate, municipal, convertible and notes) | Yes | Yes |
| Closed-end funds (also referred to as investment trusts) | Yes | Yes |
| Options on Reportable Securities | Yes | Yes |
| Open-end Reportable Funds (except for money market funds) | Yes | No |
| Allspring ETFs | Yes | No |
| Non-Allspring ETFs (excluding single-stock ETFs) and options on ETFs | Yes | No |
| Single-stock ETFs | Yes | Yes |
| Private placements (i.e., non-public or limited offering) | Yes | Yes |
| Direct obligations of the U.S. Government (e.g., U.S. Treasuries) | No | No |
| 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) | No | No |
| Money market funds | No | No |
| Open-end mutual funds (that are not Reportable Funds) | No | No |
| Commodities | No | No |
| Foreign currencies, including futures | No | No |
| Cryptocurrencies | No | No |

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| | |
|:---|:---|
| GENERAL | 15.0 |

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## Ex-99.P5

Code of Business Conduct and Ethics

September 29, 2025

![LOGO](g767768dsp115.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

Limited

![LOGO](g767768dsp115a.jpg)

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Code of Business Conduct and Ethics

September 29, 2025

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;&nbsp;&nbsp;• Act solely in the best interests of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Uphold BlackRock's high ethical and professional standards;

&nbsp;&nbsp;&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;&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.

**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;&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;&nbsp;&nbsp;• are prohibited from using corporate property, information, or position for improper personal gain;

&nbsp;&nbsp;&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;&nbsp;&nbsp;• owe a duty to BlackRock to advance its legitimate interests when the opportunity to do so arises.

Limited

![LOGO](g767768dsp115a.jpg)

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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;&nbsp;&nbsp;• misappropriating proprietary information;

&nbsp;&nbsp;&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;&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;&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.

Limited

![LOGO](g767768dsp115a.jpg)

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Code of Business Conduct and Ethics

September 29, 2025

Employees should refer to the Global Anti-Bribery and Corruption Policy for additional information.

**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

![LOGO](g767768dsp115a.jpg)

## Ex-99.P7

![LOGO](g767768dsp119.jpg)

<u>Introductory note</u> 

ClearBridge Investment Management Limited ("CIML") is subject to legal and regulatory obligations in the jurisdictions in which it operates. This includes, but is not limited to, the UK FCA Rules, the US SEC Rules and the Australian ASIC Rules. CIML is required under these laws to maintain an independent compliance function, which is responsible for oversight of the firm's compliance with its legal and regulatory obligations. The Compliance Manual, maintained and overseen by Compliance and the CIML Board of Directors, sets out policies with which our staff must comply to enable the firm to comply with applicable law and regulation.

Please note that the following document is a summary of the full policy. We do not disclose our full policies externally unless specifically requested by an applicable regulatory or government authority.

This client facing policy is designed to provide a substantive overview of the full policy. It contains all the key information and procedures that are set out in the full internal policy but we are happy to add any additional detail as required or to discuss any aspect of our policy and approach. Please address any queries to the Chief Compliance Officer in the first instance.

The full internal policy applies to all CIML employees and to all activities they conduct under that employment. For the avoidance of doubt, for the purposes of the application of CIML's policies and procedures, any reference to 'employee' includes any contract employees, secondees and other temporary staff.

ClearBridge Investment Management Limited, registered in Scotland (no SC066107) 5 Morrison Street, 2nd floor, Edinburgh, EH3 8BH, Tel: 44 (0) 131 229 5252 Fax: 44 (0) 131 228 5959, www.clearbridge.com. ClearBridge Inc, incorporated in New York and having a UK branch registered in Scotland (no SF000300), One Madison Avenue, New York, NY 10010. Both companies are authorised and regulated by the Financial Conduct Authority and CIML is registered as an Investment Advisor with the Securities and Exchange Commission.

Please note that calls to the above number may be recorded.

Code of Ethics

Amended as of November 2025

------

**Scope and Purpose** 

Set forth below is the Code of Ethics (the "Code") for ClearBridge Investments as required by Rule 204A-1 under 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 "Investment Company Act"). 

This Code is based on the principle that ClearBridge and its employees owe a fiduciary duty to ClearBridge's clients, and that all persons covered by this code must therefore avoid activities, interests and relationships that might (i) present a conflict of interest or the appearance of a conflict of interest, or (ii) otherwise interfere with ClearBridge's ability to make decisions in the best interests of any of its clients. 

This Code of Ethics applies to all officers, directors and employees (full and part time) of ClearBridge as well as certain consultants designated by the General Counsel/Chief Compliance Officer from time to time ("Access Persons").

**Statement of Policies** 

(A) STANDARDS OF BUSINESS CONDUCT

All Access Persons must comply with the following standards of business conduct:

<u>Clients Come First.</u> At all times, Access Persons are required to place the interests of clients before their own and not to take inappropriate advantage of their position with ClearBridge. An Access Person may not induce or cause a client to take action, or not to take action, for the Access Person's personal benefit, rather than for the benefit of the client. In the UK, ClearBridge is also subject to the UK Consumer Duty, as a co-manufacturer of certain Franklin Templeton pooled vehicles, which are sold to the mass UK retail market. Under the Consumer Duty, ClearBridge Investment Management Limited ("CIML") is required to act to deliver good outcomes for consumers and a framework is in place to meet those obligations. Stuart Davidson is CIML's Consumer Duty Champion.

<u>Do Not Take Advantage.</u> Access Persons may not use their knowledge of open, executed, or pending portfolio transactions to profit by the market effect of such transactions, nor may they use their knowledge of transactions or portfolio holdings of investment companies and separate accounts managed by ClearBridge to engage in short term or other abusive trading.

<u>Avoid Conflicts of Interest.</u> Conflicts of interest may arise in situations where client relationships may tempt preferential treatment, *e.g.*, where account size or fee structure would make it more beneficial for the adviser to allocate certain trades to a client. Conflicts of interest may also arise in connection with securities transactions by employees of the adviser, especially those employees who are aware of actual transactions or client holdings or transactions under consideration for clients. 

Compliance policies and procedures have been adopted by ClearBridge in order to meet all legal obligations to our clients, particularly those arising under the federal securities laws and ERISA. Procedures have been instituted to mitigate or obviate actual or potential conflicts of interest. The Compliance Department's role is to ensure that appropriate procedures are adopted by the business and to monitor to ascertain that such

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procedures are followed. Any questions relating to this Code or other policies or procedures should be addressed to the Compliance Department.

(B) CONFIDENTIALITY

Access Persons are expected to honor the confidential nature of company and client affairs. Confidential information shall not be communicated outside of ClearBridge or to other affiliated companies of Franklin Resources, Inc. ("Franklin") in compliance with the Information Barrier Policy, and shall only be communicated within ClearBridge on a "need to know" basis.

Access Persons must also avoid making unnecessary disclosure of ANY internal information concerning ClearBridge, Franklin, or their affiliates and their business relationships.

For information relating to "material non-public information" and "insider trading," please see ClearBridge's Policy on Material Non-Public Information on the intranet site.

(C) REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Access Persons who are subject to this Code are required to comply with all federal securities and other
pertinent laws applicable to ClearBridge's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Access Persons, other than CIML staff, are required to comply with the Personal Securities Transactions
Policy incorporated herein. CIML staff are required to comply with the UK Employee Dealing Policy.

(D) DUTY TO REPORT AND NON-RETALIATION POLICY

Should an employee become aware of any conduct which the employee believes may constitute a violation of this Code, the law, or any ClearBridge policy, the employee must promptly report such conduct to the General Counsel/Chief Compliance Officer or his/her designee or, in the case of CIML staff, in accordance with the UK Whistleblowing Policy. All information about potential or suspected violations reported to the General Counsel/Chief Compliance Officer, or otherwise under the UK Whistleblowing Policy, will be investigated and the identity of the reporting person will be kept confidential. ClearBridge's policy prohibits any retaliatory action against a reporting person, including discharge, demotion, suspension, threats or harassment, and the UK Senior Managers are under a regulatory obligation to create a "safe, psychological space" for staff to make such reports with confidence and security.

**Administration of the Code** 

Administration of the Code shall be the responsibility of the Compliance Department, which is also responsible for monitoring for compliance with the Code. Any violation of this Code by Access Persons (which in the case of CIML staff, shall include the Employee Dealing Policy and the Conflicts of Interest Policy) will be considered serious and may result in disciplinary action, which may include the unwinding of trades, disgorgement of profits, monetary fine or censure and suspension or termination of employment. Any violation of this Code will be reported by the Compliance Department to the person's supervisor, and, as appropriate, to ClearBridge's Management Committee and/or to the Chief Compliance Officers of any funds managed by ClearBridge.

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The Human Resources Department is responsible for ensuring that a copy of the Code is delivered to all persons at the time they become Access Persons of ClearBridge. As a condition of continuing employment, each employee is required to acknowledge, in writing (See Exhibit A), receipt of a copy of the Code and that he or she understands his/her obligations and responsibilities hereunder within 10 days of becoming an Access Person subject to this Code. Each Access Person is also obligated to acknowledge receipt of any amendments to the Code. On an annual basis, each Access Person must certify that s/he has complied with the Code.

**Questions** 

All questions about an individual's responsibilities and obligations under the Code of Ethics should be referred to ClearBridge's General Counsel/Chief Compliance Officer or his/her designee.

**Outside Directorships** 

Access Persons are prohibited from serving on the board of directors of any publicly listed or traded company or of any company whose securities are held in any client portfolio, except with the prior authorization (See Exhibit B) of (i) the Chief Executive Officer of ClearBridge or, in his/her absence, the General Counsel based upon a determination that the board service would be consistent with the best interests of ClearBridge's clients. If permission to serve as a director is given, the company will be placed on a Restricted List. Transactions in that company's securities for client and personal securities accounts will only be authorized when certification has been obtained from that company's Secretary or similar officer that its directors are not in possession of material price sensitive information with respect to its securities.

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**PERSONAL SECURITIES TRANSACTIONS POLICY** 

**POLICY STATEMENT** 

While Access Persons are neither prohibited from holding individual securities nor engaging in individual securities transactions, by promulgating this Policy, ClearBridge is not endorsing or encouraging such activity. ClearBridge recognizes that in its role as an investment adviser, its responsibility is to its clients and their investments. Clients always come first. ClearBridge believes that its primary obligation is that any potential investment first be considered from the perspective of its appropriateness for any client portfolios. Only after it is determined that it is not appropriate for any client should an employee consider it for a personal account.

**SUMMARY** 

All Access Persons are subject to the restrictions contained in this Personal Securities Transactions Policy (the "Policy") with respect to their securities transactions. The following serves as a summary of the most common restrictions. Please refer to specific sections that follow this summary for more detail, including definitions of persons covered by this Policy, accounts covered by this Policy ("Covered Accounts"), securities covered by this Policy ("Covered Securities"), reports required by this Policy ("Reports") and the procedures for compliance with this Policy.

• All purchases or sales of **equity** securities and securities **convertible** into equity securities
(generally, stocks, convertible bonds and their equivalents) by Access Persons, and certain of their family members, must be **precleared**, except as noted below.

• All Access Persons must execute their transactions in Covered Securities through approved broker/dealers which
are broker/dealers who feed transaction and holding information to ClearBridge through FIS Employee Compliance Manager ECM<sup>®</sup> ("Approved Brokers"). The list of Approved Brokers is on
the ECM site. Permission to use a non-approved broker will only be granted in exigent circumstances (See Exhibit C).

• Portfolio Managers and Portfolio Analysts are prohibited from purchasing or selling a Covered Security within
seven calendar days before or after an account managed by them has traded in the same (or a related) security, unless a *de minimis* exception applies. This includes a change in a model utilized in a retail "SMA" or
"wrap" program.

• All other Access Persons are prohibited from transacting in a Covered Security on any day a client is trading in
such security, unless a *de minimis* exception applies.

• *De Minimis* Exception: There is a *de minimis* exception pertaining to transactions of up to 500
shares **in any 7 calendar day period** of a large cap US equity ($10 billion or greater in market cap) or the equivalent number of shares of non-US large cap companies trading in the US as American
Depository Receipts or American Depository Shares ("ADRs").

• Access Persons are prohibited from profiting from the purchase and sale or sale and purchase of a Covered
Security, or a related security, within 60 calendar days.

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• Portfolio Managers are prohibited from buying securities, directly or indirectly, in an initial public offering.
Any other Access Person wishing to buy securities, directly or indirectly, in an initial public offering must receive prior permission from the Chief Investment Officer (or his designee) and the Chief Compliance Officer (or her designee).

• Any Access Person wishing to buy securities, directly or indirectly, in a private placement must receive prior
permission from the Chief Compliance Officer and his/her immediate supervisor (See Exhibit D).

• All Access Persons must report all trades in Reportable Funds, as defined, below.

• Funds managed by ClearBridge ("Managed Funds"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares must be held in an Approved Brokerage Account (except if they are in the Franklin Resources, Inc. 401(k)
plan or held directly by the transfer agent of our proprietary funds). Compliance must be notified of directly held proprietary funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares are subject to a 60 day holding period, as explained below.

**DEFINITIONS** 

**Access Person** means an employee, director or officer of ClearBridge or a consultant designated as Access Person from time to time.

*Notwithstanding anything herein to the contrary, this Code does not cover any individual covered under the Franklin Resources, Inc.'s 17j-1/Personal Trading Policy (the "Franklin Access Persons"), including, without limitation:* 

*(1)* *the Franklin representatives on the Clearbridge Board of Directors; and* 

*(2)* *any other employee of Franklin who may be considered an "Access Person" to ClearBridge (as such term is defined in Rule 204A-1 under the Advisers Act), unless such person has been designated as an Access Person subject to this Code by the General Counsel/Chief Compliance Officer.* 

*ClearBridge hereby delegates to the Franklin Regulatory Compliance Department responsibility for monitoring the Franklin Access Persons' compliance with the Franklin17j-1/Personal Trading Policy and for enforcing the provisions of such policy against such persons.* 

**Portfolio Analyst** means any research analyst who supports one or more specific management teams and who has been designated as such by the General Counsel/Chief Compliance Officer.

**Covered Securities** means stocks, notes, bonds, closed-end funds, exchange- traded funds, off-shore funds, hedge funds, debentures, and other evidences of indebtedness, including senior debt, subordinated debt, investment contracts, commodity contracts and futures. Managed Funds and Reportable Funds, as defined herein, are also Covered Securities. The same limitations of this Code pertain to transactions in a security related to a Covered Security, such as an option to purchase or sell a Covered Security and any security convertible into or exchangeable for a Covered Security.

**Covered Account** means an account in which Covered Securities are owned by an Access Person or an account in which the Access Person has a Beneficial Interest, as defined below. A Covered Account includes

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all accounts that could hold Covered Securities in which the Access Person has a Beneficial Interest regardless of what, if any, securities are maintained in such accounts (thus, even if an account does not hold Covered Securities, if it has the capability of holding Covered Securities, the account must be disclosed). Funds held directly with fund companies do not need to be disclosed if no Managed Funds (as defined below) or Reportable Funds (as defined below) are held in such accounts. Qualified Tuition Programs ("Section 529 plans" or "College Savings Plans") are not subject to this Policy.

**SECURITIES AND TRANSACTIONS NOT COVERED BY THIS POLICY ARE:** 

• shares in any open-end US registered investment company (mutual fund),
which is **not** managed, advised or sub-advised by ClearBridge or a Franklin affiliate

• shares issued by money market funds, including Reportable Funds

• shares issued by unit investment trusts that are invested exclusively in one or more open-end funds other than Reportable Funds

• securities which are direct obligations of the U.S. Government (*i.e.,* Treasuries)

• bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high
quality short-term debt instruments<sup>1</sup>

IF A SECURITY IS NOT COVERED BY THIS POLICY, YOU MAY PURCHASE OR SELL IT WITHOUT OBTAINING PRECLEARANCE AND YOU DO NOT HAVE TO REPORT IT.

**Approved Broker** means any broker/dealer who feeds transaction and holding information to ClearBridge through FIS Employee Compliance Manager ECM<sup>®</sup>.

**Managed Funds** means US registered investment companies advised or subadvised by ClearBridge. They can include proprietary as well as non-proprietary funds, open-end, closed-end and exchange-traded funds ("ETFs"). **Access Persons are prohibited from engaging in short sales of ETFs managed by ClearBridge, except short sales against the box.**

**Reportable Funds** means US registered investment companies advised or subadvised by any advisory affiliate of ClearBridge. They can include proprietary and non-proprietary funds.

**Beneficial Interest** means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to share at any time in any profit derived from a transaction in a Covered Security.

You are deemed to have a Beneficial Interest in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any Security owned individually by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any Security owned jointly by you with others (for example, joint accounts, spousal accounts,

<sup>1</sup> High quality short-term debt instruments means any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. 

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partnerships, trusts and controlling interests in corporations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any Security in which a member of your Immediate Family has a Beneficial Interest if the Security is held in an
account over which you have decision making authority (for example, you act as trustee, executor, or guardian).

You are deemed to have a Beneficial Interest in accounts held by your spouse (including his/her IRA accounts), minor children and other members of your immediate family (children, stepchildren, grandchildren, parents, step parents, grandparents, siblings, in-laws and adoptive relationships) who share your household. In addition, you are deemed to have a Beneficial Interest in accounts maintained by your domestic partner (an unrelated adult with whom you share your home and contribute to each other's support). This presumption may be rebutted by convincing evidence that the profits derived from transactions in the Covered Securities will not provide you with any economic benefit.

You have a Beneficial Interest in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your interest as a general partner in Covered Securities held by a general or limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your interest as a manager-member in the Covered Securities held by a limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your interest as a member of an "investment club" or an organization that is formed for the purpose
of investing a pool of monies in Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your ownership of Covered Securities as trustee where either you or members of your immediate family have a
vested interest in the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your ownership of a vested interest in a trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your status as a settlor or a trust, unless the consent of all of the beneficiaries is required in order for you
to revoke the trust.

You do not have a Beneficial Interest in Covered Securities held by a corporation, partnership, limited liability company or other entity in which you hold an equity interest *unless* you are a controlling equity holder or you have or share investment control over the Covered Securities held by the entity.

IF YOU ARE IN ANY DOUBT AS TO WHETHER AN ACCOUNT FALLS WITHIN THE DEFINITION OF COVERED ACCOUNT OR WHETHER YOU WOULD BE DEEMED TO HAVE A BENEFICIAL INTEREST IN AN ACCOUNT, PLEASE SEE COMPLIANCE.

**BLACK OUT PERIODS** 

*Portfolio Managers* - In order to prevent buying or selling securities in competition with orders for clients, or from taking advantage of knowledge of securities being considered for purchase or sale for clients<sup>2</sup>, Portfolio Managers and the Portfolio Analysts working directly with the Portfolio Manager on his/her portfolios will not be able to execute a trade in a Covered Security within seven calendar days

<sup>2</sup> A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

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before or after an account managed by said Portfolio Manager has traded in the same (or a related) security (the "Blackout Period"). The blackout period also pertains to situations when the Portfolio Manager changes a model utilized in a retail "SMA" or "wrap" program.

*Research Analysts -* For purposes of the Vision Fund, a research analyst is deemed to be a portfolio manager for his/her sleeve of the Fund and is subject to the 14 day Blackout Period for purchases and sales made at his/her direction.

*All Other Access Persons* are precluded from executing a trade in a Covered Security on the same day that there is a client order for the same (or a related) security, unless a *de minimis* exception applies.

*De Minimis* exception: Transactions involving shares in certain companies traded on US stock exchanges or the NASDAQ will be approved regardless of whether there are outstanding client orders. The exception applies to transactions involving no more than 500 shares, **during any 7 calendar day period, per issuer** (or the equivalent number of shares represented by ADRs) in securities of companies with market capitalizations of $10 billion or more. In the case of options, an employee may purchase or sell up to 5 option contracts to control up to 500 shares in the underlying security of such large cap company.

• Preclearance is required for all *de minimis* transactions.

**HOLDING PERIODS** 

TRADES BY ACCESS PERSONS IN MANAGED FUNDS ARE SUBJECT TO A 60 CALENDAR DAY HOLDING PERIOD. SECURITIES MAY NOT BE SOLD OR BOUGHT BACK WITHIN 60 CALENDAR DAYS AFTER THE ORIGINAL TRANSACTION WITHOUT THE PERMISSION OF THE CHIEF COMPLIANCE OFFICER.

ACCESS PERSONS CANNOT PURCHASE OR SELL THE SAME COVERED SECURITY WITHIN 60 CALENDAR DAYS IF SUCH TRANSACTIONS WILL RESULT IN A PROFIT.

*The Short Term Trading Prohibition does not pertain to individual stock options that are part of a hedged position where the underlying stock has been held for more than 60 calendar days and the entire position (including the underlying security) is closed out. ETFs\* not managed by ClearBridge are also not subject to the Holding Period.* 

*\** *Transactions in Single Stock and Single Stock Inverse ETFs subject to the 60 day holding period.*

**PRECLEARANCE** 

• Preclearance is obtained through the Personal Trading Assistant found under "Compliance" on the
ClearBridge intranet site.

• Preclearance is valid until close of business on the business day during which preclearance was obtained. If the
transaction has not been executed within that timeframe, a new preclearance must be obtained.

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• IF YOU WISH TO PURCHASE AN INITIAL PUBLIC OFFERING<sup>3</sup>, YOU
MUST OBTAIN PERMISSION FROM THE CIO AND THE CHIEF COMPLIANCE OFFICER (SEE, EXHIBIT F). PORTFOLIO MANAGERS CANNOT PARTICIPATE IN IPOS FOR THEIR PERSONAL ACCOUNTS EXCEPT FOR OFFERINGS OF CLOSED END FUNDS.

• IF YOU WISH TO PURCHASE SECURITIES IN A PRIVATE PLACEMENT,<sup>4</sup>
YOU MUST OBTAIN PERMISSION FROM THE CHIEF COMPLIANCE OFFICER AND YOUR SUPERVISOR.

*The following transactions do not require pre-clearance*:

• Transactions in a Covered Account over which an Access Person has no direct or indirect influence or control such
as where investment discretion is delegated in writing to an independent fiduciary. Fully discretionary accounts managed by either an internal or external registered investment adviser are permitted and may be custodied away from an Approved Broker *if* copies of periodic (monthly or quarterly) statements that contain transaction information as detailed under Reporting Requirements be sent to the Compliance Department. The Access Person must ensure that there is no communication between
the manager and the Access Person with regard to investment decisions prior to execution. The Access Person must provide the Compliance Department with a copy of the advisory agreement reflecting that a third party has discretion and ensure that
Compliance receives transactions and holdings information.

• Transactions in ETFs and exchange-traded notes ("ETNs"); however, they must be reported. Transactions
in ETFs and ETNs which occur in a Covered Account do not need to be separately reported. Transactions in Single Stock and Single Stock Inverse ETFs REQUIRE PRECLEARANCE and are subject to the 60 day holding period.

• Transactions in estate or trust accounts of which an Access Person or related person has a beneficial ownership,
but no power to affect investment decisions. There must be no communication between the account(s) and the Access Person with regard to investment decisions prior to execution. *The Access Person must direct the trustee/bank to furnish copies of statements that contain transaction information as detailed under Reporting Requirements to the Compliance Department.* 

• Transactions which are non-volitional on the part of an Access Person
(*i.e.,* the receipt of securities pursuant to a stock dividend or merger, a gift or inheritance). However, the sale of securities acquired in a non-volitional manner is treated as any other transaction
and subject to pre-clearance.

• Sales pursuant to a bona fide tender offer.

• Purchases of the stock of a company pursuant to an automatic investment plan which 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. Payroll deduction
contributions to 401(k) plans are deemed to

<sup>3</sup> An IPO is an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to reporting requirements under the federal securities laws.

<sup>4</sup> A private placement is an offering of securities that are not registered under the Securities Act because the offering qualified for an exemption from the registration provisions.

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be pursuant to automatic investment plans. (*Preclearance and reporting of particular instances of dividend reinvestment is not required; annual reporting of holdings is required*).

• The receipt or exercise of rights issued by a company on a pro rata basis to all holders of a class of security
and the sale of such rights. However, if you purchase the rights from a third-party, the transaction must be pre-cleared. Likewise, the sale of such rights must be pre-cleared.

• Purchases and sales of Franklin's publicly traded securities or the receipt or exercise of an employee
stock option under any of Franklin's employee stock plans. *See below. e* 

• Purchases of an employer's securities done under a *bona fide* employee benefit plan or the receipt or
exercise of options in an employer's securities done under a *bona fide* employee stock option plan of a company not affiliated with Franklin by an employee of that company who is a member of an Access Person's immediate family do
not require preclearance. However, sales of the employer's stock, whether part of the employee benefit or stock option plans, do require preclearance and reporting. Furthermore, employee benefit plans that allow the employee to buy or sell
Covered Securities other than those of the employer are subject to the requirements of the Code, including preclearance, reporting and holding periods.

• Any transaction involving non-financial commodities, futures (including
currency futures and futures on securities comprising part of a broad-based, publicly traded market based index of stocks) and options on futures.

• Any acquisition or disposition of a security in connection with an option-related transaction that has been
previously approved. For example, if you received clearance to buy a call and then decide to exercise it, you are not required to obtain preclearance in order to exercise the call.

• Transactions involving options on broad-based indices, including, but not limited to, the S&P 500, the
S&P 100, NASDAQ 100, Russell 2000, Russell 1000, Russell 3000, Nikkei 300, NYSE Composite and the Wilshire Small Cap.

• Access Persons desiring to make a *bona fide* <sup>5</sup> gift or
charitable contribution of Covered Securities or who receive a *bona fide* gift of Covered Securities, including an inheritance, do not need to preclear the transactions. However, such gift or contribution must be reported in the next quarterly
report (See "Reporting Requirements").

• Fixed income investments other than fixed income securities convertible into equity securities.

Transactions in open-end Managed Funds and Reportable Funds (including ETFs\*). Note: transactions in *all* closed end funds, including the ones managed by ClearBridge, do require preclearance.*\*Transactions in Single Stock and Single Stock Inverse ETFs require Preclearance.*

**SHORTING TRANSACTIONS IN FRANKLIN RESOURCES INC. SECURITIES AND CLOSED-END FUNDS** 

<sup>5</sup> A *bona fide* gift or contribution is one where the donor does not receive anything of monetary value in return.

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Access 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 any Franklin adviser. 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 Access Person having a net short exposure to Franklin or any closed-end fund sponsored or advised by the Franklin's subsidiaries. The list of closed end funds sponsored or advised by such subsidiaries is contained in the list of Reportable Funds available in ECM.

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**REPORTING REQUIREMENTS** 

All Access Persons are required to immediately report the establishment of any new Covered Accounts to Compliance, even if the Covered Account is with an Approved Broker. This is necessary so that the Covered Account can be linked to ECM. Access Persons are also required to report to the Compliance Department the establishment of any account in a Managed Fund directly with the Funds' transfer agent.

The Approved Brokers provide the Compliance Department with a daily report of all transactions executed by personnel. The Funds' transfer agent provides the Compliance Department with transactions in the Managed Funds. If you have received permission to maintain a Covered Account at other than an Approved Broker, including spousal accounts for which you received a waiver from the requirement to preclear, you must arrange for the broker to provide Compliance with the following information.

**Reports of Each Transaction in a Covered Security** 

No later than at the opening of business on the business day following the day of execution of a trade for a Covered Account, Compliance must be provided with the following information:

name of security

exchange ticker symbol or CUSIP

nature of transaction (purchase, sale, etc.)

number of shares/units or principal amount

price of transaction

date of trade

name of broker

the date the Access Person submits the report

**Quarterly Reports** 

If you have engaged in a transaction that did not require preclearance but did require reporting, please confirm that Compliance has received the required information, as follows:

No later than 30 days after the end of each calendar quarter, each Access Person who maintains a Covered Account at other than an Approved Broker will provide Compliance with a report of all transactions in Covered Securities in the quarter, including the name of the Covered Security, the exchange ticker symbol or CUSIP, the number of shares and principal amount, whether it was a buy or sell, the price and the name of the broker through whom effected.

**Annual Reports** 

Within 45 days after the end of the calendar year, each Access Person must report all his/her holdings in Covered Securities as at December 31, including the title, exchange ticker symbol or CUSIP, number of shares and principal amount of each Covered Security the Access Person owns (as defined above) and the

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names of all Covered Accounts. The report will be made through certification on the Personal Trading Assistant. Any holdings that do not appear should be provided to Compliance for entry in the system prior to certification. Any Access Person failing to certify within the required time period will not be allowed to engage in any personal securities transactions.

**OTHER REPORTS** 

**Initial Employment** 

No later than 10 days after initial employment with ClearBridge, or notification of coverage under this Code, each Access Person must provide Compliance with a list of each Covered Security s/he owns (as defined above). The information provided, which must be current as of a date no more than 45 days prior to the date such person became an employee (or subject to this Code), must include the title of the security, the exchange ticker symbol or CUSIP, the number of shares owned (for equities) and principal amount (for debt securities), The Access Person must also provide information, which must include the name of the broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person. This information will be entered into the Personal Trading Assistant by Compliance and must be certified to, electronically, by the Access Person before s/he can effectuate any transactions. If the Access Person does not maintain a Covered Account with an Approved Broker, s/he will be given a reasonable amount of time to transfer the Covered Account(s) to an Approved Broker.

**Reportable Funds** 

No later than 30 days after the end of each calendar quarter, TRANSACTIONS IN REPORTABLE FUNDS (OTHER THAN THOSE MANAGED BY CLEARBRIDGE) MUST BE REPORTED.

The information on personal securities transactions received and recorded will be deemed to satisfy the obligations contained in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. Such reports may, where appropriate, contain a statement to the effect that the reporting of the transaction is not to be construed as an admission that the person has any direct or indirect beneficial interest or ownership in the security.

**ADMINISTRATION OF THE CODE** 

At least annually, the Chief Compliance Officer, on behalf of ClearBridge, will furnish to the boards or to the Chief Compliance Officer of any US registered investment company to which ClearBridge acts as adviser or subadviser, a written report that:

(i) Describes any issues arising under the Code or this Policy since the last report to the board, including, but
not limited to, information about material violations of the Code or this Policy and sanctions imposed in response to the material violations; and

(ii) Certifies that the ClearBridge has adopted procedures reasonably necessary to prevent Access Persons from
violating the Code or this Policy.

Adopted: February 14, 2007\*

Amended: April 1, 2007

Amended: June 1, 2007

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Amended: December 10, 2008

Amended: August 10, 2009

Amended: June 8, 2010

Amended: January 7, 2013

Amended: May 15, 2017

Amended: June 27, 2024

\* Amending and Restating the Code of Ethics adopted January 28, 2005, as amended.

Amended: November 2025

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**Exhibit A** 

Acknowledgement of Code of Ethics Form

I acknowledge that I have received and read the Code of Ethics for ClearBridge dated August ___, 20__. I understand the provisions of the Code of Ethics as described therein and agree to abide by them.

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| |
|:---|
| Access Person Name (Print): |
| Signature: |
| Date: |

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| |
|:---|
| **Date of Hire:** |
| **Job Function & Title:** |
| **Supervisor:** |
| **Location:** |
| **Floor and/or Zone:** |
| **Telephone Number:** |

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This Acknowledgment form must be completed and returned within 10 days of employment or otherwise becoming an Access Person of ClearBridge to:

ClearBridge Compliance

One Madison Avenue

New York, NY 10010

Please fax to: (877) 406-7343

**Original signature must be sent**, however a fax copy may be sent to (877) 406-7343 in order to meet the ten (10) day deadline.

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Exhibit B Outside Directorship Form Access Persons must obtain prior written approval from ClearBridge's CEO or, in his/her absence, the General Counsel, to serve as a director of any publicly held company or any company whose securities are held by clients. Access Persons serving as outside directors are not entitled to indemnification or insurance coverage by ClearBridge or its affiliates unless service on the board is at the specific written request of ClearBridge or its affiliates. COMPLETE ONE COPY OF THIS FORM FOR EACH APPLICABLE ENTITY Print Nameobn Title Office Telephone Number Department Name Location 1. Name of Entity Date 2. Main Activity of the Entity 3. Your Title or Function Date Association/Term Begins Date Term Expires Annual Compensation $4. Is the Directorship requested by ClearBridge or its affiliates? ' No ' ' Yes ' Attach copy of Request Letter and other details. ' ' ' ' 5. Do you know of any significant adverse information about the entity or any actual or potential conflict of interest between the entity and ClearBridge or its affiliates? ' No ' ' Yes ' Attach detail and documents. ' ' ' ' 6. For PUBLIC COMPANIES attach the most recent "10-K"; "10-Q"; Latest Annual Report; "8-K's"; and Prospectus ' 10-K Attached ' ' ' Ann. Rpt Attached ' ' ' Prospectus Attached ' For NON-PUBLIC ENTITIES attach Audit Financial Statements ' 10-Q Attached ' ' ' 8-K's Attached ' ' ' Fin. Stmts. Attached ' 7. Does the entity or any principal have an account or other business relationship with ClearBridge or its affiliates? ' No ' ' Yes If yes, specify Account No.or describe relationship 8. Additional Remarks Access Person Representations: I will not use any material non-public information gleaned through my directorship for my own benefit nor share any such information with others. Access Person Signature Access Person's Signatobn ure Date Chief Executive Officer Print Name Signature Date General Counsel Print Name Signature Date Upon completion of this form, fax to Compliance at 877-406-7343, then forward via inter-office mail to: ClearBridge Compliance, One Madison Avenue, New York, NY 10010

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Exhibit C Outside Brokerage Account Approval Request Form Access Person Name: _________________________________________ The following information is provided in order to obtain Compliance approval to open and/or maintain a brokerage account outside the approved list of brokers: Outside Brokerage Firm Name: Brokerage Firm Address: (Where letter should be sent) Account Number: Full Account Title: Please indicate the reason why you are requesting to open and/or maintain a brokerage account outside of the approved list of brokers: q The account is a fully discretionary account managed by an investment adviser, registered with the SEC. q The account is a joint account with my spouse who works for the brokerage firm where the account will be maintained. q The account is my spouse's individual account who works for a regulated entity. q Estate or trust accounts of which an Access Person or related person has a beneficial ownership, but no power to affect investment decisions. There must be no communication between the account(s) and the Access Person or related person with regard to investment decisions prior to execution. q Other: _____________________________________________________________. A copy of any relevant statement(s) and this completed form must be provided to: ClearBridge Compliance One Madison Avenue, New York, NY 10010 Please fax to: (877) 406-7343 Access Person Signature Date Chief Compliance Officer Signature Date

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Exhibit D Outside Investment Approval Request Form ClearBridge policy requires Access Persons to obtain the prior written approval of the Chief Compliance Officer and your immediate supervisor before making an outside investment. Examples of "outside investments" include, but are not limited to, Private Placements and any investments in securities that cannot be made through an Approved Brokerage account. If the investment is a private placement, you must provide a copy of the prospectus, offering statement or other similar document. If you are a broker-dealer registered representative, a copy of this form and supporting documentation will be provided to Franklin Distributors Compliance. Access Persons must not make outside investments if such investments could present a potential conflict of interest. Approval of such an investment reflects a determination that it does not pose a conflict of interest with ClearBridge's clients. PRINT Name Date Title/Position Office Telephone Number Department Name Location Name of Investment Anticipated Date of Investment Amount of investment $ Type of Investment ' Private Placement ' ' ' ' ' ' Other investment which cannot be made through an approved brokerage account. (specify) Is your participation exclusively as a passive investor? ' Yes ' ' ' No ' ' ' If no, please explain any other involvement. Will this purchase be made in a brokerage account? ' Yes ' ' ' No ' ' ' If yes, which account? Did you raise capital for this investment? ' ' ' Or use your own money ' ' ' ' ' ' ' Access Person Representations: I certify that this investment does not take an investment opportunity from a client. Send the completed form and all relevant documents to: ClearBridge Compliance, One Madison Avenue, New York, NY 10010 Please fax to (877) 406-7343 Access Person Signature Access Person's Signature Date Supervisor Approval Print Name of Supervisor Title of Supervisor Signature of Supervisor Date Chief Compliance Officer Approval Print Name of CCO Signature of CCO Date

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Exhibit E Initial Report of Securities Holdings Form This report must be signed, dated and returned within 10 days of employment or otherwise becoming an Access Person and the holdings report must be current as of a date not more than 45 days prior to the person becoming an Access Person. This report must be submitted to: ClearBridge Compliance One Madison Avenue, New York, NY 10010 Please fax to (877) 406-7343 Employee Name: ______________________________________________ Date of Employment: ________________ Brokerage Accounts: q I do not have a beneficial ownership of any account(s) with any financial services firm. Please refer to Exhibit "A" for definition of beneficial ownership. q I maintain or have a beneficial ownership in the following account(s) with the financial services firm(s) listed below (attach additional information if necessary-e.g., a brokerage statement). Please include the information required below for any broker, dealer or bank where an account is maintained which holds securities for your direct or indirect benefit as of the date you began your employment. Name of Financial Service(s) Firm and Address Account Title Account Number Securities Holdings: Complete the following (or attach a copy of your most recent statement(s)) listing all of the securities holdings in which you have a beneficial ownership, with the exception of non-proprietary U.S. registered open-ended mutual funds for which CBI does not serve as adviser or sub-adviser and U.S Government securities if: You own securities that are held by financial services firm(s) as described above. If you submit a copy of a statement, it must include all of the information set forth below. Please be sure to include any additional securities purchased since the date of the brokerage statement that is attached. Use additional sheets if necessary. Your securities are not held with a financial service(s) firm (e.g., stock and dividend reinvestment programs and private placements, shares held in certificate form by you or for you or shares held at a transfer agent). Title of Security Ticker Symbol or CUSIP No. Number of Shares Principal Amount Financial Services Firm q I have no securities holdings to report. Signature: _________________________________________________________ Date of Signature: _____________

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Exhibit F Initial Public Offering Request Form ClearBridge's Code of Ethics requires Access Persons to obtain the prior written approval of a Chief Investment Officer and the Chief Compliance Officer before buying an initial public offering. (An IPO is an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to reporting requirements under the federal securities laws.) Please note that Portfolio Managers are prohibited from participating in an IPO in their personal accounts except for offerings of closed end funds that are either advised or sub-advised by ClearBridge. Access Persons must not make an investment in an initial public offering if such investment may present a potential conflict of interest. Print Name Date Title/Position Name of Security Anticipated Date of Offering Number of Shares Access Person Representation: I certify that this investment does not take an investment opportunity from a client. Send the completed form and all relevant documents to: ClearBridge Compliance One Madison Avenue New York, NY 10010 Please fax to (877) 406-7343 Access Person Name Access Person's Signature Date Chief Compliance Officer Chief Compliance Officer's Signature Date Chief Investment Officer Chief Investment Officer's Signature Date

## Ex-99.P8

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Great Lakes Advisors, LLC CODE OF INVESTMENT ETHICS Effective September 15, 2025

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**Contents** 

---

| | |
|:---|:---|
| **1. Preamble** | **3** |
| **2. Definitions** | **3** |
| **3. Statement of General Fiduciary Principles** | **6** |
| **4. Personal Securities Reporting by Access Persons** | **7** |
| **5. General Prohibitions** | **8** |
| **6. Personal Trading Pre-Clearance** | **9** |
| **7. Special Rules Applicable to GLA OMS Users** | **11** |
| **8. Special Rules Applicable to the Stamford Fundamental Equity Team** | **12** |
| **9. Pre-Approval of Privately Placed Securities (Hedge Funds and other Private Funds)** | **12** |
| **10. Exempted Transactions** | **13** |
| **11. Trustee Approval and Reports** | **13** |
| **12. Record Keeping** | **14** |
| **13. Sanctions** | **15** |
| **14. Condition of Employment** | **15** |
| **15. Descriptive Headings/Gender/Number** | **15** |

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**1. Preamble** 

This Code of Ethics ("Code") has been adopted by Great Lakes Advisors ("GLA" or "Adviser") pursuant to and in recognition of the policies and requirements of Section 17(j) of the Investment Company Act of 1940 (the "Act") and Rule 17j-1 thereunder, and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"). In addition, when managing accounts of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 ("ERISA") and individual retirement accounts, the Adviser must comply with all applicable provisions of ERISA, the Internal Revenue Code of 1986, and applicable rules thereunder. This Code is intended to be in furtherance of and not in limitation of the duties and responsibilities to GLA and the persons subject to its provisions, whether arising by statute, regulation or otherwise.

In developing these policies and procedures, the Adviser considered the material risks associated with administering the Code. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons do not understand the fiduciary duty that they, and the Adviser, owe to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons and/or the Adviser fail to identify and comply with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons do not report personal securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons trade personal accounts ahead of client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of the Federal Securities Laws, the Code, or the policies and procedures set forth in the
Adviser's Compliance Manual, are not reported to the CCO and/or appropriate supervisory personnel and/or Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser does not provide its Code and any amendments to all Access Persons; and The Adviser does not retain
Access Persons' written acknowledgements that they received the Code and any amendments.

**2. Definitions** 

Unless the context requires otherwise, the following definitions shall apply:

a. "**Adviser**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. GLA, a Delaware Limited Liability Company that acts as the investment adviser, sub-adviser and manager for regulated investment companies registered under the Act, as well as other, non-investment company advisory clients.

b. "**Access Person**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any director, officer, or employee of the Adviser (including interns, temporary, contract employees; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any company in a control relationship to the Adviser who obtains information concerning recommendations made to
the Sub-Advised Fund or to or for the account of an Advisory Client regarding the purchase or sale of a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Any other person determined by the Adviser's Compliance Department to be an Access Person.

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c. "**Advisory Client**" shall mean any client (including investment companies, managed accounts,
and trust accounts) for which GLA serves as an investment adviser, renders investment advice, or makes investment decisions.

d. "**Beneficial Ownership**" of a security by a person shall be interpreted in the same manner as
it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is subject to the provisions of Section 16 of that act and the rules and regulations
thereunder, except that the determination of direct or indirect Beneficial Ownership shall apply to all securities which an Access Person has or acquires. For example, in addition to a person's own accounts the term "Beneficial
Ownership" encompasses securities held in the name of a spouse or equivalent domestic partner, minor children, a relative sharing the person's home, or certain trusts under which the person or a related party is a beneficiary or held
under other arrangements indicating a sharing of financial interest.

e. "**Control**" shall have the same meaning as that set forth in Section 2(a) (9) of the
Act.

f. **"Decision Trade"** shall mean changes in a model portfolio.

g. "**De Minimis Trade**" shall mean the purchase or sale of 1000 or fewer shares (in aggregate) of
High-Volume Security over seven calendar days.

h. **"GLA Trade Order Management System ("OMS") Users"** shall mean GLA OMS users who
are not part of the Stamford Fundamental Equity Team.

i. "**High-Volume Security**" shall mean a security of an issuer with a market capital value of
$1 billion or more which, over a period of five (5) trading days prior to the time it is to be purchased or sold, had an average daily trading volume on a major United States securities exchange of 40,000 shares or more.

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 of 1934.

k. "**Investment Personnel**" shall mean an Access Person who makes or participates in decisions
regarding the discretionary purchase or sale of securities by or on behalf of the Sub-Advised Funds or an Advisory Client and any person such as an analyst or trader who directly assists in the process.

l. "**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 thereunder.

m. "**Outside Director of the Adviser**" means an independent member of the Adviser's board
of directors who would not be deemed to be an "Interested Person" of the Adviser, as the term "interested person" is defined in Section 2(a)(19)(B) of the Act for any reason other than the fact that the person:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. is a director of the Adviser and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. knowingly has any direct or indirect beneficial interest in securities issued by Wintrust Financial
Corporation.

n. "**Person**" means any director, officer or employee of GLA, or any person deemed as an Access
Person.

o. "**Purchase or sale of a security**" and "**transaction**" mean any acquisition
or disposition (or agreement for the same) of a security and include the buying or writing of an option to purchase or sell a security.

p. "**Reportable Funds/Investment Vehicles**" means exchange traded products ("ETPs"),
e.g., exchange traded funds ("ETFs) exchange traded notes ("ETNs"), etc., unit investment trusts ("UITs"), any open-end funds (including ETFs) advised or sub-advised by the Adviser or open-end funds whose adviser, sub-adviser, or principal underwriter controls, is controlled by or is
under common control with the Adviser.

q. "**Security**" shall have the meaning set forth in Section 2(a)(36) of the Act and
includes, without limitation, stocks, bonds, notes, bills and debentures and any interest commonly known as a security including investments in Limited Offerings. It shall not include shares of non-affiliated registered open-end investment companies, direct obligations of the Government of the United States, short term debt securities which are "government securities" within the meaning of
Section 2(a)(16) of the Act, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high-quality short-term debt securities. For the avoidance of doubt, the term "security"
includes all open-end funds (including ETFs) advised or sub-advised by the Adviser, open-end funds (including ETFs) whose
adviser, sub-adviser, or principal underwriter controls, is controlled by or is under common control with the Adviser, closed-end funds ("CEFs), private funds and
private placements. The term "security" shall include any separate security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. which is convertible into, exchangeable for or which confers a right to purchase a security into which a
security is convertible, for which it is exchangeable, or which may be purchased upon the exercise of a right conferred by such security.

r. **"Stamford Fundamental Equity Securities"** shall mean securities held in or being considered
for purchase in Stamford Fundamental Equity strategies, i.e., Large Cap Core, Large Cap Value, Focused Large Cap Value, Small Cap Core, Small Cap Value and Small/Mid Cap strategies managed out of GLA's Stamford, CT office.

s. **"Stamford Fundamental Equity Team Personnel"** shall mean Stamford Fundamental Equity
portfolio managers, analysts, traders, compliance, operations, client service, and marketing personnel supporting those investment teams. Additional personnel may be included in this definition as deemed necessary by the CCO or designee.

t. **"Sub-Advised Fund"** shall mean a Reportable Fund
established as an open-end fund (including ETFs) registered under the Investment Company Act of 1940 which is sub-advised by GLA.

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u. **Virtual currency or cryptocurrency coins**: Any Access Person who purchases or sells virtual currency or
cryptocurrency coins or tokens that are being offered, or previously were offered, as part of an initial coin offering ("ICO"), should consult with the CCO as to whether such coins or tokens would be considered Securities for purposes of
this policy. If the CCO determines, based on the structure of the ICO and relevant SEC guidance, that such coins or tokens should be considered securities, the coins or tokens will be considered Securities for purposes of this policy. For the
avoidance of doubt, virtual currency or cryptocurrency coins or tokens that were created outside the context of an ICO are not deemed Securities under this policy.

v. A security is "**being considered for purchase or sale**" when a recommendation to purchase or
sell a security has been made and communicated or, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. The fact that a security is included in a data base utilized by the Adviser
shall not itself mean that a transaction in such security is being considered.

**3. Statement of Fiduciary Principles** 

While the Adviser believes that individual investment activities should not be prohibited, their philosophy has always been to avoid conflicts of interest (or even the appearance of conflict) between client services, investment adviser transactions, and personal investments. This inevitably places restrictions on the freedom in investment activities of persons associated with the Adviser. This Code of Ethics has been adopted to meet these concerns.

The general fiduciary principles governing this Code shall be that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in any situation where the potential for conflict exists, transactions for clients must take precedence over
personal transactions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all personal securities transactions must be conducted consistent with this Code and in such a manner as to
avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. no person associated with the Adviser shall take inappropriate advantage of his or her position, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the policy of the firm is to encourage long-term investing and discourage rapid trading or market timing
strategies.

Should any situation arise not specifically governed by this Code, these general fiduciary principles shall govern the resolution of the matter. Accordingly, this Code shall be interpreted in furtherance of such general fiduciary principles and the general policies of Section 17(j) of the Act and Rule 17j-1 thereunder, and Rule 204A-1 of the Advisers Act.

Compliance with the Code of Ethics is a condition of employment/registration with the Adviser and willful violation of its provisions may be cause for termination of employment/registration. Taking into consideration all relevant circumstances, management of the entity employing the individual in question will determine what action is appropriate for any breach of its provisions, subject to the recommendation of the CCO, or designee as described below. The decision of management will also govern questions of interpretation arising under this Code.

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**4. Personal Securities Reporting by Access Persons** 

The Code requires Access Persons to conduct any personal securities trading activities in compliance with the provisions of the code and to report their personal securities transactions and holdings to the CCO, or designee, which is required to review these reports. Non-affiliated, broad-based ETPs and UITs are required to be reported, however **not required** to be pre-cleared. All non-broad-based ETPs require pre-clearance.

Additional rules are in place for the Stamford Fundamental Equity Team Personnel and GLA OMS Users.

a. Except as provided in Sections 4.b. of this Code, every Access Person shall report the information as described in Section 4.c. of this Code with respect to transactions in any security in which such Access Person has, or by reason of such transaction acquires, any Beneficial Ownership; provided, however, that an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control. A transaction by or for the account of the spouse, or any other family member living in the home is considered to be the same as a transaction by the Access Person. Also, a transaction for any account in which the Access Person has any economic interest (other than an economic interest arising solely from fees paid by an account of an unrelated client) and has or shares investment control is generally considered the same as a transaction by the Access Person.

b. An Outside Director of the Adviser need not report a transaction unless such director knew or, in the ordinary course of fulfilling his or her official duties as a director of the Adviser, should have known at the time of the transaction that, within 15 days before or after the date of the transaction by the director, such security is or was purchased or sold by the Sub-Advised Fund or Advisory Client or was being considered for purchase or sale by the Sub-Advised Fund or Advisory Client.

c. Every transaction report required under Section 4.a. shall be made no later than 30 days after the end of the calendar quarter through the Firm's web-based personal trade monitoring system. Information captured shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transaction Information (date, title, rate, maturity, quantity, nature, price),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Name of Broker where Brokerage Accounts are held,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Date of the Report,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Opening of New Brokerage Accounts, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Date the Account(s) was/were established.

d. Each Access Person (except for Outside Directors) shall disclose to the CCO, or designee, using the firm's web-based monitoring system all of his or her personal securities holdings at the time his or her employment commences (or upon becoming an Access Person) and annually thereafter. An initial holdings report shall be made within 10 days after the commencement of employment (or becoming an Access Person). Annual reports shall be made within 45 days after the end of the calendar year. The information contained in either report must be current as of a date within 45 days of the date of submission. Information captured shall include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities Held (title, quantity),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Name of Broker where Brokerage Accounts are Held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Date of the Report.

e. The Adviser shall identify all Access Persons who are under a duty to make reports pursuant to this Section 4 and shall inform such persons of such duty.

f. The CCO, or designee, shall be responsible for implementing compliance procedures to review reports made pursuant to this Section.

**5. General Prohibitions** 

a. Unless an exception exists elsewhere in the Code, no Access Person shall purchase or sell, directly or indirectly, for himself/herself or any relative or associate, any security in which he or she has, or by reason of such transaction acquires, any Beneficial Ownership and which to his or her actual knowledge at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Is being considered for purchase or sale by the Sub-Advised Funds or an
Advisory Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Is being purchased or sold by the Sub-Advised Funds or an Advisory
Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Until the Sub-Advised Fund's or the Advisory Client's
transaction has been completed or consideration of such transaction is abandoned.

b. No Access Person shall subscribe to any Initial Public Offering ("IPO") or sell short any security held by the Sub-Advised Funds or the account of an Advisory Client, including "short sales against the box".

c. No Access Person shall trade in any Option.

d. No Access Person shall sell any security or other property in which he has Beneficial Ownership to the Sub-Advised Funds or the account of an Advisory Client or purchase any security or other property in which he acquires Beneficial Ownership by reason of the transaction from the Sub- Advised Funds or the account of an Advisory Client except, in the case of the Sub-Advised Funds, securities issued by the Sub-Advised Funds.

e. No Access Person shall discuss with or otherwise inform others of any contemplated security transaction by the Sub-Advised Funds or an Advisory Client, including nonpublic portfolio holdings information of the Sub-Advised Funds, except in the performance of his or her duties of employment or in an official capacity and in no event for personal gain or for the benefit of others. No such person shall release information to dealers or brokers or otherwise (except to those concerned with a transaction) as to any investment portfolio changes on behalf of the Sub-Advised Fund or an Advisory Client, proposed or in process, except:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. when the disclosure results from the publication of a prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. pursuant to the Sub-Advised Funds' Policy on Release of Portfolio
Holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. in conjunction with a regular report to shareholders or to any governmental authority resulting in such
information becoming public knowledge; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. as legally required.

f. Trading on "inside information" is prohibited, under all circumstances. For more information, refer to the GLA policies on "inside information."

g. No Access Person or his or her spouse shall serve on the board of directors of a publicly traded company without first having received authorization of the CCO, or designee, based upon its determination that the board service would be consistent with the interests of the Adviser and its clients.

h. Access Persons are forbidden from serving on the board of directors of a publicly traded company that is a portfolio holding of a Sub-Advised Fund or Advisory Client.

No Access Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employ any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Engage in any act, practice or course of business that operates or would operate as a fraud or deceit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Engage in any manipulative practice.

**6. Personal Trading Pre-Clearance** 

a. Access Persons must pre-clear every purchase or sale of a Security, (including CEFs, Non-Broad-Based ETFs, Private Funds, Private Placements and Limited Offerings) unless they are excluded from pre-clearance per Section 10 sub-paragraphs (a) through (c). Securities transactions must be pre-cleared using the firm's web-based personal trade monitoring system. Limit orders are only allowable if entered as day limit orders. In granting or withholding approval of any purchase or sale of a security, the CCO, or designee, shall give due consideration to the type of security involved, the number of shares or units of the security outstanding, whether the security is traded only over the counter or is listed on an exchange, the volume of trading in such security, the possible effect of the proposed transaction on the market price of the security, and any other factors it deems relevant. Any transaction for which pre-clearance was granted must be entered on the date of approval plus one (1) business day after. A new request is required for transactions entered after that period. The CCO shall establish procedures to monitor investment activity of persons to whom pre-clearances have been granted. The CCO, or designee, shall not approve a pre-clearance for his or her own trade request.

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b. All brokerage or commodity account relationships of Access Persons are to be disclosed to the CCO, or designee, and instructions given to the brokers that a copy of each confirmation and account statement related to those accounts must be captured by the Firm's designated system for review by the CCO, or designee. Access Persons are required to maintain brokerage accounts at approved brokers where electronic feeds are available in the personal trade monitoring system. The CCO, or designee, may grant exceptions to other brokers in limited circumstances, provided that adequate justification is documented. For the procedures and a detailed list of approved brokers, see Appendix A. The CCO, or designee, shall receive, on a timely basis, copies of all transaction confirmations in such accounts as well as copies of periodic statements in the system.

c. It is prohibited for any Access Persons to influence the allocation of brokerage for direct or indirect personal or familial benefit. Access Persons must disclose to the CCO, or designee, if any of their family members are in the securities business and might be in a position to benefit as a result of the Access Person's activities. Such disclosure shall not be deemed evidence that they have conferred any benefit, directly or indirectly, on such family member.

d. Investment Personnel owning an equity security being added to a "buy list" or an "approved list" or having a convertible or equivalent (for example, single stock ETFs) position in such security must disclose the fact of their ownership or position to the respective CIO. The CIO will subsequently report this information for review by the CCO or designee. The CCO, or designee, may require sale of the security or closure of the option position by the Investment Personnel to avoid the appearance of any impropriety. The CCO, or designee, shall maintain a written record of such disclosures and any actions taken in response to them.

e. No Access Person shall purchase or sell, directly or indirectly, for himself or any relative or associate, any security in which he or such relative or associate has, or by reason of such transaction acquires, any Beneficial Ownership (a "personal transaction") without first having obtained the prior approval of the CCO, or designee, as provided in Section 6.a. of this Code.

f. No Access Person shall accept favors of more than de minimis value (Access Persons may not accept gifts valued at more than $250 per provider per year) or preferential treatment from broker-dealers or any special benefit or consideration because of his or her association with GLA. To this end, no Access Person who is in a position to influence the placement of brokerage for the Sub-Advised Fund or for the account of any Advisory Client shall subscribe to Limited Offerings other than for bona fide investment in accordance with the normal investment practice of such person or shall own beneficially any security of a brokerage or investment banking firm (other than Wintrust Investments), and after having received specific approval of the CCO, or designee, pursuant to Section 6.a. of this Code. Additionally, such person, who has received the approval required by the preceding sentence, and who purchases such security shall disclose such investment when he plays a part in any subsequent consideration of an investment in the securities of such issuer by the Sub-Advised Fund or an Advisory Client, and any decision to so invest in the securities of such issuers shall further be subject to confirmation by personnel with no such personal interest in the matter.

g. No Access Person shall buy or sell a security (other than through a "de minimis Trade," which has been precleared by the CCO, or designee, pursuant to Section 6.a. of this Code) within seven (7) calendar days before and after the Sub-Advised Funds or an account of an Advisory Client those trades in that security. Any profits realized on trades within the proscribed periods shall be disgorged. Exceptions may be made, on a case-by-case basis, by the CCO, or designee.

h. Access Persons are strongly discouraged from engaging in excessive short-term trading of Securities. The purchase and sale, or sale and purchase, of the same or equivalent Securities within thirty (30) days are generally regarded as short-term trading. Exceptions may be made, on a case-

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i. Regarding Sections 6.g. and 6.h., personal transactions will be reviewed by the CCO, or designee, taking into consideration all relevant factors and based on the review, may require that the profits from the personal transaction be disgorged. Any profits disgorged under Sections 6.g. or 6.h., above, shall be paid to a charity to be selected by the Adviser in consultation with the Access Person who realized such profits, subject to approval of the CCO, or designee.

**7. Special Rules Applicable to GLA Trade Order Management System ("OMS") Users** 

This section applies to GLA OMS users who are not part of the Stamford Fundamental Equity Team. Additional personnel may be included in this definition as deemed necessary by the CCO or designee.

**a.** **General Prohibition on Personal Trading of Stamford Fundamental Equity Securities** 

GLA OMS Users are prohibited from buying, selling, selling short or otherwise trading in Stamford Fundamental Equity Securities (other than through a "de minimis trade," which has been precleared by the CCO, or designee, pursuant to Section 6.a. of this Code).

An exception to this prohibition may be made, on a case-by-case basis, by the CCO, or designee.

**b.** **Pre-Clearance to sell securities in the firm's web-based trading system** 

Notwithstanding the general prohibition in paragraph a. above, GLA OMS users may sell Stamford Fundamental Equity Securities held prior to employment with the Adviser by obtaining pre-clearance by the Compliance Department. Generally, the pre-clearance request should apply to the GLA OMS User's entire position in the Stamford Fundamental Equity Security. Any such pre-clearance exception will be documented by the Compliance Department.

The Compliance Department will generally pre-clear a request to sell a Stamford Fundamental Equity Security if the request meets de minimis trade criteria or, in the case of a non de minimis request, (i) the Adviser has not decided to trade in the security on the same day or within the past 7 trading days and the security is not being considered by the Adviser for a future decision trade, and (ii) the security does not otherwise present a conflict with the Adviser's business. Any transaction for which preclearance was granted must be entered on the day of approval. A new request is required for transactions entered after that period.

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**8. Special Rules Applicable to the Stamford Fundamental Equity Team** 

**a.** **General Prohibition on Personal Trading of Securities** 

Except as otherwise provided herein, Stamford Fundamental Equity Team personnel are prohibited from buying, selling, selling short or otherwise trading in Securities (with the exception of open- end funds (including ETFs) and private funds advised or sub-advised by the Adviser or open-end funds (including ETFs) and private funds whose adviser, sub-adviser, or principal underwriter controls, is controlled by or is under common control with the Adviser) in their personal accounts.

An exception to this prohibition may be made, on a case-by-case basis, by the CCO, or designee. The Compliance Department will review quarterly account statements to confirm that Stamford Fundamental Equity Team Personnel have not traded any Securities in personal accounts in violation of this policy in the personal trade monitoring system. Access Persons are required to confirm that they have not traded in Covered Securities in their Quarterly Transactions Report.

**b.** **Pre-Clearance to sell securities in the firm's web-based trading system** 

Notwithstanding the general prohibition in paragraph a. above, an Access Person on the Stamford Fundamental Equity Team may sell Securities held prior to employment with the Adviser by obtaining pre-clearance by the Compliance Department. Generally, the pre-clearance request should apply to the Stamford Fundamental Equity Team Personnel's entire position in the Security. Any such pre-clearance exception will be documented by the Compliance Department.

The Compliance Department will pre-clear a request to sell a Security if (i) the Adviser has not decided to trade in the security on the same day or within the past 7 trading days and the security is not being considered by the Adviser for a future decision trade, and (ii) the security does not otherwise present a conflict with the Adviser's business. Any transaction for which preclearance was granted must be entered on the day of approval. A new request is required for transactions entered after that period. Trading in Reportable Funds is not subject to trading prohibition or pre- clearance requirement but is subject to reporting and review by the Compliance Department.

**9. Pre-Approval of Privately Placed Securities (Hedge Funds and other Private Funds)** 

Since brokerage statements and confirmations generally do not include privately placed securities, any privately placed securities, including investments - whether initial or add-on investments - in hedge funds, private equity funds and other private funds, or derivatives purchased or sold by an Access Person, must be pre-cleared by the CCO, or designee.

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**10. Exempted Transactions** 

The prohibitions of Section 5(a) and Section 6 of this Code shall not apply to the following transactions:

a. Purchases or sales of Wintrust Financial Corporation's securities, or securities of any other affiliated
entity of the Adviser.

b. Purchases that are part of an automatic dividend reinvestment plan, or automatic investment plan.

c. 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, and sales of such rights so acquired.

d. Purchases or sales, which receive the prior approval of the CCO, or designee, because they would be very
unlikely to affect an institutional market or because they clearly are not related economically to the securities to be purchased, sold, or held by the Sub-Advised Funds or an Advisory Client. The decision of
the CCO, or designee, shall be final regarding any request for prior approval; provided however, in cases involving a director of the Adviser, the CCO, or designee, may in its discretion refer the decision to the Board of Directors of the Adviser,
and such Board shall act without the participation of any member who may be seeking such approval.

**11. Trustee Approval and Reports** 

a. At the request of Sub-Advised Funds, the Adviser will prepare an annual
report to the Board of Trustees of the Sub-Advised Funds that summarizes existing procedures concerning personal investing and any additional procedures adopted during the year; describes any material issues
arising under the Code or such procedures since the last report, including but not limited to any material violations of the Code or such procedures and any sanctions imposed in response thereto; identifies material conflicts that arose during the
year; identifies any recommended changes in existing restrictions or procedures based upon the Adviser's experience under this Code of Ethics, evolving industry practices, or developments in applicable laws or regulations; and certifies
adoption of such procedures reasonably necessary to prevent Access Persons from violating the code of ethics and any other certifications as required by Rule 17j-1.

b. The Adviser shall submit this Code to the Board of Trustees of any Sub-Advised Funds for approval within the time frames required by Rule 17j-1. Any material changes to this Code shall be submitted to such board.

c. All reports required to be made hereunder shall be delivered to and preserved by the Adviser in accordance with
this Code and applicable regulations for the benefit of the entity for which such report is made.

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**12. Record Keeping** 

The Adviser shall maintain the following records in the manner specified:

a. A copy of this Code and any amendment thereof which is or at any time within the past five years has been in
effect shall be preserved in an easily accessible place;

b. A record of any violation of this Code, or any amendment thereof, 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;

c. A copy of each report made by an Access Person pursuant to this Code shall be preserved by the entity receiving
the report 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;

d. A list of all persons who are, or within the past five years have been, required to make reports pursuant to
this Code shall be maintained in an easily accessible place.

e. A list of the names of all persons who are, or within the past five years, have been, responsible for reviewing
the reports filed pursuant to Section 4 of this Code shall be maintained in an easily accessible place.

f. A record of any approvals granted pursuant to Section 6.a. shall be preserved for a period of five years
from the end of the fiscal year in which such approval is given.

g. A record of any decision, and the reasons therefore, to permit investments in IPOs and Limited Offerings shall
be preserved for at least five years after the end of the fiscal year in which the approval was granted.

h. A copy of each report made pursuant to Sections 7, 8 and 9 of this Code must 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.

i. Copies of all records required under Section 10 of this Code must 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.

The Adviser shall maintain and preserve the records in a central location.

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**13. Sanctions** 

Upon discovery of a violation of this Code, the Adviser may impose such sanctions as they deem appropriate including, without limitation, a letter of censure, suspension, or termination of employment. Additionally, all violations of this Code which involve the portfolio securities of the Sub-Advised Funds, if any, shall be reported to the Board of Trustees of the Sub-Advised Funds.

The Board of Directors of the Adviser may in its or their discretion delegate to the CCO some or all of the responsibility for investigating and reviewing possible violations of this Code and determining appropriate sanctions, therefore.

**14. Condition of Employment or Service** 

a. All Access Persons shall always conduct themselves in the best interests of the Sub-Advised Funds and Advisory Clients. Compliance with the Code shall be a condition of employment or continued affiliation with the Adviser and conduct which is not in accordance therewith shall constitute
grounds for the imposition of sanctions including those herein provided.

b. Each Access Person must certify annually through the firm's web-based monitoring system that he or she has read and understands this Code, has complied with its requirements, and has disclosed or reported all personal securities transactions as required.

**15. Descriptive Headings/Gender/Number** 

Titles to Sections are intended for informational purposes only. The use of any gender shall include all genders, and the use of any number shall be construed as singular or plural.

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**Appendix A: Employee Personal Trading Requirements for Brokers** 

**Overview** 

All employees must maintain personal brokerage accounts only at approved brokers. This ensures timely monitoring of accounts, prevents conflicts of interest, and maintains regulatory adherence.

**Approved Brokers** 

Approved Brokers are pre-approved for employee personal accounts that includes family member accounts (e.g., spousal accounts, custodial accounts) based on availability of direct feeds into MyComplianceOffice (MCO), the automated personal trading monitoring system.

The following represent the approved brokers list:

1. Ameriprise Financial

2. Charles Schwab

3. Citi Global Markets

4. Edward Jones

5. Fidelity Investments

6. Interactive Brokers

7. Interactive Investor

8. JP Morgan Chase

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

9. LPL Financial

10. Merrill Lynch

11. Morgan Stanley

12. Raymond James

13. Robinhood

14. UBS

15. Vanguard

16. Wells Fargo

Employee Guidelines for Approved Brokers

• Personal accounts are permitted with Compliance approval.

• Standard pre-clearance and reporting all apply.

• Restrictions follow applicable policies and procedures.

**Unapproved Brokers** 

Unapproved Brokers are not approved for employee personal accounts due to insufficient compliance monitoring capabilities through MCO. The list is all other brokers not included above in the Approved Brokers section.

Employee Guidelines for Unapproved Brokers

• There are no new accounts permitted.

• Existing accounts must be addressed through transfer or closure.

• Limited exceptions may be granted for specific circumstances as determined by Compliance (e.g., health savings
accounts or accounts with no trading discretion). In this case, statements must still be provided in MCO.

## Ex-99.P9

**Code of Ethics for JPMAM** 

**Last Revision Date: April 26, 2023** 

**Last Review Date: August 29, 2025** 

**Effective Date: August 29, 2025** 

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**TABLE OF CONTENTS** 

---

| | | | |
|:---|:---|:---|:---|
| 1. | Summary | Summary | 3 |
| 2. | Amendments to Previous Version Distributed April 26, 2023 | Amendments to Previous Version Distributed April 26, 2023 | 4 |
| 3. | Scope | Scope | 4 |
| 4. | Reporting Requirements | Reporting Requirements | 4 |
|  | 4.1. | Holdings Reports | 4 |
|  | 4.2. | Transaction Reports | 5 |
|  | 4.3 | Exceptions from Transaction Reporting Requirements | 5 |
| 5. | Personal Trading Requirements | Personal Trading Requirements | 6 |
|  | 5.1 | Approved Broker Requirement | 6 |
|  | 5.2 | Blackout Provisions | 6 |
|  | 5.3 | Minimum Investment Holding Period and Market Timing Prohibition | 6 |
|  | 5.4 | Trade Reversals and Disciplinary Action | 7 |
| 6. | Books and Records to be maintained by Investment Advisers | Books and Records to be maintained by Investment Advisers | 7 |
| 7. | Privacy | Privacy | 7 |
| 8. | Anti-Corruption | Anti-Corruption | 8 |
| 9. | Conflicts of Interest | Conflicts of Interest | 8 |
|  | 9.1 | Trading in Securities of Clients | 8 |
|  | 9.2 | Trading in Securities of Suppliers | 8 |
|  | 9.3 | Gifts & Entertainment | 8 |
|  | 9.4 | Political Contributions and Activities | 10 |
|  | 9.5 | Charitable Contributions | 10 |
|  | 9.6 | Outside Interests | 10 |
| 10. | Training | Training | 11 |
| 11. | Escalation Guidelines | Escalation Guidelines | 11 |
|  | 11.1 | Violation Prior to Material Violation | 11 |
|  | 11.2 | Material Violations | 12 |
| 12. | Defined Terms | Defined Terms | 12 |

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**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

<sup>1</sup> And/or any other applicable non-US securities laws governing their jurisdiction.

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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.

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) <u>Content of Holdings Reports</u> 

Each holdings report must contain, at a minimum:

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.).

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.

3) Submission Date

The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Submission of Holdings Reports</u> 

Access Persons must submit both an Initial and Annual holdings report:

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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.

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) <u>Content of Transaction Reports</u> 

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:

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; 

2) The nature of the transaction (i.e., purchase, 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, dealer or bank with or through which the transaction was effected; and

5) The date the Access Person submits the report to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Timing of Transaction Reports</u> 

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;&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;&nbsp;&nbsp;&nbsp;&nbsp;b) A transaction report with respect to transactions effected pursuant to an Automatic Investment Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

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.

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**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;

&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.

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**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.

**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;&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;&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.

![LOGO](g767768dsp157.jpg)

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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.

**<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

![LOGO](g767768dsp157.jpg)

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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.

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 Contributions** 

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

![LOGO](g767768dsp157.jpg)

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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;&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;&nbsp;&nbsp;&nbsp;&nbsp;b) Take for oneself a business opportunity belonging to the firm;

&nbsp;&nbsp;&nbsp;&nbsp;&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.

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 Guidelines** 

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

![LOGO](g767768dsp157.jpg)

------

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 Violations** 

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.

**12. Defined Terms** 

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| | |
|:---|:---|
| Access Persons | 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. |
| AM-Affiliated Persons | 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. |
| Connected Person | &nbsp;&nbsp;&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;• Anyone to 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<br>|
| Covered Account | 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 |

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![LOGO](g767768dsp157.jpg)

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| | |
|:---|:---|
|  | 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. |
| 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. An automatic investment plan includes a dividend reinvestment plan. |
| Beneficial ownership | 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. |
| Client | Is any entity (e.g. person, corporation or Fund) for which JPMAM provides a service or has a fiduciary responsibility. |
| Federal Securities Laws | 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. |
| Fund | Is an investment company registered under the Investment Company Act of 1940. |
| Initial Public Offering | 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. |
| JPMAM | &nbsp;&nbsp;&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>• J.P. Morgan Alternative Asset Management, Inc.<br>• JPMorgan Asset Management (UK) Ltd.<br>• J.P. Morgan Investment Management Inc.<br>• Security Capital Research & Management Inc.<br>• Bear Stearns Asset Management Inc.<br>• JPMorgan Funds Limited<br>• JPMorgan Asset Management (Asia Pacific) Ltd.<br>• Highbridge Capital Management, LLC<br>• 55I, LLC (55ip)<br>• JPMorgan Alternatives Adviser, Inc.<br>JPMAM also includes the following foreign registered, but not SEC registered, adviser: |

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![LOGO](g767768dsp157.jpg)

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; • JPMorgan Asset Management (Canada) Inc.<br>|
| Limited Offering | 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. |
| LOB Compliance | Line of Business Compliance |
| Proprietary | 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 |
| Reportable Fund | Is any JPMorgan Proprietary Fund, including sub-advised funds |
| Reportable Security | 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: |
|  | 1) Direct obligations of the Government of the United States; |
|  | 2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; |
|  | 3) Shares issued by money market funds; and |
|  | 4) Shares issued by open-end funds other than Reportable Funds |
| Supervised Persons | 1) Any partner, officer, director or employees of JPMAM (or other person occupying a similar status or performing similar functions). |
|  | 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; |
|  | 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; |
|  | 4) All Access Persons |

---

![LOGO](g767768dsp157.jpg)

## Ex-99.P11

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| | |
|:---|:---|
| **CODE OF ETHICS**<br>MARTIN CURRIE GROUP POLICIES AND PROCEDURES | ![LOGO](g767768dsp110b.jpg) |

---

---

| | |
|:---|:---|
| Policy owner | Andrew Ashton |
| Consult (prior to change) | Compliance Team |
| Inform (of changes) | All Staff |
| Governance approval | Yes, if changes are material |
| Policy update | August 2025 |

---

This policy applies to all Martin Currie employees and to all activities they conduct under that employment. For the avoidance of doubt, for the purposes of the application of Martin Currie's policies and procedures, including this policy and any associated procedures, any reference to 'employee' includes any contract employees, secondees and other temporary staff. In addition, it includes employees of Templeton Asset Management Limited who are seconded to Martin Currie. It also includes any individual conducting any activities under Martin Currie Australia ('MCA'), the trading name of a division of Franklin Templeton Australia Limited ('FTAL').

Classification: Internal Only

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| | |
|:---|:---|
| MARTIN CURRIE GROUP POLICIES AND PROCEDURES | ![LOGO](g767768dsp171.jpg) <br>|

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**1.** **INTRODUCTION** 

Martin Currie's Code of Ethics (the "Code") is the primary expression of the business code of conduct and ethics that apply to all employees of Martin Currie. Along with the policies in the Compliance Manual, the Code sets out the standards and responsibilities that apply to all employees.

**Scope and Application** 

**All employees of Martin Currie must read and understand this policy.** 

This policy applies to all employees, including temporary employees, of Martin Currie Investment Management ("MCIM") and Martin Currie, Inc. ("MCI") including employees of Franklin Templeton Australia Ltd ("FTAL"), who fall under the double-hatting agreement between MCIM and FTAL, those employees of FTAL who operate under the MCA trading name, and those employees of Templeton Asset Management Limited who are seconded to Martin Currie, together "Martin Currie" or "the Firm". For the avoidance of doubt, for the purposes of the application of the Firm's Policies and Procedures, including this Policy, any reference to 'employee' includes any contract staff and secondees.

**Certification Requirements** 

All officers and employees of Martin Currie must have access to the Code, and when they join must acknowledge that they have read and understood it. On an annual basis, all employees are provided with access to the current version of the Code and must certify that it has been read, understood and complied with during the period since they last certified.

**Regulatory Background** 

This Code covers the regulatory requirements associated with personal account dealing, insider trading, hospitality and gifts, external directorships and outside business interests in all the countries in which Martin Currie operates. In practice, rather than try to comply with different sets of rules at the same time, we apply the stricter rule set across all jurisdictions.

**2.** **GENERAL PRINICPLES** 

All employees must comply with the Franklin Templeton Investments Code of Ethics and Business Conduct, a copy of which can be found here: <u>FRI Code of Ethics, Policies & Reporting - Home (sharepoint.com</u>)

Please note that where the Franklin Templeton Code of Ethics and Business Conduct references the following policies in Section 19, staff should read such references as being to the corresponding Martin Curie policies (listed adjacent in this table) and comply with those Martin Currie policies rather than the Franklin Templeton policy:

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| | |
|:---|:---|
| Franklin Templeton Policy Referenced | Martin Currie Policy (with which staff should instead comply) |
| Franklin Templeton Corporate Policy on Public and Media Communications | Martin Currie Media Policy (owned by Distribution) |
| Franklin Templeton Personal Investments and Insider Trading Policy | Martin Currie Personal Account Dealing Policy and Martin Currie Market Abuse and Insider Dealing |

---

Classification: Internal Only

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---

| | |
|:---|:---|
| MARTIN CURRIE GROUP POLICIES AND PROCEDURES | ![LOGO](g767768dsp171.jpg) <br>|

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---

| | |
|:---|:---|
|  | Policy |
| Franklin Templeton Social Media Compliance Policy and Procedures | Martin Currie Social Media Policy (owned by Distribution) |

---

This Code is based on the principle that Martin Currie owes a fiduciary duty to our clients when providing investment management services. This means that employees have a fundamental obligation to act in the best interests of our clients. We owe our clients a duty of undivided loyalty and utmost good faith.

Accordingly, you must avoid activities that might interfere or appear to interfere with making decisions in the best interests of clients. You must not take unfair advantage of your position. The specific provisions of the Code must be adhered to as well as its general principles. This Code does not attempt to identify all possible conflicts of interest and compliance with the specific procedures described in the Code will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to clients.

**You are required to report any violations of the Code immediately to the Chief Compliance Officer.** 

**3.** **RECORD KEEPING** 

Martin Currie is required to maintain the following records in respect of the Code. This Section should be read in conjunction with the Martin Currie Record-keeping Policy:

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| | |
|:---|:---|
| **Record** | **Location and timeframe** |
| A copy of each version of the Code which has been in effect during the previous five years | An easily accessible place for five\* years after the last date they were in effect, the first two years within the Edinburgh office. |
| Any violations of the Code and of any action taken as a result | An easily accessible place for at least five\* years after the end of the fiscal year in which the violation occurs, the first two years within the Edinburgh office. |
| Copies of employees' acknowledgement of receipt of the code. | An easily accessible place for five\* years from the date the access person ceases to be employed, the first two years within the Edinburgh office |
| Various records and registers of the activities undertaken and any mitigating actions (for example the registers of PA dealing, conflicts and gifts) | At least five\* years after the end of the fiscal year in which the entry into the register was made. For the first two years within the Edinburgh office. |
| Details of all persons subject to the Code | An easily accessible place for five\* years after the access person ceased to be employed, for the first two years within the Edinburgh office. |

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Classification: Internal Only

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| | |
|:---|:---|
| MARTIN CURRIE GROUP POLICIES AND PROCEDURES | ![LOGO](g767768dsp171.jpg) <br>|

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Version control:

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| | | | |
|:---|:---|:---|:---|
| Review date | Author(s) | Approver | Actions |
| January 2014 | GLRC |  |  |
| July 2014 | GLRC |  |  |
| July 2015 | GLRC |  | Annual review |
| June 2016 | GLRC |  | Annual review |
| February 2018 | Joanna Mackay,<br> Michelle Cleeve | n/a | Incorporate Australian requirements and annual review |
| May 2019 | Michelle Cleeve | n/a | Annual review |
| January 2020 | Joanna Nolan | n/a | Updated to remove Business Owner and to reflect changes to role titles within the business. |
| April 2022 | Joanna Nolan | Julian Ide | Updated to reflect compliance with the Franklin Templeton Code of Ethics, following the outsourcing of the risk and compliance functions to Franklin Templeton. |
| June 2023 | Kirsty Martin |  | Annual review. |
| January 2024 | Jo Nolan |  | Updated to reflect change in CEO |
| June 2024 | Jo Nolan |  | Annual review completed in June; no changes required. |
| June 2025 | Michelle Cleeve |  | Annual review |
| August 2025 | Jo Nolan |  | CEO change |

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Classification: Internal Only

## Ex-99.P12

**NEUBERGER BERMAN** 

**<u>CODE OF ETHICS</u>**

---

| | |
|:---|:---|
| **Last Updated:** | 31 January 2025 |
| **Policy Owner:** | NB Central Compliance |
| **Previous Versions:** | 16 January 2024 |
|  | 1 July 2023 |
|  | 13 January 2023 |
|  | 30 June 2022 |
|  | 31 March 2022 |
|  | 18 January 2022 |
|  | 26 January 2021 |
|  | January 2019 |
|  | January 2018 |
|  | January 2016 |
|  | January 2013 |
|  | May 2011 |

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------

**CODE OF ETHICS** 

This Code of Ethics (the "Code") is adopted by the North-American based registered investment advisers (the "NB Advisers")<sup>1</sup> of Neuberger Berman Group LLC (the "Firm") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), the Neuberger Berman Group of Funds (the "NB Funds") and any NB Adviser that serves as investment adviser or sub-adviser to the NB Funds or other non-NB Funds (collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "Company Act").

Any questions relating to this document should be brought to the attention of your designated Chief Compliance Officer or the firm's Head of Compliance, Brad E. Cetron.

By accepting employment with the Firm, you have agreed to be bound by this Code of Ethics. On an annual basis you will be required to certify in writing your understanding of, and adherence to, this Code and your intention to comply with its requirements (including any amendments).

<sup>1</sup> Neuberger Berman Investment Advisers LLC ("NBIA"), NB Alternatives Advisers LLC ("NBAA"), Neuberger Berman Canada ULC ("NB Canada"), Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, and Neuberger Berman BD LLC ("NBBD"). This Code also applies to Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A. 

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**Table of Contents** 

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| | |
|:---|:---|
|  **Statement of General Principles** | **4** |
| **A. General Prohibitions** | **5** |
| **B. Definitions** | **5** |
| **C. Code Policies** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Accounts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Initial Public Offerings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Information Barrier | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Transactions in Restricted List Securities | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Private Placements | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Digital Assets | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Dissemination of Client Information | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Gifts and Entertainment | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Related Issuer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Trading Opposite Clients | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Service on a Board of Directors | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Limitations on Short and Long Positions | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Transactions in Shares of Funds | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Transactions in Futures, Swaps, Forwards and Commodities | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Transactions in Options and Warrants | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Sanctions | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Violations | 16 |
| **D. Reporting Requirements** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reports by Access Persons | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reports by Disinterested Directors/Trustees | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations | 18 |
| **E. Code Procedures** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of Covered Accounts | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance of Securities Transactions | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blackout Period | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Price Restitution | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Holding Period | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Code Procedures Monitoring | 23 |
| **F. NB Funds' Ethics and Compliance Committee** | **23** |
| **G. Annual Report to the NB Funds' Board** | **23** |
| **H. Administration** | **23** |
| **I. Recordkeeping** | **24** |
|  **EXHIBIT A - Applicability of Code Procedures to Temporary Access Persons** | **26** |

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**Statement of General Principles** 

The Code is designed to ensure, among other things, that employees put Client interests first and conduct their activities in a manner consistent with applicable Federal Securities Laws. The following principles shall govern the personal investment activities of all individuals subject to this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees must at all times place the interests of Clients ahead of their personal interests - Client trades have priority over personal securities trades.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Personal securities transactions must be conducted in accordance with this Code and in such a manner as to avoid any actual, perceived or potential conflict of interest or abuse of an employee's position of trust and responsibility.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees should not take advantage of their position to benefit themselves at the expense of any Client.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **In personal securities investing, employees should follow a philosophy of investment rather than trading.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees must comply with applicable Federal Securities Laws.** 

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**A. General Prohibitions** 

No person associated with the NB Advisers or the Firm, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Client, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employ any device, scheme or artifice to defraud any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Make any untrue statement of a material fact to any Client or omit to state to such Client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any manipulative practice with respect to any Client;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any transaction in a security while in possession of material nonpublic information regarding the security or the issuer of the security; or** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engage in any transaction intended to raise, lower, or maintain the price of any security or to create a false appearance of active trading.** 

**B. Definitions** 

The following words have the following meanings in this Code:

**Access Person** 

a. Any employee, officer, director of any NB Adviser or NB Fund (or any company controlled by the NB Advisers) and
their Immediate Family Members;

b. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business,
makes, participates in or obtains information regarding the purchase or sale of Covered Securities by any NB Fund 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 the NB Fund regarding the purchase or sale of Covered Securities; and

c. Any temporary employee, consultant, contractor, intern or other person engaged by the Firm for a period of
ninety (90) days or more who performs advisory functions (i.e., provides investment advice) on behalf of any NB Adviser or NB Fund ("Temporary Access Person"). See Exhibit A for applicability of Code Procedures to Temporary Access
Persons.

**Advisory Person** 

An Access Person of the NB Advisers who, in connection with his or her regular functions or duties, makes, or participates in making, recommendations regarding the purchase or sale of Covered Securities by a Related Client. The determination as to whether an individual is an Advisory Person shall be made by the Legal and Compliance Department, taking into consideration the following roles and responsibilities: Portfolio Manager, Traders, Analysts (credit/research) and any member on

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any of their respective teams, including administrative staff.

**Beneficial Interest** 

An employee has a Beneficial Interest in an account if they may profit or share in the profit from transactions. In general, a person is regarded as having direct or indirect Beneficial Interest in securities held in his or her name, as well as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the name of an Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in his or her name as trustee for himself or herself or for his or her Immediate Family Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in a trust in which he or she has a Beneficial Interest or is the settlor with a power to revoke;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by another person and he or she has a contract or an understanding with such person that the securities held in
that person's name are for his or her benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the form of acquisition rights of such security through the exercise of warrants, options, rights, or
conversion rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a partnership of which he or she is a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a corporation which he or she uses as a personal trading medium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by a holding company which he or she controls; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other relationship in which a person would have beneficial ownership under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934 and the rules and regulations thereunder, except that the determination of direct or indirect Beneficial Interest shall apply to all securities which an Access
Person has or acquires.

Any employee who wishes to disclaim a Beneficial Interest in any securities must submit a written request to the Legal and Compliance Department explaining the reasons therefore. Any disclaimers granted by the Legal and Compliance Department must be made in writing. Without limiting the foregoing, if a disclaimer is granted to any employee with respect to an account of an Immediate Family Member, the provisions of this Code applicable to such employee shall not apply to the Immediate Family Member for which such disclaimer was granted. However, if the Immediate Family Member whose account was disclaimed is also an employee of an NB Adviser, the sections of this Code applicable to employees would still be applicable to the employee's Immediate Family Member.

**Blind Trust** 

A trust in which an Access Person has Beneficial Interest or is the settlor with a power to revoke, with respect to which the Legal and Compliance Department has determined that such Access Person has no direct or indirect influence or control over the selection or disposition of securities and no knowledge of transactions therein, provided, however, that direct or indirect influence or control of such trust is held by a person or entity not associated with the Firm and not a relative of such Access Person.

**Client** 

An investment advisory account, including, but not limited to, the Funds, other commingled investment vehicles and separate accounts for which any of the NB Advisers provides investment advice, management or exercises discretion.

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**"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. Generally, any person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company (Section 2(a)(9) of the Company Act).

**Covered Account** 

An account held in the name of an Access Person where the Access Person has, or is deemed to have, a Beneficial Interest, including investments held outside of an account over which an Access Person has physical control, such as a stock certificate.

**Covered Security** 

a. 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, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing;

b. Shares of any Fund; and

c. Exchange Traded Funds and closed-end funds registered under the Company
Act.

The term Covered Security does not include:

a. Direct obligations of the Government of the United States, its territories or States or Related Securities
thereof, (including short term debt securities that are government securities within the meaning of the law);

b. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short- term debt
instruments including repurchase agreements; and

c. Shares issued by registered open-end investment companies for which any
NB Adviser does not act as investment adviser, sub-adviser or distributor provided such shares are held directly with the fund company in a mutual fund account and not in a third-party brokerage account unless
the Access Person has obtained prior written approval from the Legal and Compliance Department to maintain such account.

***De minimis* Restitution** 

Price restitutions that result in less than $2500 collectively (which may be updated from time to time) or where the gain to be received by each underlying Client account is less than $100.

**Digital Asset** 

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A "Digital Asset" is broadly defined as any digital representation of value which is recorded on a cryptographically secured distributed ledger technology (blockchain). Digital Assets include, but are not limited to, virtual currencies and cryptocurrency (including crypto tokens) and Stablecoins. A particular digital asset may or may not meet the definition of "security" under the federal securities laws. Any references herein to "Digital Assets" should be interpreted as encompassing all forms of digital assets such as Bitcoin, Ethereum, Ripple, and all other types of cryptocurrencies or crypto coins.

**Digital Asset Derivative** 

A Digital Asset Derivative is one whose value is based on or derived from the value of a Digital Asset such as options, futures and swaps on a Digital Asset.

**Disinterested Director/Trustee** 

A person who serves as director/trustee of an NB Fund and is not otherwise affiliated with an NB Fund.

**Domestic Partnership** 

An interpersonal relationship between two individuals who live together and share a common domestic life ("Domestic Partners").<sup>2</sup>

**Equity Advisory Person** 

Solely for Covered Accounts maintenance purposes, an Advisory Person who is a member of an equities portfolio management team or the Equity Research Department.

**Ethics and Compliance Committee** 

The Ethics and Compliance Committee of the NB Funds (except the NB Registered Private Equity Funds).

**Exchange Traded Fund** 

Unit investment trusts or open-ended investment companies registered under the Company Act that trade on a national stock exchange.

**Exempt Transactions** 

Transactions that may be exempt from certain provisions of the Code such as, pre-clearance, minimum holding period, or blackout periods. Exempt Transactions are not exempt from the general provisions of the Code including reporting requirements. The following have been defined as Exempt Transactions:

a. Transactions in Managed Accounts.

b. Transactions made automatically in accordance with a predetermined schedule and allocation, such as part of a
dividend reinvestment plan ("DRIP").

c. An involuntary purchase 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 rights so acquired.

<sup>2</sup> The above definition is being used solely for purposes of this Code of Ethics and should not be construed as the applicable definition for other purposes (e.g., employee benefits).

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d. The acquisition or disposition of securities through stock dividends, stock splits, reverse stock splits,
mergers, margin calls, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities.

e. Securities transactions effected in Blind Trusts.

f. A transaction by an NB Fund Disinterested Director/Trustee unless at the time of such transaction, the
Disinterested Fund Director/Trustee, knew or should have known that, during the fifteen calendar day period immediately preceding or, after the date of the transaction by the Disinterested Director/Trustee, such security was purchased or sold by the
NB Fund or was being considered for purchase or sale for Clients of the NB Adviser, provided that the foregoing does not apply if the Disinterested Fund Director/Trustee gains knowledge that such security was held by the NB Fund due to public
disclosure on the NB Fund's website of such holding.

g. Transactions in the following broad-based security indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average, Vanguard S&P 500 ETF (VOO), iShares Core S&P 500 ETF (IVV)<sup>3</sup>

h. Other transactions designated in writing by the Legal and Compliance Department.

**Federal Securities Laws** 

The Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Company Act, the Advisers Act, the Sarbanes-Oxley Act of 2002 (as applicable), Title V of the Gramm- Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to registered investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Fund** 

Any investment company, and series thereof, registered under the Company Act for which any NB Adviser is the investment manager, investment adviser, sub-adviser, administrator or distributor.

**iCompliance** 

The Firm's proprietary employee compliance dashboard that facilitates the disclosure, reporting and monitoring of a number of key compliance requirements pursuant to the Firm's Code of Ethics and Code of Conduct.

**Immediate Family Member** 

a. An Access Person's 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) who share the same household as the Access Person or to whom the employee provides material financial support; and

b. Any other relative or person who shares the same household as the Access Person or to whom the employee
provides material financial support and is deemed to be an Immediate Family Member by the Legal and Compliance Department.

**Legal and Compliance Department** 

<sup>3</sup> Transactions involving a futures contract or swap on the broad-based security indices are prohibited.

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The Neuberger Berman Legal and Compliance Department.

**Limited Access Person** 

An Access Person's Immediate Family Member who would otherwise be an Access Person but who is determined by the Legal and Compliance Department to be a Limited Access Person considering factors including, but not limited to, whether the Immediate Family Member shares the same household as the Access Person <u>and</u> is financially dependent on the Access Person.

**Limited Access Person Account** 

An account in the name of a Limited Access Person held at the Firm. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**Managed Account** 

A Covered Account where full control and investment discretion has been delegated pursuant to an investment advisory agreement that includes the payment of a management fee to: 1) an unrelated third-party investment manager, or 2) a Neuberger Berman portfolio management team of which the employee is not a member. A Limited Access Person Account may be treated as a Managed Account at the discretion of the Legal and Compliance Department.

**NB Advisers** 

The Firm's North American-based investment advisers: Neuberger Berman Investment Advisers LLC, Neuberger Berman Canada ULC, Neuberger Berman BD LLC, NB Alternatives Advisers LLC, Neuberger Berman Loan Advisers LLC, Neuberger Berman Loan Advisers II LLC, Neuberger Berman Loan Advisers IV LLC, Neuberger Berman Trust Company N.A., and Neuberger Berman Trust Company of Delaware N.A.

**NB Closed-End Fund ("CEF") Insider** 

An Access Person who is a director, officer or principal stockholder (holder of more than 10% of a class of reportable securities) of any company that has a class of equity securities registered pursuant to Section 12 of the Exchange Act and is subject to beneficial ownership reporting obligations under Section 16. Obligations apply to all insiders of the closed-end funds ("NB CEF") as well as to NBIA and certain of its affiliated persons.

**NB Funds** 

The NB Group of Funds.

**Private Placement** 

An offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rules 504, 505 or 506 under the Securities Act.

**Related Client** 

A Client account, including a proprietary account consisting of seed capital during the incubation period, for which an Advisory Person or the portfolio management team of which the Advisory Person is a member, has or is deemed to have, investment decision-making authority or is responsible for maintaining and/or reviewing information pertaining to the account.

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**Related Issuer** 

An issuer with respect to which an Advisory Person or their Immediate Family Member: (i) has a material business relationship with such issuer or any promoter, underwriter, officer, director, or employee of such issuer; or (ii) is an Immediate Family Member of any officer, director or senior management employee of such issuer.

**Related Security** 

A Related Security is one whose value is based on or derived from the value of an underlying security, including convertible securities and derivative securities such as options, futures, swaps, and warrants.

**Security Held or to be Acquired by a Client** 

Any Covered Security (or Related Security) that within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is or has been held by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being or has been considered by a NB Adviser for purchase by such Client.

**Trading Desk** 

The Neuberger Berman Trading Desk.

**C. Code Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Covered Accounts</u> 

Access Persons who are not Equity Advisory Persons are generally permitted to maintain their Covered Accounts at Neuberger Berman, or with prior approval from the Legal and Compliance Department, at Fidelity Investments ("Fidelity"). Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.<sup>4</sup>  ****

***Canadian Employees Only****.* Employees in Canada are required to maintain their Covered Accounts at RBC and to ensure that any accounts opened are added to the electronic feed between Neuberger Berman and RBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Initial Public Offerings</u> 

Access Persons are generally prohibited from acquiring direct or indirect beneficial ownership of any equity security in an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information Barrier</u> 

The Firm has adopted Information Barrier Policies and Procedures (the "Policy"). All Access Persons are required to be familiar with the Policy and shall certify, on an annual basis, that they have read, understood and complied with the requirements of this Code and the Policy.

<sup>4</sup> See Section E(1) for information related to Maintenance of Covered Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transactions in Restricted List Securities</u> 

Access Persons may obtain material non-public information ("MNPI") or establish special or "insider" relationships with one or more issuers of securities (e.g., the employee may become an officer or director of an issuer, a member of, or in discussions leading to the formation of, a creditor committee that engages in material negotiations with an issuer, and so forth). In such cases, the Access Person should keep in mind that they are subject to the Firm's Information Barrier Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Private Placements</u> 

Access Persons may not acquire direct or indirect Beneficial Interest in any Private Placement (also referred to as private securities transactions) without prior written approval from the Legal and Compliance Department and such other persons as may be required. Private Placements include, but are not limited to, any interest in a hedge fund, private equity vehicle or other similar private or limited offering investment.<sup>5</sup>

Approval of a Private Placement shall take into account, among other factors, whether: i) the investment opportunity should be reserved for a Client, and ii) the opportunity is being offered to the individual by virtue of his or her position with the Firm, the NB Adviser or his or her relationship with or to the Client or the issuer of the Private Placement. Additional capital investments (other than capital calls related to the initially approved investment) in a previously approved Private Placement require a new approval.

Advisory Persons who hold a previously approved Private Placement and are subsequently involved, or play a part in the consideration of the same Private Placement as an investment for a Related Client, must inform the Legal and Compliance Department of their personal investment (or their Immediate Family Member's investment). The decision to invest in the Private Placement for a Related Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

Access Persons' Private Placement redemptions are subject to review and approval by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Digital Assets</u> 

Access Persons transacting in Digital Assets are required to disclose their coin-exchange accounts ("Digital Assets Accounts")<sup>6</sup> and obtain prior approval for Digital Asset transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in Digital Assets Accounts are subject to the 60 calendar day holding period.

<sup>5</sup> Employees do not require pre-approval for private investments made through Employee Investment Solutions ("EIS"). The investments will be added to iCompliance on the employee's behalf. The employee remains responsible for ensuring that all their investments are accurately reflected in iCompliance. 

<sup>6</sup> For example, Coinbase, Kraken, Robinhood, etc.

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*Same-Day Blackout Period*. An Advisory Person may not buy or sell a Digital Asset on a day during which a Related Client account executes a "buy" or "sell" order in the same Digital Asset or a Digital Asset Derivative. Purchases that occur on the same day will be required to be "broken." Any losses will be incurred by the Advisory Person and any gains (including gains disgorged from a sale on the same day) may be donated to a charitable organization designated by the Firm.

*Quarterly iCompliance Certification*. Within 30 days of each calendar quarter-end, Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

In addition, Advisory Persons who transact in Digital Assets for Related Client accounts are also required to provide evidence of any Digital Assets transactions executed during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Dissemination of Client Information</u> 

Access Persons are prohibited from revealing material information relating to current or anticipated investment intentions, portfolio transactions or activities of Client/Funds except to persons whose responsibilities require knowledge of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Gifts and Entertainment</u> 

The Firm has adopted the Gifts & Entertainment Policy and Procedures to which all employees are subject. Access Persons are required to obtain prior approval from their manager and the Legal and Compliance Department before giving or receiving any gift, to or from any Commercial Partner<sup>7</sup> and are also subject to the entertainment pre-approval and reporting thresholds provided in the Firm's policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Related Issuer</u> 

Advisory Persons are required to disclose to the Legal and Compliance Department when they play a part in any consideration of an investment by a Client in a Related Issuer. The decision to purchase securities of the Related Issuer for a Client will be determined by the Legal and Compliance Department and other relevant parties as deemed necessary for the review process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Trading Opposite Clients</u> 

<sup>7</sup> As defined in the Gift & Entertainment Policy and Procedures.

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No Advisory Person or Advisory Person of a Fund may execute transactions in a Covered Security held in a Covered Account that would be on the opposite side of any trade in a Related Client account that was executed within 5 business days prior to the trade in the Covered Account ("Opposite Side Trade"). For example, if an Advisory Person executes a purchase of shares of Company XYZ on Monday, February 1st for a Related Client account(s), that Advisory Person and their team will be prohibited from executing a sale of shares of Company XYZ for their Covered Accounts between the time when the Related Client order was submitted on Monday, February 1st through the close of trading on Monday, February 8th.

Notwithstanding the foregoing, an Advisory Person or Advisory Person of a Fund (or their team member) may execute an Opposite Side Trade for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to capture a gain or loss for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund sold the security for the Related Client account in order to
raise cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Person or Advisory Person of a Fund bought the security for the Related Client account as part of
the initial investment of the Related Client account or investments were made as a result of additional funds contributed to an existing Related Client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions effected in Blind Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities transactions that are non-volitional on the part of the
Advisory Person or Advisory Person of a Fund. Non-volitional transactions include shares obtained or redeemed through a corporate action (e.g., stock dividend) or the exercise of rights issued by an issuer pro
rata to all holders of a class of securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other such exceptions as may be granted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Service on a Board of Directors</u> 

Access Persons are prohibited from serving on the board of directors of any public or private company without prior written approved from the Legal and Compliance Department, including positions undertaken as part of NB work-related responsibilities.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Limitations on Short and Long Positions</u> 

Advisory Persons are not permitted to: a) sell short any security (or Related Security) that they hold or intend to hold for a Related Client; or b) buy a long position in a security (or Related Security) if they have or intend to create a short position in the same security for a Related Client. Notwithstanding the foregoing, certain types of transactions may be permitted with prior approval from the Legal and Compliance Department and the CIO (or designee), such as

<sup>8</sup> Request must be made through iCompliance by completing the Outside Affiliation request form. For positions held with outside companies in connection with an employee's NB work-related responsibilities, the submitter should select the appropriate choice indicating that the position is being undertaken as part of the employee's NB work-related responsibilities. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A purchase to cover an existing short position, except that if an Advisory Person intends to create a long
position for a Related Client in the same security, all Related Client transactions must be completed before the Advisory Person can cover their short position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A short sale against a broad-based index. Approved broad-based indices include the S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average. Any other broad-based index must be approved by the Legal and Compliance Department before engaging in any
short sales against such index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A short sale to hedge an existing security position provided the hedging activity is proportionate to the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any approvals granted under this section will not relieve the Advisory Person from being subject to Price
Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Transactions in Shares of Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All trading in shares of a Fund is subject to the terms of the prospectus and the Statement of Additional
Information of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No Access Person may engage in excessive trading, late trading or market timing in any shares of any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Transactions in Futures, Swaps, Forwards and Commodities</u> 

The Firm is subject to regulatory requirements mandating the monitoring of certain financial instruments positions held by client accounts, and in some cases, employee personal accounts. To minimize the regulatory risk to the Firm and ensure the focus is on required client monitoring, Access Persons are prohibited from entering into any transaction (long or short) involving a futures contract, swap, forward contract (including currency forwards), and commodities. Access Persons who join the Firm with such holdings must close out the positions at the earliest opportunity. Adding to, or rolling such positions is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Transactions in Options and Warrants</u> 

Access Persons are not permitted to enter into any transactions (long or short) involving the following:<sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock options (options on a single-name equity or narrow-based index)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock ETFs (ETFs where the underlying holding is a single-name stock)

Transactions in options on broad-based indices continue to be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Sanctions</u> 

The Firm shall have the authority to impose sanctions for violations of this Code. Such

<sup>9</sup> Effective July 1, 2023.

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sanctions may include a letter of censure, suspension or termination of the employment of the violator, forfeiture of profits, forfeiture of personal trading privileges, forfeiture of gifts, or any other penalty deemed to be appropriate. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Violations</u> 

Access Persons must report apparent or suspected violations in addition to actual or known violations of the Code to the Legal and Compliance Department. Access Persons are encouraged to seek advice from the Legal and Compliance Department with respect to any action or transaction which may violate this Code and to refrain from any action or transaction which might lead to the appearance of a violation. The types of reporting that are required under this Code include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraud or illegal acts involving any aspect of the Firm's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material misstatements in regulatory filings, internal books and records, client records or reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activity that is harmful to clients, including fund investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deviations from required controls and procedures that safeguard clients and the Firm.

**D. Reporting Requirements<sup>10</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reports by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All Access Persons must disclose their Covered Accounts within 10 calendar days of becoming an Access Person.
The initial holdings disclosure must include all Covered Accounts in which the Access Person has a direct or indirect Beneficial Interest. Access Persons may satisfy this requirement by providing copies of their account statements for all Covered
Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Access Persons will be provided with a copy of the Code of Ethics and be required to acknowledge receipt
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Quarterly Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Within 30 days of the end of each calendar quarter, Access Persons must disclose

<sup>10</sup> All Code reporting disclosures are done through iCompliance.

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securities transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Interest that occurred during the previous quarter. For each transaction executed during the quarter, the following information must be provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• type of transaction (buy, sell, short, cover, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• name of security, exchange ticker, symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares, price and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• the interest rate and maturity date (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The above requirement may be satisfied if information is being received by Neuberger Berman as stated in
Section D(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Annual Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On an annual basis, Access Persons must affirm that all Covered Accounts have been reported and are reflected
in iCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to certify that they have read, understand, and complied with the Code of Ethics
and the Information Barrier Policies and Procedures, and have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported pursuant to the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The information provided must be current as of a date no more than 45 days of the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. With respect to any Blind Trust in which an Access Person has a Beneficial Interest, such Access Person must
certify that they do not exert any direct or indirect influence or control over the trustee by: a) suggesting or directing any particular transactions in the account, or b) consulting with the trustee regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. With respect to any Managed Account managed by a third-party, Access Persons must certify that they do not
exert any direct or indirect influence or control over the third-party manager by: a) suggesting or directing any particular transactions in the account, or b) consulting with the third-party manager regarding the allocation of investments in the
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reports by Disinterested Directors/Trustees

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A director/trustee of a NB Fund who is not an "interested person" of the NB Fund within the meaning of section 2(a)(19) of the Company Act, and who would be required to make a report solely by reason of being a NB Fund director/trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An initial holdings disclosure and annual holdings disclosure under Section D(1)(a) and (c) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A quarterly transactions disclosure under Section D(1)(b) above, unless the director/trustee knew or, in the
ordinary course of fulfilling their official duties as a NB Fund director/trustee, should have known that during the 15-day period immediately before or after the director/trustee's transaction in a
Covered Security, the NB Fund purchased or sold the Covered Security, or the NB Fund or its investment adviser considered purchasing or selling the Covered Security, provided that the foregoing does not apply if the Disinterested Fund
Director/Trustee gains knowledge that such security was held by the NB Fund due to public disclosure on the NB Fund's website of such holding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Reporting Requirements

With regards to Section D(1)(b), Access Persons need not disclose holdings if such disclosure would duplicate information contained in trade confirmations or account statements (including electronic feeds of such information) received by Neuberger Berman. For purposes of the foregoing, the Legal and Compliance Department maintains (i) electronic records of all securities transactions effected through Neuberger Berman and Fidelity, and (ii) copies of any duplicate confirmations or electronic feeds that have been received by the Legal and Compliance Department with respect to securities transactions that, pursuant to exceptions granted by the Legal and Compliance Department, have not been effected through Neuberger Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notification of Reporting Obligations

The Legal and Compliance Department shall identify all Access Persons who are required to make reports under the Code and inform them of their reporting obligations.

**E. Code Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintenance of Covered Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. General Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons who are not Equity Advisory Persons may maintain their Covered Accounts at Neuberger Berman, or
with <u>prior written approval from the Legal and Compliance Department</u>, at Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Equity Advisory Persons are required to maintain their Covered Accounts at Neuberger Berman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Limited Access Persons are not required to keep their securities accounts at Neuberger

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Berman or Fidelity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to Maintenance of Covered Accounts at Neuberger Berman or Fidelity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Managed Accounts. Any Access Person granted approval to maintain an external Managed Account is required to
direct the third-party manager to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. DRIPs established directly with the issuer that have been approved by the Legal and Compliance Department and
for which duplicate copies of confirmations and periodic statements are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Other accounts as may be permitted by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-Clearance of Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons are required to pre-clear transactions in Covered
Accounts not maintained at Neuberger Berman by submitting a pre-clearance request in iCompliance that is compared with the Firm's Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Legal and Compliance Department reviews transactions for required trade pre-clearance and all transactions are subject to the Price Restitution review, subject to certain exceptions (see section E(4)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Equity Research Personnel Advisory Persons who are members of the Firm's Equity Research Department are
subject to additional pre-approval requirements for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. NB CEF Insiders Access Persons who are NB CEF Insiders must obtain prior approval from mutual fund compliance
before placing any transactions in the NB CEFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions from Pre-Clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Other securities designated in writing by the Legal and Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blackout Period

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day – Advisory Persons of a Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. An Advisory Person of a Fund may not buy or sell a Covered Security (or a Related Security) on a day during
which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any
losses will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Certain Limited Access Person Accounts may be subject to the Same Day Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Research Personnel

Advisory Persons who are members of the Firm's Equity Research Department may be subject to a blackout period for their personal trading. Members of the Research Department should refer to the Equity Research Department's Procedures for specific details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases or sells
the same security during the same day, the Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Limited Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an Advisory Person related to a Limited Access Person purchases or sells a Covered Security in the Limited
Access Person Account and such Advisory Person purchases or sells the same security during the same day for a Related Client, the Limited Access Person Account may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Five(5)/One(1) Day Price Restitution – Advisory Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If an Advisory Person purchases or sells a Covered Security within five (5) business

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days prior, or one (1) business day subsequent to a Related Client ("5/1 Price Restitution"), the Advisory Person may not receive a more favorable price than that received by the Related Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain Limited Access Person Accounts may be subject to the 5/1 Price Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. For the avoidance of doubt, a "purchase" includes a long buy, as well as a cover short, and a
"sell" includes a long sell, as well as a short sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Price Restitution Execution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Price restitution will generally be executed when there is a total gain of at least $2500 (which may be updated
from time to time) from the difference in price received by the Access Person vs. the Related Client(s), and a gain of at least $100 (which may be updated from time to time) to each underlying Client Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to the Funds, the Legal and Compliance Department reserves the right to review the individual
restitutions below $2500 and may require payment of these amounts if facts and circumstances warrant. iii. Where restitution is required, preference shall be to provide the economic benefit to Clients where operationally, contractually or legally
permitted. Where otherwise not feasible or permitted, restitution may be made by transfer, wire or check and shall be remitted to the Firm for donation to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exceptions to Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Exempt Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. *De minimis* Restitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Transactions in non-Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Transactions arising through hedged options trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Transactions in the Firm's retirement contribution program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Certain transactions related to the initial investment of a Related Client account or investments made as a
result of additional funds contributed to an existing Related Client account communicated to the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Other exceptions designated in writing by the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Holding Period

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the holding period
has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The holding period begins on the day of the transaction and is measured on a last-in, first-out ("LIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exceptions to the Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Transactions in Managed Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. U.S. Treasury obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Bona fide hedging transactions, identified as such to the Legal and Compliance Department prior to execution,
on the following broad-based indices: S&P 500, NASDAQ, 7-10 Year Treasury Bond Index, 20+ Year Treasury Bond Index, Russell 2000 and Dow Jones Industrial Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Positions where at time of order entry, there is an expected loss of at least 10%. **This exception does not apply to losses on options.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding the foregoing, on a limited basis and with the prior approval of the Legal and Compliance
Department and CIO (or designee), shares that have been held for at least one year may be sold even if additional shares of the same security were purchased in the last 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The 60-day holding period for Funds shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taxable and tax-exempt money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable annuity contracts for which a Fund does not serve as the underlying investment vehicle; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of an investment company that are purchased through an automatic investment program or payroll deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The above exceptions shall not apply if, in the opinion of the Legal and Compliance Department, a pattern of
excessive trading exists.

Any requests for exceptions to the holding period must be submitted to the Legal and Compliance Department.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Code Procedures Monitoring

The Legal and Compliance Department will conduct post-trade monitoring of employee trades to ascertain that such trading conforms to the procedures above, and where required, that employees have obtained the necessary pre-trade approvals as may be applicable.

**F. NB Funds' Ethics and Compliance Committee<sup>11</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Ethics and Compliance Committee shall be composed of at least two members who shall be Disinterested
Director/Trustees selected by the Board of Directors/Trustees of the Company/Trust (the "Board").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Ethics and Compliance Committee shall consult regularly with the Legal and Compliance Department and/or the
NB Funds Chief Compliance Officer and either the Committee or the Board shall meet no less frequently than annually with the Legal and Compliance Department and/or the NB Funds Chief Compliance Officer regarding the implementation of this Code. The
Legal and Compliance Department shall provide the Ethics and Compliance Committee with such reports as are required herein or as are requested by the Ethics and Compliance Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. On a quarterly basis, i) the NB Funds' Chief Compliance Officer reviews with the Ethics and Compliance
Committee violations of the Code, if any, and ii) the Chief Compliance Officers of NBIA and NBBD provide certifications to the NB Funds' Board with respect to whether there were any material violations of the Code.

**G. Annual Report to the NB Funds' Board** 

No less frequently than annually and concurrently with reports to the Board, the NB Funds Chief Compliance Officer shall furnish to the Funds, and the Board must consider a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• describes any issues arising under this Code or procedures concerning personal investing since the last such
report, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certifies that NBIA, the NB Funds or any NB Adviser, as applicable, have adopted procedures reasonably necessary
to prevent Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifies any recommended changes in existing restrictions or procedures based upon the fund's experience
under the Code, evolving industry practices, or developments in applicable laws or regulations.

**H. Administration** 

<sup>11</sup> The Ethics and Compliance Committee is a committee for all the NB Funds except the NB Registered Private Equity Funds. On a quarterly basis, the NB Funds' Chief Compliance Officer reviews with the Board of Directors/Trustees of the NB Registered Private Equity Funds ("PE Funds Board") violations of the Code, if any; and on a quarterly basis the Chief Compliance Officers of NBIA, NBAA and NBBD provide certifications to the PE Funds' Board with respect to whether there were any material violations of the Code. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All Access Persons must be presented with a copy of this Code of Ethics upon commencement of employment and any
amendments thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Access Persons are required to read this Code of Ethics and to acknowledge in writing that they have read,
understood and agreed to abide by this Code of Ethics, upon commencement of employment and on an annual basis thereafter. In addition, Access Persons are required to read and understand any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Access Persons are required to provide a list of their Covered Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons who violate the rules of this Code of Ethics are subject to sanctions, which may include
censure, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Nothing contained in this Code of Ethics shall be interpreted as relieving any Covered Account from acting in
accordance with the provisions of any applicable law, rule or regulation or any other statement of policy or procedure governing the conduct of Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If any Access Person has any question with regard to the applicability of the provisions of this Code of Ethics
generally or with regard to any securities transaction, he or she should consult with the Legal and Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Legal and Compliance Department may grant exceptions to the requirements of this Code based upon individual
facts and circumstances. Exceptions granted will be documented and retained in accordance with record-keeping requirements. Exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

**I. Recordkeeping** 

The Firm shall maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code of Ethics and any Code of Ethics that has been in effect within the previous five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any record of any violation of this Code of Ethics and any action taken as a result of the violation. These
records shall be 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;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report made by an Access Person as required by this Code of Ethics, including any information
provided in lieu of the monthly reports. These records shall be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons, currently or within the past five years, who are or were required to make reports
under this Code of Ethics, or who are or were responsible for reviewing these reports. These records shall be maintained in an easily accessible place.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each decision to approve an acquisition by an Access Person of any Private Placement. These records
must be maintained for at least five years after the end of the fiscal year in which the approval is granted.

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**EXHIBIT A** 

**Applicability of Code Procedures to Temporary Access Persons** 

This section describes the requirements under the Code procedures applicable to Temporary Access Persons who will be engaged by the Firm for ninety (90) days or more and will perform advisory functions (i.e., provide investment advice) on behalf of any NB Adviser or NB Fund. **The Legal and** 

**Compliance Department reserves the right to treat persons who the Firm will engage for less than ninety (90) days as Temporary Access Persons if it deems so appropriate.** Absent specific mention in this section, Temporary Access Persons are subject to all other provisions of the Code.

**C.8. Gifts and Entertainment and Anti-Corruption** 

Temporary Access Persons are required to comply with the firm's Global Anti-Corruption Policy and Gifts & Entertainment Policy and Procedures. These policies include prohibitions on certain activities that could be seen as bribery (such as cash gifts to Commercial Partners) and contain other limits and restrictions on the provision or receipt of gifts and entertainment based on applicable law and internal policies. A copy of these policies may be obtained from NB Connect or from Human Capital Management and should be reviewed before providing any gifts and entertainment to, or receiving any gifts and entertainment from, any Neuberger Berman Commercial Partner. Please reach out to Human Capital Management if you have any questions.

**C.17. Political Activities** 

Temporary Access Persons who are U.S. or Canadian Citizens or Permanent Residents may be required to comply with the firm's Political Activity Policy. The policy may be obtained from NB Connect or from Human Capital Management and requires prior approval for political activities, including, but not limited to political contributions. Prior to engaging in any political activity, Temporary Access Persons should review the policy for required actions. Please reach out to Human Capital Management if you have any questions.

**D.1. Reporting Requirements – Temporary Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All Temporary Access Persons must disclose their Covered Accounts within 10 calendar days of becoming a
Temporary Access Person. The initial holdings disclosure must include all Covered Accounts in which the Temporary Access Person has a direct or indirect Beneficial Interest. Temporary Access Persons may satisfy this requirement by providing copies
of their account statements for all Covered Accounts to the Legal and Compliance Department (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The information provided must be current as of a date no more than 45 days prior to the date the person became
an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Temporary Access Persons will be provided with a copy of the Code of Ethics and be required to
acknowledge receipt of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ongoing Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Temporary Access Persons must provide the Legal and Compliance Department with duplicate statements of all
Covered Accounts disclosed, on a monthly basis (or quarterly, as may be applicable) for their duration at the Firm.

**E.1. Maintenance of Covered Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are not required to hold their Covered Accounts at Neuberger Berman, but must either
1) direct their broker, adviser or trustee, as applicable, to provide duplicate copies of all trade confirmations, as well as copies of account statements to the Legal and Compliance Department for their duration at the Firm, or 2) provide copies of
their trade confirmations and account statements to the Legal and Compliance Department.

**E.2. Pre-Clearance of Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Temporary Access Persons are required to pre-clear transactions in
Covered Accounts by submitting a pre-clearance request in iCompliance.

**E.3. Same-Day Blackout Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A Temporary Access Person of a Fund may not buy or sell a Covered Security (or Related Security) on a day
during which any Related Client executes either a "buy" or "sell" order in the same security ("Same Day Blackout Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases that occur within the Same Day Blackout Period will be required to be "broken." Any
losses will be incurred by the Covered Account and any gains (including gains disgorged from a sale within the Same Day Blackout Period) may be donated to a charitable organization designated by the Firm.

**E.4. Price Restitution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Same Day Price Restitution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security in a Covered Account and a Client purchases
or sells the same security during the same day, the Temporary Access Person may not receive a more favorable price than that received by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Five(5)/One(1) Day Price Restitution<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Temporary Access Person purchases or sells a Covered Security within five (5) business days prior, or
one (1) business day subsequent to a Related Client ("5/1 Price

<sup>12</sup> Applicable only if the Temporary Access Person is part of a portfolio management team or is otherwise involved in investment-related activities.

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Restitution"), the Temporary Access Person may not receive a more favorable price than that received by the Related Client.

**E.5. Holding Period** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sixty (60) Day Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All securities positions, including both long and short positions, established in any Covered Account must be
held for at least 60 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Temporary Access Persons are required to hold shares of any Fund for at least 60 calendar days. After the
holding period has lapsed, Fund shares may be redeemed or exchanged; however, the redemption or exchange of such shares will result in a new 60-day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The holding period begins on the day of the transaction and is measured on a last-in, first-out ("LIFO") basis.

**E.6. Digital Assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1**.** Temporary Access Persons transacting in Digital Assets are required to disclose their Digital Assets
Accounts in iCompliance and pre-clear Digital Assets transactions by submitting a pre-clearance request in iCompliance. All Digital Assets transactions executed in
Digital Assets Accounts are subject to the 60 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within 30 days of each calendar quarter-end, Temporary Access Persons
are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. all Digital Assets Accounts have been disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any Digital Assets transactions executed during the reporting quarter were pre-cleared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Digital Assets transactions have complied with the required 60 calendar day holding period.

## Ex-99.P13

![LOGO](g767768page202.jpg)

Code of Ethics Policy PIMCO's Code of Ethics sets out standards of conduct to help you avoid potential conflicts of interest that may arise from your personal securities transactions and outside business activities. All employees must read and understand the Code. Effective Date: May 2009 Last Revision: July 2025 CODE OF ETHICS \| July 2025 1

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**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
| I. | PIMCO Code of Ethics Overview | PIMCO Code of Ethics Overview | 3 |
|  | A. | What are the Objectives of the Code? | 3 |
|  | B. | Who is Subject to the Code? | 3 |
|  | C. | What are the Basic Requirements under the Code? | 3 |
|  | D. | What are the Consequences for Violations of this Code? | 3 |
|  | E. | Duty to Report Violations | 3 |
|  | F. | Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies | 3 |
| II. | Rules for all Employees | Rules for all Employees | 4 |
|  | A. | What is Required? | 4 |
|  | B. | What is Prohibited? | 6 |
| III. | Additional Requirements for Applicable Portfolio Persons | Additional Requirements for Applicable Portfolio Persons | 7 |
|  | A. | All Portfolio Persons | 7 |
|  | B. | Real Estate Portfolio Person Obligations | 7 |
|  | C. | Cryptocurrency Portfolio Person Obligations | 8 |
| IV. | Additional Requirements for Reporting Persons Under Section 16 | Additional Requirements for Reporting Persons Under Section 16 | 9 |
| V. | Code Administration | Code Administration | 9 |
|  | A. | Authority to Grant Waivers of the Requirements of the Code | 9 |
|  | B. | Non-Employee Personnel | 9 |
|  | C. | Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises | 9 |
|  | D. | Maintenance of Records | 9 |
|  **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | **Appendix I** - Pre-clearance, Reporting, and 30 Calendar Day Rule Requirements and Exclusions by Asset Type | 10 |
|  **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | **Appendix II** - Options Trading: Pre-Clearance and 30 Calendar Day Rule | 13 |
|  **GLOSSARY** | **GLOSSARY** | **GLOSSARY** | 12 |

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CODE OF ETHICS \| July 2025 2

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**I.** **PIMCO CODE OF ETHICS OVERVIEW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What are the Objectives of the Code?** 

This Code of Ethics ("Code") establishes standards of conduct to help Employees avoid potential conflicts that may arise from their Personal Securities Transactions and outside business activities.<sup>1</sup>

Pacific Investment Management Company LLC ("PIMCO") is committed to fostering a culture of honesty and high ethical standards. This Code is designed to assist Employees in adhering to the high ethical standards that PIMCO follows in conducting its business. The following general fiduciary principles must govern your activities:

**•** **You have a duty to place the interests of clients first.** 

**•** **You must disclose, avoid, or mitigate any actual or potential conflict of interest.** 

**•** **You must not take inappropriate advantage of your position at PIMCO.** 

**•** **You must comply with associated PIMCO policies and procedures and applicable Securities and Commodities Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Who is Subject to the Code?** 

The Code applies to PIMCO's directors, officers and employees (each, an "Employee" and collectively, "Employees").<sup>2</sup> The Code also applies to certain non-Employee personnel, as referenced in Section V.B., and certain activities of an Employee's Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What are the Basic Requirements under the Code?** 

• Acknowledging receipt of the Code and ongoing compliance with the Code

• Reporting Personal Securities Accounts and holdings

• Maintaining Personal Securities Accounts at Approved
Brokers<sup>3</sup>

• Pre-clearing and obtaining approval for Personal Securities Transactions

• Disclosing Personal Securities Transactions

• Obtaining approval of activities outside of PIMCO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **What are the Consequences for Violations of this Code?** 

Violations of the Code may be subject to remedial actions, pursuant to the Compliance Policy Violations Remedial Guide, which may include termination of employment or any other sanction or remedial action required or permitted by law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Duty to Report Violations** 

Employees must promptly report any known violations of this Code, whether their own or another Employee's. Reports concerning another Employee's violations may be made anonymously and confidentially to a Compliance Officer in accordance with the **Policy for Reporting Suspicious Activities and Concerns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Right to communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies** 

This Code will not be interpreted or applied in any manner that would violate any Employee's legal rights as an employee under applicable law. For example, nothing in this Code or its Appendices attached hereto prohibits or in any way restricts any Employee from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the Securities and Exchange Commission or any other governmental or regulatory body or self-regulatory organization. An Employee does not need prior PIMCO authorization before taking any such action and an Employee is not required to inform PIMCO if he or she chooses to take such action.

\* \* \*

**The Code includes additional requirements that may restrict your personal securities transactions or other activities in addition to** 

<sup>1</sup> All capitalized terms have the meaning set forth in the Glossary unless otherwise specified herein.

<sup>2</sup> Employees of PIMCO-named subsidiaries and affiliates are subject to this Code unless their local employer has its own code of ethics to which they are subject. A Compliance Officer, in consultation with the Global Chief Compliance Officer, may determine that certain requirements under the Code are inapplicable for Employees who are on formal leave of absence or garden leave. 

<sup>3</sup> This is required of Employees of Applicable PIMCO Companies. Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

CODE OF ETHICS \| July 2025 3

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**those summarized above. Please review the entire Code. If you have any questions, please ask your local Compliance Officer.** 

**II.** **RULES FOR ALL EMPLOYEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **What is Required?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Acknowledging Receipt of the Code and Ongoing Compliance with the Code** 

PIMCO will provide Employees with a copy of this Code and any amendments. Employees are required to periodically certify their receipt of this Code and any amendments, as well as their ongoing compliance with this Code. Required certifications must be completed within the specified deadline, unless otherwise approved by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Reporting Personal Securities Transactions and Holdings** 

Employees must report each of their own and their Immediate Family Member's Personal Securities Accounts<sup>4</sup> and promptly update information regarding these accounts in the event of changes.

Within 10 calendar days of hire or otherwise becoming subject to the Code, Employees must submit via the personal trading system (accessible through the PIMCO Intranet) an initial report of Personal Securities Accounts and all reportable holdings in Financial Instruments and Private Placements, unless subject to an exclusion in Appendix I.

Employees are required to certify on a quarterly basis within 30 calendar days following quarter end that they have reported their own and their Immediate Family Members' Personal Securities Accounts to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Maintaining Personal Securities Accounts at Approved Brokers** 

Employees of Applicable PIMCO Companies<sup>5</sup> and their Immediate Family Members must maintain their Personal Securities Accounts with an Approved Broker, unless an exemption is granted by a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Pre-Clearing and Obtaining Approval for Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>General Pre-Clearance and Approval Requirement</u> 

Employees must pre-clear and receive prior approval for their own and their Immediate Family Members' Personal Securities Transactions, including Initial Public Offerings and Private Placements, unless the transaction is subject to an exclusion in Appendix I.

**<u>Pre-Clearance and Approval Process</u>**

**Step 1:** Input the details of the proposed transaction into the personal trading system (accessible through the PIMCO Intranet) and follow the instructions.

**Step 2:** You will be notified whether the proposed transaction is approved or denied.

**Time Limits:** If the proposed transaction is approved, the approval is valid for the day on which the approval was granted and the following business day, unless you are notified differently by a Compliance Officer. If a Good-until Cancel or Limit Order is not fully executed or filled by the end of the following business day (midnight local time), you must repeat the pre-clearance process.

<u>If the transaction is not executed within the required timeframe or if you seek to transact in a larger amount than the original pre-clearance request, you MUST repeat the pre-clearance process prior to proceeding with the transaction.</u>

<sup>4</sup> For the avoidance of doubt, Non-Discretionary Accounts and accounts on automated asset allocation platforms must be disclosed and a managed account certification or robo-advised certification, respectively, must be completed in the personal trading system.

<sup>5</sup> Reference the PIMCO Approved Brokers list on PIMCO's intranet for the list of Applicable PIMCO Companies.

CODE OF ETHICS \| July 2025 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exclusions from Pre-Clearance Requirement for Non-Discretionary Accounts and Certain Automated Transactions</u> 

Personal Securities Transactions in Non-Discretionary Accounts and certain automated transactions where neither the Employee nor an Immediate Family Member exercises any investment discretion are excluded from the pre-clearance and approval requirement, including: (i) transactions pursuant to an Automatic Investment Plan (including the Allianz Employee Stock Purchase Plan) and (ii) transactions in Personal Securities Accounts held on automated asset allocation platforms.

For the avoidance of doubt, directed sales or any transaction overriding an Automatic Investment Plan's predetermined schedule and allocation must be pre-cleared and approved.<sup>6</sup> Additionally, voluntary corporate actions must be pre-cleared and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosing Personal Securities Transactions** 

Employees must report all transactions in their own and their Immediate Family Member's Personal Securities Accounts (including Private Placements), unless the transaction is subject to an exclusion in Appendix I.

Compliance will receive automated reports for transactions executed in Personal Securities Accounts held at Approved Brokers.

If an Employee or Immediate Family Member maintains (i) Personal Securities Accounts with broker-dealers that are not on the list of Approved Brokers, or (ii) a Beneficial Interest in a Financial Instrument not held in a Personal Securities Account, the Employee must submit quarterly and annual reports via the personal trading system within 30 days of quarter end, unless otherwise approved by a Compliance Officer.

Real Estate Portfolio Persons and Cryptocurrency Portfolio Persons have specific reporting responsibilities described in Section III.B and III.C, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Obtaining Approval for Activities Outside of PIMCO** 

Without prior written approval from PIMCO's General Counsel, the Global Chief Compliance Officer, or their delegate, Employees must not engage in certain activities outside of PIMCO, regardless of whether compensation is received, including: (i) service on a board of directors, including in an advisory capacity, (ii) full- or part-time employment or service for a business organization or non-profit organization other than PIMCO or related to your activities on behalf of PIMCO, (iii) providing financial advice to a private, educational, or charitable organization, (iv) writing a book or periodical for publication<sup>7</sup>, and (v) serving as an employee, independent contractor, sole proprietor, officer, director or partner or accepting compensation in any form other than from PIMCO or one of its affiliates.

A designated Compliance Officer may approve an outside activity if they determine that an Employee's service or activities outside of PIMCO would not be inconsistent with the interests of PIMCO and its clients. Factors that may be considered include any remuneration received or proposed to be received as part of the activity, whether the activity or expected time spent is consistent with your duties to PIMCO and its clients, and any other factors deemed relevant in the Compliance Officer's discretion. Compliance may also stipulate that approval of your participation in the outside activity is subject to specified conditions. Requests to serve on the board of a publicly traded entity will generally be denied.

If approval is granted, Employees are responsible for notifying Compliance immediately if any conflict or potential conflict arises in the course of the outside activity or if the nature of the activity materially changes.

<sup>6</sup> An employee may adjust future percentage investment allocations in the Allianz Employee Stock Purchase Plan without pre-clearance and approval. 

<sup>7</sup> Finance-related books or periodicals will be subject to additional review, including by PIMCO's Content Committee.

CODE OF ETHICS \| July 2025 5

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What is Prohibited?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Insider Trading** 

The fiduciary principles of this Code and applicable Securities and Commodities laws prohibit Employees from trading on the basis of material, non-public information ("MNPI") received from any source or communicating this information to others. This insider trading prohibition applies notwithstanding any applicable pre-clearance exclusions (e.g., in the case of MNPI received with respect to open-end mutual funds advised or sub-advised by PIMCO or its affiliates).<sup>8</sup> If you are unsure about whether information is material or non-public, please consult a Compliance Officer and the **PIMCO MNPI Policy prior to conducting any trading**.

Personal trading requests to purchase or sell any security on the Firmwide Trade Restricted Securities List, or any other applicable Restricted List to which the Employee is subject, will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Excessive Trading and Market Timing of Mutal Fund Shares** 

Any excessive or inappropriate trading that, in PIMCO's view, interfered with job performance or compromises the duty that PIMCO owes to its clients, is not permitted.

In addition, Employees investing in open-end mutual funds are subject to the terms and restrictions in the respective fund's prospectus, including any restrictions on excessive trading and market timing. Trading shares of an open-end mutual fund in a manner inconsistent with the fund's prospectus is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Certain Trading for a Personal Account in the Same Financial Instrument or Related Financial Instrument as Firm Trading** 

Employees and their Immediate Family Members are generally prohibited from transacting in a Financial Instrument or a Related Financial Instrument if the gross aggregate market value exposure of the Employee's and all of the Employee's Immediate Family Members' transactions in that Financial Instrument over a 30-calendar day period across all of the Employee's and their Immediate Family Members' Personal Securities Accounts exceeds $250,000 for securities in the S&P 500<sup>®</sup> Index or $25,000 for securities of all other issuers, <u>and</u> either (i) there is a pending client order in the Financial Instrument or Related Financial Instrument, or (ii) a client has purchased or sold the Financial Instrument or a Related Financial Instrument on that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Trading in an Applicable Blackout Period** 

Employees and their Immediate Family Members may not trade in shares of Allianz SE<sup>9</sup> or shares of a PIMCO-advised or sub-advised closed-end fund during a designated blackout period. A list of applicable blackout periods is accessible through the PIMCO Intranet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Short-Term Trading** 

If a Personal Securities Transaction is subject to pre-clearance and approval, then Employees and their Immediate Family Members may not engage in any purchase followed by a sale, or any sale followed by a purchase, of the same Financial Instrument within 30 calendar days across all of their Personal Securities Accounts ("30 Day Calendar Rule"), unless subject to an exclusion in Appendix I or otherwise approved by Legal and Compliance.

The date of the first transaction is considered day one, and Employees may not execute a transaction in the opposite direction until day 31.<sup>10</sup> This prohibition applies on a last in/first out basis, even if the purchase and sell transactions occur in different accounts.

If a transaction violates the 30 Calendar Day Rule, Employees may be required to reverse the transaction and absorb any losses or disgorge profits greater than or equal to $25 associated with the short-term trade.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 should refer to Section IV for additional information.

<sup>8</sup> Non-public information regarding a mutual fund is considered MNPI if such information could materially impact the fund's net asset value.

<sup>9</sup> This restriction also applies to the exercise of cash-settled options or any kind of rights granted under compensation or incentive programs that completely or in part refer to Allianz SE.

<sup>10</sup> Options must have an expiration date that is at least 31 days from the initial purchase or sale date. For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days.

CODE OF ETHICS \| July 2025 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **IPOs, ICOs, SPACs** 

Pre-clearance requests involving Initial Public Offerings, initial coin offerings, and SPACs generally will be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Futures** 

Investments in Futures, including options on Futures are prohibited.

**III.** **ADDITIONAL REQUIREMENTS FOR APPLICABLE PORTFOLIO PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **All Portfolio Persons<sup>11</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Pre-Clearance and Approval of non-G-7 Government Securities** 

Portfolio Persons are required to pre-clear and receive prior approval for purchases and sales of direct obligations of national governments, excluding the G-7<sup>12</sup>, and European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **General Blackout Period Restrictions for Portfolio Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Prior to a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person's transaction in the same Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

**Rules for Research Analysts.** A research analyst and their Immediate Family Members may not transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer, or a Related Financial Instrument that the research analyst is analyzing for a client account (whether such analysis was requested by another person or was undertaken on the research analyst's own initiative). This prohibition remains in effect until the research analyst is notified in writing that the Financial Instrument has been selected or rejected for purchase or sale for a client account or until the research analyst obtains permission to transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer or a Related Financial Instrument from a Managing Director supervisor and a Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Following a Client Transaction</u> 

A Portfolio Person and their Immediate Family Members may not transact in a Financial Instrument within three calendar days after: (i) the Portfolio Person transacts in the same Financial Instrument or a Related Financial Instrument for a client; or (ii) another Portfolio Person has transacted in such Financial Instrument or a Related Financial Instrument for a client, if the Portfolio Person knows of such other Portfolio Person's intention to do so. The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Real Estate Portfolio Person Obligations<sup>13</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Additional Requirements for Reporting and Pre-Clearance of Real Estate Investments** 

Real Estate Portfolio Persons and their Immediate Family Members must report Real Estate Investments and obtain pre-clearance and prior approval of transactions in Real Estate Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Exceptions to Reporting and Pre-Clearance of Real Estate Investment Transactions** 

Real Estate Portfolio Persons are not required to report, pre-clear and obtain prior approval for transactions in Real Estate Investments that are not for investment purposes, this includes transactions involving residential

<sup>11</sup> These requirements do not apply to Cryptocurrency Portfolio Persons in Operations.

<sup>12</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>13</sup> For purposes of this Section III.B, the term Financial Instrument as it applies to Personal Securities Transactions of Portfolio Persons shall include Real Estate Investment Transactions.

CODE OF ETHICS \| July 2025 7

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properties for personal use (e.g., a primary residence or a vacation home)<sup>14</sup>, as well as loans, advances or gifts to Immediate Family Members to assist in their purchase or maintenance of such properties, are not subject to the pre-clearance or reporting requirements.

In addition, transactions involving one- to four-unit residential properties purchased for investment purposes are not subject to pre-clearance, provided such transactions would not (i) constitute a Security (e.g., an interest in an entity of which you are not a general partner, managing member, or equivalent), or (ii) violate any of your responsibilities under the Code. Such transactions are subject to the reporting requirements, however.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Cryptocurrency Portfolio Person Obligations** 

The following additional requirements apply to Cryptocurrency Portfolio Persons and their Immediate Family Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Additional Requirements for Reporting of Cryptocurrency Accounts** 

Cryptocurrency Portfolio Persons and their Immediate Family Members must report all Cryptocurrency accounts within the personal trading system and provide quarterly and annual statements of transactions and holdings reports to Compliance within 30 calendar days following each quarter end.<sup>15</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Additional Pre-Clearance Requirements** 

Cryptocurrency Portfolio Persons must pre-clear within the personal trade surveillance system and receive approval for all of their own and their Immediate Family Members' transactions in Applicable Cryptocurrency (including purchases, sales, and conversions between Applicable Cryptocurrency and another asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Prohibition on Short-Term Trading of Cryptocurrency** 

Cryptocurrency Portfolio Persons and their Immediate Family Members are prohibited from executing opposite-way transactions within 30-calendar days in Applicable Cryptocurrency (purchase and sale, sale and purchase, or equivalent conversions). See Section II.B.5 for further details regarding the short-term trading prohibition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Firm Trading and Blackout Period Restrictions for Personal Transactions in Cryptocurrency** 

Cryptocurrency Portfolio Persons and their Immediate Family Members must not transact in any Applicable Cryptocurrency:

• the same day of a PIMCO client trade in an Applicable Cryptocurrency;

• Prior to, and including, seven calendar days before: (i) the Portfolio Person transacts in the Applicable
Cryptocurrency for a PIMCO client account; or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so; and

• Within three calendar days after: (i) the Portfolio Person transacts in the Applicable Cryptocurrency for a
PIMCO client account or (ii) another Portfolio Person has transacted in the Applicable Cryptocurrency for a PIMCO client account, if the Portfolio Person knows of such other Portfolio Person's intention to do so.

The blackout period restriction shall apply unless a Compliance Officer provides specific written approval outside of the personal trading system.

See Section III.A.2, for further details regarding blackout period prohibitions.

<sup>14</sup> Personal use means you will occupy the property for more than two weeks a year or for more than 10 percent of the days that it is available for rent. 

<sup>15</sup> A Cryptocurrency Portfolio Persons is responsible for ensuring that all of their Cryptocurrency Accounts are held with a provider that can generate a transactions history report for submission to Compliance.

CODE OF ETHICS \| July 2025 8

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**IV.** **ADDITIONAL REQUIREMENTS FOR REPORTING PERSONS UNDER SECTION 16** 

Employees are responsible for determining whether they are subject to Section 16 requirements and arranging appropriate filings.

Employees who are reporting persons under Section 16 of the Securities Exchange Act of 1934 are subject to a 6-month holding period with respect to applicable PIMCO-advised or sub-advised closed-end funds and are subject to certain additional requirements (including that they may not short applicable PIMCO-advised or sub-advised closed-end funds and must pre-clear and obtain prior approval for transferring holdings in PIMCO-advised or sub-advised closed-end funds). Please consult a Compliance Officer for more information.

**V.** **CODE ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Authority to Grant Waivers of the Requirements of the Code** 

A Compliance Officer, in consultation with PIMCO's General Counsel or the Global Chief Compliance Officer, has the authority to exempt any Employee or any Personal Investment Transaction from any or all of the provisions of this Code if the Compliance Officer determines that such exemption 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. 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;**B.** **Non-Employee Personnel** 

Certain contractors, advisors, long-term consultants, temporary employees, interns and other individuals associated with PIMCO ("non-employee personnel") will be subject to this Code based on the individual's role and responsibilities, among other factors, as determined by Legal and Compliance in consultation with Human Resources and the hiring manager, as appropriate. Non-employee personnel will be notified in the event that they will be subject to the Code. Where determined to be applicable, the obligations of Employees as set forth in this Code shall apply to non-employee personnel, except Section II.A.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises** 

PIMCO will furnish a written report annually to the directors or trustees of each fund that PIMCO advises or sub-advises. Each report will describe any issues arising under this Code, or under procedures implemented by PIMCO to prevent violations of this Code, since PIMCO's last report, including, but not limited to, information about material violations of this Code, procedures and sanctions imposed in response to such material violations, and certify that PIMCO has adopted procedures reasonably necessary to prevent its Employees from violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Maintenance of Records** 

Records will be maintained in accordance with PIMCO's Records Management Policy and applicable law.

\* \* \*

CODE OF ETHICS \| July 2025 9

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**APPENDIX I - PRE-CLEARANCE, REPORTING, AND 30 CALENDAR DAY RULE REQUIREMENTS AND EXCLUSIONS BY ASSET TYPE** 

All Financial Instruments are subject to pre-clearance and approval unless specifically excluded below. Please contact your local Compliance Officer with questions.

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| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Do Transactions Require<br>Pre-clearance and<br>Approval?** | **Is Reporting of Securities<br>Required?<sup>1</sup>**  | **Are Transactions Subject<br>to the 30 Calendar Day<br>Rule?** |
|  **Equities** |  |  |  |
| Shares of common or preferred stock | **Yes** | **Yes** | **Yes** |
| Initial Public Offerings (IPOs)<sup>(2)</sup> | **Yes** | **Yes** | **Yes** |
| American Depository Receipts (ADRs) | **Yes** | **Yes** | **Yes** |
| Options & Warrants on equity securities | **Yes** | **Yes** | **Yes** |
| **Bonds** |  |  |  |
| Corporate or Municipal Bonds | **Yes** | **Yes** | **Yes** |
| Bonds convertible into common stock | **Yes** | **Yes** | **Yes** |
| Direct obligations of non-G-7<sup>(3)</sup> national governments for **Portfolio Persons** | **Yes** | **Yes** | **Yes** |
| Direct obligations of US Government or other G-7,<sup>(3)</sup> and European Un-ion national governments for **Portfolio Persons** | No | **Yes** | No |
| Direct obligations of U.S Government or other national government for **non-Portfolio Persons** | No | **Yes** | No |
| Derivatives on any bonds | **Yes** | **Yes** | **Yes** |
| **Exchange Traded Funds** |  |  |  |
| ETFs advised or sub-advised by PIMCO, and single-stock ETFs<sup>(4)</sup> | **Yes** | **Yes** | **Yes** |
| Single-cryptocurrency ETFs for **Cryptocurrency Portfolio Persons**<sup>(5)</sup> | **Yes** | **Yes** | **Yes** |
| Single-cryptocurrency ETFs for **non-Cryptocurrency Portfolio Persons** | No | **Yes** | No |
| Derivatives on ETFs | **Yes** | **Yes** | **Yes** |
| All other ETFs | No | **Yes** | No |
| **Mutual Funds and Closed-End Funds** |  |  |  |
| Open-end mutual funds advised or sub-advised by PIMCO or an Allianz affiliated entity or unit investment trusts that are exclusively invested in one or more open-end mutual funds that is advised or sub-advised by PIMCO or an Allianz affiliated entity | No | **Yes** | No |
| Unit investment trusts that are invested exclusively in one or more open-end mutual funds that are **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | No | No |
| Open-end mutual funds **NOT** advised or sub-advised by PIMCO or an Allianz affiliated entity | No | No | No |
| Closed-end mutual funds advised or sub-advised by PIMCO | **Yes** | **Yes** | **Yes** |
| Closed-end mutual funds **NOT** advised or sub-advised by PIMCO | **Yes** | **Yes** | **Yes** |
| Interval funds advised or sub-advised by PIMCO or an Allianz affiliated entity | **Yes** | **Yes** | **Yes** |
| Interval funds **NOT** advised or sub-advised by PIMCO or an Allianz affil-iated entity | No | **Yes** | No |
| **Currencies & Commodities** |  |  |  |
| Currencies for investment purposes | **Yes** | **Yes** | **Yes** |
| Currency futures<sup>(6)</sup>, forwards, swaps, or options thereon | **Yes** | **Yes** | **Yes** |
| Forex Spot **NOT** for investment purposes (e.g., to settle an investment transaction) | No | No | No |
| Physical Currencies (e.g., traveling abroad) | No | No | No |

---

CODE OF ETHICS \| July 2025 10

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| | | | |
|:---|:---|:---|:---|
| **Asset Type** | **Do Transactions Require<br>Pre-clearance and<br>Approval?** | **Is Reporting of Securities<br>Required?<sup>1</sup>**  | **Are Transactions Subject<br>to the 30 Calendar Day<br>Rule?** |
| **Currencies & Commodities (cont.)** |  |  |  |
| Commodities for investment purposes | **Yes** | **Yes** | **Yes** |
| Commodity futures<sup>(6)</sup>, forwards, swaps, or options thereon | **Yes** | **Yes** | **Yes** |
| Physical Commodities **NOT** for investment purposes (e.g., for personal use) | No | No | No |
| Cryptocurrencies (direct transactions) for **non-Cryptocurrency Portfolio Persons** | No | No | No |
| Cryptocurrencies (direct transactions) for **Cryptocurrency Portfolio Persons** <sup>(5)</sup> | **Yes** | Yes | **Yes** |
| Initial coin offerings (ICOs) <sup>(7)</sup> | **Yes** | **Yes** | **Yes** |
| Derivatives on cryptocurrencies | **Yes** | **Yes** | **Yes** |
| **Other** |  |  |  |
| Private placements, hedge funds, private equity, or any other private offering | **Yes** | **Yes** | No |
| Cash equivalents <sup>(8)</sup> | No | No | No |
| Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for non-Real Estate Portfolio Persons** | No | No | No |
| Real Estate Physical Property (Commercial or 5 or more residential units) for investment purposes **for Real Estate Portfolio Persons** | **Yes** | **Yes** | No |
| Real Estate Physical Property (1-4 residential units) for investment purposes **for Real Estate Portfolio Persons** | No | **Yes** | No |
| Real Estate Property (personal use) | No | No | No |
| Any Financial Instrument not referenced above | **Yes** | **Yes** | **Yes** |

---

**PIMCO/Allianz Retirement and Investment Account Requirements** 

---

| | | | |
|:---|:---|:---|:---|
| **Account Type** | **Do Transactions Require<br>Pre-clearance and<br>Approval?** | **Is Reporting of the<br>Account and Securities<br>Required?** | **Are Transactions Subject<br>to the 30 Calendar Day<br>Rule?** |
| **PIMCO/Allianz Retirement and Investment Accounts** |  |  |  |
| Charles Schwab Personal Choice Retirement Account within the Allianz 401k | **Yes** | **Yes** | **Yes** |
| Allianz Employee Stock Purchase Plan (ESPP) | **Yes** | **Yes** | **Yes** |
| Allianz Executive Deferred Compensation Plan (EDCP) | **Yes** | **Yes** | **Yes** |
| 529 Plan through PIMCO Benefits | No | **Yes** | No |
| PIMCO Direct Investment Accounts | No | **Yes** | No |
| Fund Invest Accounts through Charles Schwab and Fidelity | No | **Yes** | No |
| State Street Global Investor Series | No | **Yes** | No |

---

<sup>(1)</sup> If an investment account has the ability to invest in a reportable security within its investment options, the account is reportable to Compliance via the personal trading system.

<sup>(2)</sup> As a general matter, most pre-clearance requests involving IPOs will be denied.

<sup>(3)</sup> G-7 countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

<sup>(4)</sup> As a general matter, most pre-clearance requests involving single-stock ETFs will be denied.

<sup>(5)</sup> Cryptocurrency Portfolio Persons are required to report their and Immediate Family Members' Personal Securities Accounts that hold Applicable Cryptocurrency, pre-clear transactions in Applicable Cryptocurrency, including single-cryptocurrency ETFs on Applicable Cryptocurrency, and abide by the 30 calendar day rule for Applicable Cryptocurrency. Applicable Cryptocurrency is cryptocurrency that PIMCO is trading on behalf of clients. Cryptocurrency transactions include purchases, sales, and conversions between an Applicable Cryptocurrency and another asset. 

<sup>(6)</sup> Futures, including options on futures are prohibited.

CODE OF ETHICS \| July 2025 11

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<sup>(7)</sup> Initial coin offerings (ICOs) are prohibited for all employees and their Immediate Family Members.

<sup>(8)</sup> Cash equivalents include bank certificates of deposit ("CDs"), bankers acceptances, commercial paper and other high quality, non-sovereign short-term debt instruments (with an original maturity less than one year), including repurchase agreements.

**APPENDIX II - OPTIONS TRADING: PRE-CLEARANCE AND 30 CALENDAR DAY RULE** 

The following chart provides specific guidance on pre-clearance and short-term trading prohibitions for options trading.

---

| | | |
|:---|:---|:---|
| **Option Trading** | **Pre-clearance Required** | **Subject to Short Term Trading Restriction ("30<br>Calendar Day Rule")** |
| Purchasing/Selling an Option<sup>16</sup> | Yes | Yes<br>The option's expiration date must be greater than 30 days from the date of the option transaction.<br>An options contract cannot be bought and sold, or sold and bought, within 30 calendar days.<br>For avoidance of doubt, employees may trade a different options contract (i.e., different expiration or strike) within 30 calendar days. |
| Involuntary Option Assignment/Exercise of Existing Option Position | No Purchase or sale of underlying Security not directed by the Employee | No<br> The acquisition/disposition of a security resulting from an existing option position via an involuntary assignment/exercise is not subject to the 30 Calendar Day Rule |
| Directing an Option Exercise of Existing Options Position | Yes<br> To exercise an option, the purchase or sale of the underlying security must be pre-cleared before directing the option exercise | Yes<br> After the receipt or disposal of the underlying security due to a directed option exercise, employees are prohibited from executing an opposite way transaction in the underlying security for 30 calendar days |
| Rolling<sup>17</sup> an Option on All Other Underlying Securities | Yes<br> Pre-clearance of both legs of the transaction is required to roll the option | Yes<br> Other options are not allowed to roll within 30 calendar days (i.e., they are subject to the 30 Calendar Day Rule) |

---

<sup>16</sup> Voluntary corporate actions require pre-clearance.

<sup>17</sup> The simultaneous closing and opening of an option to extend the expiration or maturity of the initial position to the next available contract period immediately following such expiration or maturity.

CODE OF ETHICS \| July 2025 12

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**GLOSSARY** 

The following definitions apply to the capitalized terms used in the Code:

**Applicable Cryptocurrency** – means cryptocurrency that PIMCO is trading on behalf of clients.

**Approved Broker** – means a broker-dealer approved by the Compliance Officer. The list of Approved Brokers for each PIMCO location is accessible through the PIMCO Intranet or can be obtained from the Compliance Officer.

**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 Interest** – means when a person has or shares direct or indirect pecuniary interest in accounts or in reportable Financial Instruments. Pecuniary interest means that a person has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, unless specifically excepted by a Compliance Officer, an interest in a Financial Instrument held by: (1) a joint account to which you are a party; (2) a partnership in which you are a general partner; (3) a partnership in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (4) a limited liability company in which you are a managing member; (5) a limited liability company in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (6) a trust in which you or an Immediate Family Member has a vested interest or serves as a trustee with investment discretion; (7) a closely-held corporation in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; or (8) any account (including retirement, pension, deferred compensation or similar account) in which you or an Immediate Family has a substantial economic interest. A pecuniary interest (thus, Beneficial Interest) may arise with respect to any Financial Instrument including without limitation those (such as private equity and hedge fund investments) obtained through Private Placements.

**Cryptocurrency Account** – solely for the purposes of the Cryptocurrency Portfolio Person addendum, means any Personal Securities Account that holds or is expected to hold Applicable Cryptocurrency.

**Cryptocurrency Portfolio Person** – means any person who directly supports or directs trading in Applicable Cryptocurrency on behalf of PIMCO clients.

**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.

**Derivative** – means (1) any Futures (as defined below); and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option (other than an option on a foreign currency, an option on a basket of currencies, an option on a Security or an option on an index of Securities, which are included in the definition of "Security"). Questions regarding whether a particular instrument or transaction is a Derivative for purposes of this policy should be directed to the Compliance Officer or his or her designee. For avoidance of doubt, a derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of the Code.

**Financial Instrument** – means a Security, Derivative, commodity or currency as investment, but does not include Cryptocurrencies. For the avoidance of doubt, futures contracts on Cryptocurrencies are "Financial Instruments" for purposes of the Code.

**Futures** – means a futures contract and an option on a futures contract traded on a U.S. or non-U.S. board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange.

**Immediate Family Member**– generally means: (1) an Employee's spouse; (2) any of the following persons sharing the

CODE OF ETHICS \| July 2025 13

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same household with the Employee (which does not include temporary house guests): a person's child, stepchild, grandchild, parent, stepparent, grandparent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or domestic partner; (3) any person sharing the same household with the Employee (which does not include temporary house guests) that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (4) any person sharing the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person.

**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 of 1934. This also includes any non-US equity security offered publicly for the first time in any jurisdiction. Initial Public Offerings excludes fixed-income, preferred, business development companies, registered investment companies, commodity pools and convertible securities offerings.

**Non-Discretionary Account** – means any account managed by a broker dealer, futures commission merchant, or trustee as to which neither the Employee nor an Immediate Family Member: (1) exercises investment discretion; and (2) receives notice of specific transactions prior to execution.

**Personal Securities Account** – means (1) any account (including any custody account, safekeeping account, retirement account such as an IRA or 401(k) plan, and any account maintained by an entity that may act as a broker or principal) in which an Employee has any direct or indirect Beneficial Interest, including Personal Securities Accounts and trusts for the benefit of such persons; and (2) any account maintained for a financial dependent. Thus, the term "Personal Securities Accounts" also includes, among others:

(i) Trusts for which the Employee acts as trustee, executor or custodian;

(ii) Accounts of or for the benefit of a person who receives financial support from the Employee;

(iii) Accounts of or for the benefit of an Immediate Family Member; and

(iv) Accounts in which the Employee is a joint owner or has trading authority.

For the avoidance of doubt, the term "Personal Securities Account" does not include: (1) an account on the U.S. Department of the Treasury's Treasury Direct system, so long as the securities purchased through and/or held in such account may only be, or were, purchased through a non-competitive bid process; or (2) any account limited to direct holdings of Cryptocurrencies. For avoidance of doubt, an account that holds Derivatives on Cryptocurrencies would constitute a "Personal Securities Account" for purposes of the Code, and is subject to the requirements of Section II.A.2 above.

**Personal Securities Transaction** – means transactions in Securities (whether publicly offered or a Private Placement), Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in a Cryptocurrency, except for Cryptocurrency Portfolio Persons as noted in Appendix IV. For the avoidance of doubt, "Personal Securities Transaction" includes Derivatives on a Cryptocurrency.

**Portfolio Person** – means an Employee who: (1) provides information or advice with respect to the purchase or sale of a Financial Instrument, such as a research analyst; or (2) helps execute a portfolio manager's investment decisions. This includes Portfolio Managers, Economists, Traders, Portfolio Associates/Trade Assistants, Research Analysts, Portfolio Risk Management, members of Capital Markets team, and Asset Management team.

**Private Placement** – means an offering 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 SEC Rules 504, 505 or 506 under the Securities Act of 1933,

CODE OF ETHICS \| July 2025 14

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including hedge funds or private equity funds or similar laws of non-U.S. jurisdictions.

**Real Estate Portfolio Person** – means a Portfolio Person, employees of PIMCO Prime Real Estate LLC, or any other Employee designated by a Compliance Officer, with respect to PIMCO advised private funds that executes transactions in Real Estate Investment.

**Real Estate Investments**– means investments involving real estate for an investment purposes and not for personal use (such as, without limitation, purchases, sales, financings or other forms of investments in office, multifamily, retail, commercial, industrial or hospitality properties or interest in real estate services or service providers), either directly or through investments in funds (other than registered investment companies or publicly traded Securities that are otherwise subject to the Code of Ethics), joint ventures, partnerships, limited liability companies, mortgage or mezzanine loans or other Securities (other than publicly traded Securities that are otherwise subject to the Code of Ethics).

**Related Financial Instrument** – means any Derivative directly tied to the same underlying Financial Instrument, including, but not limited to, any swap, option or warrant to purchase or sell that same underlying Financial Instrument, and any Derivative convertible into or exchangeable for that same underlying Financial Instrument. For example, the purchase and exercise of an option to acquire a Security is subject to the same restrictions that would apply to the purchase of the Security itself.

**Securities and Commodities Laws** – means the securities and/or commodities laws of any jurisdiction applicable to any Employee, including for any employee located in the U.S. or employed by PIMCO, the following laws: 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 U.S. Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, broker-dealers and investment advisers, and any rules adopted thereunder by the U.S. Securities and Exchange Commission or the U.S. Department of the Treasury, the Commodity Exchange Act, any rules adopted by the U.S. Commodity Futures Trading Commission under this statute, and applicable rules adopted by the National Futures Association.

**Security** – means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract (e.g., investment in a business), 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 of 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.

CODE OF ETHICS \| July 2025 15

## Ex-99.P14

![LOGO](g767768dsp218.jpg)

**PineBridge Code of Ethics** 

The information contained herein is the property of PineBridge Investments and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording or otherwise) without the prior written permission of PineBridge Investments.

Effective: January 2025

**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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|:---|:---|
| **PineBridge Code of Ethics** | ![LOGO](g767768dsp218.jpg) |

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| | |
|:---|:---|
|  Definitions and Abbreviations | 3 |
| I. Introduction | 6 |
| II. Fiduciary Duties | 9 |
| III. Code of Conduct | 11 |
| IV. Insider Trading | 16 |
| V. Personal Securities Transactions | 21 |
| VI. Outside Business Activities | 31 |
| VII. Gifts & Entertainment | 34 |
| VIII. Political & Charitable Contributions | 37 |
|  Appendix A: Exempt Transactions | 39 |
|  Appendix B: Acknowledgement & Waiver Letter | 40 |

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&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| **PineBridge Code of Ethics** | ![LOGO](g767768dsp218.jpg) |

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Definitions and Abbreviations

**Access Person**: For the purpose of this Code, all employees and Non-Executive Directors of PineBridge are considered Access Persons. Access Persons may also include consultants, temporary workers, and interns, (each a "Contingent Worker") who have direct or indirect access to sensitive information. Sensitive information includes, but is not limited to, client or trade (PineBridge or personal) information, non-public information per the Insider Trading Policy set out within this Code, litigation-related and any information that the Contingent Worker's direct supervisor reasonably believes should be determined to be sensitive. It is the responsibility of the employee with direct supervision of a Contingent Worker to (1) determine whether the Contingent Worker has direct or indirect access to sensitive information; and (2) notify the Compliance Department and Human Resources upon the hire and termination of a Contingent Worker.

*Note: For purposes of this Code, a prohibition or requirement applicable to any Access Person applies also to transactions in Securities or Related Securities for any account for which the Access Person or a Household Member has control and/or Beneficial Ownership.*

**Beneficial Ownership**: A direct or indirect Pecuniary Interest in the securities or shares that an Access Person has. An Access Person is presumed to have a Beneficial Ownership interest in any Security held, individually or jointly, by the Access Person and/or a Household Member.

*Note: Access Persons should consult the Compliance Department if in doubt as to whether he/she has Beneficial Ownership of Securities*.

**Client**: An entity that has signed an agreement with PineBridge for the provision of discretionary or non-discretionary investment management services.

**Closed-End Fund**: Type of fund that has a fixed number of shares usually listed on a major stock exchange. Unlike open-ended mutual funds, closed-end funds do not issue and redeem shares on a continuous basis.

**Consultant**: An individual or organization providing professional services to PineBridge Investments for a fee.

**Cryptocurrency:** A 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. Examples include Bitcoin, Ethereum, Ripple, NEO and Litecoin.

**De Minimis Amount**: Gifts from any single individual representing an organization that in aggregate do not exceed $50 in value in a calendar month.

**Disinterested Director/Non-Employee Investment Committee Personnel**: A director of any Fund managed by PineBridge who is not in the position to influence the operations of a Client. Disinterested Directors are not subject to the requirements of this Code.

**Entertainment**: An event where a business contact, counterparty or vendor is present with the employee and where business matters can be discussed.

**Exchange Traded Funds (ETF)**: A fund that typically tracks an index, but can be traded like a stock. An ETF holds assets such as stocks, commodities or bonds, and trades close to its net asset value over the course of a

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| **PineBridge Code of Ethics** | ![LOGO](g767768dsp218.jpg) |

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trading day. Because ETFs are traded on stock exchanges, they can be bought and sold at any time during the day (unlike most mutual funds).

**Fund**: Registered open-end and closed-end investment companies or commingled vehicles advised or sub-advised by PineBridge.

**Gift**: Anything of value that is received and/or offered from/to a business contact, vendor, counterparty or regulatory body.

**Household Member**: A member of an Access Person's family and/or legal dependent that shares the same residence as the Access Person.

**Investment Personnel**: Any employee entrusted with the direct responsibility and authority, either alone or as part of a co-manager team or group, to make investment decisions affecting a Client's investment plans and interests, as well as other personnel, such as research analysts, trading personnel, individuals who provide information or advice to portfolio managers and those individuals who execute portfolio manager decisions.

**Manager**: Any employee who has one or more other employees who report to him or her.

**Non-Executive Director:** Any person appointed as a Non-Executive Director of PineBridge Investments, L.P. or a member company.

**Pecuniary Interest**: The opportunity to profit directly or indirectly or share in any profit derived from a transaction in a security.

**PineBridge or the "Firm"**: Member company of PineBridge Investments, L.P.

**Private Placement**: The sale of a bond or other security directly to a limited number of investors in a private offering (e.g. hedge fund and private equity fund).

**Related Security**: Any instrument related in value to that Security, including, but not limited to, any option or warrant to purchase or sell that Security, and any Security convertible into or exchangeable for the Security.

**Robo-Adviser:** A type of managed account or financial adviser that provides financial advice or investment management, primarily online, with moderate to minimal human intervention. Robo-Advisors generally use algorithms to provide an automated portfolio management service based on a client's risk tolerance and time horizon. The account holder at a qualifying Robo-Adviser does not generally have the ability to direct the purchase or sale of any individual investments within the account. Typically, investment options will be limited to ETFs, mutual funds or other Exempt Securities. Examples include Betterment, Wealthfront, Acorns, MarketRiders,

Creditease's Toumi RA, and Algebra.

**Securities**: Any REIT, note, stock (including ADRs), 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, futures contracts and options traded on a commodities exchange, including: currency futures; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option or privilege on any security 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

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| **PineBridge Code of Ethics** | ![LOGO](g767768dsp218.jpg) |

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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 security.

*For the purposes of the Code, please note the following:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Commodities <u>are not</u> considered Securities.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Futures and options on any group or index of Securities <u>are</u> considered Securities.* 

**StarCompliance:** A web based application used by Access Persons to submit all necessary forms/reports under the requirements of this Code. Access Persons must, whenever possible, use StarCompliance to comply with the reporting requirements of this Code. However, in cases where an Access Person does not have access to the system, the Access Person must receive approval from the Compliance Department prior to submitting any required forms/reports manually.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| **PineBridge Code of Ethics** | ![LOGO](g767768dsp218.jpg) |

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I. Introduction

***A. Purpose***

PineBridge believes that individual investment activities by its officers and employees should not be prohibited or discouraged. Nonetheless, the nature of the Firm's fiduciary obligations necessarily requires some restrictions on the investment activities of Access Persons and their Household Members.

Access Persons are agents of PineBridge. In managing assets for the Firm's Clients, Access Persons have a fiduciary responsibility to treat the Firm's Clients fairly. This duty requires a course of conduct, consistent with other statutory obligations, that seeks to be prudent and in the Client's best interest.

This Code of Ethics (the "Code") is intended to address three fundamental principles that must guide the personal investment activities of Access Persons in light of his or her fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Place the interests of the Firm's Clients first.** As fiduciaries, Access Persons must avoid serving
personal interests ahead of the interests of the Firm'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 the Firm's Clients.** 

This Code, along with other PineBridge policies and procedures, is designed to be consistent with the ethical and professional principals of conduct as identified in the CFA Institute's Asset Manager Code of Professional Conduct for which the Firm has claimed compliance.

This Code has been adopted pursuant to applicable regulations, which require that every registered investment company and registered investment adviser adopt a code of ethics regarding personal investment activities of persons having access to information about portfolio transactions of the Firm's Clients. In addition, investment advisers must keep certain records regarding personal investment activities of Access Persons and make them available for regulatory inspection.

***B. Compliance with this Code***

Compliance with this Code and the applicable securities laws is a condition of employment or contract for services. A violation of this Code may be cause for disciplinary action by PineBridge, including termination of employment or service contract. Other disciplinary actions may include exceptions, warnings, disgorgement of trading profits, and periods of "probation" during which all personal investment activities (except for specifically approved liquidation of current positions) are prohibited.

Meeting our responsibilities enables our business to succeed and grow, today and in the future. Each of us is expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Understand and act according to this Code and the Firm's policies, applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seek guidance from management, compliance personnel or the Firm's legal counsel when you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Promptly report concerns about possible violations of this Code or applicable laws and regulations to
management.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Participate in training to keep up-to-date on current standards and expectations. All Access Persons, with the exception of Non-Executive Directors, will receive
an electronic mail requiring completion of Code of Ethics training.

No reason, including the desire to meet business goals, can ever be an excuse for violating laws or regulations.

**Manager/Supervisor Responsibility:** It is the responsibility of the employee with direct supervision of a Contingent Worker to: (1) determine whether the Contingent Worker has direct or indirect access to sensitive information; and (2) to notify the Compliance Department and Human Resources upon the hire and termination of a Contingent Worker.

Each Manager is expected to fulfill the following additional responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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;&nbsp;&nbsp;&nbsp;&nbsp;2. Be a resource for Access Persons. Ensure that they are aware of, understand, and know how to apply this Code
and the Firm's policies, applicable laws and regulations in their daily work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Seek assistance from other Managers or the Firm's legal counsel, compliance officers or human resource
professionals when unsure of the best response to any given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Be proactive. Take reasonable actions to prevent and identify misconduct. Report situations that might impact
the ability of Access Persons to act ethically on behalf of PineBridge.

Any transactions that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to the Firm's Clients will be subject to scrutiny regardless of technical compliance with the Code.

**This Code shall be superseded by local regulatory practices as applicable. Each regional compliance officer shall communicate such exceptions to all Access Persons in their respective region.** 

**Access Persons are required to report any violations of this Code to the Chief Compliance Officer (or his or her designee). Most concerns can be resolved by talking to and working with management, Human Resources and/or Compliance. If further review and inquiry are required, the Chief Compliance Officer and/or other applicable parties will promptly investigate any reported items. Access Persons will not face retaliation if he/she reports violations of this Code. Retaliation itself constitutes a violation of this Code.** 

**In addition, Access Persons may ask questions, raise concerns or report instances of non-compliance with this Code, PineBridge policies or applicable laws and regulations by contacting their regional compliance officer.** 

***Note: To the extent that Access Persons are away from work on extended leave and will be accessing the Firm's email or computer systems, the Access Person is required to comply with the requirements outlined in the Code. Special arrangements regarding submission of pre-clearance requests should be cleared with the Compliance Department prior to the commencement of leave.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Certificate of Compliance** 

Access Persons will receive a copy of this Code and any amendments as they are made. New hires are required to certify that they have received a copy of the Code and that they understand its contents. All Access Persons are required to certify their receipt and understanding of amendments to the Code. In

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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addition, all Access Persons other than Non-Executive Directors, must make annual certifications within 30 days of the calendar year-end using StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Code Violations** 

For the purpose of this policy, violations may include, but are not limited to, the failure to: (a) pre-clear a trade, (b) file a certification within established timeframes, (c) disclose a brokerage account, (d) complete any required training in the specified time period and (e) report a gift, entertainment, political contribution, or outside business activity in accordance with the Code. Violators of the Code may be reported to senior management and the Board of PineBridge Investments, L.P. and/or its subsidiaries. The Global Chief Compliance Officer and regional compliance officers have the ability to consider the application of the Code on a case-by-case basis including the ability to grant waivers, exceptions, or warnings as deemed appropriate, on the assumption that there is sufficient reason and any instances are appropriately documented.

• **First Violation** – Following assessment of all relevant facts, the Compliance Department may issue a
violation memo to the Access Person, with a copy sent to his or her direct supervisor and/or the senior manager of his or her business group. If deemed sufficiently serious, Human Resources may be consulted.

• **Second Violation** – The Access Person shall receive a disciplinary memo from the Compliance
Department, with a copy sent to his or her direct supervisor, the senior manager of his or her business group, and the Global Chief Compliance Officer. Using their discretion, Compliance may choose to include the Regional Head of Human Resources and
the Regional Chief Executive Officer ("CEO"). The Access Person will be required to meet with a Compliance Officer to discuss the importance of complying with this policy and may be required to complete additional training. An offending
Access Person may be excluded from the bonus pool for a second violation at the discretion of PineBridge senior management.

• **Third Violation** – In addition to the disciplinary actions applicable to second violations, the
Access Person shall be subject to disciplinary and/or monetary sanctions including but not limited to the following: suspension of trading privileges, disgorgement of trading profits and/or termination of employment or service contract. The sanction
shall be at the discretion of the senior manager of the Access Person's business group, the Global Chief Compliance Officer and the Firm's CEO.

Please note that any violation of the Insider Trading Policy included in this Code may lead to immediate termination.

Compliance will retire a Code of Ethics violation from an Access Person's record following two (2) years of activity without incurring any new violations.

Certain countries may have procedures for handling violations that differ from those discussed above. In those countries, PineBridge will follow the local procedures, which may be more stringent than those included in this Code.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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II. Fiduciary Duties

***A. Fraudulent Practices***

If an Access Person purchases or sells, directly or indirectly, a Security or commodity, which is held or is to be acquired by a Client, the Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make any untrue statement of a material fact or omit to state to a Client a material fact which makes the statement misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engage in any act, practice or course of business which would operate as a fraud or deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) engage in any manipulative practice with respect to such Client.

***B. Conflicts of Interest***

Your position at PineBridge cannot be used for inappropriate personal gain or advantage to you or a member of your family. Any situation that creates, or even appears to create, a conflict of interest between personal interests and the interests of PineBridge and/or a Client must be avoided in the first instance or if avoidance is not possible the senior manager of the Access Person's business group and relevant compliance officer need to determine what steps should be taken to manage the conflict of interest and initiate any disclosures, for example to clients, which may be deemed necessary. Potential conflicts of interest should be reported to management, who will work with the compliance officer assigned to your business to determine how best to handle the situation.

**Corporate Opportunities** 

Access Persons are prohibited from taking for themselves or directing to a third party a business opportunity that is discovered through the use of PineBridge corporate property, information or position, unless PineBridge has already been offered and declined the opportunity. Access Persons are prohibited from using corporate property, information or position for personal gain to the exclusion of PineBridge and from competing with PineBridge.

**Personal Relationships** 

Immediate family members, members of your household and individuals with whom you have a close personal relationship should never improperly influence business decisions.

***C. Dispensing Information***

Access Persons must obtain prior written approval from the Compliance Department before dispensing any reports, recommendations or other information concerning securities holdings or securities transactions for Clients to anyone, other than the Clients themselves. No approval is needed if such persons have a business need for this information as a part of their normal duties and activities. Access Persons may disclose this information if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between PineBridge and a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the information is reported to directors or trustees of a Client or to an administrator or other fiduciary of a Client and if these persons receive the information in the course of carrying out their fiduciary duties.

*Note: The above does not apply to certain information that is required to be dispensed by registered investment companies.*

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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III. Code of Conduct

This section of the Code discusses general standards of conduct that must be followed. Any Access Person who has knowledge of, or in good faith suspects, a violation of any of these laws, regulations or policies must report them promptly to the compliance officer assigned to your business.

***A. Access Person Privacy***

PineBridge respects the personal information and property of Access Persons. Access to personal information or Access Persons property is only authorized for appropriate personnel with a legitimate reason to access such information or property. Nonetheless, from time to time, PineBridge may access and monitor Access Person internet usage and communications. Subject to local laws, Access Persons shall have no expectation of privacy with regard to workplace communication or use of PineBridge information technology resources.

***B. Customer Privacy and Data Security***

PineBridge Clients expect us to carefully handle and safeguard the business and personal information they share with us. Access Persons must never compromise a PineBridge Client's trust by disclosing private information other than to those with a legitimate business need to know.

The classification of information as personal information or business data may differ by country. Access Persons who handle customer information are responsible for knowing and complying with applicable information privacy and information security laws. In all cases Access Persons must maintain appropriate physical, administrative and technical safeguards for personal information and business data.

Access Persons must be especially vigilant in following laws, regulations and policies when transferring personal information and business data across country borders. Access persons should raise any questions about information privacy and/or data security they have to their manager, Legal, or Compliance.

***C. Relations with Business Partners***

The Firm's business partners<sup>1</sup> serve as extensions of PineBridge. When working on behalf of PineBridge, business partners are expected to adhere to the spirit of the Code, and to any applicable contractual provisions. Access Persons must ensure that business partners do not exploit their relationship with PineBridge or use the Firm's name in connection with any fraudulent, unethical or dishonest transaction.

***D. Fair Dealing***

PineBridge seeks competitive advantages only through legal and ethical business practices. Access Persons must conduct business in a fair manner with customers, service providers, suppliers and competitors. Access Persons must not disparage competitors or their products and services. Improperly taking advantage of anyone through manipulation, concealment, abuse of privileged information, intentional misrepresentation of facts or any

<sup>1</sup> Parties such as agents and consultants, who represent PineBridge to the public.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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other unfair practice is not tolerated. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

***E. Antitrust and Fair Competition***

PineBridge competes vigorously and fairly around the world. PineBridge seeks to maintain and grow its business through superior products and services, not through improper or anti-competitive practices. PineBridge strives to understand and comply with global competition and anti-trust laws. These laws are complex. Access Persons who are unsure of appropriate practices should consult with the compliance officer assigned to their business for additional information and clarification.

The following guidelines will help ensure fair business conduct and appropriate competition.

Do:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain information about the Firm's competitors only from lawful and appropriate sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comment on competitors or their products or services based only on factual information.

Do not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agree formally or informally with a competitor to fix prices or other terms of sale, rig bids, set production or
sales levels, or allocate customers, markets, or territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discuss any of the following with a competitor: prices, bids, customer sales, commissions, terms of sale,
profits, margins, costs, production, inventories, supplies, marketing plans or other competitively sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attend meetings with competitors at which competitively sensitive information, including the subjects mentioned
in the above two bullets, is discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agree with others outside of PineBridge as to which suppliers or customers to do business with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make unsubstantiated or untruthful comparisons to competitors or their products or services.

***F. Safeguarding PineBridge Resources***

To best serve our customers and shareholders, it is vital that Access Persons demonstrate proper care and use of our resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Physical Property** 

The Firm's property, including real estate, equipment and supplies, must be protected from misuse, damage, theft or other improper handling.

Generally, the Firm's property is meant solely for the Firm's business, though incidental personal use, such as local telephone calls, appropriately limited personal use of email, minor photocopying or computer use is permitted.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Intellectual Property** 

The Firm's intellectual property consists of any business ideas or information that PineBridge owns, such as unique products and methodologies. PineBridge protects its intellectual property through patents, trademarks and copyrights. Access Persons are required to safeguard the confidential information and trade secrets belonging to PineBridge and its business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Funds** 

The Firm's funds are to be used responsibly and solely for the Firm's business. Corporate credit cards issued to employees for payment of business expenses may not be used for personal expenses. Access Persons have a responsibility to safeguard PineBridge funds from misuse or theft and ensure that PineBridge receives good value when spending the Firm's funds. You should only seek reimbursement for actual, reasonable and authorized business expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Information Technology Systems** 

The Firm's information technology systems include computers, networking resources, email systems, telephone, voice systems and other computer-processed information. Each of us has a responsibility to protect these systems and the data resident on these systems, from improper access, damage or theft.

Subject to applicable local laws, PineBridge may have the right to review all electronic mail and other electronic information to determine compliance with this Code, laws, regulations or the Firm's policy. Electronic information in this context includes without limitation, emails, instant messages, and voicemails sent or received from the Firm's computer, Blackberry or other handheld electronic device, or work station or to/from a PineBridge email address. All may be subject to review.

The electronic mail and messaging systems are the Firm's property and are intended for business purposes. Occasional, incidental, appropriate personal use of these systems may be permitted if the use does not interfere with any employee's work performance, have undue impact on the operation of the email system, or violate any other PineBridge policy, guideline, or standard.

Email messages and any other communications sent or received using the Firm's information technology systems are not to be used to create, store, or transmit information that is hostile, malicious, unlawful, sexually explicit, discriminatory, harassing, profane, abusive or derogatory. These systems also are not to be used to intentionally access web sites, which contain illegal, sexually explicit or discriminatory content.

***G. Money Laundering Prevention***

PineBridge is committed to meeting its responsibilities to help prevent money laundering and terrorist financing. These responsibilities generally include identifying clients, monitoring client activity and reporting suspicious or unusual activity consistent with applicable laws. Access Persons are required to familiarize themselves with and abide by anti-money laundering programs established by PineBridge and its business units. Suspicious activity reporting requirements are time sensitive. Access Persons should contact their manager or the compliance officer responsible for money laundering prevention as soon as they have a concern that an activity may be unusual or suspicious. (Please also refer to the Firm's anti-money laundering policies for additional information.)

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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***H. Economic Sanctions***

In compliance with U.S. and other applicable economic sanctions programs, Access Persons are prohibited from conducting business with or benefiting designated governments, individuals and entities (such as suspected terrorists and narcotics traffickers), as well as individuals and entities that are located in, have certain dealings with or are nationals or agents of particular countries. To determine if a government, individual or entity is subject to these prohibitions, consult with a member of the Compliance Department. (Please also refer to the Firm's Global Economic Sanctions Policy for additional information.)

***I. Communicating with Regulators and Other Government Officials***

Inquiries from regulators, outside the normal course of the Firm's regulatory relationships, must be reported immediately to the regional compliance officer before a response is made. Financial reporting related inquiries may be responded to by authorized members of the Finance Department. Responses to regulators must contain complete, factual and accurate information. During a regulatory inspection or examination, documents must never be concealed, destroyed or altered, nor should lies or misleading statements be made to regulators. Requests from auditors are subject to the same standards.

***J. Government Business***

Doing business with governments may present different risks than business in the commercial marketplace. Laws relating to contracts with international, federal, state and local agencies generally are more stringent and complex. Certain conduct and practices that might be acceptable in the commercial setting are prohibited in the public sector. You should therefore consult with management, or the compliance officer assigned to your business before you make any decision about doing business with government entities.

***K. Former Government Officials***

PineBridge is committed to compliance with all laws and regulations applicable to any Access Person who has previously worked in government. Many jurisdictions have laws and regulations in place that are designed to prohibit former government officials from taking improper advantage of his or her previous position. Any Access Person who has served as a government official, in any capacity, must be aware of and comply with all laws and regulations applicable to former government officials.

***L. Anti-corruption and Bribery***

PineBridge is committed to compliance with all applicable laws and regulations designed to prevent violations of the Foreign Corrupt Practices Act ("FCPA") and other U.S. and international anti-bribery laws.

Access Persons must never use improper means to influence another's business judgment. No PineBridge employee, agent, or independent contractor may provide bribes or other improper benefits, financial or otherwise, to another person in order to obtain or retain business, bring about the improper performance of a relevant function or activity, or an unfair advantage in any business interaction that involves PineBridge, our customers, or employees. Applicable laws, regulations and government agencies define improper benefits very broadly and continue to expand the definition (e.g. the hiring of children of foreign government officials). Payments or promises to pay something of value to obtain or retain business or otherwise secure an improper advantage must never be made to a government official or employee, or other public officials who hold legislative, administrative or judicial

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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positions. Government officials may include senior management of enterprises that are controlled or owned in whole or in part by a government.

Anti-corruption laws also prohibit the creation of inaccurate or false books and records and they require companies to develop and maintain adequate controls regarding corporate assets and accounting. All PineBridge employees and officers are required to familiarize themselves with and comply with all applicable PineBridge policies and procedures. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

***M. Whistleblower Protection Policy***

PineBridge must adhere to all applicable laws and regulations. The support of all Access Persons is needed to assist PineBridge in achieving compliance with applicable laws and regulations. If any Access Person reasonably believes that a policy, practice, or activity of PineBridge, or of another individual or entity with which PineBridge has a business relationship is in violation of an applicable law or regulation, a report must be filed by that Access Person with the Compliance Department. PineBridge will seek to protect the identity of the individuals making the report and Access Persons may remain anonymous. Access Persons may submit such reports via the PineBridge Speak Up Program, which offers both phone and web reporting methods. The PineBridge Speak Up Program is available on the PineBridge Intranet homepage <u>here</u> (Source > Employee > PineBridge Speak Up Program).

A report submitted through the PineBridge Speak Up Program will be reviewed by the Firm's Global Chief Compliance Officer ("CCO"). The Global CCO is responsible for conducting a review or investigation of the report. The Global CCO may utilize all resources available to him in conducting the review or investigation including consultation with the General Counsel or another member of the Firm's Legal Department, or if deemed necessary, retain independent outside advisors or consultants.

PineBridge will not retaliate against an Access Person who, in good faith and with reasonable belief, has made a report with the Compliance Department or lawfully provided information to or assisted the Securities Exchange Commission ("SEC") or any other relevant regulator concerning some practice of PineBridge, or of another individual or entity with whom PineBridge has a business relationship, on the basis of a reasonable belief that the practice is in violation of an applicable law or regulatory requirement. Although internal reporting is encouraged, no one may take any action to impede an individual from communicating with the SEC or other regulatory body about a possible securities law violation. In addition, certain individuals reporting such practices (subject to restrictions and requirements) may be eligible for a reward. For further information, please contact the Compliance Department.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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IV. Insider Trading

Insider trading refers to the buying and selling of a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, non-public information about the security. Please refer to the PineBridge Global Information Barriers Compliance Policy for a more detailed description of the Firm's Insider Trading Policy. Insider trading laws generally prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trading by an insider, while in possession of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trading by a non-insider, while in possession of material, non-public information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Communicating material, non-public information to others in breach of a
fiduciary duty.

***A. Material Information***

Material information generally is information that an investor would consider important in making his or her investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities. Material information does not have to relate directly to a company's business.

Information is considered material if it relates to matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) dividend or earnings expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) write-downs or write-offs of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) proposals or agreements involving a joint venture, merger, acquisition, divestiture or leveraged buy-out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) criminal indictments, civil litigation or government investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) substantial changes in accounting methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) major litigation developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) bankruptcy or insolvency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) public offerings or private sales of debt or equity securities.

*Note: The above list of examples is non-exhaustive. Please contact the Legal or Compliance Department with any questions regarding the materiality of information.*

Information provided by a company can be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company or the securities of several companies. This policy applies to all types of securities, as well as any option related to that security.

***B. Non-public Information***

Non-public information is information that has not generally been made available to investors. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an insider is also considered non-public information.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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For non-public information to become public, it must be disseminated through recognized channels of distribution designed to reach the securities marketplace. Once the information has been distributed, it is no longer considered non-public. Disclosure in a national business and financial wire service (e.g., Dow Jones, Bloomberg or Reuters), a national news service (AP), a national newspaper (e.g., *The Wall Street Journal* or *The New York Times*), or a publicly disseminated disclosure document (a proxy statement or prospectus) constitutes public information.

*Note: Generally, information is considered non-public until 24 hours after public disclosure.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Information Provided in Confidence** 

Occasionally, one or more Access Persons may become temporary insiders because of a fiduciary (a person or entity to whom property is entrusted for the benefit of another) or commercial relationship.

As an insider, PineBridge has a fiduciary responsibility not to breach the trust of the party that has communicated the material, non-public information by misusing that information. The fiduciary duty arises because PineBridge has entered or has been invited to enter into a commercial relationship with the client or prospective client and has been given access to confidential information solely for the corporate purposes of that client. The obligation remains regardless of whether PineBridge ultimately participates in the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Information Disclosed in Breach of Duty** 

Even where there is no expectation of confidentiality, a person may become an insider upon receiving material, non-public information in circumstances where (i) a person knows, or should know, that a corporate insider or tipper is disclosing information in breach of the fiduciary duty he/she owes the corporation and its shareholders and (ii) the corporate insider or tipper is receiving a personal benefit, directly or indirectly, from the disclosure of the information. A prohibited personal benefit could include a present or future monetary gain, a benefit to one's reputation, an expectation of quid pro quo from the recipient or the recipient's employer by a gift of the inside information. The definition of a prohibited personal benefit continues to be litigated in the courts and the regulators seek to expand the definition.

A person may, depending on the circumstances, also become an insider when he/she obtains material, non-public information by happenstance. This includes information derived from social institutions, business gatherings, overheard conversations, misplaced documents and tips from insiders or other third parties.

***C. Guidance on Insider Trading***

Any Access Person who is uncertain as to whether the information he/she possesses is material, non-public information should take the following steps immediately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Report the matter to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Refrain from purchasing or selling the securities on behalf of oneself or others, including Clients managed by
the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Refrain from communicating the information inside or outside of PineBridge, other than to the Compliance
Department.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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The Compliance Department will instruct the Access Person on how to proceed.

***D. Penalties for Insider Trading***

The penalties for insider trading are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to civil and/or criminal penalties even if he/she does not benefit personally from the violation.

***E. Procedures to Implement the Policy against Insider Trading***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Trading Restrictions and Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) No Access Person who possesses material, non-public information
relating to PineBridge or any of its affiliates or subsidiaries, may buy or sell any securities of PineBridge or engage in any other action to take advantage of, or pass on to others, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) No Access Person who obtains material, non-public information which
relates to any other company or entity in circumstances in which such person is deemed to be an insider or is otherwise subject to restrictions under the securities laws, may buy or sell securities of that company or otherwise take advantage of, or
pass on to others, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Access Persons shall submit reports concerning each Securities transaction and should verify their personal
ownership of such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Access Persons should not discuss any potentially material, non-public information concerning PineBridge or other companies except as specifically required in the performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Information Barrier Policy** 

Information barriers are designed to restrict the flow of inside information and to prevent Access Persons on the public side (e.g., trading desks) from gaining access to material, non-public information, which came from the private side.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Cross-Barrier Procedures** 

A "cross-barrier communication" is a communication between an Access Person on the public side and Access Person on the private side. The communication can be in the form of a conversation, an email, a memo, a research report or any other communication of an Access Person's opinion about the value of a security.

Access Persons are permitted to have cross-barrier communications regarding (a) investments generally, which communications do not relate to any specific issuer (e.g. industry related investment communications) and (b) communications which are issuer specific, but which involve only public information (Legal or Compliance should be consulted prior to these conversations to determine if such communication should be monitored by the Legal or Compliance Department).

Access Persons on the private side of the information barrier are prohibited from communicating non-public information (including impressions or information derived from non-public information) regarding an issuer of public securities to any Access Person on the public side of the information

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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barrier unless the communication is notified in advance and monitored by the Compliance Department and the public side has agreed to receive the information prior to the information being communicated.

The Access Person who was brought across the barrier must maintain the confidentiality of the information received at all times and may use it only for the business purposes for which it was disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The Watch List** 

The Watch List is a highly confidential list of companies about which PineBridge may have received or may expect to receive material, non-public information. The contents of the Watch List and any related restrictions imposed by the Compliance Department are extremely confidential therefore access to the Watch List is strictly limited and tightly controlled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***<u>Placement of Securities On/Off the Watch List</u>*** 

A company normally will be placed on the Watch List when PineBridge has received or expects to receive material, non-public information concerning that company. This usually occurs when PineBridge is involved in an assignment or transaction that has not been publicly announced or when PineBridge otherwise determines that there is a need to monitor the trading activity in such company.

A company will be removed from the Watch List at the request of the person who initiated placement on the list, usually when the company's involvement in the transaction relating to the company has ended. Companies also may be removed from the Watch List when they are moved to the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***<u>Implementation and Monitoring</u>*** 

The person who initially places a company on the Watch List is responsible for notifying the Compliance Department when it should be removed. The Compliance Department maintains the Watch List. In addition, the Compliance Department monitors trading activity in any company on the Watch List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Restricted List** 

The Restricted List is a confidential list of companies that are subject to restrictions in trading. Restrictions apply to trading for Advisory Clients, proprietary accounts, and trading for Access Person and related accounts.<sup>2</sup> Companies on the Restricted List are to be kept confidential and are not to be disclosed to anyone outside of PineBridge.

<sup>2</sup> Certain issuers on the Restricted List that have been added by the Leveraged Finance team may not restrict the trading of leveraged loans for the issuer in question. The issuers for whom this is true will be designated as such on the Restricted List.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***<u>Placement of Securities On/Off the Restricted List</u>*** 

The placement of a company on the Restricted List generally restricts all trading in the securities of that company. Since a company may be placed on the Restricted List for a number of reasons, no inferences should be drawn concerning a company or its securities due to its inclusion on such list.

A company will be removed from the Restricted List at the request of the person who initiated placement on the list, usually when the company's involvement in the transaction relating to the company has ended.

For public companies in which an Access Person (other than a Non-Executive Director) sits on the Board of Directors or acts in a similar capacity, the relevant issuer will be placed on the Restricted List upon notification to Compliance. Access Persons (other than Non-Executive Directors) are required to report their "outside business activities" or "related board level activities" in StarCompliance (see "Outside Business Activities" within this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***<u>Implementation and Monitoring</u>*** 

The Compliance Department is responsible for placing or removing a Security from the Restricted List and has the ultimate responsibility for maintaining the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Confidentiality** 

In carrying out business activities, Access Persons often learn confidential or proprietary information about PineBridge, its customers, suppliers and/or third parties. Access Persons must maintain the confidentiality of all information entrusted to them, except where disclosure is authorized or legally required.

***F. Anti-Fraud and Anti-Manipulation***

In connection with the purchase or sale of any Securities, Access Persons shall not, directly or indirectly, (i) employ any device, scheme or artifice to defraud, (ii) make any untrue statement of a material fact or omit to state a material fact, (iii) engage in any act, practice or course of business which would operate as a fraud or deceit, (iv) engage in any manipulative practice, or (v) trade ahead of or in conflict with an investment recommendation.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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V. Personal Securities Transactions

The key purpose of this policy is to ensure that conflicts of interest between Access Persons and Clients arising from the personal securities transactions of Access Persons are limited. The main driver for the potential conflict of interest is the differential of information available to employees and Clients.

***A. Trading in General***

Access Persons may not knowingly engage in the purchase or sale of a Security or Related Security (other than an Exempt Security, as explained below) of which they have Beneficial Ownership (other than an Exempt Transaction, as explained in Appendix A) and which, within seven (7) calendar days before and after the transaction (also known as the "Blackout Period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Client.

The Blackout Period restriction applies on an issuer-level basis, such that an employee is prohibited from placing an equity trade where the Firm is placing a fixed-income trade in the same issuer<sup>3</sup>. In certain circumstances, the Compliance Department may provide an exception to an Access Person that permits the Access Person to trade within seven (7) calendar days of a Client transaction. If an Access Person has been unable to receive approval for a pre-clearance request for 30 calendar days (by receiving at least one pre-clearance denial per week over the 30 days) due to Advisory Client transactions, the Access Person may contact the Compliance Department and the Compliance Department will undertake an analysis (which may include factors such as prior exceptions granted, the Access Person's group and its relation to the Security in question, and the Firm's current and prior trading of the Security), and may attempt to designate a day on which the Access Person may transact. Such an exception may only be given when closing a position (either in part or in full) and will typically be in instances where PineBridge has not transacted on the prior business day.

*S&P 500 Exemption to the Blackout Period:* 

The Blackout Period does not apply to Securities in the S&P 500 Index where the quantity of Securities requested for pre-clearance is 500 shares or fewer for the period described above as the Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exempt Securities** 

Exempt Securities are Securities that do not have to be pre-cleared or reported to the Compliance Department and are not subject to the short-term trading limitation requirement of this Code.

The following are Exempt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities that are direct obligations of the U.S. and foreign governments.

<sup>3</sup> When the ultimate parent company for an issuer is a government entity, trading in one state-owned entity does not prohibit trading in all other state-owned entities controlled by that government.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper, money market funds and certain high
quality debt instruments (e.g., structured notes / deposits including currency linked notes, interest rate linked notes and index-linked notes), including repurchase agreements. ADRs do not fall into this category;

*Note: High quality debt instruments are interpreted to mean any instrument that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares of unaffiliated registered open-end investment companies (e.g. open-end non-affiliated mutual funds), annuities, or other commingled vehicles.

Exchange Traded Funds ("ETFs"), options on ETFs and closed-end funds (including business development companies) do not require pre-clearance in StarCompliance, but accounts holding these instruments are not exempt from reporting under the Code and must be disclosed in StarCompliance.

Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated mutual funds, certain 529 Plans investing in only Exempt Securities, as well as 401(k) plans investing in only Exempt Securities, such as the PineBridge 401(k) plan) are not required to be reported in StarCompliance.

Affiliated Funds<sup>4</sup> are considered Non-Exempt and thus require pre-clearance prior to transacting. The <u>Current List</u> of Affiliated funds is available on SOURCE (excluding affiliated fund purchases in the PineBridge 401(k) plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any transactions and/or holdings in Securities in a blind trust over which an Access Person has no direct or
indirect influence, control or knowledge. An Access Person must notify the Compliance Department of the establishment of such blind trust as part of their initial certifications on StarCompliance or of any opening of such blind trust thereafter.
Documentation must be provided to the Compliance Department as evidence that the Access Person has no direct or indirect influence, control or knowledge of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Investment linked insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Compulsory savings plans for the retirement of residents (e.g. mandatory provident fund/occupational retirement
schemes in Hong Kong, central provident fund in Singapore, or equivalent in other jurisdictions).

*Note 1: In addition to the above, there are certain transactions designated by the Compliance Department as Exempt ("Exempt Transactions"), which are not* 

<sup>4</sup> PineBridge employees in Taiwan do not require pre-clearance for affiliated fund purchases. Taiwan employees can invest in PineBridge Funds via a PineBridge omnibus account, provided they have opened a PineBridge brokerage account before investing. These transactions will be kept in the Taiwan fund administration system and meet compliance requirements. 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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*required to be pre-cleared, but are required to be reported to Compliance. These transactions are discussed in Appendix A.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Circumstances Requiring Pre-clearance** 

All Access Persons must obtain pre-clearance via StarCompliance and/or from the Compliance Department prior to purchasing or selling a Security that is neither an Exempt Security nor can be bought or sold in an Exempt Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Pre-clearance Approval:** Once received, pre-clearance approval is valid for the same day and the next trading day through the market close in which the security is being traded (**the "Approval Period")**. 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.

To avoid confusion, the trade request approval generated from the system will contain a "Local Expiry Date/Time", indicating the end of the Approval Period. An order that is not executed within the Approval Period must be re-submitted for pre-clearance approval. Approval for a private placement purchase or initial public offerings ("IPOs") is valid until the closing of the private placement transaction or IPO period.

Access Persons wishing to enter a limit order for a Security that is neither an Exempt Security nor can be bought or sold in an Exempt Transaction are only permitted to enter limit orders that are good for the day they are entered ("Day Order"). **Access Persons may not enter limit orders with durations exceeding a day (e.g., good-til-cancelled, stop loss) for transactions other than Exempt Securities or Securities that can be bought or sold in an Exempt Transaction.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Procedures for Approval:** Access Persons must request pre-clearance electronically, using StarCompliance. Pre-clearance approval is granted if the purchase or sale complies with this Code and the foregoing restrictions.

Non-Executive Directors are not subject to the pre-clearance requirement referred to above unless at the time of the transaction, knew or, in the ordinary course of fulfilling the Non-Executive Director's official duties as a director of PineBridge, should have known that: (a) PineBridge

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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engaged in a transaction in the same security within the last seven (7) calendar days or is engaging or going to engage in a transaction in the same security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a transaction in the same security or is considering a transaction in the same security within the next seven (7) calendar days. In addition, the following requirements of this Policy, Sections V.A.3, 4, 5 and 7 do not apply to Non-Executive Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Initial Public Offerings<sup>5</sup>** 

The purchase of equity Securities in IPOs by Access Persons can create an appearance that such personnel have taken inappropriate advantage of their positions for personal benefit. Accordingly, Access Persons who are Investment Personnel are prohibited from purchasing an IPO. All other Access Persons must obtain pre-clearance from the Compliance Department prior to participating in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Private Placements** 

Access Persons must obtain prior approval through StarCompliance from the Compliance Department before acquiring Beneficial Ownership of any Securities offered in a Private Placement (other than a Private Placement sponsored by PineBridge). Access persons may be requested to supply to Compliance copies of any private placement memorandum, subscription documents, offer sheets, term sheets or other written documentation pertaining to the deal. Approval will be given only if it is determined that the investment opportunity should not be reserved for Advisory Clients and that the opportunity to invest has not been offered to the Access Person by virtue of his or her position.

Access Persons must disclose investments in a Private Placement if an investment in the issuer of the Private Placement is being considered for a Client and the Access Person is involved in the decision making process. A decision to make such an investment must be independently reviewed by the Access Person's manager or a Managing Director who does not have Beneficial Ownership of any Securities of the issuer.

The Private Placement must be reported in StarCompliance and confirmation of the purchase must be provided to the Compliance Department once complete. Investments by Access Persons in Private Placements sponsored by PineBridge are required to be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Short-Term Trading** 

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizing profits from selling a Security fewer than 30 calendar days after the purchase of the position (i.e.
trade date + 30 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizing profits from closing a short position within 30 calendar days of opening the position (i.e. trade date
+ 30 days).

<sup>5</sup> Exemptions to the Firm's policy on IPOs may be granted provided that PineBridge follows local regulatory requirements and the Compliance Department provides prior approval.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizing a profit on a put or call option (whether through expiration or through automatic execution) fewer than
30 calendar days after the purchase or sale of the underlying position (i.e. trade date + 30 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To clarify with an example, if a trade is executed on January 1st, it cannot be sold at a profit until February
1st. If that position is sold on January 31th or earlier, it will be considered a violation.

A last-in, first-out ("LIFO") methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. (Note: gains are calculated differently under this rule than they would be for tax purposes.)

There are a few exceptions to this prohibition: (1) Exempt Securities; (2) ETFs that track an index; (3) futures and options on ETFs; (4) redemption of funds with a cooling off period; (5) non-volitional margin calls (employees receiving margin calls that result in hardship should contact their local Compliance Department); (6) hardship exemptions, which may be approved by the Compliance Department in extreme circumstances; and (7) any other special exemption approved by Compliance prior to the profit being realized. Hardship exemptions and special exemptions must be approved in advance of trading. Please contact the Compliance Department with any questions.

The Compliance Department will monitor short-term trading and address any abuses of short-term trading profits on a case-by-case basis. If an abuse is discovered, Access Persons may be required to disgorge any profits realized on personal trades executed within 30 days. Day trading by Access Persons is strictly prohibited.

Personal trading in unusually high frequency is discouraged. The Compliance Department may contact any Access Person and/or his or her supervisor deemed to be trading with excessive frequency. This principal applies to Exempt Securities as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Market Timing** 

Market Timing is the short-term trading in and out of predominantly US registered investment companies, generally those that are focused on non-US investments using information that is publicly known, but not yet reflected in the share price. Furthermore, more sophisticated market timers have taken advantage of disparities between the last quoted price of a Fund's underlying portfolio securities and potentially inaccurate fair valuation of those securities. Market timing by Access Persons is strictly prohibited whether or not the market timing relates to products advised or sub-advised by PineBridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Gifting of Securities / Inheritance** 

The gifting of Securities or receiving of securities from an inheritance is permitted without pre-clearance. Nonetheless, these Securities must be disclosed in StarCompliance and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Cryptocurrency** 

Cryptocurrency is a 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. Also referred to as digital currencies, alternative currencies and virtual currencies, cryptocurrencies generally utilize blockchain technologies, which is a distributed ledger system. There are more than

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1500 cryptocurrencies and popular examples include Bitcoin, Ethereum, Ripple, Litecoin, and NEO. PineBridge does not currently trade in cryptocurrencies for its Clients. Because there is no potential conflict with Client trading, Access Persons are permitted to trade in cryptocurrency without preapproval to Compliance and without disclosing their trading accounts subject to the compliance of local laws and regulations. However, trading in cryptocurrencies is highly speculative and includes a high risk of loss. Additionally, the regulatory landscape concerning cryptocurrencies is still in its infancy and some nations and financial regulators may limit or restrict trading and actions that are perceived as criminal in nature (including money laundering). Any Access Person choosing to trade in cryptocurrencies should proceed with caution, especially to meet fit and proper criteria which includes financial soundness. Also they should ensure they are complying with any local laws and regulations adhering to all other sections of the Code, including high frequency or day-trading.

*Note 1: Although Cryptocurrencies do not generally trade on regulated exchanges, Access Persons still need to obtain pre-approval prior to trading derivative products (e.g. futures) where the underlying instrument is a cryptocurrency. For example, the Chicago Mercantile Exchange ("CME") currently offers trading on Bitcoin futures. If an Access Person wanted to trade in the Bitcoin future on the CME, they would need to obtain pre-approval and comply with the Code.*

***B. Reporting***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure of Holdings and Accounts** 

Access Persons must disclose via the "Initial Holdings Report" or through direct registration in

StarCompliance to the Compliance Department, whether they have a direct or indirect Beneficial Ownership and/or control of any Securities or affiliated fund accounts within 10 calendar days of commencement of employment (such information must be current as of a date no more than 45 days prior to employment).

If an Access Person subsequently opens a new account of which he/she has Beneficial Ownership and/or control (whether or not this account holds reportable Securities), the Access Person must notify the Compliance Department via StarCompliance within 10 calendar days following the opening of such account. Securities held in certificate form that are not held in street name must also be reported to the Compliance Department via StarCompliance. Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated mutual funds, 529 Plans investing in only Exempt Securities, and 401(k) Plans investing in only Exempt Securities) as defined in the Exempt Securities section above are not required to be reported. All reports submitted to the Compliance Department will be treated as confidential. Accounts at qualifying Robo-Advisers are not required to be disclosed in StarCompliance if the Robo-Advisers investment options are pre-selected by the Robo-Adviser and the Access Person is not able to pick individual stocks and/or funds to invest in. Examples of qualifying Robo-Advisers include, but are not limited to, Betterment, Wealthfront, Acorns, MarketRiders, Creditease's Toumi RA, and Algebra. If there is a question regarding whether a Robo-Adviser qualifies under the Code, please consult Compliance.

Any Access Person who fails to report his or her holdings or the opening of a new brokerage account in accordance with this Code shall be deemed to be in violation of this Code.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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*Note 1: An account with no holdings, and where the Access Person has no intent to use the account going forward,* ***must still be reported*** *to the Compliance Department and is still subject to this Code. By reporting the account to Compliance, any subsequent activity in such accounts will be reported.*

**Annual Holdings Report**

Access Persons must provide and certify on an annual basis, a report of their accounts and beneficial holdings within 30 days after the calendar year end. The information must be current as of a date no more than 45 days prior to the submission of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Transactions for Access Persons** 

Access Persons must arrange for the Compliance Department to be provided all transactions electronically in an account that is Beneficially Owned and/or controlled by such Access Person. In order for the Access Person to arrange the delivery of electronic data, the Access Person must notify the Compliance Department of the broker-dealer(s) from which the Compliance Department will request the setup of the electronic transactional feed. The <u>Approved E-feedable Brokers</u> list is available on SOURCE. Access Persons must arrange for the Compliance Department to receive transaction data through electronic delivery directly from the broker-dealer.

*NOTE: For Access Persons located in Asia and EMEA where, due to regulatory requirements or market practice, electronic feeds of transactions are unavailable, Access Persons are required to provide the Compliance Department on a timely basis with duplicate copies of confirmations for all transactions and periodic broker statements in relation to account(s) that are Beneficially Owned and/or controlled by such Access Person.* 

*Note 1:* ***Electronic Broker Feeds*** 

*Access Persons employed by PineBridge entities in the Americas, and Household Members of those Access Persons, must maintain personal securities accounts in which they have a beneficial interest at brokerage firms that are able to provide the transaction data electronically to PineBridge. If an Americas Access Person maintains an account(s) prior to joining PineBridge with brokerage firms that do not provide data electronically to PineBridge, he/she will be asked to move the account(s) to a brokerage firm that does within 60 days of employment. The Approved Brokers list is available on SOURCE. Access Persons outside of the Americas should also endeavor to provide transaction data through electronic delivery where possible. If an Access Person outside of the Americas maintains an account at a broker where electronic feeds are available, the Access Person must enable the electronic feed to be delivered to StarCompliance. For certain brokers, this may require additional action by the Access Person. This requirement applies to all accounts, even if an account has no holdings or trading activity.* 

*Note 2:* ***Non-Discretionary / Managed Accounts****, in which an Access Person does NOT have trading discretion and the account is managed by a third party and who executes trades and manages an account on behalf of the Access Person,* ***are required to be reported.*** *Transactions in such accounts do not require pre-clearance and are not subject to the Blackout Period or Short-Term Trading rules, however reporting is still required. Therefore, for such discretionary / managed accounts, Access Persons must ensure they provide duplicate confirmations and statements to the Compliance* 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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 *Department, or for Access Persons located in the Americas, brokerage firms that provide transaction data electronically to PineBridge must be used (per Note 1 above). Accounts at Robo-Advisers are not subject to reporting, subject to the compliance of local laws and regulations.* 

**Quarterly Transactions Certification – For Access Persons Located Outside of the Americas**

Access Persons who are located outside of the Americas are required, within 30 days after the calendar quarter, to complete a report of all transactions in Securities of which the Access Person had Beneficial Ownership and/or control (except for those Securities classified as Exempt Securities).

Access Persons who are located outside of the Americas must complete the report even if no reportable transactions occurred during the quarter.

**Exceptions to Reporting Requirements**

A Non-Executive Director is not subject to the reporting requirements of B.1 or B.2 above; however, a quarterly report under B.2 is required if the Non-Executive Director, at the time of the transaction, knew or, in the ordinary course of fulfilling the Non-Executive Director's official duties as a director of PineBridge, should have known that: (a) PineBridge engaged in a transaction in the same security within the last seven (7) calendar days or is engaging or going to engage in a transaction in the same security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a transaction in the same security or is considering a transaction in the same security within the next seven (7) calendar days.

***C. Exceptions***

Compliance may grant exceptions to the above rules at their discretion. Any such exceptions will be approved by the Chief Compliance Officer and communicated to the relevant employee.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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|:---|:---|:---|:---|
| **Transactions & Securities Matrix** | **Transactions & Securities Matrix** | **Transactions & Securities Matrix** | **Transactions & Securities Matrix** |
| **Type / Description** | **Pre-clearance**<br> **Required?** | **Reporting**<br> **Required** | **Additional Information** |
| **Transaction in Non- Exempt Security**<br> (e.g. common stock) | ✓ | ✓ |  |
| **Transaction in an Exempt Security**<br> (e.g. unaffiliated mutual fund) | X | X |  |
| **Exempt Transaction**<br> (e.g. ETF) | X | ✓ |  |
| **Transactions in Affiliated Funds** | ✓ | ✓ |  |
| **Transactions in PineBridge Sponsored Funds** | X | ✓ |  |
| **Transactions in IPOs** | ✓ | ✓ | **Investment Personnel** are prohibited from purchasing an IPO. |
| **Private Placements** | ✓ | ✓ |  |
|  |  |  | **Pre-clearance:** Submit request through StarCompliance Module **Reporting:** Signed subscription/deal documents must be provided through the StarCompliance system or via email to<br> <u>StarCompliance@pinebridge.com.</u> |

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&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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| **Brokerage Accounts Matrix** | **Brokerage Accounts Matrix** | **Brokerage Accounts Matrix** | **Brokerage Accounts Matrix** | **Brokerage Accounts Matrix** |
| **Type / Description** | **Reporting<br>Required** | **E-feed<br>Connection<br>Available?** | **Paper Broker<br>Statements sent<br>to Local<br>Compliance<br>Department?** | **Additional Information** |
| **Active Brokerage Account for Access Person located <u>in the Americas</u>** | ✓ | ✓ | X | **Active Brokerage Account at Non-E-Feed Broker that Cannot be Transferred:** Certain accounts may not be able to switch brokers (e.g. a compensation plan); if this is the case, reporting is required by way of arranging for copies (paper or pdf) of broker statements to be sent to StarCompliance with the coordination of local Compliance Department. |
| **Active Brokerage Account for Access Person located <u>outside the Americas</u>** | ✓ | ✓ | ✓ | **Possible e-feed connection:** If the Non-U.S. Employee has an account at an e-feed broker, the Employee must authorize the e- feed connection. If not, duplicate copies (paper or pdf) of statements must be sent to your local Compliance department. |
| **Active Brokerage Accounts that only invest in Exempt Securities**<br> (e.g. several 529 plans, several 401K plans, qualifying Robo-Advisers) | X | X | X | **Requirements:** An account holding only Exempt Securities, and where the Access Person has no ability to invest in non- Exempt securities, does not have to be reported. *Accounts at qualifying Robo-Advisers are not subject to reporting, subject to the compliance of local laws and regulations.* |
| **Inactive Brokerage Account** | ✓ | ✓ | ✓ | **Requirements**: An account with no holdings, and where the Access Person has no intent to use the account going forward, must be reported. |

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&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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VI. Outside Business Activities

"<u>Outside business activities</u>" include service as an employee, consultant, board member, partner, officer, director, owner or trustee of an organization that is not an affiliate of PineBridge.

Given the nature of the Firm's business, the Firm's duties to its clients and equity owners, and the role of investment and financial advisory professionals generally, Access Persons who engage in outside business activities may face numerous and significant potential conflicts of interest. Prior to pursuing any such outside business activities, Access Persons (other than Non-Executive Directors) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive approval from the Access Person's supervising Managing Director or department head if the outside
business activity includes service on a board or similar body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complete a declaration under the Outside Activity section found on <u>StarCompliance within 30 calendar days</u>,
which will be reviewed and approved or disapproved (as appropriate) by the Compliance Department and the Access Person's supervisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the outside business activity includes service on a board of directors or similar body, obtain the
Acknowledgment and Waiver Letter described below if required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive approval from your Supervising Managing Director for a presentation, talk, or service on a panel in which
you are offered an honorarium.

Hiring managers must obtain information regarding Outside Business Activities from potential new hires prior to extending an offer to proactively identify any potential conflicts of interest. An initial disclosure of outside business activities must be made to the Compliance Department at the commencement of employment.

*Note: If the Board position is for a public company (i.e., the company is listed on an exchange), Compliance must be notified <u>prior to</u> such appointment. Public companies that have an Access Person as a Board member will be added to the Restricted List until the Access Person no longer serves in a capacity in which MNPI could be obtained.*

<u>General Guidelines</u>

When engaged in an approved outside business activity, Access Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when a potential conflict of interest may arise, always make decisions in the best interest of PineBridge and our
customers – not to advance personal interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remain aware of how personal activities can lead to potential conflicts, such as taking a second job with or
making an investment in a PineBridge customer, vendor or competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss with your manager any situation that could be perceived as a potential conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proactively address situations that may put your interests or those of a family member or friend in potential
conflict with PineBridge or its customers.

<u>Service on Outside Boards</u>

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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The Compliance Department will determine procedures to prevent the misuse of material, non-public information, which may be acquired through service on the board of a company, as well as other procedures or investment restrictions, which may be required to prevent actual or potential conflicts of interest.

In certain circumstances, the corporation or other entity in which the board governs must provide the Access Person with written assurances (an "<u>Acknowledgment and Waiver Letter</u>") regarding potential conflicts that may arise from time to time. The Acknowledgement and Waiver Letter should include an acknowledgement by the company that potential conflicts may exist, that the Access Person will resolve those conflicts in favor of PineBridge, and that the Firm has waived any such conflicts. The Compliance Department may determine, based on the nature of the activity of serving on the Board, the position the Access Person holds on the board, the job function of the Access Person at PineBridge, among other things, whether the Acknowledgement and Waiver Letter is required. Depending on the facts and circumstances, the Compliance Department will notify the Access Person if the Acknowledgement and Waiver Letter is required. A form of Acknowledgement and Waiver Letter is attached to this Code of Ethics as Appendix B.

In addition to complying with the policies and procedures set forth in this Code, Access Persons must be vigilant in identifying and managing the potential conflicts of interest that may arise by virtue of their service on a board. Depending on the circumstances, these conflicts may require the Access Person to recuse him- or herself from deliberations of the board. In some cases, it may be necessary to resign from the board entirely. Access Persons should seek guidance from the Legal or Compliance Department as to how these potential conflicts may be best addressed.

<u>Insolvent companies</u>

Access Persons should also be aware that corporations that are insolvent or operating in the so-called "zone of insolvency" may present particular legal challenges for officials and directors, including expansion of fiduciary duties to include the corporation's creditors, as well as its shareholders. The case law relating to duties of directors of insolvent corporations is unsettled, and may vary considerably from jurisdiction to jurisdiction. Access Persons serving on a board that becomes insolvent or enters the vicinity of insolvency should seek legal guidance promptly from the board's legal counsel.

<u>Service as a Public Official<sup>6</sup></u>

Before serving as a public official or running for elected office, an Access Person must obtain prior written approval from the Firm's General Counsel or his or her designee. It is important that personal political activities or interests do not conflict with responsibilities at PineBridge or imply the support of PineBridge.

<sup>6</sup> "Public Official" includes other related positions in a government capacity that may cause or appear to cause a conflict of interest with PineBridge.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Firm's name should never be used by employees running for a political office, other than to identify
PineBridge as their employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holding or campaigning for political office by a PineBridge employee must not create, or appear to create, a
conflict of interest with the Firm's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PineBridge funds or other PineBridge assets are never to be used for political purposes, including political
advocacy ("lobbying") without first consulting the Legal or Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only authorized representatives can make corporate contributions to political candidates for public office on
behalf of PineBridge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• because laws and regulations governing corporate political activities and contributions are complex, the Legal or
Compliance Department must be consulted regarding contributions to ensure such contributions and activities are permitted and consistent with the Firm's business strategy for the region.

To avoid even the appearance of any conflict with the Firm's interests, employees who participate in community support efforts outside of PineBridge sponsored programs should never imply the Firm's endorsement of the effort.

<u>Exceptions</u>

The term "outside business activities" generally is not intended to include service to any organization that is (i) a personal holding company or (ii) an entity identified in Section 501(c)(3) of the US Internal Revenue Code (provided that it is an unpaid position). A "<u>personal holding company</u>" is an entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is wholly-owned by the Access Person and/or members of the Access Person's immediate family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is used solely for the Access Person's personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not actively managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have any dealings with PineBridge or its Clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not compete with PineBridge.

The approvals required for outside business activities are not required for activities relating to those exempted organizations. However, these activities must be reported in StarCompliance.

Activities such as ownership or directorship of a company whose sole purpose is to hold a property that generates passive rental income, membership on the board of a residence and other similar activities will not be considered outside business activities and are exempt from the approval and reporting requirements. If you have any questions on activities not specifically mentioned, please contact the Compliance Department.

In addition, Consultants or Contingent Workers deemed Access Persons are not required to disclose their primary employer as an Outside Business Activity. For example, if PineBridge hires a Consultant from ABC Consulting Firm and the Consultant is determined to be an Access Person, the Consultant is not required to disclose ABC Consulting Firm as an Outside Business Activity.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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VII. Gifts & Entertainment

Modest Gifts and appropriate Entertainment can help strengthen business relationships, but these business courtesies, whether given or received by PineBridge employees, must never improperly influence business decisions or bring about the improper performance of a Relevant Function or Activity<sup>7</sup>. Accordingly, it is best practice to monitor the offer and receipt of Gifts and/or Entertainment. In all matters related to Gifts or Entertainment, it is the responsibility of the Access Person to exercise good judgment.

The below requirements related to Gifts and Entertainment apply in most regions; however local thresholds and reporting procedures may exist in certain jurisdictions. Additionally, certain clients or counterparties (e.g. government entities and/or plans) may have stricter rules and prohibitions regarding giving or receiving gifts and entertainment. Please consult your regional policies and procedures or discuss with your regional compliance officer. Please note that amounts are stated in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General Guidelines:** 

Offering and/or accepting Gifts and Entertainment is appropriate provided there is a business purpose, the expense incurred is ordinary and necessary, and the Gift or Entertainment falls within this Code and all relevant laws and regulations. Special care must be taken when providing Gifts and Entertainment to officials or employees of governments or government owned or controlled enterprises or other officials who hold legislative, administrative or judicial positions. When providing Gifts or Entertainment to government officials or employees of government owned or controlled enterprises, you are required to abide by local law and the Firm's anti-corruption policies. Access Persons should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** never allow business Gifts and Entertainment, whether given or received, to improperly influence
business decisions or bring about the improper performance of a relevant function or activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** remember if the donor is not present, then the Entertainment is subject to Gift policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** respect local and cultural sensitivities when exchanging business Gifts and Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** never provide or accept extravagant Gifts or lavish Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** never offer or receive anything that could be considered a bribe or other improper payment or Gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** never solicit Gifts, favors or Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** ensure that Gifts and Entertainment are reasonable, ordinary, in good taste, customary and lawful in the
country or region where they are exchanged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** never offer or accept cash or cash equivalent (i.e., gift cards) in any amount.

<sup>7</sup> Relevent Function or Activity: Any function either of a public nature, connected with a business, performed in the course of a person's employment or performed on behalf of a company or another body of persons.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Access persons are expected to consult with the Compliance Department if they have any questions regarding Gifts or Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Giving Gifts:** 

Access Persons (other than Non-Executive Directors) giving Gifts to prospective or existing clients or counterparties must submit a Gifts Disclosure in StarCompliance for all Gifts within 30 calendar days of giving the Gift.<sup>8</sup> Access Persons may not provide Gifts to a prospective or existing individual of a client exceeding $100 in aggregate in any calendar year. Any exception to the $100 limit must be approved in writing by the Access Person's supervising Managing Director in advance of giving the Gift. Access Persons are generally prohibited from providing Gifts valued at more than $150, however, exceptions may be granted in certain instances provided that prior approval is received from the regional head of compliance and line of business supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Receiving Gifts:** 

All Gifts received<sup>9</sup> by Access Persons (other than Non-Executive Directors) exceeding the De Minimis Amount must be reported via the Gifts and Entertainment Disclosure on StarCompliance within 30 calendar days of the date of receipt of such Gift. In addition, Gifts valued at more than $100 must be approved by the Access Person's supervisor within five (5) business days. While PineBridge has adopted a prohibition on Gifts valued at more than $150, certain Gifts in excess of $150 received by Access Persons may be accepted, provided that they be shared among the department receiving the Gift. The manager of the department receiving the gift is responsible for seeing that the gift is reported via StarCompliance. Where such a Gift cannot be reasonably shared amongst employees (as in the case of an item of clothing), the Gift may be accepted and subsequently donated to charity. This includes, among other things, gratuities and Gifts received by Access Persons for speaking engagements.

If you are offered a Gift that does not meet the above criteria, politely decline the Gift. If declining a Gift would be offensive or hurt a business relationship, accept the Gift on behalf of PineBridge and submit a written Gift report to your supervisor, and work with your supervisor and the Compliance Department to determine the appropriate disposition of the Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Entertainment Given:** 

Any entertainment given, excluding client meals, by an Access Person (other than a Non-Executive Director) must be reported through StarCompliance within 30 calendar days of providing such Entertainment. If there are multiple Access Persons giving the Entertainment, then only one Access Person need to report the entertainment in StarCompliance so long as all Access Persons are named within the report.

Client meals must be disclosed in the Concur expense reporting system. On a quarterly basis Compliance will review expense reports related to client meals given by Access Persons for any prohibited activities. outlined earlier in the policy. Access Persons must also comply with travel and entertainment policies

<sup>8</sup> Reporting requirements do not apply to gifts of minimal value (e.g., pens, notepads or modest desk ornaments) or to promotional items valued at less than $20 that display the PineBridge logo (e.g. umbrellas, tote bags or shirts). 

<sup>9</sup> Employees that are Registered Representatives of PineBridge Securities LLC may not offer or receive gifts in excess of $100 and must report all gifts given or received, regardless of the amount. 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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developed by PineBridge. For any office that is not currently using the Concur system, please contact the PineBridge Accounts Payable Team to ensure that disclosure of a client meal is recorded.

Travel, including flights, hotels, and lavish destinations, should not be given to prospective or existing clients unless under special circumstances. Contact the Compliance Department prior to extending travel accommodations to a client. Managing Director approval may also be required for certain client travel situations. In the case of PineBridge offering hotel lodging, this is permitted for only the night(s) related to the event (no extra nights). High-profile special events require prior approval from the Access Person's supervising Managing Director or department head (e.g. The World Cup, The Super Bowl, and NBA Playoffs, etc.).

**5.** **Entertainment Received:** 

Access Persons (other than Non-Executive Directors) must report through the StarCompliance system all Entertainment received within 30 calendar days of the receipt of such Entertainment.

Entertainment includes but is not limited to: meals, cocktails, outings (e.g. golf, theater tickets, concerts, sporting events) and holiday parties when the third party provider is in attendance.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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VIII. Political & Charitable Contributions

***A. Political Contributions***

PineBridge is committed to complying with all applicable regulations related to political contributions. Certain of these regulations may disqualify PineBridge from seeking business from a potential client on the basis of a contribution made by an employee. Employees are required to familiarize themselves with and abide by policies and procedures covering political contributions established by PineBridge and regional compliance departments. Contact your manager or your local compliance officer if you have any questions on the policies that are applicable to you. For the purposes of this policy, a "Covered Associate" is defined as an employee of PineBridge Investments LLC or PineBridge Galaxy LLC (both US SEC registered investment advisers).

In order to avoid current or potential future conflicts of interest, Covered Associates, together with their spouse and dependent Household Members<sup>10</sup>, **must obtain <u>prior approval</u> from Compliance through the StarCompliance system <u>before</u> making any political contributions to any state or local US government official or candidate.** Covered Associates, together with their spouse and dependent Household Members, are prohibited from making political contributions to any state or local US government official, entity or political party (including incumbents, candidates or successful candidates for elected office, including any election committees) that in aggregate are in excess of the following limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Up to $150 per candidate, per election to candidates for whom the Covered Associate is not entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Up to $350 per candidate, per election to candidates for whom the Covered Associate is entitled to vote<sup>11</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Up to $350 per Political Party, Political Action Committee ("PAC") or similar organization
established in support of a Political Party or particular candidate per election, as long as the contribution to the Political Party, PAC or similar organization is not used to indirectly exceed the limits in A. and B. above.

Please note that these limits apply to all states and political subdivisions of states (e.g. cities, counties, municipalities, etc.), including pools of assets sponsored or established by a state or local government (e.g. pension plans for government employees).

However, these limits and the requirement to obtain prior approval from Compliance do not apply to candidates for Federal office (US Senate, House of Representatives, or presidency) who do not currently hold any state or local government office. In addition, although this Policy is limited to also include dependent Household Members, it should be very clear that no Covered Associate may indirectly seek to circumnavigate the intent of this rule through other individuals or means, such as through privately owned corporations.

<sup>10</sup> Dependent Household Members for purposes of this policy include individuals who are either family members or with whom you share a residence whom you also claim as a dependent for tax purposes.

<sup>11</sup> A person is "entitled to vote" for an official if the person's primary residence is in the locality in which the official seeks election. 

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Covered Associates are prohibited from compensating (or coordinating or soliciting) any third party (such as a placement agent or PAC) to solicit advisory business from a US government official, entity or political party (as described in further detail above), unless the third party is registered as either a US broker-dealer or investment adviser and has certain similar restrictions in place. Americas Compliance must be consulted prior to: (1) hiring/using any such service; and (2) any change in the third party's activities, where the third party may solicit business in the US.

The policy also includes providing "in-kind" non-cash contributions to a political campaign. For example, the use of the Covered Associates' or Firm's time or resources to benefit any state or local US government official, entity or political party would be subject to the above limits.

Note for all Covered Associates: The SEC's adopting release (Release No. IA-3043) to the rule regarding "Political Contributions by Certain Investment Advisers" provides further guidance such that PineBridge Investments LLC and Covered Associates must never "funnel payments through third parties, including, for example, consultants, attorneys, family members, friends or companies affiliated with the adviser as a means to circumvent the rule."

Non-compliance with this section may result in disciplinary action, up to, and including termination of employment. Covered Associates may be required to certify their compliance with the above requirements on a periodic basis.

Any request for exceptions must be made to Americas Compliance prior to any contribution being made.

***B. Personal Charitable Contributions Involving a Potential or Existing Client***

PineBridge may, from time to time, provide sponsorship and/or assistance to bona fide charities, educational establishments, community groups and other organizations, whether in the form of funds, assets, services, or other types of support (collectively "Charitable Contributions").

All contributions must be for a bona fide charitable purpose and must not conflict with the terms of the Code of Ethics or any other PineBridge policy. Access Persons (other than Non-Executive Directors) must receive pre-approval for <u>any **personal**</u> Charitable Contribution(s) via the StarCompliance system through the "Outside Activity" module in any scenario where a potential or existing client is asking an Access Person to contribute using personal funds.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Appendix A: Exempt Transactions

**Introduction** 

The Firm's Code provides that no Access Person may knowingly engage in the purchase or sale of a Security (other than an Exempt Security) or Related Security of which he/she has Beneficial Ownership and/or control (other than an Exempt Transaction), and which, within seven (7) calendar days before and after the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. is being considered for purchase or sale by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is being purchased or sold by a Client.

The Code provides further that classes of transactions may be designated as Exempt Transactions by the Compliance Department.

**Designation of Exempt Transactions** 

In accordance with the Code, the Compliance Department has designated the following classes of transactions as Exempt Transactions, based upon a determination that the transactions do not involve any realistic possibility of a violation of applicable regulations. Unless otherwise noted, the following transactions do not require pre-clearance, **but are subject to the reporting requirements of the Code** (i.e., reported in StarCompliance via an electronic broker feed or by way of the Compliance Department receiving paper or pdf confirms and statements from the broker). Exempt Transactions are not subject to the 30 day short-term trading limitation:

1. Purchases or sales of Securities that are not eligible for purchase or sale by Advisory Clients, for example,
shares in closely held or family held companies.

2. Purchases of Securities under automatic or dividend reinvestment plans.

3. Purchases of Securities by exercise of rights issued to the holders of a class of Securities pro-rata, to the extent they are issued with respect to Securities of which an Access Person has Beneficial Ownership.

4. Purchases of Securities by exercise of rights granted to employees under employee stock ownership plan.

5. Acquisitions or dispositions of Securities as a result of a stock dividend, stock split, reverse stock split,
merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of Securities of which an Access Person has Beneficial Ownership.

6. Acquisitions of Securities by the exercise of rights which are granted to borrowers/policyholders of financial
institutions which apply for a public listing of their shares and offer "Free" shares to existing borrowers/policyholders.

7. Transactions in ETFs and Exchange Traded Notes.

8. Transactions in closed-end funds.

9. Foreign Currency transactions. (Note: There is no requirement to report or pre-clear any normal foreign exchange transactions (e.g. converting Euros for US Dollars) or report holdings in foreign currency.)

10. Futures, options trading and spread betting on broad based indices, such as the S&P 500. (Note: All other
spread betting must be pre-cleared.)

11. Acquisition of securities due to involvement in an approved Outside Business Activity (as defined in this
Code).

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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Appendix B: Acknowledgement & Waiver Letter

**<u>BY FIRST CLASS MAIL</u>**

[Date]

[Address]

**Acknowledgement and Waiver** 

Dear [Board Member]:

This letter will confirm the understanding between [__________] (the "<u>Company</u>") and you regarding certain matters relating to your service on the Board of Directors of the Company (the "<u>Board</u>").

The Company has been informed by you that you are employed by a member company of PineBridge Investments, which provides investment advisory, financial and other related services to a range of clients. In that regard, you may owe certain fiduciary and other duties to such clients and to PineBridge Investments (collectively, the "<u>PineBridge Parties</u>"). From time to time, these duties may conflict with your duties to the Company, its shareholders or the Board (the "<u>Company Parties</u>") that may arise as a member of the Board.

To the extent permitted under applicable law, the Company hereby waives any conflicts arising from your duties to the PineBridge Parties. Without in any way limiting the foregoing, the Company acknowledges and agrees that (i) you will resolve any such conflict in all respects in favor of the relevant PineBridge Parties; (ii) such conflicts from time to time may cause you to recuse yourself from deliberations of the Board or any of its committees, or to withdraw from the Board; and (iii) you will be under no obligation or duty to the Company Parties (or any of them) with respect to business opportunities that you become aware of other than in connection with your service on the Board, including, without limitation, any such opportunities that you become aware of in connection with your employment by PineBridge Investments.

The Company acknowledges that you are serving on the Board strictly in your individual capacity and not as an agent or designee of any PineBridge Party.

To the extent practicable, the Company and the Board will undertake to inform you of any conflicts that exist or that may arise from time to time between the Company Parties, on one hand, and the PineBridge Parties, on the other hand.

Nothing in this letter is intended, nor shall it be deemed, in any way to limit any indemnity, release, exculpation or similar rights and protections to which you are entitled under applicable law, the Company's organizational documents or any other agreement or instrument.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| [Name of the Company] | [Name of the Company] |
| By: | [Authorized Officer of the Company – Name / Title] |
| By: | [Chairman of the Board of Directors – Name / Title] |

---

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

## Ex-99.P15

![LOGO](g767768dsp257a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **REGULATORY REQUIREMENT** 

The investment advisers, investment companies, distributor companies and service companies listed in Addendum A (collectively, the **Firm**) have adopted this Code of Ethics, establishing a standard of conduct for Firm Employees.

This Code of Ethics (the **Code**) establishes a standard of conduct for Firm employees by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing clear guidance to all employees that the Firm's Clients' interests come first – ahead
of all personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing policies and procedures consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 40 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to avoid conflicts of interests, or the appearance of such conflicts, when officers, directors,
supervised persons, employees and other persons of the Firm own or engage in transactions involving securities.

The Code applies to persons deemed to be **Access Persons** of the Firm, as defined below under Definitions. Access Persons include any officer, director, employee or other person of the Firm. Unless otherwise determined by Principal Asset Management (PrinAM) Compliance, Access Persons also includes positions held by consultants, contractors, temporary employees, interns, co-op students, and Principal Financial Group (**Principal**) Human Resources and Legal staff supporting the Firm.

Please see the Addenda for a custom Principal Funds Access Person definition applicable to the Funds, as well as other custom provisions applicable to certain entities of the Firm.

The Code is supplemental to the **Principal Corporate Global Code of Conduct** which can be found on **Principal Passport**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **STANDARDS OF BUSINESS CONDUCT** 

The following standards of business conduct shall govern personal investment activities of Access Persons and interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of the Firm's Clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must act honestly and fairly and with due skill, care and diligence in the best interest of Firm
clients and the integrity of the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons have an obligation to observe just and equitable principals of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid
any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons should not take advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must comply with applicable Federal Securities Laws.

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![LOGO](g767768dsp258.jpg)

The Code does not attempt to identify all possible conflicts of interests, and literal compliance with each of its specific provisions will not shield Access Persons from liability for personal trading or other conduct that violates a fiduciary duty to the Firm's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PROTECTION OF MATERIAL NON-PUBLIC INFORMATION** 

Access Persons must review and comply with the **Insider Trading Policy**.

It is unlawful to trade in any security based on material nonpublic (or inside) information or to disclose such information to others who may profit from it. This applies to all types of securities, including equities, options, debt, and mutual funds. All Access Persons will keep information pertaining to Clients' portfolio transactions and holdings confidential. No person with access to securities recommendations or pending securities transactions and Client portfolio holdings should disclose this information to any person unless such disclosure is made in connection with the person's regular functions or duties. Additionally, Access Persons with knowledge about the composition of a creation basket are prohibited from disclosing such information to any other person (except as authorized in the course of their employment) until such information is made public. All possible care should be taken to avoid discussing confidential information with anyone who would not normally have access to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **PERSONAL ACCOUNT REPORTING** 

Access Persons must report all Covered Accounts (**Accounts**) in which they have Beneficial Ownership of any Reportable Security (**Security**) or Reportable Fund or are capable of holding such Securities at the start of their employment, upon opening of a new account and annually thereafter.

**Beneficial Ownership** shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (**Exchange Act**) when determining whether a person is a beneficial owner of a Security.

For example, the term Beneficial Ownership shall encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in the person's own Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by members of the person's immediate family sharing the same household including those by
marriage or domestic partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's proportionate interest in the portfolio of Securities held by a partnership, trust, corporation
or other arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities a person might acquire or dispose of through the exercise or conversion of any derivative Security
(e.g. an option, whether presently exercisable or not).

**Security** shall have the meaning set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 40 Act including, but not limited to fixed income securities such as bonds and notes, equity securities such as stocks and exchange traded funds (ETF), derivatives such as options and futures, unit investment trusts (UIT), and private investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **New Accounts** 

New Accounts must be opened with brokerage firms that provide electronic data feeds unless otherwise pre-approved by PrinAM Compliance. This does not apply to ex-U.S. Accounts or Discretionary Accounts. New Accounts must be reported in ComplianceAlpha (ACA) within 10 days of opening.

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![LOGO](g767768dsp258.jpg)

**Registered Representatives of Principal Funds Distributor must submit a PFD New Broker Account Pre-Approval Request PRIOR to opening a brokerage account.** Once approval is granted, PFD Registered Representatives are able to open the account and must report the new Account within 10 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Discretionary Accounts** 

Discretionary Accounts **are reportable** and require Access Persons to provide a copy of the managed account agreement to PrinAM Compliance. The discretionary managed account agreement outlines trading discretion authority granted to another party (individual, entity or money manager), which allows them to buy/sell Securities without the Account owner's consent for each trade. A Discretionary Account is sometimes referred to as a "managed" or "blind-managed" account. Discretionary Accounts are exempt from the pre-clearance requirement, 30-day holding period, quarterly transaction reports and initial public offerings prohibition provisions of the Code if the Access Person does not have Direct or Indirect Influence or Control over the account. Please note that an immediate family member sharing the same household with discretion over a Covered Account is not considered a third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Crypto-Asset Accounts** 

Crypto-Asset Accounts and their digital asset holdings **are reportable**. This would include investments in cryptocurrency (e.g. Bitcoin, Ethereum, Dogecoin, Shiba INU), initial coin offering (ICO), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles. Crypto-Asset Accounts that are not capable of holding Reportable Securities are exempt from the trade pre-clearance requirement, 30-day holding period, and quarterly transaction reports provisions of the Code. An Account summary must be provided upon request from PrinAM Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Principal Fund Accounts** 

Principal Fund Accounts **are reportable** and include Principal Funds\* that are open-end mutual funds (including underlying sub-accounts within Principal Variable Life and Variable Annuity contracts) and closed-end investment companies operated as interval funds.

Principal Funds are subject to the initial and annual reporting requirements; however, they are exempt from pre-clearance and the 30--calendar day holding period. Notwithstanding the exemption from the 30-calendar day holding period, trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Principal Real Asset Fund, Principal Private Credit Fund, and any other closed end interval fund managed by PrinAM or its affiliates, generally must disgorge, under Section 16 of the Exchange Act, any profit realized by such person from any purchase and sale, or any sale and purchase, of any equity security of such fund (or a security based swap agreement involving such equity security) within any period of less than six (6) months.

*\*Applicable to U.S. Funds* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Individual Retirement Accounts** 

Individual Retirement Accounts (IRAs) that are capable of holding Reportable Securities or Reportable Funds **are reportable** and subject to all provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **TreasuryDirect Accounts** 

TreasuryDirect Accounts **are exempt** from reporting, pre-clearance and holding period requirements.

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![LOGO](g767768dsp258.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Private Investments** 

Private Investments **are reportable** and may only be acquired or sold with prior approval of the Access Person's supervisor and PrinAM Compliance. Pre-approval requests for private investments can be submitted within ACA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Former Employer Human Resources (HR) Benefit Plans** 

HR Benefit Plans held with former employers **are reportable** and subject to all provisions of the Code if they are capable of holding Reportable Securities (i.e. self-directed brokerage account windows).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Principal HR Benefit Plans** 

The Principal Select Savings Plan **is exempt** from reporting, pre-clearance and holding period requirements.

The Principal Select Savings Plan's self-directed brokerage account option, Schwab Personal Choice Retirement Account<sup>®</sup> (PCRA), **is reportable** and subject to all provisions of the Code.

---

| | | | |
|:---|:---|:---|:---|
| **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** |
| **Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| Principal Select Savings 401(k) | Principal.com | No | No |
| Schwab Personal Choice Retirement Self-Directed Brokerage Account | Schwab.com | Yes | Yes |

---

Holdings in a Morgan Stanley StockPlan Connect Account that have not vested or exercised **are exempt** from reporting, pre-clearance or holding period requirements. This includes the Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSU), Stock Option Awards, Stock Options, Broad-based Options, and Performance Share Awards.

Access Persons have the option to link an E\*Trade Securities brokerage account to the Morgan Stanley StockPlan Connect Account. Once shares have vested or exercised in the Morgan Stanley StockPlan Connect Account, the shares will be swept to the E\*Trade Securities brokerage account.

E\*Trade Securities brokerage accounts **are reportable,** and all provisions of the Code will apply to the account and its holdings, including Principal Financial Group, Inc. stock (PFG stock).

Some Access Persons may be ineligible to open an account at E\*Trade for the purpose of linking to Morgan Stanley or simply elect not to open an E\*Trade account.

---

| | | | |
|:---|:---|:---|:---|
| **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option**<br> **Awards, Broad-based Options, Performance Share Awards** | **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option**<br> **Awards, Broad-based Options, Performance Share Awards** | **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option**<br> **Awards, Broad-based Options, Performance Share Awards** | **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option**<br> **Awards, Broad-based Options, Performance Share Awards** |
| **Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |

---

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---

| | | | |
|:---|:---|:---|:---|
| Morgan Stanley StockPlan Connect Account | Stockplanconnect.<br>MorganStanley.com | No | No |
| E\*Trade Brokerage Account (linked to StockPlan Connect Account) | Etrade.com | Yes | Yes |

---

Access Persons with the High Deductible Health Insurance Plan may be eligible to open a Health Savings Account (HSA) through Optum Bank. Once the HSA reaches a certain designated balance, Access Persons may choose to invest a portion of their HSA dollars.

The digitally managed HSA through Betterment i**s reportable** and subject to all provisions of the Code. Additionally, a copy of the discretionary managed account agreement must be on file with Compliance.

The self-managed mutual fund HSA through Optum Bank **is exempt** from reporting, pre-clearance and holding period requirements.

---

| | | | |
|:---|:---|:---|:---|
| **Health Savings Account via Optum Bank** | **Health Savings Account via Optum Bank** | **Health Savings Account via Optum Bank** | **Health Savings Account via Optum Bank** |
| **Account** | **Accessible Via** | **Reportable** | **Trade<br>Preclearance** |
| HSA – ETF portfolio managed by Betterment | MyUHC.com or Betterment.com | Yes | No |
| HSA – self managed mutual fund portfolio | MyUHC.com | No | No |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **PERSONAL SECURITY TRANSACTIONS** 

All personal security transactions must be conducted in a manner consistent with the Standards of Business Conduct outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **PFG Stock** 

**All reporting, pre-clearance, and holding period requirements apply to transactions in PFG stock.** For exceptions related to employee benefit plans, refer to Personal Account Reporting – Principal HR Benefit Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Pre-Clearance Approval** 

Pre-clearance approval from PrinAM Compliance is required for personal Security transactions prior to executing or entering into any buy or sell transaction. Transactions for which pre-clearance has been denied may not be executed.

Pre-clearance approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is valid for 2 business days (meaning the current day and next business day). If the trade is not executed within
2 business days, the Access Person must submit a new pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Applies to all market and limit orders, good-till-cancel orders, and stop loss orders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is not required for Exempted Securities or Exempted Transactions. Please refer to those listed below.

Access Persons can submit a pre-clearance request online within ACA, which is available on a secure internet browser while connected to the Principal Network. The link to access ACA can be found <u>here</u>. Should an Access Person not have access to ACA, the person may call or email pre-clearance requests to PrinAM Compliance either directly or through use of a pre-approved delegate or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Restricted and Prohibited Activities and Transactions** 

The following personal Securities activities and transactions are restricted and prohibited; accordingly, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute a Security transaction without pre-clearance approval, if
required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquire any Security in an initial public offering (IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell short any Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participate in Investment Clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell a Security in less than 30-calendar days after purchase date for a
profit (T+30).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 30-calendar day holding period does not apply to sales at a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any sales at a loss cannot be re-established (buy back) in the next 30- calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If sold at a profit prior to the expiration of the 30-calendar day
period, the transaction will be a Code violation, and any profits realized may be required to be disgorged to a charitable organization designated by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buy a Security at a lower price in less than 30-calendar days after sale
date (buy back).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or write derivatives (such as stock options, futures on indices and options and futures on commodity,
credit, currency, equity, interest rate and volatility) if the expiration date is less than 30-calendar days from the purchase date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No derivative position may be closed less than 30-calendar days from the
date it is established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This does not apply to stock options that are part of a hedged position where the underlying stock is held long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in financial spread betting and contracts of difference. These types of derivative contracts involve
taking or placing a bet on the price movement of a security, index, currency, commodity or other financial product. This would include wagering, gambling or placing debts on the price movements of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan money to individuals or entities as an investment or business transaction. Note: this does not apply to
personal loans to family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase PFG stock on margin, short sell PFG stock, or trade PFG put or call options, or other instruments noted
in the Principal Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or sell a Security at all, when so determined by the Chief Compliance Officer, in the CCO's
discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Exempt Securities** 

Securities listed below are exempt from the reporting, pre-clearance, and holding period requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Security directly issued or guaranteed as to principal or interest by the United States. (e.g. Cash
Management Bills, Treasury Bills, Notes and Bonds, and those Treasury Securities designated by the

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U.S. Department of Treasury as eligible to participate in the STRIPS (Separate Trading of Registered Interest and Principal of Securities))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• G7 bonds, issued by the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Obligations of the Government of India such as Treasury Bills and Government Securities (G-Secs) Banker's acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit (not brokered CDs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds with outside fund companies that are not advised or sub-advised by the Firm or its affiliates. U.S. open-end mutual funds always have a five-letter symbol ending in an "X."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This exemption applies to funds used in 529 Plans that are registered as municipal securities and only offer open-end mutual funds or securities designed to mirror the structure of open-end mutual funds as underlying investment options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This exemption does not apply to ETFs, I-Shares (i.e. BlackRock) and closed-end funds. All ETF transactions must be pre-cleared and are subject to the Personal Securities Transactions requirements listed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts (UIT) that are invested exclusively in one or more open-end mutual funds, none of which are advised or sub-advised by the Firm or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Exempt Transactions** 

The transactions listed below are exempt from the pre-clearance requirement only. All other reporting and holding period requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Reportable Funds.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Principal Funds that are open-ended mutual funds (including underlying subaccounts of Principal
Variable Life and Variable Annuity Contracts).\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities acquired through an employer-sponsored automatic payroll deduction plan. However, any sale transaction
must be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestment of dividends under a dividend reinvestment plan or in an automatic investment plan for purchase of
Securities already owned and pre-cleared. Note, any sale transaction must be pre-cleared as those are not part of a plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected by an issuer pro rata of a class of Securities already owned, such as stock splits, stock
dividends or the exercise of rights, warrants or tender offers (e.g. corporate actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions which are non-volitional on the part of the Access Person.
Transactions in an account over which the Access Person has no direct or indirect influence or control (e.g. assignment of management discretion in writing to another party).

*\* Reportable Funds and Principal Funds are not subject to the 30-calendar day holding period. Notwithstanding this exemption from the 30-calendar day holding period, trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Principal Real Asset Fund, Principal Private Credit Fund, and any other closed end interval fund managed by* PrinAM *or its affiliates, generally must disgorge, under Section 16 of the Exchange Act,* any profit realized by such person from any purchase and sale, or any sale and purchase, of any equity security of such fund (or a security based swap agreement involving such equity security) within any period of less than six (6) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Special Rules for Portfolio Managers and Investment Personnel** 

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A Portfolio Manager's personal Security trading shall have no effect on Client portfolio decisions or ability to trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Portfolio Manager may personally transact Securities that are held or traded in actively managed portfolios
for which they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Managers must obtain pre-clearance approval to trade Reportable
Funds and Principal Funds (including open-end mutual funds, closed-end investment companies operated as interval funds, and ETFs) they manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain individuals with roles that have real-time trading data of portfolios may not personally purchase or sell
a Security or its underlying securities within 7 calendar days before and after a portfolio has transacted in the same security. This blackout period is a total of 15 calendar days, which includes the full 7 calendar days before, after, and
including the Client portfolio trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain investment personnel who may not have real-time trading data of portfolios but have potential insight or
knowledge of trading within client portfolios may not personally purchase or sell a Security that is held or traded in an actively managed portfolio in which they have insight or knowledge for a total of 15 calendar days, which includes the full 7
calendar days before, after, and including the Client portfolio trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **REPORTING AND CERTIFCATION REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Initial and Annual Certification** 

Within 10 calendar days of hire or identification, all Access Persons must initially certify and acknowledge they have read and understand the Code and the Insider Trading Policy and its applicability to them, and that they will comply with the requirements. Thereafter, annual certification will be required no later than 30-calendar days after each calendar year-end. PrinAM Compliance will ensure each Access Person receives a copy of the Code and any material amendments thereto, which are available on Principal Passport.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Holdings and Accounts Reports** 

The Initial Holdings and Accounts report must be submitted within 10 calendar days after becoming an Access Person, with the Reportable Securities information being current as of a date no more than 45-calendar days prior to the date of becoming an Access Person. Thereafter, Annual Holdings and Accounts reports are required no later than 30-calendar days after each calendar year-end with information being no more than 45-calendar days prior to the report being submitted.

The Security holdings report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name, number of shares, exchange ticker symbol/ CUSIP/ISIN and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of the firm at which Securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date which the Access Person submits the report.

The Quarterly Transactions report must be submitted no later than 30-calendar days after the end of each calendar quarter. This report will list all Security transactions during the previous calendar quarter in Reportable Securities, which excludes exempted transactions and exempted securities set forth above.

The Quarterly Transactions report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date of the transaction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name, number of shares, exchange ticker symbol/CUSIP/ISIN and principal amount of each Security
executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of the firm through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date which the Access Person submits the report.

Upon reporting of Securities and Accounts, Compliance will request duplicate copies of Account statements and transaction confirmations from the investment firm (commonly referred to as broker) either electronically or paper. Ex-U.S. and other Account statements and transaction reporting may need to be obtained from the Access Person if the investment firm will not provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **FAILURE TO REPORT OR COMPLY** 

Upon discovering a violation of the Code, PrinAM Compliance will work with the Access Person's leader to recommend a sanction as determined appropriate, and the leader will then work with appropriate persons to impose such sanction. Sanctions may include a verbal warning, retraining session, written warning, disgorgement of profits, suspension from personal trading, or other sanctions, up to and including suspension or termination of employment.

Access Persons must report any violations of the Code or applicable laws promptly to the Chief Compliance Officer (or designee). This includes self-reporting if you commit a violation. Anyone who, in good faith, raises an issue regarding a possible violation of law, regulation, or company policy, or any suspected illegal or unethical behavior, will be protected from retaliation. Access Persons can also report violations or suspected violations to the Ethics Hotline at 1-888-858-4433, through the Principal Unethical or Fraudulent Activity Reporting Form, or through the Principal Whistleblower policy, which is available on Principal Passport.

The Chief Compliance Officer has the authority to interpret the Code and grant exceptions when appropriate. PrinAM Compliance will maintain a system for the regular review of all reports of personal Reportable Securities transactions and holdings under this Code.

Annually, individuals charged with the responsibility for monitoring compliance with this Code will prepare a written report to the Board of Directors that, at a minimum, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating
the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of material violations and sanctions imposed in response to those violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Description of issues that arose during the previous year under the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommendations, if any, as to changes in existing restrictions or procedures based upon experience with this
Code, evolving industry practices, and changes and developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **CONTACTS** 

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| | | |
|:---|:---|:---|
| **NAME** | **CONTACT** | **CONTACT** |
| Kim Keating | (515) 878-0961 | <u>Keating.Kim@Principal.com</u> |

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| | | |
|:---|:---|:---|
| Monica Mencia | (515) 878-0724 | <u>Mencia.Monica@Principal.com</u> |
| Sue Harrington | (515) 878-1071 | <u>Harrington.Sue@Principal.com</u> |
| Justin Lange<br> Chief Compliance Officer | (515) 878-6206 | <u>Lange.Justin@Principal.com</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **DEFINITIONS** 

**Access Person** means any officer, director, employee or other person of the Firm, as well other any other person, who (i) has access to nonpublic information regarding any client's purchase or sale of Securities; (ii) has access to nonpublic information regarding the portfolio holdings of any client or affiliated mutual funds; or (iii) is involved in making Security recommendations to clients or has access to such recommendations that are nonpublic. This includes positions held by consultants, contractors, temporary employees, interns, co-op students and Principal HR and legal staff supporting the Firm. All Firm employees are deemed to be Access Persons unless otherwise determined by Compliance to be specifically exempted as an **Exempt Access Person**.

**Beneficial Ownership** is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act when determining whether a person is a beneficial owner of a Security. For example, the term Beneficial Ownership shall encompass: (1) Securities in the person's own Accounts; (2) Securities owned by members of the person's immediate family\*, domestic partner\*\*, or family members of domestic partners sharing the same household; (3) A person's proportionate interest in the portfolio of Securities held by a partnership, trust, corporation or other arrangements; and (4) Securities a person might acquire or dispose of through the exercise or conversion of any derivative Security (e.g. an option, whether presently exercisable or not).

***\*Immediate family*** shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships.

***\*\*Domestic Partner*** *shall mean:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unmarried opposite sex or same sex life partner provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Access Person and the partner are at least 18 years of age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Access Person and the partner are not married under applicable State law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the partner is not a blood relative of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the partner has lived together with the Access Person for at least six consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the partner and the Access Person are each other's sole domestic partner indefinitely; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the partner and the Access Person are jointly responsible for each other's welfare; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• same sex partner with whom the Access Person has entered into a civil union under applicable State law.

**Covered Account** (**Account**) means any investment account or any other type of account that holds or is capable of holding Securities. The Account's tax status has no impact on whether an account qualifies as an Account.

**Crypto-Asset** means an investment in cryptocurrency (e.g. Bitcoin, Ethereum, Dogecoin, Shiba INU), initial coin offering (ICO), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles.

**Direct or Indirect Influence or Control** means the ability to influence or control, directly or indirectly, specific investment decisions within an investment account, including (i) suggesting purchases or sales of specific investments to a trustee or third-party discretionary manager of an account, (ii) directing purchases or sales of specific investments in an account, and (iii) consulting with the trustee or third-party discretionary manager of an account as to the purchase, sale or status of specific investments to be made in the account. Account statements must be provided up on request from PrinAM Compliance.

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**Exempt Access Person** refers to specific personnel deemed to be exempt from the personal trading provisions of the Code and Compliance Manual, specifically, if a Board Director does not have (i) access to nonpublic information regarding any client's purchase or sale of Securities; (ii) access to nonpublic information regarding the portfolio holdings of any client or affiliated mutual funds; and/or (iii) involvement in making Security recommendations to clients or have access to such recommendations that are nonpublic; the CCO may deem such person to be an Exempt Access Person. The CCO (or designee) will notify any Exempt Access Person of such designation. Exempt Access Person are relieved from personal trading provisions of the Code and Compliance Manual. PrinAM Compliance will maintain a list of any Exempt Access Persons and will review such list on an annual (or otherwise more frequent basis).

**Federal Securities Laws** refers to any one or more of the laws that govern the securities industry, such as the: Securities Act of 1933 (**Securities Act**), Securities Exchange Act of 1934 (**Exchange Act**), Trust Indenture Act of 1939 (**Indenture Act**), Investment Company Act of 1940 (**40 Act**), Investment Advisers Act of 1940 (**Advisers Act**), Sarbanes-Oxley Act of 2002 (**SOX**), Title V of the Gramm-Leach-Bliley Act (**GLB**), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (**Dodd-Frank**), Jumpstart Our Business Startups Act of 2012 (**JOBS Act**), and any rules and regulations adopted by the U.S. Securities and Exchange Commission (**SEC**) under any of these statutes, as well as the Bank Secrecy Act (**BSA**, as it applies to funds and investment advisers), and any rules and regulations adopted thereunder by the SEC or the U.S. Department of the Treasury.

**Investment Club** means a group of individuals who combine their funds for the purpose of making investments and/or advancing their investment education. Participation in Investment Clubs is prohibited under this Code.

**Investment Personnel** means the Portfolio Managers, Traders, Charles River Trade Support staff, Compliance Department staff, any individual with authorization to send/direct a trade on client portfolios, or any individual at the discretion of the Chief Compliance Officer.

**Loans** mean either secured or unsecured arrangements (documented or undocumented) where an individual or entity finances a sum of money that must be repaid (with or without interest) at some point in the future. For purposed of the Code, loans to family members are excluded from this definition.

**Portfolio Manager** means an individual entrusted with the direct responsibility and authority to make investment decisions for or affecting the portfolios of clients.

**Private Investments** generally, private investments involve the sale of Securities to a relatively small number of qualified investors in a private transaction, rather than through an exchange or over-the-counter market. Private investments may not have to be registered with the SEC and, in many cases, detailed financial information is not disclosed. Examples include, but are not limited to, limited partnerships, hedge funds and private equity transactions.

**Reportable Fund** means (i) any fund for which the Firm serves as an investment advisor, as defined by the 40 Act; or (ii) any fund whose investment advisor or principal underwriter controls the Firm, is controlled by the Firm, or is in common control with the Firm.

**Reportable Security**, or **Security** shall have the meaning of Security as set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 40 Act. Security means 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, brokered certificate of deposit, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle,

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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. General types (although not all inclusive) include fixed income securities, such as bonds and notes; equity securities, such as stocks and exchange-traded funds (ETFs); derivatives, such as options and futures; unit investment trusts (UITs); and private investments.

**Addendum A** 

**CODE OF ETHICS** 

**FIRM ENTITIES** 

---

| | |
|:---|:---|
| **Together, the Firm** | **Together, the Firm** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors, LLC (**PGI**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors (Australia) Limited (**PGIA**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors (Dubai) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors (Europe) Limited (**PGIE**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors (Japan) Limited (**PGIJ**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors (Singapore) Limited (**PGIS**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Global Investors (Ireland) and PGI (EU) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Real Estate Investors, LLC (**PrinRE**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Together, the **Advisers** | Principal Real Estate Europe Limited (**PrinRE EU**) |
|  | Principal Asset Management Company (Asia) Limited (**PAM Asia**) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Together, the **Principal Funds** | Principal Funds, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Together, the **Principal Funds** | Principal Variable Contracts Funds, Inc.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Together, the **Principal Funds** | Principal Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Together, the **Principal Funds** | Principal Real Asset Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Together, the **Principal Funds** | Principal Private Credit Fund |

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|:---|:---|
|  | (and any other continuously offered registered closed-end management investment company that may be organized in the future for which PGI or any entity controlling, controlled by, or under common control with PGI, or any successor in interest to any such entity, acts as investment adviser and which operates as an interval fund pursuant to Rule 23c-3 under the 40 Act or provides periodic liquidity with respect to its Shares pursuant to Rule 13e-4 under the Exchange Act. |
| PFD | Principal Funds Distributor, Inc. (**PFD**) |

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**Addendum B** 

**CODE OF ETHICS** 

**PRINCIPAL FUNDS ACCESS PERSON PROVISIONS** 

The following provisions shall be substituted into the Code, where applicable, for the Principal Funds.

**Principal Funds Access Person** 

Any individual identified as an officer or director of the Principal Funds or PGI; an officer or director of PFD; or an officer or director of any company controlling PGI who makes, participates in, or obtains information regarding the purchase or sale of Principal Funds Securities in such individual's regular functions or duties or whose functions relate to the recommendations of such purchases or sales; any employee, temporary employee and contract employee of the Principal Funds or the Principal Funds' Adviser who, in connection with such individual's regular functions or duties, has access to certain nonpublic information concerning the Principal Funds' purchase or sale of Securities or portfolio holdings or who is involved in making Securities recommendations to a Fund.

**Principal Funds Special Rules Applicable to Independent Directors/Trustees** 

Under Rule 17j-1 of the 40 Act, an Access Person who is an Independent Director/Trustee of the Principal Funds and who would be required to make a report solely by reason of being a Principal Funds Director/Trustee need not make an initial holdings or an annual holdings report. In addition, an Independent Director/Trustee need not provide a quarterly transaction report unless the Independent Director/Trustee knew, or in the ordinary course of fulfilling such individual's official duties as a Principal Funds Director/Trustee, should have known, that during the 15-day period immediately before or after the Independent Director's/Trustee's transaction in a Security, a Principal Fund purchased or sold the Security, or the Principal Funds' Adviser or sub-adviser considered purchasing or selling the Security.

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With respect to the Interval Fund(s), the trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Interval Fund(s), have certain reporting obligations regarding ownership of Interval Fund(s) shares under Section 16 of the Exchange Act. Such reporting will occur outside of the administration of this Code.

**Principal Funds Administration** 

The Principal Funds rely upon PrinAM Compliance to administer the Code. It is the requirement of Principal Funds that PrinAM Compliance report material violations of the Code by Principal Funds Access Persons to the Principal Funds Chief Compliance Officer (or his or her designee).

No less than annually, Principal Funds Compliance will prepare a written report to the Principal Funds Board of Directors that, at a minimum, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A certification that the Principal Funds have adopted procedures reasonably necessary to prevent Access Persons
from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of issues that arose under the Code since the last report to the Board, including information about
material violations and sanctions imposed in response to those violations.

**Addendum C** 

**CODE OF ETHICS** 

**PrinRE ACCESS PERSON PROVISIONS** 

The following provision shall be added to the Personal Account Reporting section of the Code for PrinRE and shall apply to all PrinRE personnel who are not associated persons of a broker-dealer. For associated persons, real estate investment property must be reported under the outside business activities guidelines.

**Real Estate Investment Property** 

Real Estate Investment Property is reportable and may only be acquired or sold with prior approval of the PrinRE Access Person's supervisor and Compliance. Pre-approval request for real estate investment property can be submitted within ACA.

The following property types are exempt from reporting and pre-approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-family residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vacation residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-family residential complex property with less than 20 units (examples include apartments and condos); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Farmland property zoned and operated as agricultural.

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**Addendum D** 

**CODE OF ETHICS** 

**PrinRE EU ACCESS PERSON PROVISIONS** 

The following provision shall be added to the Personal Account Reporting section of the Code for PrinRE EU.

PrinRE EU has adopted this Advisers Code in its entirety. Although this Code is U.S. centric, PrinRE EU staff must adhere to its provisions. References to U.S. federal and state law and regulations will apply in PrinRE EU where relevant but, where not relevant, PrinRE EU staff should apply European, local U.K./German/French law and regulations such as MiFID II and AIFMD.

**Real Estate Investment Property** 

Real Estate Investment Property is reportable and may only be acquired or sold with prior approval of the PrinRE EU Access Person's supervisor and Compliance. Pre-approval request for real estate investment property can be submitted within ACA.

The following property types are exempt from reporting and pre-approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-family residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vacation residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-family residential complex property with less than 20 units (examples include apartments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Farmland property zoned and operated as agricultural.

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**Addendum E** 

**CODE OF ETHICS** 

**PGIS ACCESS PERSON PROVISIONS** 

The following provision shall be added to the Personal Security Transactions section of the Code for PGIS.

Exempted Securities listed below are exempt from the reporting, pre-clearance and holding period requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore Savings Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore Government Securities (SGS) Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore Treasury Bills (SG T-bills)

## Ex-99.P16

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SIMNA INC. CODE OF ETHICS

**SCOPE AND PURPOSE** 

This Code of Ethics (the "Code") for Schroder Investment Management North America Inc. ("SIMNA Inc." or the "Adviser"), is required by The Investment Advisers Act of 1940 and the Investment Company Act of 1940.

The Code applies to all officers, directors and full-time employees of the Adviser ("Access Persons"). Certain part-time employees and consultants to the Adviser may also be deemed as Access Persons and subject to this Code depending on the length of their employment contract and/or their access to sensitive client and/or investment information. Sections of this Code also apply to any persons who work for the firm in a Financial Operations Principal ("FINOPs") capacity. FINOPs are offsite persons who are associated with the firm's affiliated broker dealer, Schroder Fund Advisors LLC ("SFA"). These individuals are deemed "Associated Persons" rather than Access Persons.

In carrying out their job responsibilities, all Access Persons or Associated Persons must, at a minimum, comply with all applicable legal requirements, including applicable securities laws. In addition, all Access Persons or Associated Persons must: maintain professional integrity and behave with ethical conduct; place the interests of clients and the integrity of the investment profession above their own personal interests; use professional judgment when engaging in all professional activities and encourage peers to do the same; and behave in a manner that reflects well on themselves and Schroders.

Any breach by an Access Person or Associated Person of the laws, regulations and procedures outlined in the Code will be deemed to be a violation of the terms of his or her employment and may result in disciplinary action and/or dismissal, in addition to any other penalties or liabilities resulting from such violation.

**PERSONAL TRADING** 

**All employees deemed to be Access Persons** are subject to the restrictions contained in this Code with respect to their transactions in Covered Securities.

The below securities are considered Covered Securities, and therefore applicable to the personal trading restrictions and reporting policies contained herein:

• Stocks

• Bonds

• Exchange Traded Products (ETPs) - see page 3 for more details

• Closed end mutual funds

• Derivatives of Covered Securities, including options

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 1 |

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SIMNA INC. CODE OF ETHICS

The below securities are <u>**NOT**</u> considered to be Covered Securities, and therefore, are <u>**NOT**</u> required to be reported to Compliance:

• US open end mutual funds that are not Schroders Funds (see Appendix D for more detail)

• Money market funds

• Derivatives of non-covered securities (*i.e*., index futures)

• Unit investment trusts that are invested exclusively in open-end funds
that are not Schroders Funds

• Direct obligations of the U.S. Government (*i.e*., Treasuries).

• Bankers' acceptances, bank certificates of deposit, commercial paper, currencies, repurchase agreements and
other high quality short-term debt instruments<sup>1</sup> Cryptocurrencies

**Please note that Access Persons are required to report ALL brokerage accounts that hold or have *<u>the ability to</u>* hold Covered Securities.** 

**PRECLEARANCE** 

Covered Securities require preclearance approval before being traded. *Please see Appendix C for in-depth breakdown, including exceptions.*

**Some key notes on preclearance:** 

• Preclearance is obtained via an electronic form on the MyCompliance system

• Preclearance expires at the end of the <u>same</u> business day that it is requested

• Preclearance for securities listed on non-US exchanges is valid until the
close of business on the following business day to compensate for different time zones

• It is Schroders' policy to discourage excessive personal trading by Access Persons. As such, <u>all Access Persons are limited to 40 personal trades in Covered Securities per quarter. Covered securities</u> <u>which don't require preclearance are not counted towards this limit.</u> 

Preclearance approval can be influenced by a variety of factors, including: the sensitivity of the position of the person submitting the request, principal amount of the trade, market capitalization, and trading or investment activity in the security for the benefit of clients. When submitting a preclearance request, you are required to attest that you are not in possession of any inside or material non-public information and that the requested trade does not conflict with any pending client orders that you are aware of.

<u>NOTE: If you fail to accurately pre-clear a transaction in a Covered Security, you may be fined and/or</u> <u>be subjected to a personal trading suspension. Violations of this Policy will be reported to senior</u> <u>management and will result in reprimands that could affect your employment with Schroders.</u>

<sup>1</sup> High quality short-term debt instruments mean any instrument having a maturity at issuance of less than 366 days and which is rated in one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. 

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 2.0 |

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SIMNA INC. CODE OF ETHICS

**Exchange traded products (ETPs):** 

Non-Schroders managed exchange traded products and derivatives of these securities are exempt from preclearance and the Holding Policy. Schroders managed ETPs are subject to both preclearance and the Holding Policy.

Please note that investments in single name ETPs are <u>prohibited</u>.

**A special note on the Hartford-Schroders Private Opportunities Fund:** 

In addition to preclearance, under Section 16 of the Exchange Act of 1934, these funds require additional reporting to Hartford and the SEC. Failure to comply with these preclearance and reporting requirements may result in regulatory violations. Please remember to preclear any transaction in these funds and reach out to Compliance with any questions or issues.

**The following transactions do <u>not</u> require pre-clearance:** 

• Transactions in an account over which the Access Person has no influence or control such as where investment
discretion is delegated in writing to an independent fiduciary ("Managed Account" – see page 6).

• Transactions which are non-volitional on the part of the Access Person
(e.g., receipt of securities pursuant to a stock dividend or merger, a gift or inheritance). However, the volitional sale of securities acquired in a non-volitional manner requires pre-clearance. <sup>2</sup>

• Purchases of the securities of an issuer through an automatic investment plan which makes periodic purchases (or
withdrawals) automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan ("DRIP") <sup>3</sup> . Any such plans should be reported to Compliance prior to them commencing. Any transactions in such a plan other than according to a predetermined schedule are subject to pre-clearance.

• The receipt or exercise of rights issued by an issuer on a pro rata basis to all holders of a class of security
and the sale of such rights are permitted without pre-clearance.

• Tender of shares already held into an offer if the tender offer is open on the same terms to all holders of the
securities covered by the offer.

<sup>2</sup> This may include where options are exercised against a call written by the Access Person or where securities are exchanged for cash or other securities as part of a business transaction.

<sup>3</sup> Please note that the Access Person must speak with Compliance prior to setting up a Dividend Reinvestment Plan. While these automated transactions are not subject to preclearance, special rules relating to the holding policy may be in effect for some of these transactions. Please speak with Compliance for more detail. 

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 3.0 |

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SIMNA INC. CODE OF ETHICS

• Conversion of convertible securities or participation in exchange offers provided that the conversion or offer is
available on the same terms to all holders.

• Transactions in collective investment schemes offered by plans that qualify under Section 529 of the
Internal Revenue Code.

• Transactions which are automatically exercised as part of a stop-loss or limit order, provided that the
parameters of stop-loss or limit order are placed when the initial trade is initiated.<sup>4</sup>

**Additional Restrictions for Investment Staff:** 

Investment Staff are required to inform Compliance via the My Compliance system when a trade request is within their own Investment Universe, irrespective of the size of the request. The Investment Universe is defined at the issuer level, for example if an investment staff member invests in the equity of an issuer for a fund, it inherently includes the debt of the same issuer, and vice versa.

Investment Universe includes investments in relation to which the individual or others on the same desk have undertaken research or analysis on the security or issuer as part of that desk's coverage, whether or not it has been held in a client portfolio, in the last 12 months, or in the case of dealers, within the dealing desk's scope of responsibility.

Additionally, Investment Staff are required to inform Compliance via the My Compliance system when a trade request is in a fund managed by their desk, irrespective of the size of the request.

Research Analysts, Research Associates and other staff involved in the production of internal investment research (including their PCAs), are prohibited from personal trading in an issuer (and its issues) or fund which they cover, in the five business days prior, and the five business days following the issuance of research reports covering that issuer or fund.

When pre-clearing personal account trades in My Compliance, Investment staff must attest that they have not and will not issue a research document in the five business days prior and the five business days following, in the financial instrument in which they are seeking pre-clearance.

**INITIAL PUBLIC OFFERINGS** 

If you wish to purchase an initial public offering, you must obtain permission from the Chief Compliance Officer. In such cases, an Access Person would submit a trade request via MyCompliance

<sup>4</sup> Please note that the use of Stop Loss limits within the 60-day holding period are permitted ONLY if the details of the Stop Loss Order are disclosed to Compliance at the time of the preclearance request.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 4.0 |

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SIMNA INC. CODE OF ETHICS

which will be routed for Compliance review. Once approved, the Access Person will receive a notice from the MyCompliance system.

**HOLDING PERIODS** 

All Access Persons are strongly advised against short-term trading and are prohibited from making trades that expose them to material open-ended liabilities. This includes CFD investing, spread betting and leveraged account management without putting an appropriate stop-loss mechanism in place. <u>Short selling in Covered Securities is prohibited.</u>

Any Access Persons who appear to have established a pattern of short-term trading may be subject to additional restrictions or penalties including, but not limited to, a limit or ban on future personal trading activity and a requirement to disgorge profits on short-term trades.

**All Covered Securities are subject to a <u>60-calendar day holding period</u>. Securities may not be sold within 60 days of any purchase in the security, regardless of how long ago the initial investment was made. <u>First in, first out does not apply</u>. The Chief Compliance Officer has exemptive authority to override the 60-day holding policy for good cause shown.** 

Schroders plc shares purchased in the market (rather than forming part of a remuneration award) are subject to a one-year holding period.

Please note that while Schroders Funds ("Reportable Funds" – Listed in Appendix D) are NOT subject to preclearance, they ARE subject to this 60-day holding policy.

**A NOTE ON OPTIONS** 

Options trading is subject to the aforementioned preclearance and 60 day holding policies. Further detail follows:

• Listed Call Options: You may purchase a listed call option only if the call option has a period to expiration of
at least 60 days from the date of purchase and you hold the call option for at least 60 days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 60 days.

• Covered Calls: You may sell (or "write") a call option only if you have held the underlying security
(in the corresponding quantity) for at least 60 days.

• Listed Put Options: You may purchase a listed put option only if the put option has a period to expiration of at
least 60 days from the date of purchase and you hold the put option for at least 60 days prior to sale.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 5.0 |

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SIMNA INC. CODE OF ETHICS

• If you purchase a put option on a security you already own, you may only exercise the put once you have held the
underlying security for 60 days.

• Selling Puts: You may sell (or "write") a put only if you have held the underlying security (in the
corresponding quantity) for at least 60 days.

**COVERED ACCOUNTS** 

A Covered Account is an account in which you are capable of purchasing Covered Securities, or an account in which you own a beneficial interest (except where you have no influence or control). This includes IRA accounts as well as any 401k account held from a former employer that holds a Covered Security, such as stock. **Covered Accounts are covered by this policy and are subject to the aforementioned preclearance and holding policies.**

*Accounts held by your spouse (including their IRA or 401k accounts), minor children and other members of your immediate family (children, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, in-laws and adoptive relationships) who share your household are also considered Covered Accounts, as are any other accounts over which you exercise investment discretion. In addition, accounts maintained by your domestic partner<sup>5</sup> are Covered Accounts under this Policy*.

<u>All US-based personnel</u> are required to maintain their Covered Accounts at an Approved Broker as listed in Appendix B unless otherwise exempted for unique circumstances. If an Access Person is permitted to maintain a Covered Account with a non-Approved Broker, the Access Person assumes the responsibility to manually report their transactions in Covered Securities and upload quarterly account statements directly in the MyCompliance system.

<u>Persons on secondment</u> from London or other offices may apply to Compliance for a waiver of the requirement to maintain their Covered Accounts at a US Approved Broker.

Robo-Advisors are only permissible only if they are Managed Accounts (more below). Apps which allow you to select specific covered securities for transactions (excluding Robinhood) are not permitted.

<sup>5</sup> A domestic partner is defined as someone that you have a personal relationship with and that you share a household with, share assets, such as personal banking accounts, brokerage accounts, with and/or share housing or childcare expenses with. If you are unsure as to whether this definition is applicable to you, please consult a member of the Compliance team. 

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 6.0 |

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**MANAGED ACCOUNTS** 

A Managed Account is an account over which the Access Person has no direct or indirect influence or control. **Managed Accounts are still considered Covered Accounts and must be reported to Compliance.** Compliance cannot approve a Managed Account until an official discretionary letter from the broker is received which expressly states that the Access Person does not have any investment discretion. Compliance must have a discretionary letter on file *for each Managed Account* and will request an updated letter periodically. It is the employee's responsibility to ensure the broker provides these updated letters. <u>Access Persons with managed accounts will also be</u> <u>required to complete an annual attestation confirming that they did not direct any investment</u> <u>decisions during the year.</u>

Since the Access Person does not have any investment discretion on Managed Accounts, transactions in these accounts are <u>**not**</u> subject to the preclearance and holding policies; however, Compliance will conduct periodic reviews to check the transactions in Managed Accounts against the Global Stop List.

**A special note on Managed Accounts:** 

Managed Accounts must be held with an Approved Broker unless you have previously been given an exemption by Compliance. For new hires, any accounts that the Access Person has held prior to employment at Schroders that must be held with a broker outside of the Approved Brokers list must first receive approval from the Chief Compliance Officer, or their delegate.

**OPENING A NEW COVERED ACCOUNT** 

Employees must receive written approval from Compliance before opening a covered account with a broker. This rule applies to all new covered accounts, whether or not the employee already holds other approved accounts with the same broker. This rule also applies to Managed Accounts.

**PRIVATE SECURITIES TRANSACTIONS AND TAX SHELTERS** 

No Access Person or Associated Person may participate in any type of private placement or tax shelter without obtaining the advance consent of their direct supervisor and the Chief Compliance Officer. This request should be submitted electronically through MyCompliance and the system will route it for compliance review. Line manager approval must then be sent to the Compliance team via email. Only passive investments (without operational, management or promotional duties) may be permitted.

Additional capital calls of an already approved private vehicle and/or exiting a private placement or tax shelter, whether by sale or redemption, do not need to be approved but must be reported to Compliance in the Access Person's next quarterly transactions report.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 7.0 |

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No Access Person or Associated Person who is a Registered Representative licensed with FINRA under the supervision of SFA may receive selling compensation in connection with a private securities transaction or tax shelter not offered through SFA. Any Access Person or Associated Person engaged in selling activity other than in connection with his or her duties as a Registered Representative must obtain prior permission in writing from his or her supervisor and the Chief Compliance Officer.

**REPORTING REQUIREMENTS** 

All personnel are required to complete various filings that are due at certain times of the year. Access Persons will receive notification of these filings and their respective deadlines via MyCompliance. Failure to comply with these time sensitive filings will result in a violation of the Code of Ethics.

**INITIAL REPORTING** 

No later than 10 calendar days after joining the Adviser, each Access Person must provide Compliance with a list of every Covered Security that they own. The information provided must be current as of a date no more than 45 days prior and must include the title of the security; the exchange ticker symbol or CUSIP; and the number of shares owned (for equities) or principal amount (for debt securities). Access Persons may provide account statements in place of a written list.

**Unless approved by the Chief Compliance Officer, all new Access Persons who maintain Covered Account(s) with brokers that are <u>not</u> on the list of Approved Brokers will have to move their accounts within a reasonable timeframe established by Compliance upon their hire. The Chief Compliance Officer will only allow an Access Person to keep a Covered Account with a broker outside of the Approved Brokers list in extenuating circumstances.** In such instances, the Access Person owns the responsibility of manually reporting all transactions in Covered Securities and uploading quarterly statements into the MyCompliance system.

**QUARTERLY REPORTS** 

No later than 30 days after the end of each calendar quarter, each Access Person will provide Compliance with a report of all transactions in Covered Securities in the quarter. All information requested on the form issued via MyCompliance must be provided.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 8.0 |

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SIMNA INC. CODE OF ETHICS

Please note that transactions in shares of Reportable Funds<sup>6</sup> must be reported at this time.

**ANNUAL REPORTS** 

Within 45 days after the end of the calendar year, each Access Person must report all their holdings in Covered Securities as of December 31 of that year. All information requested on the form issued via MyCompliance must be provided.

**KNOWLEDGE OF THE CODE AND ANNUAL CERTIFICATION** 

Each Access Person is responsible for understanding the provisions of this Code. Access Persons will certify, at least annually, that they have reviewed the current version of this Code and has complied with its standards. The Code is maintained on the internal Compliance website.

**SELF-REPORTING OF VIOLATIONS** 

Access Persons and Associated Persons have an obligation to review their own trading to ensure that they have acted in compliance with the provisions of this Code. To the extent that such person determines that they have executed a transaction not in compliance with this Code, that person has an obligation to promptly report the violation to the Chief Compliance Officer.

**GRANTING OF EXCEPTIONS** 

The Chief Compliance Officer may, on a case-by-case basis, grant exceptions to any provision under this Code for good cause. Any such exceptions and the reasons for granting them will be maintained in writing by the Chief Compliance Officer and presented to the Board of Directors of the Adviser at the next scheduled meeting.

<sup>6</sup> Transactions in Reportable Funds in the Schroders 401(k) and SERP plans do not need to be reported as Compliance monitors this information outside of the MyCompliance system.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 9.0 |

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Adopted: October 1, 1995

Amended: May 15, 1996

May 1, 1997

June 12, 1998

June 2, 1999

March 14, 2000

August 14, 2001

June 23, 2003

October 23, 2003

December 9, 2003

May 11, 2004

January 14, 2005

December 5, 2005

March 6, 2006

September 14, 2007

September 14, 2009

March 9, 2010

June 12, 2012

June 18, 2013

June 12, 2014

May 20, 2015

September 30, 2015

May 1, 2017

December 31, 2017

May 1, 2019

April 30, 2020

September 14, 2021

August 20, 2025

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 10.0 |

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**APPENDIX A OF THE CODE OF ETHICS – APPROVERS** 

In the event that the MyCompliance system is not accessible, the US Compliance team is authorized to preclear personal transactions.

Compliance email: <u>ussimcomp@schroders.com</u>

MyCompliance: <u>https://my.schroders.com/SitePages/Start.aspx</u> (under the "Apps" section)

![LOGO](g767768dsp284.jpg)

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 11.0 |

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**APPENDIX B OF THE CODE OF ETHICS – APPROVED BROKERS** 

Alliance Bernstein

Charles Schwab

Citibank

E\*Trade

Fidelity

Goldman Sachs

Interactive Brokers

JP Morgan Securities / Private Bank

Lending Club<sup>7</sup>

Merrill Lynch

Morgan Stanley Smith Barney

Robinhood

Royal Bank of Canada (RBC)

TD Ameritrade

Vanguard

Wells Fargo

<sup>7</sup> Lending Club (and other peer-to-peer lending accounts) where the employee is the lender must be disclosed via the "Outside Activity" section of MyCompliance. Please note that these accounts require line manager approval prior to being opened.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 12.0 |

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**APPENDIX C OF THE CODE OF ETHICS – RULE SET** 

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| | | |
|:---|:---|:---|
| **Security Type** | **Requires**<br> **preclearance?** | **Subject to 60 day**<br> **holding period?** |
| Equities | Yes | Yes |
| Non-Schroders managed Exchange Traded Products, except for single name ETPs | No | No |
| Schroders managed ETPs | Yes | Yes |
| Single name ETPs | Prohibited | Prohibited |
| Derivatives (if the underlying security is covered) | Yes | Yes |
| Fixed Income securities (including state/local/municipal bonds) | Yes | Yes |
| US Open ended Mutual Funds - (other than Reportable Funds) | No | No |
| Non-US Open ended Mutual Funds - (Not managed by the Adviser or an affiliated adviser) | Yes | Yes |
| Reportable Funds and Non-US funds managed by Schroders (outside of your Schroders 401k) | No | Yes |
| Closed end Funds | Yes | Yes |
| Initial Public Offerings | Yes | Yes |
| Private Placements | Yes | n/a |
| Cryptocurrencies | No | No |
| Non-volitional dividend reinvestment transactions and corporate action elections for which formal public documents are issued | No | n/a |
| Schroders plc shares, purchased outside of a remuneration package | Yes | Yes, one year |
| Direct obligations of the US Government | No | No |
| Banker's acceptances, commercial paper, repurchase agreements, bitcoins, currencies | No | No |
| Crowdfunding & Crowdsourcing – non security based | No | No |
| Crowdfunding & Crowdsourcing – security based | Yes | Yes |

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 13.0 |

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**APPENDIX D OF THE CODE OF ETHICS – REPORTABLE FUNDS** 

<u>Affiliated Investment Companies Advised by SIMNA Inc.</u>

The Swiss Helvetia Fund, Inc.

<u>U.S. Investment Companies Sub-Advised by SIMNA Inc. (and their wholly owned subsidiaries, if any)</u> <u>Brighthouse Funds Trust I – Schroders Global Multi-Asset Portfolio</u>

<u>Schroders Global Multi-Asset Portfolio, Ltd. (wholly owned subsidiary)</u>

<u>Columbia Funds Variable Series Trust II – Variable Portfolio – Partners International Core Equity Fund</u>

<u>Fidelity Rutland Square Trust II – Strategic Advisers<sup>®</sup> Emerging Markets Fund</u>

<u>Guardian Variable Products Trust – Guardian International Equity VIP Fund</u><u> </u>

<u>Harbor Funds II – Embark Commodity Strategy Fund</u>

<u>Harbor Embark Cayman Fund V Ltd. (wholly owned subsidiary)</u>

<u>Hartford Funds Exchange-Traded Trust – Hartford Schroders Commodity Strategy ETF</u>

<u>Hartford Schroders Cayman Commodity Strategy Fund, Ltd. (wholly owned subsidiary)</u><u> </u>

<u>Hartford Funds Exchange-Traded Trust – Hartford Schroders Tax-Aware Bond ETF</u>

<u>The Hartford Mutual Funds, Inc. – Hartford Climate Opportunities Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders China A Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Diversified Emerging Markets Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Diversified Growth Fund</u>

<u>Hartford Schroders Cayman Diversified Growth Fund, Ltd. (wholly owned subsidiary)</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Emerging Markets Equity Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Emerging Markets Multi-Sector Bond Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders International Contrarian Value Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders International Multi-Cap Value Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders International Stock Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Sustainable Core Bond Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Sustainable International Core Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders Tax-Aware Bond Fund</u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders US MidCap Opportunities Fund</u><u> </u>

<u>The Hartford Mutual Funds II, Inc. – Hartford Schroders US Small Cap Opportunities Fund</u><u> </u>

<u>Lincoln Inflation Plus Fund</u>

<u>Lincoln Inflation Plus Fund Cayman Ltd. (wholly owned subsidiary)</u><u> </u>

<u>Lincoln US equity Income Maximizer Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP American Century Select Mid Cap Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP BlackRock Dividend Value Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP Blended Large Cap Growth Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP Blended Mid Cap Managed Volatility Fund</u>

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 14.0 |

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<u>Lincoln Variable Insurance Products Trust – LVIP ClearBridge Franklin Select Large Cap Managed</u> <u>Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Dimensional International Equity Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Dimensional U.S. Equity Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Fidelity Institutional AM<sup>®</sup> Select Core Equity Managed</u> <u>Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Franklin Templeton Global Equity Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP Invesco Select Equity Income Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP JPMorgan Select Mid Cap Value Managed Volatility</u> <u>Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP MFS International Equity Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP Multi-Manager Global Equity Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA Global Tactical Allocation Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA International Managed Volatility Fund</u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA Large Cap Managed Volatility Fund</u><u> </u>

<u>Lincoln Variable Insurance Products Trust – LVIP SSGA SMID Cap Managed Volatility Fund</u><u> </u>

<u>Mercer Funds – Mercer Emerging Markets Equity Fund</u>

<u>Morgan Stanley Pathway Funds – International Equity Fund</u><u> </u>

<u>NYLI VP Schroders Mid Cap Opportunities Portfolio</u>

<u>PFM Multi-Manager Series Trust – PFM Multi-Manager International Equity Fund</u><u> </u>

<u>Russell Institutional Funds LLC - Core Bond Fund</u>

<u>Russell Investment Company – Strategic Bond Fund</u>

<u>Russell Investment Company – Investment Grade Bond Fund</u><u> </u>

<u>Russell Investment Funds – Strategic Bond Fund</u>

<u>SunAmerica Series Trust – SA Schroders VCP Global Allocation Portfolio</u><u> </u>

<u>Seasons Series Trust – SA Multi-Managed International Equity Portfolio</u><u> </u>

<u>Seasons Series Trust – SA Multi-Managed Small Cap Portfolio</u><u> </u>

<u>Vanguard Variable Insurance Funds – International Portfolio</u>

<u>Vanguard Whitehall Funds – Vanguard International Explorer</u><u><sup>™</sup></u> <u>Fund</u><u> </u>

<u>Vanguard World Fund – Vanguard International Growth Fund</u>

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 15.0 |

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SIMNA INC. CODE OF ETHICS

**APPENDIX E OF THE CODE OF ETHICS - INSIDER TRADING POLICY** 

It is a violation of United States federal law and a serious breach of the Adviser's policies for any Access or associated person to trade in, or recommend trading in, the securities of an issuer for their personal gain, or on behalf of the firm or its clients, while in possession of material, non-public information ("MNPI") which may come into their possession either in the course of performing their duties, or through a breach of any duty of trust and confidence.

Such violations could subject you, the Adviser, and its affiliates, to significant civil and criminal liability, including the imposition of monetary penalties, and could also result in irreparable harm to the reputation of the Adviser. Tippees (i.e., persons who receive MNPI) may also be held liable if they trade or pass along such information to others.

Further, it is a violation of anti-fraud provisions of the Advisers Act for Access Persons or Associated Persons who are aware of transactions being considered for clients, or are aware of the portfolio holdings in the reportable funds to which the Adviser (or an affiliate) acts an adviser, to disclose such information to a party who has "no need to know" or to trade on such information for personal gain by, among other things, front-running or market timing.

The US Insider Trading and Securities Fraud Enforcement Act of 1988 ("ITSFEA") requires all broker-dealers and investment advisers to establish and enforce written policies and procedures reasonably designed to prevent misuse of MNPI.

The provisions of ITSFEA apply both to trading while in possession of such information, and to communicating such information to others who might trade on it improperly.

**MATERIALITY** 

Material information about transactions that the Adviser undertakes on behalf of clients is proprietary to the firm. Use of that information by Access and associated persons in personal securities dealings—or communication of the information to others with the expectation that they will trade—violates the duties that Access and associated persons owe to the Adviser and its clients. Information that Access Persons and Associated Persons obtain through research, or through communications with issuers on behalf of the Adviser, belongs to the Adviser and may not be used in connection with personal securities transactions other than in compliance with the personal securities transactions provisions of this Code of Ethics.

Where Access Persons or Associated Persons receive information from issuers or research providers that they believe is material and non-public in the course of their duties for the Adviser, they must immediately notify the Chief Compliance Officer.

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| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 16.0 |

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Information which emanates from outside an issuer, but may affect the market price of an issuer's securities, can also be MNPI. For example, material, non-public information can originate within the Adviser itself. This would include knowledge of activities or plans of an affiliate, or knowledge of securities transactions that are being considered or executed by the Adviser itself on behalf of clients.

MNPI can also be obtained from knowledge about a client that a person has discovered in their dealings with that client. MNPI pertaining to a particular issuer could also involve information about another issuer that has a material relationship to the issuer, such as a major supplier's decision to increase its prices. Moreover, non-public information relating to portfolio holdings in a Reportable Fund should not be used to market-time or engage in other activities that are detrimental to the Reporting Fund and its shareholders.

In addition, Rule 14e-3 under the Exchange Act makes it unlawful to buy or sell securities while in possession of material information relating to a tender offer, if the person buying or selling the securities knows, or has reason to know, that the information is non-public and has been acquired, directly or indirectly, from the person making, or planning to make, the tender offer, from the target company, or from any officer, director, partner or employee or other person acting on behalf of either the bidder or the target company.

This rule prohibits not only trading, but also the communication of MNPI relating to a tender offer to another person in circumstances under which it is reasonably foreseeable that the communication will result in a trade by someone in possession of the MNPI. All staff is subject to the Global Market Abuse Policy which provides further guidance on what may be regarded as abusive behaviors.

**PROCEDURES AND RESPONSIBILITIES** 

Please see Compliance's <u>Market Abuse Policy</u> located on the Compliance intranet page for prohibitions regarding persons who acquire MNPI.

**PENALTIES** 

Penalties for trading on or communicating MNPI are severe, both for the individuals involved in such unlawful conduct and their employers. Under the law, a person can be subject to some or all of the penalties below, even if s/he does not personally benefit from the violation. Penalties include:

1) civil injunctions;

2) disgorgement of profits;

3) treble damages – fines for the Access Person or Associated Person who committed the violation, of up to 3 times the profit gained or loss avoided, whether or not the person actually benefited;

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| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 17.0 |

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SIMNA INC. CODE OF ETHICS

4) fines for the employer or other controlling person of up to the greater of $1,000,000, or 3 times the profit gained or loss avoided; and 

5) imprisonment.

**SPECIAL PROVISIONS FOR TRADING IN SCHRODERS PLC** 

Special restrictions apply to trading in the securities of Schroders plc because staff, by virtue of their employment, may be deemed to have MNPI:

1. Securities of Schroders plc will not be purchased for any client account without the permission of that client,
and then only if permitted by applicable law.

2. Personal securities transactions in the securities of Schroders plc are subject to blackout periods and other
restrictions which are outlined in the UK Staff Dealing Rules. These can be found on the Group Compliance intranet page. A trade request must be submitted via MyCompliance and approved by the UK Corporate Secretariat prior to trading.

**STOP LIST** 

Schroders maintains a Global Stop List that includes company securities for which one or more persons at the Adviser and its affiliates may hold price sensitive information. The Stop List locally is maintained by the US Compliance team.

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|:---|:---|
| **CODE OF ETHICS**<br> EFFECTIVE MAY 1, 2017, REVISED APRIL 2020, SEPTEMBER 2021, August 2025 | 18.0 |

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## Ex-99.P17

**VANECK** 

**CODE OF ETHICS** 

**AND** 

**CODE OF BUSINESS CONDUCT** 

**Effective: April 1, 2016** 

**Updated: February 10, 2025**![LOGO](g767768dsp292.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **I. GENERAL POLICY STATEMENT** | 4 |
| **1. Adoption of the Code** | 4 |
| **2. Standards of Business Conduct** | 4 |
| **II. CODE OF ETHICS** | 7 |
|  **PERSONAL SECURITIES TRANSACTIONS POLICY** | 7 |
| **1. Introduction** | 7 |
| **2. Reportable Accounts** | 7 |
| **3. Non-Reportable Accounts** | 8 |
| **4. Administration and Reporting Requirements** | 9 |
| **4.1. Designated Brokers** | 9 |
| **4.2. Initial Certification and Account Report** | 10 |
| **4.3. New Account Reporting** | 11 |
| **4.4. Quarterly Certification and Account Report** | 11 |
| **4.5. Annual Certification and Account Report** | 12 |
| **5. Exempt Securities** | 13 |
| **6. Exempt Transactions** | 13 |
| **7. Prohibited Transactions in Reportable Accounts** | 14 |
| **8. Pre-Clearance Requirements** | 15 |
| **9. Blackout Periods** | 17 |
| **9.1. De Minimis Transactions Exempt from the Blackout Periods** | 18 |
| **10. Private Placements (Limited Offerings)** | 20 |
| **11. Short-Term Trading Restrictions** | 21 |
| **III. ADMINISTRATION AND ENFORCEMENT OF THE CODE** | 23 |
| **1. Violations of the Code and Sanctions** | 23 |
| **2. Reporting of Violations** | 23 |
| **3. Annual Reports to the Boards** | 23 |
| **4. Amendments to the Code** | 24 |
| **5. Questions Concerning the Code** | 24 |
| **6. Books and Records** | 24 |
| **IV. CODE OF BUSINESS CONDUCT** | 25 |
| **1. Statement of General Fiduciary Principles** | 25 |
| **2. Compliance with Governing Laws, Regulations and Procedures** | 25 |

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|:---|:---|
| **3. Insider Trading** | 26 |
| **4. Corporate Opportunities** | 26 |
| **5. Confidentiality** | 26 |
| **6. Anti-Corruption** | 27 |
| **7. Gifts and Entertainment** | 27 |
| **8. Political Contributions** | 27 |
| **9. Charitable Donations at the Requests of Clients or Prospective Clients** | 28 |
| **10. Outside Business Activities** | 28 |
| **11. Conflicts of Interest** | 28 |
| **V. DEFINITIONS** | 29 |

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**I. GENERAL POLICY STATEMENT** 

**1. Adoption of the Code** 

This Code of Ethics and Code of Business Conduct (the "Code") is adopted by the entities set forth below, as well as any other entity that officially adopts this Code, and is applicable to such entities and their Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Van Eck Associates Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Van Eck Securities Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Van Eck Absolute Return Advisers Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck (Europe) GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarketVector Indexes GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Securities UK Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck ETP AG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SegMint GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Capital AG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Switzerland AG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Investment Management (Shanghai) Co., Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Private Fund Management (Shanghai) Co., Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Van Eck Global Asset Management (Asia) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Australia Pty Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Investments Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Digital Assets, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Digital Assets Alpha GP, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Digital Assets VC GP, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Singapore Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Asset Management B.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investo Holding Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investo Gestão de Recursos Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck Reserve Fund GP, LLC

(Each of the foregoing entities is hereinafter referred to individually as a VanEck Entity and collectively as "VanEck").

Capitalized terms not otherwise defined in the text of the Code shall have the meanings set forth in the "Definitions" section of the Code.

**2. Standards of Business Conduct** 

The Code sets forth the standards of business conduct for VanEck and each Access Person. It is based on the principle that VanEck owes a fiduciary duty of undivided loyalty to each Client. As such, VanEck and each Access Person must avoid transactions, activities and relationships that might interfere or

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appear to interfere with making decisions that are in the best interests of Clients. In general, VanEck and each Access Person are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. conform to the ethical standards set forth in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. comply with all applicable laws, rules and regulations, including, but not limited to the Federal Securities
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. avoid actual or potential conflicts of interest and fully disclose all material facts concerning any actual or
potential conflicts of interest that may arise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. put the interests of Clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. ensure that all personal securities transactions are conducted consistent with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. not abuse a position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. not take inappropriate advantage of their positions.

The Code is intended to prevent certain practices by Access Persons in connection with the purchase or sale, directly or indirectly, by such persons of Securities Held or to be Acquired by a Client. Accordingly, an Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any untrue statement of a material fact to a Client or omit to state a material fact necessary in order to make the statements made to the Client, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to a Client.

The Code is designed to comply with the regulatory requirements of Section 17(j) of the 1940 Act and the rules thereunder and Rule 204A-1 under the Advisers Act, and is also intended to prohibit activities that would violate certain fiduciary duties owed by VanEck to its Clients pursuant to Section 206 of the Advisers Act.

The Code sets forth the minimum standards of business conduct believed appropriate for VanEck and each Access Person. **Technical compliance with the provisions of the Code will not insulate your actions from scrutiny for evidence of abuse of your duties under the Code.**

If you are confronted with a potential or apparent conflict of interest, you should consult the VanEck Compliance department (the "Compliance Department") for advice concerning the propriety of your actions, and obtain prior approval, if required. All discussions will be treated as confidential.

The CCO or designee will review all reports submitted by Access Persons pursuant to the Code and may exempt an Access Person from any of the requirements hereunder if she or he determines such

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an exemption would not have a material adverse effect on any Client and provided it is in compliance with all applicable laws.

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**II. CODE OF ETHICS** 

**PERSONAL SECURITIES TRANSACTIONS POLICY** 

**1. Introduction** 

Access Persons must conduct all of their personal investment transactions in full compliance with the Code, the VanEck Insider Trading Policy and other VanEck policies and procedures which are designed to prevent and detect inappropriate personal trading practices and activities by Access Persons. The primary objective of the Code and such policies and procedures is to have each Access Person adhere to insider trading prohibitions and observe the duty to place the interests of Clients ahead of their own personal investment interests. The requirements regarding personal securities transactions contained in the Code are designed to avoid potential or actual conflicts of interest or the appearance of impropriety that may arise when engaging in purchasing or selling personal securities and other financial instruments that are being held in or may be acquired by a Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Reportable Accounts** 

Access Persons are required to report all **Reportable Accounts**, which consist of **Personal Accounts and Related Accounts**, that hold or may acquire a Covered Security in which the Access Person has a Beneficial Ownership interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account in the Access Person's individual name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any joint tenant-in-common account in which the Access Person has an interest or is a participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account for which the Access Person acts as a trustee, executor, or custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Related Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Immediate Family Account<sup>1</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account over which the Access Person has **investment discretion or has the power** (whether or not
exercised) **to direct the acquisition or disposition** of Covered Securities (including securities of Reportable Funds), including the accounts of any individual that is managed or controlled directly or indirectly by an Access Person or through
an Access Person, such as the account of an investment club to which the Access Person belongs or an account for a charitable organization in which the Access Person can influence or make investment decisions.

**Types of Reportable Accounts include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) accounts with a brokerage capabilities option activated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual fund accounts with brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 Plans with brokerage capabilities

<sup>1</sup> For Australian Based Access Persons see Exemption for Immediate Family Members under separate section in the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IRAs with brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roth IRAs with brokerage capabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck 401(k) self-directed brokerage accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee Stock Purchase Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account that can hold a mutual fund or security that is managed by VanEck

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account that holds or may acquire a Covered Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Australian Managed Investment Schemes held in an account that has brokerage capabilities

**3. Non-Reportable Accounts** 

**<u>All Access Persons</u>** 

The accounts listed below are considered to be Non-Reportable Accounts and are not subject to the reporting requirements set forth in the Code. Evidence that an account is a Non-Reportable Account must be provided by the Access Person to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fully Discretionary Account** - a Personal Account or Related Account managed or held by a broker-dealer,
bank, futures commission merchant, investment adviser, trustee and/or other similar party who has full discretion to manage such account where the Access Person (a) has no authority to exercise any investment discretion over the account;
(b) has no authority to suggest or receive notice of transactions prior to their execution in the account; and (c) does not otherwise have any direct or indirect influence or control over the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, to qualify as a Fully Discretionary Account, the individual broker, registered representative,
merchant or trustee responsible for the account must not be responsible for nor receive advance notice of any Purchase or Sale of a Covered Security on behalf of a Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To qualify an account as a Fully Discretionary Account, the CCO or designee must receive and approve a form
submitted through the Compliance System or written notice via email, if the Compliance System is not available, which demonstrates that the account meets the foregoing qualifications as a Fully Discretionary Account.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent verification is required to be obtained from the discretionary manager and confirmed periodically
thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When discretionary management, as described above, ceases to exist, the Access Person is required to report the
change in status of the account immediately to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any account that trades only Exempt Securities (as defined herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck 401(k) accounts (except VanEck 401(k) self-directed brokerage accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BVV – Private Bank Retirement Fund for Financial Industry Employees for which the Access Person has no
investment discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• German Lawyers Fund for which the Access Person has no investment discretion.

If you are unsure whether an account is required to be reported, please contact the Compliance Department for guidance.

<sup>2</sup> Australian Superannuation accounts for which the Access Person has no investment discretion are fully discretionary accounts.

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**<u>Australian Based Access Persons</u>** 

Due to various industry practices and customs in Australia, the personal trade and monitoring policies relating to an Access Person living and working in Australia ("Australian Access Person") are modified herein with respect to their application to an Immediate Family Account of an Australian Access Person.

An Immediate Family Account: a) over which an Australian Access Person has no direct influence or control; or b) in which an Australian Access Person has no Beneficial Ownership interest is excluded from the pre-clearance requirements of Section 8 of the Code and short-term trading requirements of Section 11 of the Code for Covered Securities. One exception relates to **investments in any pooled investment vehicles sponsored by a VanEck Entity.** Investments by all Australian Access Persons and their Immediate Family Members in pooled investment vehicles sponsored by a VanEck Entity must also comply with the blackout periods under the Code that govern investments in such vehicles. Transactions in VanEck Sponsored products by an Australian Based Immediate Family Member must be reported on a quarterly basis to the CCO or designee.

The following are the only reporting requirements that apply to Immediate Family Accounts. Of an Australian Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Australian Access Person must provide a quarterly certification through the Compliance System or via email,
if the Compliance System is not available, to the CCO or designee stating that there has not been and will not be any sharing of confidential information regarding VanEck's activity by the Australian Access Person with any Immediate Family
Member that could potentially be used in trading securities for the Immediate Family Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. That he or she has communicated to the Immediate Family Member the Blackout Periods and restrictions imposed on
trading pooled investment vehicles sponsored by a VanEck Entity.

**4. Administration and Reporting Requirements** 

**4.1. Designated Brokers** 

VanEck has selected certain broker-dealers as "Designated Brokers". The Compliance Department receives automated trade confirmations and/or account statements directly from these broker-dealers, thereby eliminating the need for an Access Person or broker-dealer to submit copies of these documents in paper format. The Compliance Department maintains the list of Designated Brokers.

Access Persons located in the United States are required to establish any new Reportable Account(s) with a Designated Broker. Existing Reportable Accounts of U.S. Access Persons at non-Designated Brokers may be grandfathered in, provided Access Persons submit to the Compliance Department through the Compliance System or via email, if the Compliance System is not available. A quarterly transaction report must be provided within 30 days following the end of each calendar quarter, and a holdings report must be provided within 45 calendar days of the end of each calendar year. All new U.S. Access Persons must maintain all Reportable Accounts with a Designated Broker and must transfer their Reportable Account(s) to a Designated Broker within a reasonable period from their initial commencement of employment.

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Certain exceptions may be granted as determined by the CCO or designee. Access Persons must submit a request for an exception in writing to the CCO or designee in advance prior to opening a Reportable Account with a non-Designated Broker. If the circumstances of the non-Designated Broker account change in any way, it is the Access Person's responsibility to notify the Compliance Department immediately. The nature of the change may cause the exception to be revoked. An Access Person may not assume that because an exception was granted in one instance that an Access Person will be permitted to open a new account with the same or another non-Designated Broker.

Non-U.S. Access Persons may maintain their Reportable Account(s) with a non-Designated Broker, provided that they submit to Compliance through the Compliance System or via email, if the Compliance System is not available, a quarterly transaction report within 30 days following the end of each calendar quarter, and a holdings report within 10 calendar days of becoming an Access Person and thereafter, within 45 calendar days of the end of each calendar year.

**4.2. Initial Certification and Account Report** 

Each Access Person will be provided with a copy of the Code when hired by a VanEck Entity.

Within 10 days of becoming an Access Person, such Access Person is required to do the following through the Compliance System or via email, if the Compliance System is not available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify to his or her receipt and understanding of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certify to his or her Reportable Accounts by including the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The name of each broker-dealer, bank, futures commission merchant, investment adviser, trustee and/or other
similar party that maintains Reportable Accounts for the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The account number for each Reportable Account that holds or may acquire a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Submit an initial holdings certification and report ("Initial Certification") through the
Compliance System or via email, if the Compliance System is not available, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Identifies the Covered Securities (including private placement investments) in which the Access Person had any
Beneficial Ownership that were held directly with an issuer (e.g. direct stock purchase plans; or accounts held with open-end mutual funds that a VanEck Entity advises or sub-advises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Provides the following details about each Covered Security in which the Access Person had any Beneficial
Ownership when the person became an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The title and type, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and
maturity date, the number of shares and the principal amount of each such Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Includes the name of each broker-dealer, bank, futures commission merchant, investment adviser, trustee and/or
other similar party with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Includes the date that the Initial Certification is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Includes information that is current as of a date no more than 45 days prior to commencing employment or
becoming subject to the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide copies of the account statements<sup>3</sup> showing the
holdings detailed in the Initial Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Submit the Fully Discretionary Account Disclosure Form, if applicable, through the Compliance System or via
email, if the Compliance System is not available.

**4.3. New Account Reporting** 

An Access Person is required to obtain **PRE-APPROVAL**<sup>4</sup> from the Compliance Department before opening a Reportable Account. An Access Person is required to request pre-approval for this account through the Compliance System or via email, if the Compliance System is not available, and identify it as a new account. The Compliance Department will review the request and, if approved, will issue a letter in accordance with FINRA Rule 3210 to the broker-dealer requesting this document.

**4.4. Quarterly Certification and Account Report<sup>5</sup>** 

Within 30 days after the end of a calendar quarter, each Access Person is required to do the following through the Compliance System or via email, if the Compliance System is not available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify to his or her understanding of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Affirm that all Reportable Accounts and all transactions in Covered Securities (including private placement
investments), have been reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Submit a quarter end statement<sup>6</sup> that provides the
following details about any transaction in a Reportable Account that occurred during the quarter for which the Compliance Department does not get an electronic feed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the
interest rate and maturity date, 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;b) 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;c) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The name of the broker-dealer, bank, futures commission merchant, investment adviser, trustee and/or other
similar party with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Submit a quarter end holdings<sup>7</sup> report which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Identifies the Covered Securities in which the Access Person had any Beneficial Ownership that were held
directly with an issuer (e.g. direct stock purchase plans; or accounts held with open-end mutual funds that a VanEck Entity advises or sub-advises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Submit a quarter end statement that provides the following details 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 for which the Compliance Department does not get an electronic feed:

<sup>3</sup> For private placement investments an account statement is required to the extent it is available.

<sup>4</sup> Pre-Approval is deemed to be notification within 3 business days of opening, funding or transferring assets to a new account.

<sup>5</sup> The year-end certification will serve as both the year-end and fourth quarter certification.

<sup>6</sup> For private placement investments a quarter end statement is required to the extent it is available.

<sup>7</sup> Australian Based Access Persons are only required to submit annual holdings report as of June 30 of the year being requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The name of the broker-dealer, bank, futures commission merchant, investment adviser, trustee and/or other
similar party with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The date the account was established if it was opened during the quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The date that the report is submitted by the Access Person.

**4.5. Annual Certification and Account Report** 

Within 30 days after the end of a calendar year, each Access Person is required to do the following through the Compliance System or via email, if the Compliance System is not available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certify to his or her receipt and understanding of and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certify to his or her Reportable Accounts by including the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The name of each broker-dealer, bank, futures commission merchant, investment adviser, trustee and/or other
similar party that maintains a Reportable Account for the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The account number for each Reportable Account that holds or may acquire a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Submit a year end holdings certification ("Annual Certification")<sup>8</sup> through the Compliance System or via email, if the Compliance System is not available, which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Identifies the Covered Securities (including private placement investments) in which the Access Person had any
Beneficial Ownership that were held directly with an issuer (e.g. direct stock purchase plans; or accounts held with open-end mutual funds that a VanEck Entity advises or sub-advises);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provides the following details about each Covered Security in which the Access Person had any Beneficial
Ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The title and type, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and
maturity date, the number of shares and the principal amount of each such Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Includes the name of any broker-dealer, bank, futures commission merchant, investment adviser, trustee and/or
other similar party with whom an Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Includes the date that the Annual Certification is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Includes information that is current as of a date no more than 45 days prior to the date the Annual
Certification is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide copies of the account statements<sup>9</sup> showing the
holdings detailed in the Annual Certification. If Reportable Accounts are maintained at a Designated Broker with an electronic feed, such statements will be received directly by the Compliance
Department.<sup>10</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Re-Confirm that each of the Access Person's Fully Discretionary
Accounts, if any, meet the requisite qualifications for being a Non-Reportable Account.

<sup>8</sup> Australian Based Access Persons are only required to submit annual holdings report as of June 30 of the year being requested.

<sup>9</sup> For private placement investments an account statement is required to the extent it is available.

<sup>10</sup> Compliance maintains the right to request paper statements from the Access Person irrespective of whether or not electronic copies are received directly from the broker.

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**5. Exempt Securities** 

The following securities are not "Covered Securities" under the Code and are deemed to be "Exempt Securities". Access Persons and their Reportable Accounts may engage in transactions in any Exempt Security without obtaining pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government of the United States (e.g., Treasury Bills, Treasury Notes, Treasury
Bonds, etc.). Obligations of other instrumentalities or quasi-government agencies (e.g., GNMA, FNMA, FHLB, FHLMC, etc.) are **NOT** exempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;(c) Shares issued by open-end investment companies (mutual funds)
registered under the 1940 Act other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forwards on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Futures on currencies (except Bitcoin and Ethereum futures);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Futures on interest rates. Futures on securities, ETFs, indexes, and commodities are **NOT** exempt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Shares issued by money market funds.

**6. Exempt Transactions** 

The following types of transactions are **NOT** subject to the pre-clearance requirements under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading in Exempt Securities as defined in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading in Fully Discretionary Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Non-volitional transactions: Purchases and sales of Covered Securities
in accordance with a pre-set amount or pre-determined schedule effected through an Automatic Investment Plan or dividend reinvestment plan ("DRIP"). This
includes the automatic reinvestment of dividends, income or interest received from a Covered Security in such plans or any other type of account;

**Note: The initial pre-set amount and/or pre-determined schedule and subsequent purchase or sale of Covered Securities OUTSIDE of the pre-set amount and/or pre-determined schedule must be pre-cleared.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases of Covered Securities by **mandatory** exercise of rights issued to the holders of a class of
Covered Securities pro-rata, to the extent they are issued with respect to Covered Securities of which Access Persons have Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Acquisitions or dispositions of Covered Securities as the result of a stock dividend, stock split, reverse
stock split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to holders of a class of Covered Securities of which Access Persons have Beneficial Ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Automatic exercise or liquidation by a stock exchange of an "in-the-money" derivative instrument upon expiration which results in the delivery of Covered Securities pursuant to a written option that is exercised against an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Covered Securities received by an Access Person as a gift.

**7. Prohibited Transactions in Reportable Accounts** 

An Access Person may not engage in the following transactions involving Covered Securities in the Access Person's Reportable Accounts unless an exemption is granted by the CCO or designee.

**Public Offerings** 

Public offerings give rise to potential conflicts of interest since such offerings are generally offered to investors who have relationships with the underwriters involved in the offerings. In order to limit the opportunity for an Access Person to profit from his/her position with VanEck, the following restrictions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **IPOs** 

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from investing in equity and equity-related securities in IPOs, in any jurisdiction, whether or not VanEck is participating in the offering on behalf of a Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Secondary Offerings** 

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from trading in secondary offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Debt Offerings** 

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from trading in a new debt offering, unless it is deemed to be an Exempt Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Derivative Instruments** 

Access Persons and accounts in which the Access Person has Beneficial Ownership are prohibited from investing in derivative instruments, with the exception of permissible option transactions; fully hedged options, or unless as otherwise permitted under the Code.

Permissible Options Transactions and Fully Hedged Options include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Selling a Call  **<u>or</u>** Buying a Put with a 30 day or greater expiration at time of purchase or sale if
at the time of purchase or sale account is long the underlying;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Selling a Put with a 30 day or greater expiration at time of sale; If put gets automatically exercised prior to
30 days, the underlying security will need to be held for 30 days calculated from the date of the put transaction was sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Buying a Call with a 30 day or greater expiration at time of purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Selling a Put and Buying a Call, each with a 30 day or greater expiration at time of sale or purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Buying a Put and Selling a Call, each with a 30 day or greater expiration at time of purchase or sale; if at
the time of purchase or sale, the account is long the underlying.

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***Option transactions that would circumvent the intent of the holding period or that would lead to net short exposure to the underlying stock are prohibited.***

**Firm's Restricted List** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VanEck, from time to time, may restrict Access Persons from trading in certain Covered Securities in their
Reportable Accounts to enhance an information barrier by preventing the appearance of impropriety in connection with trading, or preventing the use or appearance of use of inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless granted an exemption by the CCO or designee, Access Persons are prohibited from trading any Covered
Securities on the Firm's Restricted List in their Reportable Accounts.

**Short Sales or Margin Transactions** 

Access Persons are prohibited from engaging in short sales because accounts may be "frozen" or subject to a forced close out because of the general restrictions that apply to personal transactions.

**8. Pre-Clearance Requirements** 

Access Persons are required to pre-clear **<u>all</u>** transactions in Covered Securities in which they have Beneficial Ownership through the Compliance System, or via email, if the Compliance System is not available, with the exception of those outlined in the section of the Code entitled: "Exempt Transactions".

**Note: Transactions subject to the De Minimis Exceptions as set forth in the Code are required to be pre-cleared through the Compliance System or via email, if the Compliance System is not available.** 

Purchases of Covered Securities by **voluntary** exercise of rights issued to the holders of a class of Covered Securities pro-rata, to the extent they are issued with respect to Covered Securities in which Access Persons have Beneficial Ownership are required to be pre-cleared by the CCO or designee. They will not be subject to the pre-clearance approval time frame (as set forth below).

Gifts of securities by Access Persons, given or received, including Covered Securities in which the Access Persons have Beneficial Ownership, are required to be pre-cleared for purposes of recording the transaction but are not subject to the pre-clearance approval time frame.

**<u>Cryptocurrency Investments</u><sup>11</sup><u>:</u>** 

Different requirements and limitations may apply to Access Persons that have been specifically identified by the Compliance Department as a member of the Crypto Investment Group.

***Crypto Investment Group*** will include employees who: i) in the normal conduct of their job responsibilities are likely to receive or be perceived to be aware of or receive material nonpublic information concerning the purchase or sale of cryptocurrency by pooled investment vehicles or separate advisory client accounts ("client accounts"), ii) makes recommendations or investment decisions on behalf of client accounts regarding the purchase or sale of cryptocurrencies, iii) has the power to exercise a controlling influence over the management and policies of the Adviser or over investment decisions who obtains information concerning recommendations made to a client account with regard to the purchase or sale of a cryptocurrency , or iv) any person deemed to be a member of Crypto Investment Group by the CCO or designee.

<sup>11</sup> Cryptocurrencies are subject to pre-clearance and short-term trading requirements and are not governed by other provisions outlined in the Code. Bitcoin and Ethereum Futures transactions are only subject to pre-clearance requirements.

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All Access Persons are required to obtain pre-approval prior to purchasing or selling ownership interests in Bitcoin (BTC), Solana (SOL) and Ethereum (ETH), or Bitcoin and Ethereum futures contracts.

Access Persons of the Crypto Investment Group are required to obtain pre-approval prior to purchasing or selling ownership interests in all cryptocurrency tokens.

**Pre-Clearance Approval Time Frame:** 

**<u>U.S. and European Based Access Persons</u>:** 

**Covered Securities** traded on:

<u>U.S. Exchange or in a U.S. Market</u> - pre-clearance approval is effective until the close of business on the day of the approval of the pre-clearance request.

<u>Foreign Exchange or in a Foreign Market</u> - pre-clearance approval is effective until the close of business on the business day following the day on which the pre-clearance request was approved.

**Cryptocurrency Investments** – pre-clearance is effective until the beginning of the next business day following the day on which the pre-clearance request was approved.

**<u>Australian and Asian Based Access Persons</u>:** 

**Covered Securities** traded on:

<u>U.S. Exchange or in a U.S. Market</u> or <u>Foreign Exchange or in a Foreign Market</u> - pre-clearance approval is effective until the close of business on the business day following the day on which the pre-clearance request was approved.

**Cryptocurrency Investments** – pre-clearance approval is effective until the beginning of the next business day following the day on which the pre-clearance request was approved.

**Note: Access Persons may only utilize a "Day Order with a Limit" so long as the transaction is consistent with the provisions of the Code, including De Minimis Orders, unless the transaction is an "Exempt Transaction".** 

Failure to comply with the pre-clearance requirements is a violation of the Code. In the event that an Access Person fails to pre-clear a transaction as required by the Code, the Access Person may be required to cancel, liquidate, or otherwise unwind the trade and/or disgorge any profits realized in connection with the trade. Any disgorged profits are required to be transferred to the Firm. The Firm will donate the proceeds to a charity at its sole discretion. Access Persons will be responsible for any tax and related costs, if applicable. In addition, other sanctions might be imposed in accordance with the provisions of the Code.

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Upon submission of a pre-clearance request through the Compliance System, or via email if the Compliance System is not available, Access Persons will receive an approval or denial message in connection with the pre-clearance request. Under extenuating circumstances, Access Persons may email the Compliance Department to make a pre-clearance request and the Compliance Department may enter the request through the Compliance System on the Access Person's behalf and notify him or her whether the trade request has been approved or denied.

If the pre-approval request for a pooled investment vehicle that is managed, advised or sponsored by VanEck is denied, the request will be escalated and reviewed by the CCO for a determination on whether to grant approval.

The CCO reserves the right to waive or impose different pre-clearance requirements on a case by case basis consistent with applicable laws. Any such action by the CCO will be documented accordingly.

**9. Blackout Periods** 

Conflicts of interest arise when Access Persons purchase or sell a Covered Security in which the Access Persons have Beneficial Ownership at or near the same time when a VanEck Entity is buying or selling the same or equivalent Covered Security or a derivative of the Covered Security for a Client account. To reduce the potential for conflicts of interest or the appearance of impropriety that can arise, Access Persons are either prohibited from trading during a certain period before and after a trade is executed on behalf of a Client or trading will be reviewed if trades cannot be automatically blocked by the system. This period is referred to as a "Blackout Period."

If an Access Person trades in a Covered Security in which the Access Person has Beneficial Ownership while such Covered Security is the subject of a Blackout Period, such trade may be required to be canceled, liquidated, or otherwise unwound and/or profits disgorged that are realized in connection with the transaction. Such profits will be required to be transferred to the Firm. The Firm will donate the proceeds to a charity at its sole discretion. Access Persons will be responsible for any tax and related costs, if applicable.

Access Persons may not purchase or sell a Covered Security, a derivative thereof or another similar security issued by the same issuer ("Issuer Securities") in which the Access Persons have Beneficial Ownership or the trade will be reviewed and the Access Person may be asked to unwind the trade or take such other action if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer Security has been purchased or sold on behalf of a Client within the 3 business days prior to the
day of a pre-clearance request;<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is a pending buy or sell order in the Issuer Security on behalf of a Client on the same day as a pre-clearance request;<sup>13</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there was a subsequent buy or sell order in the Issuer Security on behalf of a Client on the day after a pre-clearance request was granted;<sup>14</sup> or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer Security was purchased or sold on behalf of a Client within the 3 business days after the day a pre-clearance request was granted.<sup>15</sup>

<sup>12</sup> Applicable to all Access Persons with subject to the De Minimis or compliance waiver

<sup>13</sup> Applicable to all Access Persons with subject to the De Minimis or compliance waiver

<sup>14</sup> Reviewed for all Access Persons, conflicts addressed on a case by case basis by Compliance

<sup>15</sup> Reviewed for all Access Persons, conflicts addressed on a case by case basis by Compliance

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Access Persons may request a waiver to trade during a Blackout Period. The Compliance Department will review and document any exception granted. Exceptions will only be granted under extenuating circumstances and for valid reasons; mitigation of investment loss will not be considered a valid reason.

The CCO or designee may impose additional Blackout Periods in addition to those specified herein, for any reason.

**9.1. De Minimis Transactions Exempt from the Blackout Periods** 

The following types of transactions are defined as "De Minimis Transactions" under the Code and are exempt from the Blackout Periods. Such transactions are either highly liquid, present no conflict or present a low-risk conflict with Client transactions.

De Minimis Transactions are exempt from the Blackout Periods but are required to be **pre-cleared, and reported and are subject to holding periods and the ban on short-term trading profits as set forth in the Code.**

**De Minimis Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases and sales of an equity Covered Security or an equivalent equity Covered Security, that, in the
aggregate across all accounts, do not exceed 1000 shares per day per issuer with a total market capitalization of over U.S. $2 billion and are less than or equal to 1% of the daily average trading volume for such Covered Security at the time of
investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchases and sales of an exchange traded fund unaffiliated with a VanEck Entity, that, in the aggregate across
all accounts, do not exceed 1000 shares per day per exchange traded fund with a total market capitalization of over U.S. $2 billion and are less than or equal to 1% of the daily average trading volume for such exchange traded fund at the time
of investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchases and sales of Bitcoin, Solana and Ethereum cryptocurrencies that, in the aggregate across all
accounts, do not exceed 1 BTC, 50 SOL and 10 ETH per day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchases and sales of a cryptocurrency other than Bitcoin, Solana and Ethereum that, in the aggregate across
all accounts, do not exceed $1,000 USD or €1,000 EUR per cryptocurrency token per day.

Issuer and exchange traded fund market capitalization amounts may change from time to time. Accordingly, a Covered Security or exchange traded fund that has a market capitalization within the requirements at the time of an initial transaction may fall below the required market capitalization at the time of a subsequent transaction preventing an Access Person from being able to rely on the De Minimis Transaction exemption to effect the subsequent transaction.

**Note: De Minimis exception does not apply to fixed income securities and derivatives**.

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**Summary of Blackout Periods and De Minimis Transactions for Access Persons** 

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| | | |
|:---|:---|:---|
| **Blackout Period** | **De Minimis Transactions** | **Non-De Minimis Transactions** |
| Client trade within the 3 business days prior to the day of a pre-clearance request | No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp; • Personal trade pre-clearance request denied<br>|
| Pending Client trade on the same day as a pre-clearance request | No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp; • Personal trade pre-clearance request denied<br>|
| Subsequent Client trade on the day after a pre-clearance request was granted | No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp; • If an Access Person makes a personal trade in a Covered Security in which the Access Person has Beneficial Ownership and there is a subsequent trade for a Client on the same day, the trade by the Access Person will be treated as a conflict and analyzed accordingly in terms of action required to be taken in regard to the conflict between the personal trade and the Client trade<br>|
| Client trade within the 3 business days after the day a pre-clearance request was granted | No Blackout Period or conflict | &nbsp;&nbsp;&nbsp;&nbsp; • If Access Person makes a personal trade in a Covered Security in which the Access Person has Beneficial Ownership and there is a trade for a Client 3 days later, the trade by the Access Person will be treated as a conflict and analyzed accordingly in terms of action required to be taken in regard to the conflict between the personal trade and the Client trade<br>|

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**10. Private Placements (Limited Offerings)** 

Acquisitions of Covered Securities in which Access Persons have Beneficial Ownership in a private placement (i.e., an unregistered securities offering) (also called a Limited Offering) by such Access Persons are subject to special pre-clearance requirements. Investments in private equity funds, venture capital funds, hedge funds, or other privately offered pooled investment vehicles (collectively "Private Funds"), private investments in public equity securities (PIPES), "crowdfunding" investments, investments in a small business sourced through family, friends or any other referral source, private partnerships and Regulation D Offerings are considered to be private placements. Prior approval is required by the (a) Head of Investment Risk or designee; and (b) CCO or designee. Additional contributions or redemptions relating to private placements must also be pre-cleared in the same manner as the initial investment.

Approval will not be given if, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment opportunity is suitable for Clients and the investment professionals intend to make such an
investment for Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment opportunity has been offered to an Access Person solely by virtue of the Access Person's
position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment opportunity could be considered a favor or gift designed to influence an Access Person's
judgment in the performance of the Access Person's job duties as compensation for services rendered to the issuer.

**Approved private placement investments will NOT be subject to the IPO restrictions if the IPO is a result of an Access Person's investment in the private placement.** 

A private placement pre-approval form with attached documentation will be required to be submitted through the Compliance System or via email, if the Compliance System is not available, for approval. The offering memorandum and subscription agreement, if available, should be submitted as supporting documentation. The approval or denial of a pre-approval request will be communicated within a reasonable time through the Compliance System or via e-mail if the Compliance System is not available. Pre-clearance will become effective when the pre-clearance request is approved and will expire within twenty (20) calendar days after the date the pre-clearance request is approved. If the pre-clearance has expired for a proposed purchase or sale, an Access Person must submit another pre-clearance request.

Capital calls and drawdowns do not require pre-approval if pre-approval was already obtained at the time of the initial capital commitment.

For pooled investment vehicles sponsored, managed or advised by VanEck that are offered on a private placement basis, the request is automatically pre-cleared through the subscription process.

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**11. Short-Term Trading Restrictions** 

Access Persons **<u>cannot</u>** purchase and sell, or sell and purchase, the same Covered Securities in which the Access Persons have Beneficial Ownership (other than Exempt Securities) **<u>within thirty (30)</u> <u>calendar days.</u>**

Opening option positions expiring in less than 30 calendar days will result in violations of the short-term trading ban.

Short-term trading restrictions also apply to the purchase and subsequent gifting of Covered Securities.

The restrictions on short-term trading profits are applicable to an Access Person's Reportable Accounts on an aggregate basis. A series of purchases and sales is measured on a last-in, first-out basis ("LIFO") accounting method until all purchases and sales transactions of the same Covered Security or Issuer Security or VanEck Sponsored ETF within a 30 calendar day period in a Reportable Account are matched. A purchase or sale is ordinarily deemed to occur on trade date. For example, the purchase is considered to be made on day 1, day 31 is the first day a sale of those Covered Securities may be made.

Subject to an exemption granted by the CCO or designee, Covered Securities may be repurchased within 30 calendar days of a sale provided there are no additional conflicts with the Code.

**<u>NOTE:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end mutual funds sponsored by a VanEck Entity (excluding
401(k) transactions) must be held for 30 calendar days from the purchase date. The 30 day holding period for shares of open-end mutual funds sponsored by a VanEck Entity is measured from the time of the most
recent purchase or sale of the shares of the relevant Reportable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De Minimis Transactions are subject to the 30 calendar day holding period.

Any short-term trade that violates these restrictions may be required to be unwound and/or any profits realized on the transaction may be required to be disgorged. Other disciplinary actions might be taken in in the event an Access Person fails to adhere to the short-term trading restrictions in accordance with the Code.

Exceptions to the short-term trading restrictions may be requested in advance of a trade and may be granted only in rare cases of economic hardship, gifting of securities, or other unusual circumstances where it is determined that no abuse is involved and the mitigating factors of the situation strongly support an exception to the restrictions. Exception requests are to be addressed to the CCO or designee through the Compliance System or via e-mail if the Compliance System is not available.

**Short-Term Trading and Market Timing in Mutual Funds** 

VanEck seeks to discourage short-term or excessive trading, often referred to as market timing. Access Persons must be familiar with the market timing policy described in the prospectus of each fund in which they invest and must not engage in trading activity that might violate the purpose or intent of a particular

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fund's market timing policy. To the extent a third party sponsored mutual fund has a longer holding period than 30 calendar days, the Access Persons must comply with that fund's specific market timing policy.

**Short-Term Trading in Cryptocurrencies** 

Access Persons are prohibited from purchasing and selling, or selling and purchasing, the same cryptocurrency above De Minimis Transaction amounts within three (3) business days.

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III. ADMINISTRATION AND ENFORCEMENT OF THE CODE

**1.** **Violations of the Code and Sanctions** 

Compliance with the Code is a basic condition of employment with VanEck. A violation of the Code may constitute grounds for remedial action, including but not limited to a letter of caution, warning, censure, re-certification of the Code, disgorgement of profits, suspension of trading privileges, and/or suspension or termination of employment. In addition, a violation of the Code may constitute a violation of law and can result in either civil or criminal penalties for an individual and the Firm. The CCO or designee will impose a sanction for a violation accordingly.

**2.** **Reporting of Violations** 

Access Persons have an obligation to report violations of the Code and other policies and procedures to the CCO or designee. The CCO or designee will report all material violations and may report any non-material violations of the Code to the Board of Trustees (the "Board") of each Reportable Fund and, as applicable, the Board of third party funds for which a VanEck Entity serves as a sub-adviser.

All violations of the Code by Access Persons will be reported to the Board of VEAC no less frequently than annually.

**3.** **Annual Reports to the Boards** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No less frequently than annually, the CCO shall furnish to the Board of each Reportable Fund, and the Board
shall consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Describes 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Certifies that each of the Adviser and Distributor has adopted procedures reasonably necessary to prevent
Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No less frequently than annually, the CCO shall report to the Board of each Reportable Fund regarding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All existing procedures concerning personal trading activities and any procedural changes made during the past
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any recommended changes to the Code or such procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any issues arising under the Code since the last report to the Board, including, but not limited to,
information about any material violations of the Code and any sanctions imposed in response to any material violations.

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**4.** **Amendments to the Code** 

The Code may be amended provided that any material change to the Code must be approved by the Board of each Reportable Fund no later than six months after the material change is adopted, and further provided that any amendments to the Code that are proposed to a Board for approval must be accompanied by a certification from the CCO that the Adviser and Distributor have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**5.** **Questions Concerning the Code** 

Access Persons are encouraged to seek guidance with respect to any matters under the Code. Conflicts of interest, potential conflicts of interest, or the appearance of conflicts of interest are challenging and situations may arise that require interpretation of the Code as it relates to specific fact patterns. When such a situation arises, please contact the Compliance Department for guidance before engaging in the contemplated transaction.

**6.** **Books and Records** 

VanEck, as applicable, shall maintain and preserve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the Code (and any prior code of ethics that was in effect at any time during the past six years) in an easily accessible place for a period of not less than six years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a record of any violation of the Code and of any action taken as a result of such violation in an easily accessible place for at least six years after 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each report made by an Access Person (or any other information provided in lieu of a report as permitted herein) submitted under the Code for a period of not less than six years after the end of the fiscal year in which the report is made or the information is provided, 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a record of all persons, currently or within the past six years, who are or were required to make reports pursuant to the Code, or who are or were responsible for reviewing these reports, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a copy of each report submitted to the appropriate Board pursuant to the provisions of the Code for at least six years after the end of the fiscal year in which such report was made (the first two years in an easily accessible place); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a record of any decision, and the reasons supporting the decision, to approve the acquisition by an Access Person of securities in IPOs or Private Placements transactions for at least six years after the end of the fiscal year in which the approval is granted.

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IV. CODE OF BUSINESS CONDUCT

**1.** **Statement of General Fiduciary Principles** 

The Code is based on fiduciary standards. Each Access Person is in a position of trust and as such, must act at all times with the utmost integrity, avoid any actual or potential conflict of interest and not otherwise abuse the Access Person's position of trust. The Access Person must observe an affirmative duty of care, loyalty, honesty and good faith.

An Access Person owes certain obligations to Clients which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A duty to act in the best interests of Clients, including full and fair disclosure of all material facts where
the investment advisory business interests may conflict with Client interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To effect personal security interests consistent with the Code and in such a manner to avoid any actual or
potential conflict of interest or abuse of an individual's position of trust and responsibility that is inconsistent with a Client's interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To refrain from favoring the interests of a particular Client over the interests of another Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For an Access Person trading Client assets, to obtain best execution on Client security transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To uphold Client confidentiality and other non-public information.

A conflict of interest may also arise when an Access Person's personal interest interferes, or gives the appearance of interfering, in some way with the interests of VanEck or its Clients.

**2.** **Compliance with Governing Laws, Regulations and Procedures** 

VanEck's business is subject to laws, rules, and regulations in multiple jurisdictions in which it conducts its operations. Such regulations broadly prohibit fraudulent, manipulative or deceptive market activities of any kind, either directly or indirectly, in connection with any security or derivative instrument. Access Persons must comply fully with all laws, rules and regulations of any governmental agency or self-regulatory organization governing VanEck's business and activities.

VanEck does business in a number of jurisdictions where applicable laws, rules, regulations, customs and social requirements may be different from those in the United States. In the case of any conflict between foreign and United States law, or in any situation where an Access Person has a doubt as to the proper course of conduct, it is incumbent upon an Access Person to immediately consult the Compliance Department.

Beyond the strictly legal aspects involved, Access Persons at all times are expected to act honestly and maintain the highest standards of ethics and business conduct, consistent with the professional image of VanEck. In that spirit, Access Persons are not permitted to:

(i) Defraud a Client or prospective Client in any manner;

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(ii) Mislead a Client or prospective Client, including making a statement that omits material facts;

(iii) Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a
Client or prospective Client;

(iv) Engage in any manipulative practice with respect to a Client or prospective Client;

(v) Engage in any manipulative practices with respect to securities, including price manipulation;

(vi) Misuse material, non-public information obtained while being employed
at VanEck; or

(vii) Otherwise violate applicable Governing Laws and Regulations.

To assist Access Persons, VanEck has a Compliance Manual and various other policies and procedures which provide guidance for complying with these laws and regulations. In addition, the Compliance Department provides training to assist Access Persons in complying with the laws and regulations governing VanEck's business.

**3. Insider Trading** 

Access Persons who have access to confidential information about VanEck, issuers it invests in, indices its affiliated entities manage or its Clients are not permitted to use or share that information for security trading purposes or for any other purpose except the conduct of VanEck business. Material, non-public information about VanEck is considered "confidential information". To use such material, non-public information for personal financial benefit or to "tip" others who might make an investment decision on the basis of this confidential information is against the policies of the Code and other VanEck policies and is also illegal. VanEck has adopted separate **VanEck Insider Trading policies and procedures** that Access Persons are required to comply with.

**4. Corporate Opportunities** 

Access Persons owe a duty to VanEck and are prohibited from taking opportunities that are identified using corporate property, information, or position for their own benefit without first confirming that there is no legitimate business opportunity for VanEck or its Clients.

**5. Confidentiality** 

Access Persons must keep confidential any material, non-public information regarding VanEck, the Reportable Funds, any Client or any entity whose securities they know or should have known are under investment review by a portfolio management team acting on behalf of VanEck. Access Persons have the highest fiduciary obligation not to reveal confidential information of any nature to any party that does not have an explicitly clear and compelling need to know such information.

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**6. Anti-Corruption** 

VanEck does not tolerate any form of corruption. Federal and State laws, and laws of other countries, prohibit the payment or receipt of bribes, kickbacks, inducements, facilitation payments, non-monetary benefits, or other illegal gratuities or payments by or on behalf of VanEck or Access Persons in connection with our businesses. To ensure that VanEck fully complies with the requirements of the U.S. Foreign Corrupt Practices Act (the "FCPA") and applicable international laws regulating payments to non-U.S. public officials, candidates and political parties, an Access Person must be familiar with **VanEck's Foreign Corrupt Practices Act** policy and procedures.

**7. Gifts and Entertainment** 

Access Persons or their Immediate Family Members sharing the same household should not receive or offer a gift unless it (a) is in compliance with **VanEck's Gifts and Entertainment** and **VanEck's Travel policies**; (b) does not violate applicable laws or regulations; (c) is unsolicited; (d) is not a cash gift; (e) is not excessive in value; (f) is not construed as a bribe or payoff; (g) is given or accepted without obligation; and (h) is not intended to obtain or retain business.

Access Person may not give or accept cash gifts or cash equivalents to or from a client, prospective client, or any entity that does business with or on behalf of VanEck. This includes cash equivalents such as cash-redeemable gift cards, bonds, securities, crypto tokens, or other items that may be readily converted to cash.

Strict laws and regulations govern the interaction with government or public officials including gifts and/or entertainment, meals, transportation and lodging. Access Persons are prohibited from providing gifts or anything of value to public officials or their employees or members of their families in connection VanEck's business.

Access Persons are prohibited from giving anything of value, directly or indirectly to (a) public officials with the intention to influence the official and obtain an advantage by such giving; and (b) persons in the private sector if the intent is to induce such individuals to perform or reward them for performing an activity or function on behalf of VanEck.

Access Persons are prohibited from making illegal payments to public officials of any country of the purpose of obtaining or retaining business or gain an advantage in doing VanEck's business.

VanEck has implemented a separate policy and procedure on **Foreign Corrupt Practices Act**. Please refer to this policy and discuss with your manager and Compliance regarding any gift or entertainment which you believe may not be appropriate.

**8. Political Contributions** 

Access Persons may only make political contributions as permitted in VanEck's Political Contributions policy. Access Persons are prohibited from making political contributions for the purpose of obtaining or retaining advisory contracts. In addition, Access Persons are prohibited from considering VanEck's current or anticipated business relationships as a factor in making political contributions. Please refer to **VanEck's Political Contributions policy**.

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**9. Charitable Donations at the Requests of Clients or Prospective Clients** 

Charitable contributions at the request of Clients or prospective Clients can give rise to conflict situations related to VanEck's business. Additionally, they can also give rise to breaches of anti-bribery laws. Access Persons may not make charitable contributions to organizations either directly or indirectly (e.g., through the charitable contribution matching program) with the intention of unduly influencing a third-party that has a current relationship with VanEck, or a business prospect. Please refer to **VanEck's Charitable Contributions policy**.

**10. Outside Business Activities** 

Outside business activities must not reflect adversely on the firm or give rise to real or apparent conflicts of interest with an Access Person's duties and responsibilities to the firm. Access Persons must be alert to potential conflicts of interest and be aware that they may be asked to discontinue an outside business activity if a potential conflict arises. Please refer to **VanEck's Outside Business Activities policy.**

**11. Conflicts of Interest** 

Certain interests or activities of access persons may involve a significant and actual or potential conflict with the interests or activities of VanEck and/or its Clients, or may give the appearance of a conflict even though no actual or potential conflict exists. Each Access Person must be alert to such conflicts of interest, potential or actual, and should scrupulously examine and avoid any such activity or situation in which personal behavior directly or indirectly conflicts or may give rise to an appearance of conflict with the interest of VanEck or its Clients. VanEck has adopted the **Conflict of Interest policy** that Access Persons are required to comply with.

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V. DEFINITIONS

1.1 **1933 Act** is the Securities Act of 1933, as amended.

1.2 **1934 Act** is the Securities Exchange Act of 1934, as amended.

1.3 **1940 Act** is the Investment Company Act of 1940, as amended.

1.4 **Access Person** means: (a) any trustee, director, officer, general partner or employee of a VanEck
Entity, except it does not include a trustee or director of a VanEck Entity who, in connection with his or her regular functions or duties, does not make, participate in, or obtain information regarding, the purchase or sale of Covered Securities by
a Reportable Fund; and (b) any other person deemed to be an Access Person by the CCO or designee.<sup>16</sup>

1.5 **Adviser** is Van Eck Associates Corporation ("VEAC") or Van Eck Absolute Return Advisers
Corporation ("VEARA"), and any other VanEck Entity that serves as an investment adviser for a Reportable Fund.

1.6 **Advisers Act** is the Investment Advisers Act of 1940, as amended.

1.7 **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. Examples include: Dividend Reinvestment Plans (DRIPS), payroll deductions, bank account drafts or deposits, automatic mutual fund
investments/withdrawals (PIPS/SWIPS), and asset allocation accounts.

1.8 **Beneficial Ownership** generally means any interest in a security for which an Access Person or any member
of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("pecuniary") benefit. It shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the 1934 Act in determining whether a person is the beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder. Any report
required by this Code may contain a statement that the report will not be construed as an admission that the person making the report has any Beneficial Ownership in the Covered Security to which the report relates.

1.9 **Chief Compliance Officer ("CCO")** means singularly or collectively the Chief Compliance
Officer of each of VEAC and VEARA appointed pursuant to Rule 206(4)-7 under the Advisers Act and Chief Compliance Officer of the Distributor.

1.10 **Client** means any natural person or company (including the Reportable Funds) for whom or which a VanEck
Entity serves as an "investment adviser" within the meaning of Section 202(a)(11) of the Advisers Act.

1.11 **Control** has the same meaning as set forth in Section 2(a)(9) of the 1940 Act.

1.12 **Covered Security** means a security as defined in Section 2(a)(36) of the 1940 Act, except that it
does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct obligations of the Government of the United States (e.g., Treasury Bills, Treasury Notes, Treasury
Bonds, etc.). Obligations of other instrumentalities or quasi-government agencies (e.g., GNMA, FNMA, FHLB, FHLMC, etc.) are **NOT** exempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality, short-term debt
instruments, including repurchase agreements;

<sup>16</sup> Persons who are not employees but who have access to current information regarding Client trading (such as independent contractors) are considered employees for purposes of the Code. The CCO may exempt such persons from any requirement hereunder if the CCO determines that such exemption would not have a material adverse effect on any Client account. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued by open-end investment companies (mutual funds)
registered under the 1940 Act other than Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forwards on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Futures on currencies (except Bitcoin and Ethereum futures);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Futures on interest rates. Futures on securities, ETFs, indexes, and commodities are **NOT** exempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Shares issued by money market funds.

1.13 **Cryptocurrency** is a digital representation of a stored value secured through cryptography. Each currency
is represented by alphanumeric codes that may be generated and recorded on a blockchain network and recognized as a method of payment by users on that network. Cryptocurrency does not include non-fungible tokens ("NFTs"), since NFTs are non-fungible, and have a value that goes way beyond economics.

1.14 **Crypto Investment Group** will include employees who: i) in the normal conduct of their job
responsibilities are likely to receive or be perceived to be aware of or receive material nonpublic information concerning the purchase or sale of cryptocurrency by pooled investment vehicles or separate advisory client accounts ("client
accounts"), ii) makes recommendations or investment decisions on behalf of client accounts regarding the purchase or sale of cryptocurrencies, iii) has the power to exercise a controlling influence over the management and policies of the
Adviser or over investment decisions who obtains information concerning recommendations made to a client account with regard to the purchase or sale of a cryptocurrency , or iv) any person deemed to be a member of Crypto Investment Group by the CCO
or designee.

1.15 **Distributor** is Van Eck Securities Corporation or any other VanEck Entity that serves as a principal
underwriter of a Reportable Fund.

1.16 **Federal Securities Laws** means the 1933 Act, the 1934 Act, the Sarbanes-Oxley Act of 2002, the 1940 Act,
the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (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.

1.17 **Firm** means VEAC and any of its affiliated entities worldwide.

1.18 **Immediate Family Account** is an account held by or for the benefit of an Immediate Family Member.

1.19 **Immediate Family Member** is a person who resides in the household of an Access Person or who depends on
an Access Person for basic living support: spouse; common law spouse; live in partner; any child; stepchild; grandchild; parent; stepparent; grandparent; sibling; mother-in-law; father-in-law; son-in-law; daughter-in-law; or sister-in-law, including any adoptive relationships. House or apartment roommates will be reviewed on a case by case basis. There is a presumption that an Access Person can control accounts held by an Immediate Family Member sharing the same household. This
presumption may be rebutted only by convincing evidence.

1.20 **Initial Public Offering ("IPO")** means an offering of securities registered under the 1933
Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the 1934 Act.

1.21 **Limited Offering or Private Placement** means an offering that is exempt from registration under the 1933
Act pursuant to Section 4(a)(2) or 4(a)(5) thereof or Rule 504, 505 or 506 thereunder.

1.22 **Purchase or Sale of a Covered Security** includes, among other things, the writing of an option to
purchase or sell a Covered Security.

1.23 **Reportable Fund** means (i) any investment company registered under the 1940 Act for which the Firm
serves as an investment adviser as defined in Section 2(a)(20) of the 1940 Act; or (ii) any investment company registered

------

under the 1940 Act whose investment adviser or principal underwriter controls, is controlled by or is under common control with the Firm.

1.24 **Securities Held or to be Acquired** means (i) any Covered Security which, within the most recent 15
days (A) is or has been held by a Reportable Fund, (B) is being or has been considered by a Reportable Fund or its Adviser for purchase by the Reportable Fund, and (ii) any option to purchase or sell, and any security convertible into
or exchangeable for, a Covered Security described in (i).

1.25 **Trust** means either individually or collectively the VanEck ETF Trust, VanEck Funds, and VanEck VIP
Trust.

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---

| | |
|:---|:---|
| **Version** | **Date Updated** |
| **1** | **January 1, 2016** **January 1, 2016 for certain sections and April 1<sup>st</sup> for others** |
| **2** | **July 26, 2016** |
| **3** | **October 21, 2016** |
| **4** | **January 31, 2017** |
| **5** | **December 5, 2017** |
| **6** | **August 15, 2019** |
| **7** | **February 21, 2020** |
| **8** | **November 1, 2021** |
| **9** | **August 29, 2022** |
| **10** | **September 5, 2023** |
| **11** | **February 10, 2025** |

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## Ex-99.P18

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| | |
|:---|:---|
| ![LOGO](g767768dsp324.jpg) | ![LOGO](g767768dsp324a.jpg) |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC

Code of Ethics for Victory Capital Management Inc. and

WestEnd Advisors, LLC

Effective April 1, 2025

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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| | |
|:---|:---|
|  | Previously updated: July 1, 2023 |
| **1. Introduction** | **1** |
| **2. Definitions** | **2** |
| **3. Culture of Compliance** | **4** |
| **4. Policy Statement on Insider Trading** | **5** |
| A. Introduction | 5 |
| B. Scope of the Policy Statement | 6 |
| C. What is Material Information? | 6 |
| D. What is Non-Public Information? | 7 |
| E. Identifying Inside Information | 7 |
| F. Contact with Public Companies | 7 |
| G. Tender Offers | 8 |
| H. Protecting Sensitive Information | 8 |
| I. Trading in Securities Listed on Exchanges in Other Countries | 8 |
| J. Public Company Confidential Records | 8 |
| **5. Conflicts of Interest** | **9** |
| A. Gifts and Entertainment | 9 |
| B. Political Contributions | 10 |
| C. Outside Business Activities | 11 |
| D. Other Prohibitions on Conduct | 12 |
| E. Review of Employee Communications | 13 |
| **6. Standards of Business Conduct** | **13** |
| **7. Personal Trading, Code of Ethics Reporting and Certifications** | **13** |
| A. Employee Investment Accounts | 14 |
| B. Employee Investment Account Reporting | 15 |
| C. Personal Trading Requirements and Restrictions | 16 |
| D. Representation and Warranties | 18 |
| E. Quarterly and Annual Certifications of Compliance | 18 |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

---

| | |
|:---|:---|
| F. Review Procedures | 19 |
| G. Recordkeeping | 19 |
| H. Whistleblower Provisions | 19 |
| I. Confidentiality | 20 |
| J. Reporting to the Board of Directors of Affiliated Funds | 20 |
| **8. Code of Ethics Violation Guidelines** | **20** |
| **Appendix 1** – Affiliated Funds, Proprietary Products & Reportable Funds | i |
| **Appendix 2** – Approved Brokers List | ii |
| **Appendix 3** – Investment Account Disclosure | iii |
| **Appendix 4** – Preclearance and Reporting By Security Type | iv |
| **Appendix 5** – ETFs Eligible for De Minimis Transaction Exemption | vi |
| **Supplement 1** - RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code of Ethics Supplement ("Singapore Supplement") | vii |

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. INTRODUCTION** 

Rule 204A-1 of the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt codes of ethics that set forth standards of conduct and require compliance with federal securities laws. Victory Capital Management Inc. ("VCM") and WestEnd Advisors, LLC ("WestEnd") are both registered investment advisers under the Advisers Act and also both wholly owned subsidiaries of Victory Capital Holdings, Inc. ("VCH"). WestEnd and VCM, together with VCM's subsidiaries, RS Investments (UK) Limited, RS Investments (Hong Kong) Limited, and RS Investment Management (Singapore) Pte. Ltd. (collectively the "Affiliated Advisers"), have adopted this Code of Ethics ("Code"), which sets forth the standards of business conduct that are required of Access Persons*.* As an adviser to regulated investment companies, VCM also adopts this Code in adherence to Rule 17j-1<sup>1</sup> under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Officers and employees of RS Investments (Hong Kong) Limited and RS Investment Management (Singapore) Pte. Ltd. should also review the related Code supplements.

VCH is a Delaware corporation with its Class A common stock listed on the NASDAQ Global Select Market, under the ticker symbol "VCTR." As a public company, compliance policies were adopted that apply to VCH and the Affiliated Advisers (collectively "Victory Capital'). The VCH policies are in addition to the compliance program of the Affiliated Advisers. In particular, the policies that apply to Victory Capital include: (1) Code of Business Conduct and Ethics, (2) Corporate Communications Policy and (3) Insider Trading Policy. Affiliated Advisers make these policies readily available to their Access Persons.

Victory Capital Services, Inc. ("VCS"), is a Victory Capital affiliated broker-dealer that (i) provides marketing and distribution support for the Victory Funds and the 529 Plan; (ii) introduces retail customers to the Victory Funds and the 529 Plan on a direct-application basis; and (iii) introduces retail customers to a clearing broker-dealer pursuant to a fully-disclosed clearing arrangement.

Access Persons have a responsibility to adhere to the highest ethical principles. Thus, the Code imposes obligations in addition to those required under applicable laws and regulations. The Code is a minimum standard of conduct. Additionally, Access Persons must act in accordance with their fiduciary duty owed to Affiliated Adviser clients. Therefore, literal compliance with the Code will not protect an Access Persons if their behavior otherwise violates their fiduciary duty. If an Access Person is uncertain as to the intent or purpose of any provision of the Code, or whether a proposed action is compatible with their fiduciary duty, they should consult the appropriate Affiliated Adviser Chief Compliance Officer ("CCO") or a member of the Compliance team.

The Affiliated Advisers recognize the importance of an Access Person's ability 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, the Affiliated Advisers have implemented certain standards and limitations designed to minimize these conflicts.

Victory Capital's reputation is of paramount importance; therefore, the Affiliated Advisers will not tolerate blemishes due to careless personal trading or other conduct prohibited by the Code. Consequently, Material Violations (as defined herein) of the Code may be subject to harsh

<sup>1</sup> Rule 17j-1 requires that fund advisers adopt written codes of ethics and have procedures in place to prevent their personnel from abusing their access to information about the fund's securities trading and requires "access persons" to submit reports periodically containing information about their personal securities holdings and transactions. 

Copyright© 2025, Victory Capital Management Inc. Page 1 of 23

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

sanctions. Frequent violations of the Code may result in limitations on personal securities trading or other disciplinary actions, which can include termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. DEFINITIONS** 

<u>"Access Person"</u> means any employee of VCM. It also includes anyone deemed an Access Person by a CCO. As a matter of practice, the Board of Directors of the Victory Portfolios, Victory Portfolios II, Victory Portfolios III, Victory Portfolios IV, Victory Variable Insurance Funds, Victory Variable Insurance Funds II, and the Pioneer Closed-End Funds (collectively the "Victory Funds") generally consists of members who are not employees or officers of Victory Capital, or their affiliates. Unless designated by the COO, a non-employee director is not treated as an "access person" within the meaning of Rule 204A-1 under the Advisers Act and is not treated as either an "access person" or an "advisory person" of VCM.

<u>"Affiliated Funds"</u> means any individual series portfolio of the Victory Funds, as well as other sub-advised affiliates listed in Appendix 1, each an investment company registered under the Investment Company Act.

"<u>Automatic or Periodic Investment Plan"</u> 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.

<u>"Beneficial Interest"</u> means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. An Access Person is deemed to have a Beneficial Interest in securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts (including Non-Victory Capital Employee Compensation Programs, Non-Victory Capital Employee Stock Participation Program, and Employer-Sponsored Retirement Plan Accounts), Uniform Transfers to Minors Act accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether an Access Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Department. Such questions will be resolved in accordance with, and this definition shall be interpreted in a manner consistent with, the definition of "beneficial owner" set forth in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

<u>"Blackout Period"</u> means seven (7) calendar days before through seven (7) calendar days after the date a client trade is executed for VCM or the month in which a security is added to the Securities Under Consideration list for WestEnd.

<u>"Business Entertainment"</u> includes any social event, hospitality event, charitable event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose, and any transportation or lodging accompanying or related to such activity or event, including any entertainment activity offered in connection with an educational event or business conference, irrespective of whether any business is conducted during, or is attendant to, such activity.

<u>"Covered Government Official</u>" means a 1) state or local governmental official; 2) candidate for state or local office; or 3) federal candidate currently holding state or local office. A governmental "official" includes an incumbent, candidate, or successful candidate for elective office of a state or

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

local government entity, if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser, or 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 state or a political subdivision of a state.

<u>"De Minimis Security</u>" means an ETF listed in Appendix 5 of this Code of Ethics. In certain situations, a client trade in a De Minimis Security may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

"<u>De Minimis Trade</u>" means a Personal Trade Request that at the time is request is either 1) for an equity security with a market capitalization between $3 billion and $50 billion and the market value for the request is less than $10,000 or 2) for an equity security with a market capitalization above $50 billion and the market value for the request is less than $50,000. In certain situations, a De Minimis Trade may not trigger a Blackout Period (see *Section 7.C. Personal Trading Requirements and Restrictions* for more detailed information). Personal Trades in De Minimis Securities in Personal Accounts always require pre-clearance and are subject to all other provisions of the Code.

<u>"Exempt Securities"</u> means 1) direct obligations of the U.S. Government; 2) bankers' acceptances, bank certificates of deposit and commercial paper; 3) investment grade, short-term debt instruments, including repurchase agreements; 4) shares held in money market funds; 5) variable insurance products that invest in funds for which an Affiliated Adviser does not act as adviser or sub-adviser; 6) open-end mutual funds for which an Affiliated Advisers does not act as adviser or sub-adviser; and 7) investments in qualified tuition programs ("529 Plans"). Exempt Securities do not need to be pre-cleared.

<u>"Franchise"</u> means a group of employees who report directly or indirectly to the same Chief Investment Officer that oversees a brand-named strategy

"<u>Immediate Family</u>" means all family members who share the same household, including but not limited to, a spouse, domestic partner, fiancée, parents, grandparents, children, grandchildren, siblings, step-siblings, step-children, step-parents, or in-laws. Immediate Family includes adoptive relationships and any other relationships (whether or not recognized by law) that a CCO determines could lead to conflicts of interest, diversions of corporate opportunity, or create the appearance of impropriety.

"<u>Initial Holdings Report</u>" is a report that discloses all securities holdings of every Access Person, which must be submitted to the Compliance Department within ten (10) calendar days of becoming an Access Person.

"<u>Initial Public Offering" or "IPO"</u> means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before such registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

<u>"Managed Accounts"</u> means investment advisory or brokerage accounts over which an Access Person has no direct or indirect influence or control in the investment decisions or activities.

"<u>Material Non-Public Information" or "MNPI"</u> means information that is both <u>material</u> *and* <u>non-public</u> that might have an effect on the market for a security. Access Persons who possess MNPI must not act or cause others to act on such information.

<u>"Material Violation"</u> means any violation of this Code or other misconduct deemed material by a CCO, in conjunction with the Compliance Committee or the VCM Board of Directors.

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

"<u>Maximum Allowable Trades</u>" means Access Persons are limited to 15 trades in individual securities per calendar quarter across their Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade towards the Maximum Allowable Trades in a quarter. Individual securities transactions that do not require pre-clearance (i.e. open-end mutual funds, dividend reinvestments) will not count towards the Maximum Allowable Trades.

<u>"MCO"</u> means MyComplianceOffice, which is a web-based compliance system used to track and approve employee personal trading, gifts and entertainment, political contributions, and outside business activities, store policies, and facilitate employee certifications and manage other compliance objectives.

<u>"Personal Account"</u> means an investment account in which an employee retains investment discretion.

"<u>Personal Trading" or "Personal Trades</u>" means trades or transactions by Access Persons in their Personal Accounts.

<u>"Proprietary Product"</u> is a fund or product in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Fund"</u> means any investment company registered under the Investment Company Act for which an Affiliated Adviser is an investment adviser or a sub-adviser, or any registered investment company whose investment adviser or principal underwriter controls Victory Capital, is controlled by Victory Capital, or is under common control with Victory Capital. See *Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds* for more information.

<u>"Reportable Security"</u> means any security that is not an Exempt Security, for which Access persons must submit holdings and transaction reports. See the list of Exempt Securities under *Appendix 4*, as defined by rule 204A-1 under the Investment Advisers Act of 1940.

<u>"RIC"</u> means a Regulated Investment Company.

<u>"Short-Sell" or "Short-Selling"</u> means the sale of a security that is not owned by the seller. Access Persons may not take a short position in a security. However, mutual funds or ETFs that correspond to the inverse performance of a broad-based index are not considered to be Short-Sales. For example, buying (long) the ProShares Short S&P500 ETF is permitted. Employees may also trade in funds that track a volatility index.

<u>"Solutions Team"</u> means any employee who is a member of the Solutions Platform group, generally involved in passive investments.

"<u>Victory Capital Stock</u>" means securities offered by VCH or any subsidiary through a registration statement that has been declared effective by the SEC (e.g. "VCTR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. CULTURE OF COMPLIANCE** 

The Affiliated Advisers' primary objective is to provide value through investment advisory, sub-advisory and other financial services to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals, pension funds, and retail clients.

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The Affiliated Advisers require that all dealings 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, the Affiliated Advisers are fiduciaries that owe their clients a duty of undivided loyalty, and you have a responsibility to act in a manner consistent with this duty. You must actively work to avoid the possibility that the advice or services provided to clients is, or gives the appearance of being, based on your self-interest or the interests of the Affiliated Advisers and not in the clients' best interests. Violations of the Code must be reported promptly to the appropriate CCO or his/her designee.

You must act solely in the best interests of our clients. Statutory and regulatory requirements impose specific responsibilities governing the behavior of personnel in carrying out their responsibilities to clients and you must comply fully with these rules and regulations. Your respective Compliance Department professionals are available to assist you in meeting these requirements.

Since no set of rules can anticipate every possible situation, it is essential that you obtain guidance from the appropriate CCO, Chief Legal Officer ("CLO"), or their designees when you are unsure how to follow these rules in letter and in spirit. It is your responsibility to fully understand and comply with the Code and other applicable policies or seek guidance from a CCO. Technical compliance with the Code and its procedures will not necessarily validate an action. Any activity that compromises the Affiliated Advisers integrity, even if it does not expressly violate a rule, may result in further action from a CCO. In some instances, a CCO holds discretionary authority to apply exceptions under the Code. In a CCO's absence, the CLO may act in his or her place.

The Affiliated Advisers' 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. POLICY STATEMENT ON INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Introduction** 

The Affiliated Advisers seek to foster a culture of compliance, a reputation for integrity, professionalism and values, and endeavors to protect the confidence and trust placed in us by our clients. To further that goal, this Policy Statement implements procedures to deter the misuse of MNPI in securities transactions.

The term "insider trading" is not defined in the federal securities laws but refers generally to the situation when a person trades while aware of MNPI or communicates MNPI to others in breach of a duty of trust or confidence.

While the law concerning insider trading is not static, it is generally understood that the law prohibits any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider, while aware of MNPI;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider, while aware of MNPI, where the information was
disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating MNPI to others in breach of a duty of trust or confidence.

Trading securities while in possession of MNPI or improperly communicating that information to others may result in stringent penalties. Criminal sanctions may include fines of up to $5,000,000, twenty years' imprisonment, or both. The civil penalty for a violator may be an amount up to three times the profit (or loss avoided) as a result of the insider trading violation, and a permanent bar from working in the securities industry. Investors may sue and seek to recover damages for insider trading violations.

Regardless of whether a regulatory inquiry occurs, the Affiliated Advisers take seriously any violation of this Policy Statement. Such violations constitute grounds for disciplinary sanctions, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Scope of the Policy Statement** 

This Policy Statement is drafted broadly and will be applied and interpreted in a similar manner. It applies to all Access Persons and to transactions in any security participated in by Immediate Family members of Access Persons or trusts or corporations controlled by Access Persons.

Any questions relating to this Policy Statement should be directed to a CCO or his/her designee. You must notify compliance immediately if you have any reason to believe that a violation of this Policy Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. What is Material Information?** 

Trading on inside information is not a basis for liability unless the information relied upon is deemed to be material. "Material" information is defined generally 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. If the disclosure of that information would be expected to alter the total mix of information that is publicly available about that company, then the information is considered material. Any questions about whether information is material should be directed to a member of compliance.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earning results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments. Information about a company could be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company, or the securities of several companies. Material information does not have to relate to a company's business. For example, in *Carpenter v. U.S.*, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What is Non-Public Information?** 

For issues concerning insider trading to arise, information must not only be material, it must also be "non-public". Non-public information is information that has not been made available to investors generally. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an "insider" is also deemed non-public information. For non-public information to become public information, it must be disseminated through recognized channels of distribution designed to broadly reach the securities marketplace.

Facts verifying that the information is public (and therefore has become generally available) may include, for example, and without limitation, disclosure in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National business and financial wire service, such as Dow Jones or Reuters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• National news service or newspaper, such as AP or The Wall Street Journal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Publicly disseminated disclosure document, such as a proxy statement or prospectus.

The circulation of rumors or "talk on the street", even if accurate, widespread and reported in the media, does not constitute the requisite public disclosure. In addition, the information must not only be publicly disclosed, there must also be adequate time for the market to digest the information. Material non-public information is not made public by selective dissemination. Material information improperly disclosed only to institutional investors or to a fund analyst or a favored group of analysts retains its status as "non-public" information that must not be disclosed or otherwise misused.

Partial disclosure does not constitute public dissemination. So long as any material component of the "inside" information has yet to be publicly disclosed, the information is deemed non-public and may not be misused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Identifying Inside Information** 

Before executing any Personal Trades or trades for client accounts, Access Persons must determine whether they have access to MNPI. If you believe that you might have access to MNPI, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report the information and proposed trade immediately to a CCO or a member of compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not purchase or sell the securities as Personal Trades or for clients without written clearance to do so from
a CCO or a member of compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not communicate the inside information other than to compliance and, if necessary, your direct manager.

A member of the Compliance Department will determine whether the information is material and nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Contact with Public Companies** 

The Affiliated Advisers contact with public companies may help form the basis of investment decisions. Legal issues may arise if, in the course of these contacts, you become aware of MNPI. This could happen, for example, if a company's chief financial officer were to

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prematurely disclose quarterly results, or an investor relations representative selectively discloses adverse news to a handful of investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. 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 is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC forbids trading and "tipping" while in possession of MNPI regarding the receipt of a tender offer, the tender offeror, the target company or anyone acting on behalf of either of these parties. You should exercise caution any time you become aware of non-public information relating to a tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Protecting Sensitive Information** 

You are responsible for safeguarding all confidential information relating to investment research, fund and client holdings, including analyst research reports, investment meeting discussions or notes, and current fund or client transaction information, regardless whether such information is deemed MNPI. Other types of information (for example, marketing plans, employment issues and shareholder identities) may also be confidential and should not be shared with individuals outside the company unless approved by a CCO or an executive officer.

You are expressly prohibited from knowingly spreading any false rumor concerning any company, or any purported market development, that is designed to impact trading in or the price of that company's or any other company's securities, and from engaging in any other type of activity that constitutes illegal market manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Trading in Securities Listed on Exchanges in Other Countries** 

Trading in securities listed on exchanges in other countries is governed by the laws of that country. When trading in such securities, you must ensure compliance with applicable law, which in all relevant cases prohibits trading on the basis of MNPI or price-sensitive information, as those terms are defined in the relevant jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Public Company Confidential Records** 

VCH's and Affiliated Adviser records must always be treated as confidential and must not be disclosed or used for any purpose at any time other than for the normal course of business. Information learned about other entities in a special relationship with VCH, such as acquisition, joint venture and partnership negotiations, is confidential and must not be disclosed without proper authorization.

At all times, you are prohibited from making any recommendation or expressing any opinion as to trading in Victory Capital Stock

See VCH's *Corporate Communications Policy* and *Insider Trading Policy* for more information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. CONFLICTS OF INTEREST** 

A "conflict of interest" exists when your interests may be contrary to our clients' and shareholders' interests. A conflict may arise if you take action or have business, financial or other interests that may make it difficult to perform your work objectively and effectively.

Conflicts of interest may arise, for example, if you or your Immediate Family member receives improper personal benefits (for example, personal loans, services, or payment for services) as a result of your position at an Affiliated Adviser or you gain personal enrichment or benefits through access to confidential information. Conflicts may also arise if you or an Immediate Family member holds a financial interest in a company that does business with an Affiliated Adviser or has outside business interests that may result in divided loyalties or compromised independent judgment. Conflicts may also arise when making securities investments for Proprietary Products or Personal Accounts or when determining how to allocate trading opportunities.

Conflicts of interest can arise in many common situations, despite 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 clients. You are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. Any questions regarding a conflict of interest or potential conflict of interest should be directed to a manager, a CCO or a representative of compliance.

The following areas represent many common types of conflicts of interests and the procedures to be followed; however, the list is not intended to be all-inclusive. A summary is provided for each case, but further details can be found in the related policies and procedures for your specific Affiliated Adviser. To the extent there is a conflict between an Affiliated Adviser's related policies and procedures and the requirements of the Code, the Code shall prevail. For questions related to conflicts of interest, please contact a member of your Affiliated Adviser's compliance department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Gifts and Entertainment** 

<u>Gifts</u>

Giving or receiving gifts or other items of value to or from persons doing business or seeking to do business with an Affiliated Adviser could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, such conduct is only permitted in accordance with the limitations stated herein.

Affiliated Adviser policies on gifts and entertainment are derived from industry practices. You should be aware that there are various laws and regulations that prohibit you from giving anything of value to employees of various financial institutions in connection with attempts to obtain any business transaction with the institution, which is viewed as a form of bribery. If there is any question about the appropriateness of any particular gift, you should consult a member of compliance.

Under no circumstances may a gift be received as any form of compensation for services provided by an Affiliated Adviser or an Access Person. Gifts of nominal value may be given to or accepted from present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship. You are required to pre-clear all gifts given and received in MCO, and promptly report all gifts given in the Affiliated Adviser's expense reporting system. Any gifts received must promptly be

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disclosed in MCO. Gifts from an individual or entity may not exceed $100 in aggregate value in any calendar year unless pre-approval is obtained from your direct manager and compliance.

Gifts of up to $100 per person per year may be provided to present or prospective customers, brokers, service providers, suppliers or vendors with whom there is an actual or potential business relationship.

Additional policies concerning gifts may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more information.

<u>Entertainment</u>

You may sponsor and participate in Reasonable and Customary Business Entertainment. Any Business Entertainment that is not Reasonable and Customary must be pre-approved by a CCO and your manager. You must accompany the persons being entertained for an entertainment activity to qualify as permissible Business Entertainment. All Business Entertainment expenses must be reported promptly in the applicable expense reporting system, listing each attendee at the entertainment event. The receipt of Business Entertainment must be disclosed promptly after each occurrence in MCO, with the exception of infrequent business meals that cost no more than $25 per person. If the client, broker, service provider, vendor or supplier is not present, the entertainment is considered a gift. Items that are normally associated with entertainment that are given or received during a virtual event can be considered entertainment as long as the appropriate parties are in attendance at the virtual event.

Additional policies concerning gifts and entertainment may be applicable depending on the type of customer (e.g., ERISA, foreign, union, government officials, or Covered Government Officials).

Please refer to the *Gifts and Entertainment Policy* (F-3) for more 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;**B. Political Contributions** 

SEC regulations limit political contributions to Covered Government Officials by employees of investment advisory firms and certain affiliated companies. The SEC's "Pay-to-Play" Rule 206(4)-5 (the "Rule") prohibits advisers from receiving any compensation for providing investment advice to a government entity within two years after a contribution has been made by the adviser or one of its covered associates. The two-year time out is triggered by a political contribution to an official of a government entity. The date of the contribution starts the time out.

The Rule permits contributions of up to $350 per person for any election to an elected official or candidate for whom the individual is entitled to vote, and up to $150 per person for any election to an elected official or candidate for whom the individual is not entitled to vote. Many U.S. cities, states and other government entities have also adopted regulations restricting political contributions by associates of investment management firms seeking to provide services to a governmental entity. While contributions to candidates in federal elections would generally not raise any issues under state or local laws, contributions to state and local officials are generally not approved. Prior to the commencement of employment, you must disclose all political contributions in the past 2 years to Human Resources. During

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employment, you must receive approval from compliance through MCO before making personal political contributions at all levels. Political contributions which require pre-approval include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covered Government Officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal candidate campaigns and affiliated committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political Action Committees (PACs) and Super PACs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-profit organizations that may engage in political activities, such as
501(c)(4), 501(c)(6) organizations, and 527 organizations

Note: U.S. national political party donations (e.g. Democratic or Republican) do not require preclearance, provided the donation is not earmarked for a specific candidate.

Contributions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary contributions, gifts or loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "In kind" contributions (e.g. donations of goods or services or underwriting or hosting fundraisers);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to help pay a debt incurred in connection with an election (including transition or inaugural
expenses, purchasing tickets to inaugural events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions to joint fund-raising committees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions made by a PAC that is controlled by an Access Person.

See the *Political Contributions Policy* (F-2) for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Outside Business Activities** 

Prior to commencement of employment with VCM, all Outside Business Activities ("OBAs") must be disclosed to Human Resources. During employment and prior to commencement of any new OBA, you must fill out and submit an OBA request form in MCO. You are responsible for notifying compliance of any material OBA changes and must review, update and certify quarterly to your OBA activities.

<u>Holding Political Office/Appointments</u>

You must avoid any political appointment that may conflict with the performance of your duties on behalf of the Affiliated Advisers and their clients. Prior written approval must be obtained from a CCO before holding political office and, if approved, must be confirmed annually through the compliance certification process. You must expressly remove yourself from any discussions and decisions regarding products or services offered by the Affiliated Advisers.

<u>Outside Employment or Business Activities</u> 

You may pursue other interests on your own time as long as the activity doesn't conflict, interfere, or reflect negatively on the Affiliated Advisers or their clients. However, full-time employees should consider their position to be their primary employment.

All outside business activities must be reported to and pre-approved by both your manager and a CCO (or CCO designee). Outside employment or business activities may be considered any activity conducted by you for another organization or business purpose that is outside the scope of your job function with the Affiliated Advisers. This includes, but is not limited to, being an employee, independent contractor, consultant, sole proprietor, officer, director or partner of another organization, or being compensated by, or having the reasonable expectation of compensation from, any other

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person or organization as a result of any business activity outside the scope of the relationship with the Affiliated Advisers. Certain activities are <u>not</u> considered reportable OBAs, including any non-investment related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt.

Passive investments requirements are governed by the Limited Offerings and Private Placement sections of this Code. If you are unsure if a specific activity is an OBA or passive investment, you should consults with a member of compliance.

Absent prior approval of a CCO and the Chief Executive Officer, you or your Immediate Family member may not serve on the board of directors of any publicly traded company or investment company. You or your Immediate Family member's service on a for-profit private company's board of directors must also be pre-approved by your direct manager and a CCO or CLO, and reported on the your annual Code certification.

All outside employment or business activities must be reported to and pre-approved by both your direct manager and a CCO and reported on your quarterly certification. You are prohibited from the commencement of any outside employment or business activities until a CCO's approval within MCO has occurred.

In addition to these outside employment or business activity procedures, if you are a registered representatives of VCS, you must also adhere to related requirements as set forth in VCS's Written Supervisory Procedures Manual.

See the *Outside Business Activity* Policy (F-4) for more information.

<u>Bequests</u>

A bequest is the act of leaving or giving something of value in a will. The acceptance of a bequest from a client, vendor or business partner may raise questions about the propriety of that relationship. Any potential or actual bequest in excess of $100 made to you by a client, vendor, or business partner under a will or trust agreement must be reported to compliance, unless the grantor is a member of your immediate family. Such bequests shall be subject to the approval of your direct manage and a CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Other Prohibitions on Conduct** 

In addition to the specific prohibitions detailed elsewhere in the Code, you are subject to a general requirement not to engage or participate in any act or practice that would defraud Affiliated Adviser clients. This general prohibition includes, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making any untrue statement of a material fact or employing any device, scheme or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Omitting to state a material fact, or failing to provide any information necessary to properly clarify any
statements made, in light of the circumstances, thereby creating a materially misleading impression;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misuse of client confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changing internal research ratings and trading decisions other than exclusively for
the benefit and in the best interest of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using information about investment or trading decisions or changes in research ratings (whether considered,
proposed or made) to benefit or avoid economic injury to an Access Person or anyone other than our clients.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or failing 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 an Access Person or anyone other than a client;

&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 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");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&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 a
client or engaging in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Review of Employee Communications** 

All correspondence related to the Affiliated Advisers' business and any client correspondence is subject to review by compliance. The Affiliated Advisers are required to maintain original records of employee correspondence that is communicated on approved devices (such as through email). In addition, the Affiliated Advisers are required to monitor employee communications and compliance with conflicts of interest and insider trading policies and procedures. Consequently, all employee communications, including emails and other forms of electronic communication are archived and subject to review for compliance purposes. You are advised that you should have no expectation of privacy regarding personal communications that are sent or received on company-provided or connected electronic devices or communication platforms, such as instant messages or emails.

Additionally, you are prohibited from sending client communications via any personal email account, instant messaging, text or other method that is not captured in our archiving system. You may only use an Affiliated Adviser's e-mail system, instant messaging system, Bloomberg and other explicitly approved methods for business-related communications. You are permitted to communicate on an Affiliated Adviser's e-mail system connected through personal mobile devices such as smartphones. See the appropriate technology policy for more information*.* 

**6. STANDARDS OF BUSINESS CONDUCT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have a duty to place the interests of client accounts first and not take advantage of your position at the
expense of clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must not mislead or defraud any clients by any statement, act or manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in a manner to avoid any actual, potential, or appearance
of, a conflict of interest, or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not induce or cause a client to take action, or not to take action, for personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not share portfolio holdings information except as permitted by the applicable portfolio holdings
disclosure policy. See the policy for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must notify a CCO or CLO, as soon as reasonably practical, if you are arrested, arraigned, indicted or plead
no contest or guilty to any criminal offense (other than minor traffic violations) or if named as a defendant in any investment-related civil proceeding or any administrative or disciplinary action.

**7. PERSONAL TRADING, CODE OF ETHICS REPORTING AND CERTIFICATIONS** 

Personal Trading is a privilege granted by the Affiliated Advisers that may be withdrawn at any time. All personal investment activities must be conducted in accordance with your fiduciary duty and the

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requirements of the Code at all times. The CCOs have complete discretion over all Personal Trading activity and have no obligation to explain any denial or restriction relating thereto. You may be required to disgorge any gains generated (or losses avoided) from Personal Trading violations. Access Persons must maintain adequate records of all Personal Trading transactions and be prepared to disclose those transactions to compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Employee Investment Accounts** 

Subject to disclosure and pre-clearance requirements, Access Persons may open and maintain Managed Accounts and Personal Accounts with select brokers supported by MCO through direct electronic feeds ("Approved Brokers"). Any accounts held with a broker that is not on the Approved Broker List must be transferred to an Approved Broker within 90 days of the commencement of employment.

On a case-by-case basis, compliance may approve certain accounts held with brokers that are not on the Approved Brokers List. Compliance must still receive statements for each of these types of accounts, regardless of whether they are Managed or Personal Accounts.

For a list of Approved Brokers see *Appendix 2 – Approved Brokers List.* For a summary of account disclosure requirements see *Appendix 3 – Investment Account Disclosure.* For a summary of preclearance requirements see *Appendix 4 – Preclearance and Reporting By Security Type.*

<u>Managed Accounts</u> 

Access Persons may open and maintain Managed Accounts with Approved Brokers. With the exception of IPOs and Limited Offerings, the requirements listed below under Personal Trading Requirements and Restrictions do not apply to Managed Accounts. Participation in an IPO or a private placement in a Managed Account still requires prior approval of a CCO or his/her designee.

Managed Accounts require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Managed Accounts have been
disclosed and verify all transactions are correctly reflected in MCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employee must certify and compliance must be able to independently verify that the account is truly
discretionary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must certify quarterly that they had no direct or indirect influence or control over any
transactions that occurred in their Managed Accounts.

Failure to adhere to these requirements could lead to disciplinary actions and penalties up to and including termination.

<u>Personal Accounts</u> 

Access Persons may open and maintain Personal Accounts at Victory Capital Services and with brokers on the Approved Brokers List (see Appendix 2). All requirements listed below under Personal Trading Requirements and Restrictions apply to Personal Accounts.

Personal Accounts require the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• They must be approved by compliance prior to trading or on the next quarterly certification, whichever is sooner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each quarter, <u>all employees</u> must certify that all Personal Accounts have been
disclosed and verify all Personal Trades or transactions are correctly reflected in MCO.

Access Persons acknowledge and agree that the Affiliated Advisers may request and obtain information regarding Personal Accounts from broker-dealers. Affiliated Advisers may use personal information, including name, address and social security numbers, to identify and verify employee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Employee Investment Account Reporting** 

<u>Investment Account Disclosure</u>

All Personal Accounts and Managed Accounts must be disclosed to and approved by compliance prior to trading or on the next quarterly certification, whichever is sooner. New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

<u>Initial Holdings Report/Annual Holdings Report</u> 

No Personal Trading will be authorized before compliance has received a completed Initial Holdings Report as part of the new hire on-boarding process. Any exceptions must be approved by a CCO. The Initial Holdings Report must be submitted to compliance within ten (10) calendar days of becoming an Access Person. All Access Persons must submit a similar report annually to compliance. These reports must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date when the individual became an Access Person (Initial Holdings Report only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of each Personal Account in which any securities are or could be held in the Beneficial Interest of the
Access Person, and the name of the broker-dealer or financial institution holding these accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Current holdings in private placements (or non-public offering),
including private equity, hedge funds or partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reportable Security or Reportable Fund in which the Access Person has a Beneficial Interest, including
title, number of shares, and principal amount. Holdings information must be current as of 45 calendar days before the report is submitted.

<u>Quarterly Securities Transaction Report</u> 

At the end of each quarter, every Access Person must verify his or her Personal Trades or transactions in Personal Accounts through MCO by submitting a Securities Transaction Report ("STR") no later than 30 calendar days following the end of each calendar quarter (whether or not trades were made). The STR must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of any transaction in a Reportable Security or Reportable Fund effected during the preceding
quarter, such as the date, number of shares, principal amount of securities involved, nature of the transaction (i.e., a buy or a sell), price, and the name of the broker/dealer or financial institution that effected the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name and number for any account established in the preceding quarter

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Certain transactions are exempt from the quarterly reporting requirement. See *"Summary of Preclearance Requirements"* in *Appendix 4 – Preclearance and Reporting By Security Type* for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Personal Trading Requirements and Restrictions** 

<u>Prohibited Securities and Transactions</u>

Commodities, currencies, futures, options, and selling securities short are prohibited in Personal Accounts.

Investments in companies under common control of VCH are also prohibited in Personal Accounts.

<u>Pre-clearance Requirement</u>

You must obtain compliance approval prior to executing a transaction that requires pre-clearance (see Appendix 4 – *Preclearance and Reporting By Security Type)*. Approval may only be requested by submitting a *Personal Trade Pre-Clearance Request* ("PTR") in MCO. Compliance approval expires at the end of the trading day approval was provided (see exception granted to Covered Persons, as defined in VCH's *Insider Trading Policy*). In certain circumstances, an approved and executed Personal Trade may need to be broken or profits disgorged (e.g. a Blackout Period triggered by subsequent client trading).

*Cryptocurrencies* – Trading in cryptocurrencies must be pre-cleared using the appropriate section of the Trade Pre-Clearance form within MCO. Such trades must be executed either in an account at a firm that is on our approved broker list (see Appendix 2) or in an account that does not offer any security trading capability. Accounts established to trade cryptocurrencies that do not have security trading capabilities must be reported in MCO. Receiving pre-clearance approval does not relieve you of your fiduciary duty and the responsibility to follow the spirit of the Code.

Compliance will review cryptocurrency trade requests for perceived or actual conflicts. As a general rule, compliance expects that cryptocurrencies traded on common crypto exchanges (e.g. Coinbase) will not pose a conflict and would be approved. Trades in cryptocurrencies will not be subject to the Short-Term Trading Period or count towards your Maximum Allowable Trades, however compliance may deny trades if it determines an actual or perceived conflict exists or an employee is trading too frequently. Decisions for approval and denial are the sole responsibility of compliance and are final.

You should be aware that the regulatory environment continues to evolve with respect to cryptocurrencies. In the future, you may be required to divest crypto holdings or hold them only at approved account providers if deemed necessary to meet regulatory requirements.

<u>Prohibition on Personal Trades Ahead of Client Pending Orders</u>

You are prohibited from executing Personal Trades in securities where you are aware of any pending orders in such securities by any Franchise that, if executed, would trigger a Blackout Period, create a conflict, or disadvantage a client. Adherence to the above Pre-Clearance Requirement does not provide relief from this prohibition.

<u>Franchise Blackout Period</u> 

The Franchise Blackout Period is triggered by all client trades within an employee's specific Franchise. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the blackout period.

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Employees may not make De Minimis Trades in the same security on consecutive trading days. The LCR Department does not provide exceptions to the Franchise Blackout Period beyond De Minimis Trades and ETFs.

<u>Standard Blackout Period</u> 

For all other employees (e.g. support staff) and the Victory Solutions Team the Standard Blackout Period is triggered by all client trades. Therefore, a Personal Trade by an employee during a Blackout Period in the same name as any client is generally prohibited. De Minimis Trades and ETFs listed in Appendix 5 are not subject to the Standard Blackout Period. Employees may not make De Minimis Trades in the same security on consecutive trading days. The appropriate CCO, or his/her designee, may determine that a nonvolitional client trade (e.g. cash flow trading) did not trigger a Blackout Period. In such cases, Compliance will confirm that there are no other potential conflicts before approving or reviewing a Personal Trade. Additionally, in certain situations (e.g. shared office spaces), the CCO, or his/her designee, may apply the Standard Blackout Period to Franchises.

<u>Private Equity Prohibitions</u> 

Employees who are part of a franchise that invests in private equity on behalf of clients are prohibited from investing in any publicly-listed portfolio companies held by such franchise. Publicly-listed companies that are not portfolio companies but are in similar sectors and industries as those that are held will be reviewed on a case-by-case basis for potential conflicts.

<u>Short-Term Holding Period</u>

Personal Trading must be for investment purposes rather than for speculation. You may not purchase and sell or sell and purchase the same security within sixty (60) calendar days, calculated on a LIFO basis. This means each purchase will require you to hold your entire position in that security for 60 days. Similarly, this means each sale will require you not to purchase that name for 60 days. Excess profits (or losses avoided) as a result of violating this restriction may be subject to disgorgement. You should carefully consider whether you have the conviction to hold an entire position or refrain from adding to a position for at least 60 days before engaging in buy or sell transactions. See exceptions related to trading in Victory Capital stock. The Short-Term Holding Period only applies to transactions that require pre-clearance.

The appropriate CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Maximum Allowable Trades</u>

You are limited to 15 Personal Trades in individual securities per calendar quarter across your Personal Accounts. A trade in the same security in multiple accounts on the same day will count as one trade. Transactions listed in the "Reportable ONLY (Preclearance NOT Required)" section of Appendix 4 do not count toward the 15 allowable trades. A CCO, in his/her sole discretion, may approve exceptions to this requirement.

<u>Prohibition on Small Market Capitalization Securities</u> 

Personal Trade purchases in smaller market capitalization stocks of $3 billion market capitalization or less are prohibited. Due to potential conflicts associated with such names, Victory reserves this universe for client use. New hires who hold names in such securities or existing employees who hold names that have since gone below $3 billion should speak to the LCR Department prior to submitting a request to sell.

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<u>IPO Rule</u> 

You may <u>not</u> directly or indirectly acquire a Beneficial Interest in any securities offered in an IPO or in an Initial Coin Offering (ICO), in a Personal Account or Managed Account, without prior approval of a CCO or his/her designee.

<u>Limited Offerings (Private Placements)</u> 

You may <u>not</u> acquire a Beneficial Interest in a private placement without the prior approval of a CCO or his/her designee. Prior approval is required whether investing directly or through a Personal Account or Managed Account. Private placements, such as investment in a private company, investments in a hedge fund or other private investment fund are reportable through the preclearance process. Subsequent capital contributions and full or partial redemptions must be precleared through MCO.

<u>Market Timing Mutual Fund Transactions</u> 

You shall not participate in any activity that may be construed as market timing of mutual funds. Specifically, you shall <u>not</u> engage in excessive trading or market timing activities as described in each prospectus of a Proprietary Product or Reportable Fund.

<u>Trading in Victory Capital Stock</u>

Victory Capital Stock (VCTR) is a Reportable Security under the Code and any transaction in VCTR in a Personal Account must be precleared. You may be eligible for certain benefits related to VCTR, such as participation in the ESPP and grants of stock options or restricted stock. Certain transactions related to these benefits will require pre-clearance. For a summary of pre-clearance requirements for VCTR see *Pre-Clearance Requirements for Victory Capital Stock* under *Appendix 4 – Preclearance and Reporting By Security Type*. If you are uncertain whether a transaction requires pre-clearance, you should consult with compliance prior to trading.

VCTR transactions related to the above employee benefits will not trigger the Short-Term Holding Period in a Personal Account. Likewise, VCTR transactions in a Personal Account will not affect an employee's ability to exercise such employee benefits.

Covered Persons, as defined in VCH's *Insider Trading Policy,* will have 3 business days upon receipt of approval to effect transactions in VCTR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Representations and Warranties** 

Each time you submit a PTR, you shall be deemed to make the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not in possession of any MNPI for the requested security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You are not aware of any client trading in the same security during any Blackout Period to which you are subject

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You have not traded the same position in the opposite direction, in the past 60 days (Mandatory Short-Term
Holding Period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Quarterly and Annual Certifications of Compliance** 

You are required to certify quarterly that you have disclosed all reportable:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Gifts and entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Outside Business Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Political activity and contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All Personal Trading Accounts, including Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Personal Trades.

You are required to certify annually to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. You have read, understand and complied with this Code and other related policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You have read, understand and complied with Victory Capital's Corporate Information Protection and
Technology Use Policy (A-8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You have provided and verified all reportable holdings data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You have answered all additional questions and disclosures within the Annual Code of Ethics Certification in an
accurate and truthful manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Review Procedures** 

Compliance will maintain review procedures consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Recordkeeping** 

All Code of Ethics records will be maintained pursuant to the provisions of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Whistleblower Provisions** 

If you believe that there has been a violation of this Code, any federal law, or regulation of any governmental agency or entity, you must promptly notify VCM and WestEnd via: 1) a Chief Legal Officer, 2) a Chief Compliance Officer, or 3) the anonymous VCM Hotline at 800-854-9055.

Nothing in this Code shall prohibit you from: 1) making any disclosure of relevant and necessary information to any law enforcement agency, regulatory authority, or self-regulatory organization, or as required by law; 2) participating, cooperating, or testifying in any action, investigation, or proceeding with any law enforcement agency, regulatory authority, or self-regulatory organization; or 3) accepting any U.S. Securities and Exchange Commission awards.

You are protected from retaliation for reporting violations of this Code. Retaliation or the threat of retaliation against you for reporting a violation constitutes a further violation of this Code and may lead to immediate suspension and further sanctions.

VCM is also responsible for communicating the Victory Funds whistleblower procedures to applicable employees. The Victory Funds have implemented procedures for receiving anonymous reports of suspected or actual violations of the Victory Funds' policies and questionable accounting, internal accounting controls, or auditing matters.

Call 866-844-3863 to initiate a report regarding Victory Portfolios, Victory Portfolios II, or the Victory Variable Insurance Funds trusts.

Call 877-711-3336 to initiate a report regarding Victory Portfolios III trust.

Call 866-992-3741 to initiate a reporting regarding Victory Portfolios IV, Victory Variable Insurance Funds II, or Pioneer Closed-End Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Confidentiality** 

All information obtained from any employee shall be kept in strict confidence, except when requested by the SEC or any other regulatory or self-regulatory organization, and may otherwise be disclosed to the extent required by law or regulation. Additionally, certain information may be provided to a broker-dealer, service provider or vendor, such as employee name, social security number and home address, in order to ascertain Personal Trading activity that is required to be disclosed by an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Reporting to the Board of Directors of Affiliated Funds** 

At least annually, the appropriate Affiliated Advisers will provide the Board of Directors of Affiliated Funds with information regarding: 1) any Material Violations under this Code and any sanctions imposed as a response to such Material Violation; and 2) certification that it has adopted procedures necessary to prevent Access Persons from violating this Code.

**8. CODE OF ETHICS VIOLATION GUIDELINES** 

You are responsible for conducting your activities in accordance with this Code. Violations of the Code may result in applicable sanctions.

Sanctions may correlate to the severity of the violation and may take into consideration, among other things, such factors as the frequency and severity of any prior violations. A CCO may recommend escalation to the VCM Board of Directors and Compliance Committee. When necessary, the VCM Board of Directors may obtain input from the Compliance Committee and a CCO when determining whether such violation is a Material Violation.

The CCOs hold discretionary authority to revoke Personal Trading privileges for any length of time and also reserve the right to lift Personal Trading sanctions in response to market conditions. Additionally, a CCO or Compliance Committee may impose a monetary penalty for any violation. A CCO will report all warnings, violations, exceptions granted and sanctions to the Compliance Committee.

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| **Minor Violations** | **Potential Actions** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Provided incorrect or incomplete account or trading information<br>• Engaging in a pattern of discouraged or excessive trading<br>• Trading without pre-clearance approval when trade would have normally been approved and additional violations did not occur<br>• Failure to submit a complete or timely initial or annual holdings or securities transactions report<br>• Failure to provide the Compliance Department a duplicate confirmation in a timely manner after request or notice by the Compliance Department<br>• Failure to pre-clear properly an OBA or political contribution that would have been approved<br>• Failure to complete a quarterly or annual certification by due date<br>• Failure to pre-clear an investment in a private placement that would have been approved<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Compliance may question you and document response<br>• 1<sup>st</sup> violation within a 12-month period may result in a warning letter<br>• CCO and Compliance Committee may be notified of all warnings and citations given to employees<br>• You may be required to break a trade or disgorge profits from the trade<br>• Any additional actions a CCO or Compliance deem appropriate under the circumstances<br>|
| **Technical Violations** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any pattern of a Minor Violation within a 12-month period may qualify as a Technical Violation<br>• Failure to report a Personal Account in which trades requiring pre-clearance have occurred<br>• Trading without pre-clearance approval when trade would not have been approved<br>• Trading without pre-clearance or supplied incorrect information, which may have resulted in additional violations<br>• Failure to pre-clear any activity that would have been denied by the Compliance Department<br>• Any willful violations of the Code, as determined by a CCO, to be more severe than a Minor Violation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Compliance may question you and document response<br>• Compliance may issue a warning letter<br>• Compliance Committee may be notified<br>• Human Resources may be notified<br>• You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br>• Temporary ban from Personal Trading for no less than 30 calendar days<br>• A fine may be imposed, as determined by a CCO on a case-by-case basis<br>• Any other actions deemed appropriate by a CCO or compliance<br>|
| **Repeat Technical Violations** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Any Technical Violation that is repeated at least two<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) times during a 12-month period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A CCO may meet with your direct manager to discuss violation<br>• Human Resources may be notified<br>• You may be required to break a trade or disgorge profits from the trade – any such profits will be donated to charity<br>• Three (3) or more technical violations within a 12month period may receive a citation letter, monetary fine and loss of Personal Trading privileges for no less than 90 calendar days<br>• Any other actions deemed appropriate by a CCO or compliance<br>|
| **Material Violations / Fraudulent Actions** | **Potential Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp; • Any Material Violation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Compliance Committee will review and recommend sanctions and penalties up to and including termination of employment<br>• The Board of Directors and, when applicable, clients may be notified<br>• Possible criminal sanctions imposed by regulatory<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorilties<br>• A fine of $10,000 may be imposed by the Board of Directors<br>Any other actions deemed appropriate by a CCO, Compliance Committee or the Board of Directors<br>

The Code of Ethics Violation Guidelines provides examples of potential Code violations and the actions that Victory Capital might take if you violate the Code; it is not intended to serve as an exhaustive list of potential Code violations or actions relating thereto. All findings of Code violations and any actions relating thereto will be made on a case-by-case basis. The CCOs have discretion to interpret violations and impose various sanctions in response to such violations as deemed necessary.

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**Reconsideration** 

If you wish to dispute a violation notice, you may submit a written explanation of the circumstances of the violation to a CCO. The CCOs (and the CLO if escalation is deemed necessary) will review submissions on a case-by-case basis. The CCOs and CLO are under no obligation to change any sanction that has been imposed.

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**Appendix 1 – Affiliated Funds, Proprietary Products & Reportable Funds** 

As described in this Code, certain restrictions apply to trading in an Affiliated Fund, a Proprietary Product and any fund sub-advised by an Affiliated Adviser. Please refer to the company's intranet site "Under the wing" for a complete list or follow one of the links below.

**Affiliated Funds** 

For the most up-to-date list of Affiliated Victory Funds, please visit <u>www.vcm.com.</u>

**Proprietary Products** 

Proprietary Products, are funds or products in which Victory Capital or its employees have an aggregate of 25% or more Beneficial Interest. Employees are required to pre-clear trades in any Proprietary Products.

On a quarterly basis Victory's compliance and fund administration department will review fund ownership levels to determine if any funds meet the criteria to be deemed a Proprietary Product. A list of current Proprietary Products will be maintained on the Compliance page of Victory's intranet site.

**Sub-Advised Funds** 

VCM acts as sub-adviser to a number of unaffiliated registered investment companies (mutual funds). Please refer to VCM's ADV filed with the SEC by searching for the firm name on <u>https://www.adviserinfo.sec.gov</u>. ADV Part 1 contains SECTION 5.G.(3), which lists "Advisers to Registered Investment Companies and Business Development Companies". The name of the fund complex can be obtained by searching for the SEC File Number (under More Options) using EDGAR: <u>https://www.sec.gov/edgar/searchedgar/companysearch.html</u>. A complete list is also available on the company's intranet site "Under the wing" under the compliance tab.

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**Appendix 2 – Approved Brokers List** 

In addition to accounts on Victory Capital's retail brokerage platform, you are allowed to open new or maintain existing personal or managed accounts at any of the external brokers listed below. However, you may NOT begin trading in a brokerage account (in-house or external) until it is reported in MCO and set up on our broker data feed. The approved external brokers have been divided into tiers based on how responsive they typically are to our requests to add new accounts to the broker data feed.

**<u>Tier 1 Approved Brokers</u>**

These brokers provide enhanced broker data feed functionality and typically add new accounts to our broker data feed within 1 – 3 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Charles Schwab (acquired TD Ameritrade)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Interactive Brokers

**<u>Tier 2 Approved Brokers</u>**

These brokers may take longer than Tier 1 Approved Brokers, but they generally add new accounts to our broker data feed within 5 business days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ameriprise Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Vanguard

**<u>Tier 3 Approved Brokers</u>**

These brokers may require you to sign a form before they will add a new account to our broker data feed, and/or typically take longer to update the feed once all their requirements are met – your ability to trade in a new account at these firms may be significantly delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. JP Morgan Chase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Morgan Stanley (acquired E\*TRADE)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Northern Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. RBC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Wells Fargo

**<u>Approved Non-Brokers</u>**

The following types of accounts are typically not held through a traditional brokerage firm but are still allowed under the Code of Ethics – you may be required to manually report transactions effected in reportable securities within these types of accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employer Sponsored Retirement Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ESOP/ESPP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Direct Registration Service (DRS – i.e. Computershare, American Stock Transfer Company, etc.)

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**Appendix 3 – Investment Account Disclosure** 

New Hires may not trade in their existing accounts until they have been disclosed and approved by compliance. By regulation, such disclosure must take place within 10 days of hire. All new Personal Accounts and Managed Accounts must be reported to compliance prior to trading or on the next quarterly certification, whichever is sooner. Failure to comply may result in sanctions imposed by the VCM Compliance Committee and/or Board of Directors.

The below chart summarizes certain account types and their disclosure requirements. If you have a beneficial interest in any account identified below, you must follow the disclosure requirements. If you are uncertain whether an account should be disclosed or if you have a beneficial interest in an account not listed below, you should consult with a CCO or a member of the Compliance team.

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| **Account Type** | **Initial Disclosure** | **Periodic Verification** |
| All Personal Accounts | Yes | Yes |
| All Managed Accounts | Yes | Yes |
| Affiliated Fund Direct Accounts | Yes | Yes |
| 401(k) if able to hold Reportable Securities | Yes | Yes |
| Security Lending Accounts | Yes | Yes |
| Margin Accounts | Yes | Yes |
| Investment Club Accounts | Yes | Yes |
| Private Placements | Yes | No |
| Unaffiliated Open-end Mutual Fund Direct Accounts | No | No |
| Retirement accounts if unable to hold Reportable Securities | No | No |
| 529 Plans | No | No |
| Bank accounts if unable to hold Reportable Securities | No | No |
| Donor Advised Fund (only pre-clear gift of stock to account) | No | No |
| HSA Investments (if unable to hold Reportable Securities) | No | No |
| Accounts that facilitate trading cryptocurrencies | Yes | Yes |

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**Also see the Account Reporting Job Aid for more details.** 

Copyright© 2025, Victory Capital Management Inc. Page iii of viii

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| | |
|:---|:---|
| ![LOGO](g767768dsp324.jpg) | ![LOGO](g767768dsp324a.jpg) |

---

**Appendix 4 – Preclearance and Reporting By Security Type** 

Most transactions in Personal Accounts require you to submit a PTR through MCO. See *Section VI: Personal Trading Requirements and Restrictions* for more information.

**Summary of Pre-clearance and Reporting Requirements** 

The below chart summarizes the pre-clearance and reporting requirements of certain security types. Additional details can be found in the Pre-Clearance Job Aid. If you are uncertain whether a transaction requires pre-clearance, you should consult with a CCO or a member of the Compliance team. For Victory Capital Stock, please refer to the *Summary of Pre-Clearance Requirements for Victory Capital Stock* provided in this Appendix.

---

| |
|:---|
|  **Prohibited in Personal Accounts** |
|  Commodity Futures |
|  Futures |
|  Options |
|  Currency Futures |
|  Selling Securities Short |
|  Single Stock ETFs (and similar instruments that provide exposure to a single stock) |
|  Companies under common control with VCH |
|  **Pre-clear in Managed Accounts and Personal Accounts** |
|  Initial Public Offerings (IPO) |
|  Initial Coin Offerings (ICO) |
|  Private placements |
|  **Pre-clear in Personal Accounts** |
|  Equities |
|  Corporate, High-Yield, Convertible, International, and Municipal Bonds |
|  Exchange-traded funds (ETFs), including affiliated ETFs |
|  Exchange-traded notes (ETNs) |
|  Closed-end funds |
|  Mortgage-Backed Securities |
|  Agency Securities (e.g. Fannie Mae, Freddie Mac etc.) |
|  Trust preferred & traditional preferred securities |
|  Any pre-clearance securities that are gifted or donated by an Access Person (e.g. direct to charity or to donor advised fund) |
|  Unit investment trusts |
|  Victory Proprietary Products (currently there are none) |
|  VCM 401(k) transactions greater than $100,000 in a Proprietary Product |
|  Cryptocurrencies (e.g. Bitcoin, Ethereum, etc.) |
| **Reportable <u>ONLY</u> (pre-clearance NOT required)** |
|  Dividend Reinvestment Plans (DRIPs) |
|  Victory Mutual Funds, unless it's a Proprietary Product |
|  Variable insurance products only where an Affiliated Adviser serves as adviser or sub-adviser |
|  **Exempt Transactions (only the effect of these transactions will be captured as an update on the annual holdings certification)** |

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Copyright© 2025, Victory Capital Management Inc. Page iv of viii

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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| |
|:---|
|  Approved automatic or periodic investment plans |
|  Dividend reinvestment transactions |
|  Corporate action transactions (e.g., stock splits, rights offerings, mergers and acquisitions) |
|  Security lending transactions |
|  **Exempt Securities not subject to the Code** |
|  Direct obligations of the U.S. government |
|  Bankers' acceptances, bank certificates of deposit and commercial paper |
|  Investment grade, short-term debt instruments, including repurchase agreements |

---

---

| |
|:---|
|  Money market funds |
|  Variable insurance products unless an Affiliated Adviser acts as adviser or sub-adviser |
|  Unaffiliated open-end mutual funds |
|  Investments in qualified tuition programs ("529 Plans"), including the USAA College Savings Plan |
|  Physical Commodities (i.e. precious metals) |
|  Foreign Currencies held in order to use as currency (not for investment/speculation purposes) |

---

**Summary of Pre-Clearance Requirements for Victory Capital Stock (ticker "VCTR")** 

---

| | |
|:---|:---|
| **VCTR Transaction Description** | **Pre-Clear** |
| **Common Stock (Class A Shares)** |  |
| Employee purchase or sale in any Personal Account (e.g. a brokerage account for the benefit of the employee or for the benefit of the employee's Immediate Family) | Yes |
| Employee purchase or sale in a Managed Account approved by Compliance. | No |
| **Employee Stock Purchase Plan (ESPP)** |  |
| Purchases made pursuant to Employee Stock Purchase Plan | No |
| Sales of shares acquired through the Employee Stock Purchase Plan | Yes |
| **Options** |  |
| Sale of shares in the open market acquired through the exercise of any options | Yes |
| Cash Exercise - Employee pays the entire cost of the exercise. | No |
| Withhold Shares - Victory Capital withholds shares equal to the cost of the exercise. | No |
| **Restricted Stock (Class B Shares)** |  |
| Selling restricted stock in the open market | Yes |
| Cash - Cash payment to cover vested shares tax liability | No |
| Net - Surrender shares to Victory Capital to cover vested shares tax liability | No |
| **10b5-1 Trading Plan** |  |
| Officers of VCH required to make filings under Section 16 of the Securities and Exchange Act of 1934, as amended, conducting trades in accordance with an approved 10b5-1 Trading Plan. | No |

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Copyright© 2025, Victory Capital Management Inc. Page v of viii

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

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| | |
|:---|:---|
| ![LOGO](g767768dsp324.jpg) | ![LOGO](g767768dsp324a.jpg) |

---

**Appendix 5 – ETFs Eligible for De Minimis Transaction Exemption** 

Firm trades in the following ETFs will not trigger any Blackout Period due to their use as highly liquid cash management vehicles in various client accounts.

---

| | | |
|:---|:---|:---|
| **Name** | **Symbol** | **CUSIP** |
|  iShares 7-10 Year Treasury Bond ETF | IEF | 464287440 |
|  iShares 20+ Year Treasury Bond ETF | TLT | 464287432 |
|  iShares Core MSCI EAFE ETF | IEFA | 46432F842 |
|  iShares Core MSCI Emerging Markets ETF | IEMG | 46434G103 |
|  iShares Core S&P 500 ETF | IVV | 464287200 |
|  iShares Core U.S. Aggregate Bond ETF | AGG | 464287226 |
|  iShares FTSE China 25 Index | FXI | 464287184 |
|  iShares iBoxx $ High Yield Corporate Bond | HYG | 464288513 |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | 464287242 |
|  iShares MSCI ACWI Index Fund | ACWI | 464288257 |
|  iShares MSCI China Index Fund | MCHI | 46429B671 |
|  iShares MSCI Emerging Index Fund ETF | EEM | 464287234 |
|  iShares MSCI EAFE Index Fund ETF | EFA | 464287465 |
|  iShares MSCI Japan Index Fund ETF | EWJ | 464286848 |
|  iShares MSCI India | INDA | 46429B598 |
|  iShares Russell 1000 | IWF | 464287614 |
|  iShares Russell 2000 ETF | IWM | 464287655 |
|  iShares Russell 2000 Value | IWN | 464287630 |
|  iShares Russell Mid-Cap Value | IWS | 464287473 |
|  SPDR Bloomberg Barclays High Yield Bond ETF | JNK | 78468R622 |
|  SPDR S&P 500 ETF | SPY | 78462F103 |
|  SPDR S&P MidCap 400 ETF | MDY | 78467Y107 |
|  Vanguard FTSE All-World ex-US ETF | VEU | 922042775 |
|  Vanguard FTSE Developed Markets ETF | VEA | 921943858 |
|  Vanguard FTSE Emerging Markets ETF | VWO | 922042858 |
|  Vanguard FTSE Europe ETF | VGK | 922042874 |
|  Vanguard Mortgage-Backed Securities ETF | VMBS | 92206C771 |
|  Vanguard Real Estate ETF | VNQ | 922908553 |
|  Vanguard Short-Term Bond ETF | BSV | 921937827 |
|  Vanguard Short-Term Corporate Bond ETF | VCSH | 92206C409 |
|  Vanguard S&P 500 ETF | VOO | 922908363 |
|  Vanguard Total Bond Market ETF | BND | 921937835 |
|  Vanguard Total International Stock ETF | VXUS | 921909768 |
|  Vanguard Total Stock Market ETF | VTI | 922908769 |

---

Copyright© 2025, Victory Capital Management Inc. Page vi of viii

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

**Supplement 1** 

**RS Investment Management (Singapore) Pte. Ltd. ("RSIMS") Code** 

**of Ethics Supplement ("Singapore Supplement")** 

The policies and procedures in this Singapore Supplement to the Code apply to Access Persons of RSIMS and are in addition to, and supplement, the policies and procedures detailed in the Code.

Matters set out in the relevant sections of this Singapore Supplement shall be read in conjunction, and as one, with the Code. To the extent there is any inconsistency between the Code and this Singapore Supplement, this Singapore Supplement shall prevail.

**Short-Selling of Securities** 

All Victory Capital employees, including employees of RSIMS, are prohibited from Short-Selling any security.

**Trading on Inside Information** 

In addition to the requirements set out in the Code, all employees of RSIMS and all members of their Immediate Family are required to comply with all applicable laws in Singapore in relation to any Securities Transactions. Such laws include but are not limited to Part XII (Market Conduct) of the Securities and Futures Act (Chapter 289 of Singapore) ("SFA") which set out prohibitions against the following conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• False trading and market rigging transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities market manipulation and manipulation of prices of futures contracts and cornering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The making of false or misleading statements or the dissemination of information that is false or misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraudulently inducing persons to deal in securities or trade in futures contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment of fraudulent or deceptive devices, or manipulative and deceptive devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bucketing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insider trading and tipping off.

**Reporting Requirements** 

In addition to the Personal Account and Personal Trading requirements and restrictions set out in the Code, each employee of RSIMS who acts as a representative of RSIMS in RSIMS' capacity as the holder of a capital markets services license issued pursuant to the SFA for fund management (each a "Relevant Access Person") is required to maintain a register of his or her interests in securities (as such term is defined in section 2(1) of the SFA, the relevant extract of which is set out in the Appendix) that are listed for quotation, or quoted, on a securities exchange or recognized market operator in the prescribed Form 15 to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).

Within 7 days after the date he or she acquires the interest in the relevant securities, each Relevant Access Person shall be required to enter into his or her register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Particulars of securities in which such Relevant Access Person has any interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Particulars of such interests.

Where there is any change in any interest in the securities of such Relevant Access Person, he or she shall enter particulars of the change (including the date of the change and the circumstances by reason of which the change has occurred), within 7 days after the date of the change.

Copyright© 2025, Victory Capital Management Inc. Page vii of viii

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Code of Ethics for Victory Capital Management Inc. and WestEnd Advisors, LLC April 1, 2025

All entries in the register must be kept in an easily accessible form for a period of not less than 5 years after the date on which such entry was first made. The register shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If in physical form, be kept at RSIMS's principal place of business in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If in electronic form, be kept in such manner so as to ensure that full access to the register may be gained by
the Monetary Authority of Singapore ("MAS") at RSIMS's principal place of business in Singapore.

RSIMS is required to maintain records of the place at which the Relevant Access Persons keep their respective registers and the places at which copies of those registers are kept in Singapore. As a separate matter, RSIMS is also required to maintain a Form 15 in relation to RSIMS' own interests in the relevant Securities.

Copyright© 2025, Victory Capital Management Inc. Page viii of viii

## Ex-99.P19

![LOGO](g767768dsp360.jpg)

**CODE OF ETHICS STATEMENT** 

PURPOSE & SCOPE

This Code of Ethics ("Code") sets the conduct standards and control framework that protect Walter Scott's clients' interests, the integrity of the markets, and the reputation of the firm and the wider BNY organisation. It complements (not replaces) applicable laws, regulations, and enterprise policies.

Walter Scott has a strong ethics and compliance culture and has established policies and procedures to ensure that it meets regulatory, legal and best practice requirements together with maintaining high fiduciary standards in the management of its clients' assets.

Employees of Walter Scott bear a fiduciary responsibility to its clients and are therefore responsible for knowing, understanding and following the firm's policies and procedures, and complying with applicable laws and regulations. The Code applies across Walter Scott and takes precedence over local procedures. Where local law is more stringent, local law prevails. All Walter Scott employees are expected to know and follow the Code and to seek guidance from Walter Scott Risk & Compliance whenever in doubt.

OUR ETHICAL PRINCIPLES

1. Client First: Walter Scott puts clients' interests ahead of the firm's own at all times.

2. Integrity & Fair Dealing: Walter Scott acts honestly, fairly, and professionally.

3. Independence of Investment Judgment: Walter Scott bases investment decisions on diligent research and
professional expertise, free from undue influence or conflicts.

4. Confidentiality: Walter Scott protects client and firm information.

5. Compliance & Accountability: Walter Scott complies with laws and policies, encourages employees to
speak up promptly about concerns, and accepts responsibility for its actions.

6. Respect & Inclusion: Walter Scott maintains a professional, inclusive environment and treats clients,
colleagues and market participants with respect.

7. Stewardship: Walter Scott exercises its responsibilities as stewards of client capital thoughtfully and
transparently.

ROLES & RESPONSIBILITIES

1. All Employees: Read and understand this Code and the Policies & Procedures Manual; disclose conflicts;
comply with personal securities rules; complete required training; report concerns immediately.

2. Managers & Senior Managers: Lead by example; ensure compliance; support a speak up culture; fulfil
Senior Managers &Certification Regime (SM&CR) responsibilities (where applicable).

3. Risk & Compliance: Own, maintain, and interpret this Code; operate surveillance; certify to clients as
required; advise employees in risk and compliance matters; maintain Restricted/Watch Lists; conduct training and testing; escalate issues.

4. Risk/Internal Audit: Provide second/third line oversight and independent assurance.

5. Board/Risk & Compliance Committee: Approve and oversee adherence to the Code and related policies.

BNY CODE OF CONDUCT

The BNY Code of Conduct sets the standard for ethical behaviour across BNY and all majority- owned subsidiaries, including Walter Scott. The Walter Scott Code adopts those standards and establishes how they are applied, governed, and enforced at Walter Scott. All Walter Scott employees must act with integrity, comply with applicable

1 • CODE OF ETHICS STATEMENT

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![LOGO](g767768dsp360.jpg)

laws and regulations, and promptly escalate concerns ("Doing What's Right"). Walter Scott will maintain governance, training, and monitoring to evidence compliance with the BNY Code of Conduct and with local regulatory requirements in the UK and other relevant jurisdictions.

**Core Principles** 

1. Respecting Others: Maintain an inclusive, harassment-free environment and comply with equal opportunity
requirements.

2. Avoiding Conflicts of Interest: Identify, disclose and manage actual and potential conflicts; act in
clients' best interests.

3. Conducting Business Responsibly: Compete fairly; comply with laws and anti-financial crime obligations.

4. Working with Governments: Apply heightened controls when interacting with public officials and government
entities.

5. Protecting Company Assets: Safeguard confidential information and records; use approved systems.

6. Supporting our Communities: Act responsibly with regard to sustainability and community engagement.

All Walter Scott employees are bound by the BNY Code of Conduct and must sign their acceptance of this on joining the firm.

CONFLICTS OF INTEREST

Walter Scott's Conflicts of Interest Policy ensures that the interests of clients always come first by identifying, managing, and mitigating any actual or potential conflicts. All Walter Scott employees must act with integrity, avoid situations that could compromise their objectivity, and promptly disclose any conflicts to Walter Scott Risk & Compliance. The policy sets out clear procedures for managing conflicts, including regular training, disclosure requirements, and oversight. Key risk areas—such as personal interests, business relationships, trading, compensation, and gifts and entertainment—are closely monitored to maintain transparency and uphold the highest ethical standards in all business activities.

MATERIAL NON PUBLIC INFORMATION & MARKET CONDUCT

Walter Scott employees are not permitted to trade, recommend, or facilitate trading based on material non-public information (MNPI). Sharing MNPI with others, including colleagues without a legitimate need to know, is not allowed.

Walter Scott Risk & Compliance oversees restricted and watch lists; relevant employees are required to consult these lists and comply with the associated trading and communication restrictions.

During research interactions, employees must use authorised channels for communications with investee companies and analysts. Meeting notes should be properly documented, and employees are expected to avoid seeking or receiving MNPI during these activities.

Market abuse-including insider dealing, unlawful disclosure, market manipulation, spoofing or layering, front running, and cherry picking-is not permitted.

Any suspected exposure to MNPI should be reported promptly to Walter Scott Risk & Compliance. Employees are required to follow all instructions provided, which may include procedures such as wall crossing or trading halts.

PERSONAL SECURITIES TRADING

The BNY Personal Securities Trading Policy is designed to prevent conflicts of interest and insider dealing. It applies to all BNY employees including Walter Scott and prohibits trading on material non-public information. Employees must avoid any conduct that compromises independence or creates the appearance of impropriety. Trading in BNY securities is strictly limited: short sales, short term trades within 60 days, margin purchases, and derivatives are prohibited. Blackout periods apply around earnings and major events, and certain transactions such as IPOs, private placements, and dealings in BNY-affiliated funds require pre-clearance. All Walter Scott employees, except those in Facilities, are classified as Monitored Employees and must comply with approved broker requirements, disclose all

2 • CODE OF ETHICS STATEMENT

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![LOGO](g767768dsp360.jpg)

brokerage accounts, obtain pre-approval for trades, complete periodic certifications, and process all pre-clearance and attestations through the BNY STAR Compliance platform. Breaches may result in disciplinary action, including reversal of trades and disgorgement of profits. Employees should seek guidance from Walter Scott Risk & Compliance whenever in doubt.

Walter Scott applies a stricter policy in addition to the BNY requirements. Walter Scott employees may not exercise discretion in purchasing individual equities other than BNY stock. This policy ensures client interests are protected, market integrity is maintained, and regulatory obligations are met. Employees must act in clients' best interests and avoid actual or perceived conflicts. Any potential conflicts must be escalated to Walter Scott Risk & Compliance before action is taken. Employees must certify annually that they have read and complied with the policy and report any breaches immediately. Compliance monitors all activity, and violations may result in disciplinary action or regulatory reporting. This policy complements the Walter Scott Conflicts of Interest Policy, Gifts & Entertainment Policy, and the BNY Mellon Code of Conduct, and prevails in the event of conflict. Compliance is a condition of employment.

GIFTS, ENTERTAINMENT & INDUCEMENTS

The Walter Scott Gifts and Entertainment Policy requires all Walter Scott employees to act with integrity when giving or receiving gifts, entertainment, or hospitality. Employees must follow both BNY and Walter Scott policies, ensuring all gifts and entertainment are reasonable, serve a clear business purpose, and are properly documented. Any gifts or entertainment above $1 USD to or from clients must be logged in Salesforce, with stricter requirements for government-related interactions, which always require pre-approval regardless of value. Employees must avoid anything that could appear excessive or create a conflict of interest, and specific limits apply to FINRA representatives. Walter Scott employees are responsible for accurate reporting and seeking guidance when needed.

OUTSIDE BUSINESS ACTIVITIES, DIRECTORSHIPS & PRIVATE INVESTMENTS

Pre-approval is required for any outside business activity, board seat, or private investment that could create a conflict, time commitment risk, or regulatory exposure. Charitable and community engagement is encouraged but must be disclosed if there is any overlap with investee companies, clients, or service providers.

POLITICAL & CHARITABLE CONTRIBUTIONS

Strict limits and "look back" restrictions apply in the U.S. and other jurisdictions. Pre-clearance is required for any political contributions. Charitable or sponsorship commitments using firm funds require appropriate approvals and due diligence. Contributions made to obtain or retain business are strictly prohibited.

ANTI-BRIBERY, CORRUPTION & AML/CTF

Bribery, facilitation payments, and kickbacks are strictly prohibited. Interactions with public officials are subject to enhanced approvals and strict limits. Walter Scott employees must adhere to Know Your Client (KYC) / Customer Due diligence (CDD) standards, escalate red flags, and avoid dealings with sanctioned parties. Sanctions lists must be checked and prohibited transactions or services to sanctioned persons or regions must be avoided.

FAIR DEALING, BEST EXECUTION & TRADE ALLOCATION

All clients must be treated equitably in trade allocations and access to investment opportunities. Best execution involves seeking the best overall result, considering price, costs, speed, likelihood of execution and settlement, and other relevant factors. Cross trades are prohibited. Soft dollars are not permitted by Walter Scott and directed commission arrangements may only be used where permitted, disclosed, and governed appropriately.

INVESTMENT RESEARCH INTEGRITY & CORPORATE ACCESS

Independence and objectivity in investment research must be maintained. Conflicts of interest must be disclosed and managed, and plagiarism or misrepresentation is not permitted. Records of investee company and analyst meetings must be kept, material non-public information (MNPI) controls followed, and expert network protocols adhered to, including using approved vendors and avoiding MNPI.

3 • CODE OF ETHICS STATEMENT

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![LOGO](g767768dsp360.jpg)

ESG & STEWARDSHIP

Stewardship activities such as voting and engagement must align with disclosed policies and client mandates. ESG claims must be accurate, evidenced, and not misleading, and must comply with local anti-greenwashing and sustainability disclosure rules such as the Sustainable Finance Disclosure Regulation (SFDR) and UK Sustainability Disclosure Requirements (SDR). Rationales for voting and engagement must be documented and reported as required.

DATA PROTECTION, CONFIDENTIALITY & CYBERSECURITY

Client and personal data must be processed lawfully and minimally, protected with appropriate technical and organisational measures, and any potential breaches must be reported immediately. Secure communications must use firm-approved devices and channels, and unauthorised cloud storage or personal email for business is prohibited.

USE OF TECHNOLOGY, MODELS & AI

Only approved tools, datasets, and models (e.g. algorithms or statistical methods used to make predictions or decisions, machine learning or AI systems, may be used, and model governance and vendor due diligence must be followed. Confidential or client data must not be fed into unapproved external tools. Assumptions, data lineage, and limitations must be documented, and models monitored for bias and robustness. Model incidents must be escalated.

MARKETING, COMMUNICATIONS & SOCIAL MEDIA

Marketing materials, communications and social media require Walter Scott Risk & Compliance approval. All communications must be accurate, avoiding misleading statements or cherry-picking performance. Social media must not be used for business communications on personal accounts.

RECORDKEEPING

Complete and accurate books and records must be maintained in accordance with applicable law and firm retention schedules. This includes records related to trades, research, gifts and entertainment, personal account trading, client communications, and voting or engagement.

TRAINING & CERTIFICATION

Employees must complete induction and annual refresher training on key topics such as the BNY and Walter Scott Code of Ethics, material non-public information / market conduct / market abuse, anti-money laundering / counter terrorist financing and sanctions, anti-bribery and corruption, data privacy, cybersecurity, stewardship, and marketing. Annual code of ethics certification and ad hoc attestations are required. Failure to certify within the prescribed deadline may result in disciplinary action.

MONITORING, SURVEILLANCE & TESTING

Walter Scott Risk & Compliance conducts risk-based surveillance covering personal account trades, restricted list breaches, gifts and entertainment, trade allocations, best execution, communications, and investment research interactions. Issues are investigated promptly, and remedial actions and enhancements are tracked. Walter Scott may use electronic surveillance and data analytics in accordance with privacy laws.

SPEAKING UP, REPORTING & NON-RETALIATION

Suspected misconduct, breaches, or control weaknesses must be reported immediately to a Manager, Walter Scott Risk & Compliance, Walter Scott HR, or via the Speak Up/Whistleblowing channels, including anonymous options where permitted. Retaliation against anyone raising a concern in good faith is strictly prohibited and constitutes a disciplinary matter.

4 • CODE OF ETHICS STATEMENT

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![LOGO](g767768dsp360.jpg)

DISCIPLINARY ACTION

Breaches of the BNY and Walter Scott Code of Ethics may result in disciplinary actions including counselling, warnings, clawback (where applicable), bonus impact, suspension, or termination. Such breaches may also be reportable to regulators, and BNY and Walter Scott may seek restitution or other legal remedies.

OWNERSHIP

This statement is owned by the Walter Scott Risk and Compliance Committee.

Effective: 1 April 2018 Revised: 12 September 2025 Last approved by Risk & Compliance Committee 17 September 2025

![LOGO](g767768dsp364.jpg)

## Ex-99.P20

**Code of Ethics** 

In accordance with Rule 204A-1 of the Investment Advisers Act of 1940 and with Rule 17j-1 of the Investment Company Act of 1940, as amended, Westfield Capital Management Company, L.P. ("Westfield") has developed and implemented this Code of Ethics (the "Code") to set forth standards for business conduct and personal activities. The Code serves many purposes. Among them are to:

• educate employees of Westfield's expectations and the laws governing their conduct;

• remind employees that they are in a position of trust and must act with complete propriety at all times;

• protect the reputation of Westfield;

• guard against violations of securities laws;

• protect Westfield's clients by deterring misconduct; and

• establish procedures for employees to follow so Westfield can assess whether employees are complying with our
ethical principles.

**Key terms used throughout this Code are defined in Appendix A.** 

**Persons Covered by the Code** 

All permanent Westfield employees are covered under the Code. All employees are deemed an "Access Person". Compliance will deem an Access Person also as an "Investment Person" if the person makes or participates in making investment recommendations for client accounts. Investment Persons may be required to provide additional information for certain personal activities and may be subject to additional transactional restrictions than non-Investment Persons. At any time, employees may check their status by contacting Compliance.

Temporary employees may be subject to either all or certain provisions within the Code. Compliance may also deem a temporary employee an Access Person.

**Waivers to Code** 

The Chief Compliance Officer (the "CCO") and the Deputy Chief Compliance Officer (the "Deputy CCO") have the authority to grant written waivers of the provisions of this Code in appropriate instances. However, Westfield expects that waivers will be granted only in rare instances. Compliance will document any waivers granted. No waivers shall be granted on any provisions of the Code that are mandated by the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

**Ethical Principles** 

As a fiduciary for its clients, Westfield owes its clients the utmost duty of loyalty, good faith, and fair dealing. As an employee of Westfield, you are obligated to uphold these important duties. Westfield expects every employee to uphold these principles when acting on behalf of the firm or in any capacity that may affect the firm's advisory business.

• Employees must act with honesty, integrity, and professionalism in all aspects of our business.

• Employees are to place the interests of Westfield's clients first, at all times.

• Employees must not take advantage of their positions or of investment opportunities that would otherwise be
available for Westfield's clients.

• Employees must treat all information concerning clients (e.g., trading, holdings, investment recommendations, and
financial situations) confidential.

• Employees must exercise independent, unbiased judgment in the investment decision-making process.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

**Standards of Business Conduct** 

The following standards govern all conduct, whether or not the conduct is covered by more specific provisions in the Code or other Westfield policies.

• Employees must comply with applicable federal securities laws.

• Employees must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defraud any Westfield client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mislead any client, including making a statement that omits material facts or passing along information that is
baseless or suspected to be untrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon any
client (e.g., creating the false appearance of active trading in client accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to securities, including price or market manipulation. This
includes rumor mongering, which is illegal and can lead to allegations of market manipulation.

• Employees are prohibited from inappropriately favoring the interests of one client over another as it would
constitute a breach of fiduciary duty.

• Employees must not use for their own direct or indirect benefit (or the benefit of anyone other than
Westfield's clients) information about: (a)Westfield's trading or investment recommendations for client accounts, (b) our relationships with our clients, or (c) our relationships with the brokerage community. Personal
securities transactions must be conducted in accordance with applicable provisions in the Code.

• Employees must comply with the spirit and letter of the Code and other internal policies. Technical compliance
with the requirements in the Code or other policies does not insulate you from scrutiny for any actions that can create the appearance of a violation or the appearance that you are circumventing the rules.

• Employees must avoid any actual or potential conflicts of interest with Westfield's clients. Employees will
be required to complete certifications or questionnaires on such matters. It is the employee's responsibility to promptly notify Compliance of any changes to their responses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must ensure that any personal activities (e.g., personal trading) conducted during work hours do not
interfere (or appears to interfere) with their daily work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must disclose any family members who have senior level positions at public or private companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must not accept from or give to clients or other business contacts any gifts or business entertainment
that would present an actual or potential conflict of interest or would be viewed as improper. (See Westfield's policy on Gifts and Business Entertainment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees may not recommend, implement, or consider any securities transaction for client accounts without having
disclosed any material business or personal relationship (e.g., family member is a senior employee) with or beneficial ownership or other material interest in the issuer or its affiliates, to Compliance. If Compliance deems the disclosed interest to
present a material conflict, the employee may not participate in any decision-making process regarding that issuer.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must act in the best interest of Westfield's clients regarding execution and other costs paid by
clients for brokerage services. This includes disclosing to Compliance any personal investment in any business or personal (e.g., family member) relationship with brokers utilized by Westfield for client transactions or research services. All
employees must strictly adhere to Westfield's policies and procedures regarding brokerage services, including those on best execution, research services, and directed brokerage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must disclose to Compliance any personal investments or other interests in third-party service
providers if the employees negotiate or make decisions on behalf of the firm with such third-party service providers. If any employee has such an interest, Compliance may prohibit the person from negotiating or making decisions regarding
Westfield's business with those companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees are prohibited from making referrals to clients (e.g., attorneys, accountants) if the employee will
benefit in any way.

<u>Reporting Unethical or Illegal Behavior</u>

If at any time an employee has knowledge of any behavior that might be viewed as unethical, illegal or in violation of internal policies, the employee must report such behavior immediately.

**How to Report**. To promote employee reporting, while protecting the employee and maintaining their identity in confidence, Westfield offers different methods for reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Contact the CCO and/or the Deputy CCO** 

Employees may report actual or suspected violations by contacting the CCO and/or the Deputy CCO directly (or the Chief Executive Officer if the suspected violation is by the CCO). Employees are not required to report such matters to their managers before contacting the CCO and/or the Deputy CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Report via Westfield's Whistleblower Hotline** 

Please call (833) 902-0979. Calls are accessible to the CCO and Deputy CCO only. All calls are anonymous. If suspected violation is by the CCO and/or Deputy CCO, employees should contact the CEO directly and not leave a message on the whistleblower hotline.

**What to Report**. Employees should report any: a) noncompliance with applicable laws, rules and regulations, or internal policies such as the Code; b) fraud or illegal acts involving any aspect of the firm's business; c) material misstatements in regulatory filings, internal books and records, client records or reports, and financial statements; d) activity that is harmful to clients; and e) material deviations from required controls and procedures that safeguard clients and the firm.

**Usage of Information Provided**. The CCO and/or the Deputy CCO will take the steps deemed necessary under the circumstances to investigate relevant facts surrounding the information provided, and to take any appropriate corrective measures. Reporting employees typically will not be notified of any actions the firm is taking in response to their comments.

**Guidance**. Employees are encouraged to seek guidance from the CCO and/or the Deputy CCO with respect to any violation and to refrain from any action or transaction that might lead to the appearance of a violation.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

**Confidentiality***.* Any report created shall be treated confidentially. Best efforts will be used to ensure that specific details of the report cannot be used to identify the reporting employee.

**Retaliation.** No employee who in good faith reports a suspected unethical or illegal business practice will be subject to retaliation or discipline for having done so, even if such reports ultimately establish that no violation had occurred.

<u>SEC Whistleblower Program</u>

Westfield encourages employees to report unethical or illegal behavior to the firm first, but employees also have an option of directly reporting actual or suspected violations to the SEC's Whistleblower Office. The SEC offers awards and incentives to individuals who voluntarily provide original information that leads to a successful enforcement. There are very specific criteria and procedures that apply when making such a report to the SEC. Regardless of the employee's reporting method, Westfield will utilize the framework described directly above with regards to reported information.

The SEC encourages individuals to submit information in writing by filling out their questionnaire at <u>https://denebleo.sec.gov/TCRExternal/disclaimer.xhtml</u>. Alternatively, you may submit information by mail to the Office of the Whistleblower at 100 F Street, NE, Mail Stop 5971, Washington, D.C. 20549 or by fax to (703) 813-9322.

Employees have the option to directly report actual or suspected violations to the SEC during and after their employment with Westfield.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

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**Code of Ethics** 

<u>Personal Trading</u>

(All references to Access Persons in this section include family members.)

**Preclearance Requirement** 

Access Persons must obtain approval from Compliance prior to entering into any personal securities transactions in a Covered Security for a Covered Account, as defined in Appendix A. Written approval must be received prior to executing any personal security transaction.

With limited exceptions, approvals are valid until 4:00pm on the day they were granted. Approvals for certain transactions (e.g., private offering of securities) may be extended with the CCO's or the Deputy CCO's permission. In such instances, the approval is valid until either the transaction is executed or revoked by Compliance. Access Persons are responsible for notifying Compliance when the transaction has been either completed or cancelled.

Because Westfield primarily supervises domestic growth equities, certain transactions and securities pose minimal conflicts with our clients. As such, the following securities also are exempt from the preclearance requirement. (Reporting requirements still apply). If a security or transaction is not listed directly below or excluded from the Covered Security definition in Appendix A, then it must be precleared.

• ETFs and ETNs that are not advised and/or subadvised by Westfield, that are not short the market, a sector,
industry, etc.

• Closed-end mutual funds

• Gifting or transferring shares from one account to another

• Municipal bonds

**Submitting Preclearance Requests** 

Preclearance requests for securities transactions should be submitted through the online personal transactions system, StarCompliance (the "personal trading system"). Compliance will set up each Access Person in the system and provide training. It is important that Access Persons not share their passwords with anyone as they are responsible for the information created, modified, and deleted from the system under their login information.

Should an Access Person wish to make a personal security transaction but does not have access to the system, the person must contact a senior member of Compliance for preclearance of the transaction. Compliance will enter the transaction into the system, which will send an approval or denial, via email, to the requestor. It is the Access Person's responsibility to ensure that the trade information contained in the email confirmation is complete and accurate (i.e., transaction type, shares requested, brokerage account, and security name) prior to entering into the transaction.

<u>Private Offerings</u> 

Any requests to enter into private offerings of securities must first be discussed with a senior member of Compliance. At a minimum, Compliance will request a copy of the offering documents, if applicable and available, in order to obtain the security/issuer name, investment amount, and target investment date. If the offering documents are not available, Compliance will accept written confirmation from the company. Written confirmation should include the security name, investment amount and target investment date. If the transaction is approved, the employee may then submit the preclearance request. Access Persons must receive a written approval via the personal trading system before entering into the transaction.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

**Reviewing Preclearance Requests** 

Preclearance requests are not reviewed until after 9:30am. Preclearance requests submitted prior to 9:30am will be placed in pending status. Preclearance requests that go into pending after 3:00pm will be reviewed on a best efforts basis. If a response is not received by 4:00pm, Access Persons are not permitted to enter into the trade and must re-enter the preclearance request the following day. Employees must ensure to cancel all limit orders that are not fully executed by 4:00pm each day.

Compliance has full authority to:

• revoke a preclearance any time after it is granted;

• require an Access Person to close out or reverse a transaction; and

• not provide an explanation for a preclearance denial or revocation, especially when the reasons are confidential
in nature.

**Restrictions to Personal Securities Transactions** 

The following restrictions and limitations have been placed on personal securities transactions to address actual or possible conflicts arising from personal trading activities.

• **Material, Non-public Information.** Access Persons who possess or
have been made aware of material, non-public information regarding a security, or the issuer of a security may not engage in any transaction of such security or related security. (See Westfield's policy
on Insider Trading.)

• **Market Manipulation.** Access Persons may not engage in any transactions intended to raise, lower, or
maintain the price of any security.

• **Market Timing and Excessive Trading.** Access Persons must not engage in excessive trading or market timing
activities with respect to any mutual fund. When placing trades in any mutual fund, whether the trade is placed directly in a personal account, 401(k) account, deferred compensation account, account held with an intermediary or any other account,
Access Persons must comply with the rules set forth in the fund's prospectus and SAI regarding the frequency and timing of such trades.

• **Transactions with Clients.** Access Persons are prohibited from knowingly selling to, or purchasing from, a
client any security or other property, except publicly traded securities issued by such client.

• **Advised and/or Subadvised Funds.** Access Persons are prohibited from trading in ETFs and mutual funds that
are advised and/or subadvised by Westfield without prior Compliance approval.

• **Transactions Likely to Raise Conflicts with Duties to Clients.** Access Persons may not enter into any
transactions that: a) may have a negative impact on their attention to their responsibilities to the firm or our clients (e.g., trading frequently in personal accounts), or b) overextend their financial resources or commit them to financial
liability that they are unable to meet.

• **Derivatives, Warrants and Rights**. Access Persons are prohibited from trading options, forwards, swaps,
warrants, rights, and any other similar security in their Covered Accounts.

• **Private and Limited Offerings (e.g., IPOs).** Typically, if client accounts are participating in a private
or limited offering, Access Persons may not participate in the same offering. With prior approval from the CCO and/or DOC, Access Persons may participate alongside client accounts, but the client's interest will always come first. This
includes Access Persons invested in Westfield's LPs (e.g., Micro-Cap Fund).

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

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**Code of Ethics** 

• **Short Selling and Short ETFs/ETNs**. Access Persons are prohibited from short selling securities in their
Covered Accounts.

• **30-Day Holding Period**. Covered Security investments made in
Covered Accounts must be held for a minimum period of 30 calendar days after purchase (day one starts one day after trade date). ETFs and ETNs are not subject to the 30-day holding period.

**Investment Team Sales in Covered Securities** 

All analysts (defined as sector and research analysts) that own securities in their covered accounts that overlap with their sector universe <u>and</u> are owned in a Westfield strategy managed by Westfield's Investment Committee **must hold** such security or securities until they have been fully liquidated from all strategies. Once the security is fully liquidated, the analyst may sell their personal shares 5 business days following the last client sale.

All individual portfolio managers that own securities in their covered accounts that overlap with the individual portfolios that they manage, **must hold** such security or securities until they have been fully liquidated from all client accounts under their management. Once the security is fully liquidated; the portfolio manager may sell their personal shares 5 business days following the last client sale.

The above restrictions do not apply to securities that are held due to client restrictions (e.g., tax considerations, retention for proxy voting, etc.). Any exceptions must be approved by the CCO and/or the Deputy CCO. Analysts may continue to trim and/or sell securities for their covered accounts that are **not** in their sector universe. Portfolio managers may continue to trim/sell securities for their covered accounts that are **not** held in the portfolios they manage. Any trims/sales will still follow the above personal securities transaction restrictions, front running, and blackout periods as applicable.

**Front Running and Blackout Periods** 

Front running is an illegal practice. Access Persons should not enter into a personal security transaction when the Access Person knows, or has reason to believe, that the security or related security: a) has recently been acted upon, b) may in the near future be recommended for action, or c) may in the near future be acted upon by the firm for client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Covered Securities that have been traded in client accounts, the blackout period begins five business days
before the client trade and ends five business days after the last client trade. If the Covered Security was traded for reasons outside of an investment recommendation (e.g., cash flow, rebalancing/dispersion, etc.), the blackout period begins when
the trades are placed on the blotter and ends when the trades have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Covered Securities that have been recommended or are "under consideration," the blackout period
begins five business days before the day a security was recommended or placed under consideration and typically ends five business days thereafter. Some securities may remain on the restricted list for longer periods of time. Compliance has full
discretion to decide whether a security is restricted and for how long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs and ETNs that are not advised and/or subadvised by Westfield are not subject to the blackout periods
discussed in this section.

**New Employees** 

All new employees will be required to be in compliance with Westfield's Code within 10 calendar days from their date of hire (e.g., must cover short positions). New employees may also be allowed to continue to hold put and/or call options until they expire. Compliance will review these on a case by case basis.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

New investment team employees will be allowed 10 calendar days to trim/liquidate securities within their sector universe that overlap with a strategy managed by Westfield's Investment Committee. However, all other provisions within the Code must be followed (e.g., must follow preclearance requirements, blackout periods apply).<u> </u>

Initial 401(k) allocations, including open-end mutual Funds<u> </u>sub-advised or advised by Westfield do not require preclearance.<u> </u>

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

**Reporting Requirements for Personal Securities Transactions** 

Unless noted in *Exemptions* in this section, Access Persons must file the reports described below, even if the person has had no holdings, transactions, or accounts to list in the reports.

Reports are submitted through the personal trading system, which will track the dates and times of submissions. All submissions will remain confidential and will not be accessible by anyone other than Compliance and to the extent necessary to implement and enforce the provisions of the Code or to comply with regulatory or legal requirements.

Access Persons are responsible for reviewing and verifying the information on all of their reports prior to submission. You must promptly speak with Compliance about any errors, omissions, or discrepancies on these reports before they are submitted.

**Initial and Annual Holdings Reports.** Access Persons must submit a report of their holdings in Covered Securities <u>within 10 days</u> after the day they become an Access Person and on an annual basis thereafter. Initial holdings information should be current as of a date no more than 45 days prior to the employee's date of becoming an Access Person. Annual holding reports should be as of December 31<sup>st</sup> and submitted within 30 days after the calendar year-end. For each holding, Access Persons must provide: 1) the title and type of security, 2) as applicable, the exchange ticker symbol or cusip number, 3) the number of shares and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership, 4) the name of any broker, dealer or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit, and 5) the date the access person submits the report.

**Quarterly Transaction Reports**. Access Persons are required to report Covered Securities transactions for the most recent calendar quarter. Each transaction should indicate: 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, 2) the nature of the transaction (i.e., purchase, 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 broker, dealer or bank with or through which the transaction was effected, and 5) the date the access person submits the report. Quarterly transaction reports are due within 30 days after the calendar quarter end.

**Initial Investment Account Reports.** Access Persons must submit brokerage statements for all accounts held for their direct or indirect benefit <u>within 10 days</u> after the day they become an Access Person. Compliance will review these statements and determine if the accounts would fall under ongoing reporting requirements (i.e., a Covered Account). Statements should be dated no later than 45 days prior to the employee becoming an Access Person.

**Quarterly Investment Account Reports.** Access Persons must certify to a list of their Covered Accounts (as defined in Appendix A). Quarterly account reports are due within 30 days after the calendar quarter end.

Access Persons must notify Compliance of any new and closed Covered Accounts as soon as reasonably possible. Closed accounts will remain active in the personal trading system and will be subject to applicable reporting requirements described above unless Compliance has been notified otherwise.

**Duplicate Statements or Confirms.** Duplicate copies of personal transaction confirmations or account statements are required for Covered Accounts. Copies of such documents must be sent directly to Compliance or through an electronic feed into the personal trading system. Employees with accounts set up to receive electronic feeds in the personal trading system are not required to provide paper copies of confirmations or statements as transactions and positions directly feed into the system. If Compliance does not receive the appropriate electronic data or duplicate confirmations and statements, Compliance will request the documents from the Access Person. This requirement does not satisfy the quarterly or annual reporting requirements outlined above.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

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**Code of Ethics** 

**Private Investments.** A confirmation of the investment with the invested dollar amount must be submitted to Compliance promptly after the investment is made.

<u>Exemptions</u>

The following transactions are exempt from the preclearance and/or reporting requirements discussed previously. Access Persons should be reminded that these exemptions do not absolve them from violations of other Westfield policies, applicable laws, and regulations, as well as the spirit of the Code.

• **No Knowledge or Control *.*** Transactions where the Access Person has no influence, control or
knowledge are exempt from preclearance (e.g., corporate or broker actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to Compliance approval, Access Persons can omit any report with respect to securities held in accounts
over which the Access Person had no direct or indirect influence or control.

• **Managed Accounts.** Transactions effected in accounts managed by an external financial adviser are exempt
from preclearance and reporting requirements. Access Persons may speak to their adviser about their financial goals and objectives, but they are not permitted to consult with their adviser (or be consulted) on any specific security transactions. To
qualify for this exemption, Access Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have their financial adviser provide an initial written certification to Westfield on the arrangement and/or
provide a copy of the managed account agreement with their financial adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete certifications quarterly regarding their influence or control over these accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually have their financial adviser provide a written certification to Westfield that they did not consult with
their adviser on any specific security transactions and that the adviser did not consult with them on any specific security transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If requested, provide Compliance with copies of holdings and/or transactions made in their account(s).

• **529 Plans or College Savings Plans.** Transactions in 529 Plans or college savings plans are exempt from
preclearance and reporting requirements. (Does not apply to Coverdell ESAs that are invested in Covered Securities.)

• **Automatic Investment Plans. ** ** Transactions effected pursuant to an automatic investment plan
are exempt from preclearance and reporting requirements.

• **Prior Employer's Profit Sharing or Retirement Plans.** Transactions executed in a prior
employer's profit sharing or retirement plan are exempt from preclearance and reporting. This exemption does not apply to transactions in reportable securities or to any discretionary brokerage account option that may be available from a
former employer. Such transactions/accounts are subject to preclearance and reporting requirements.

• **Other.** Transactions in securities determined by Compliance to present a low potential for impropriety or
the appearance of impropriety may be exempt from transactional restrictions and preclearance/reporting requirements. Compliance will review these on a case-by-case basis.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

**Administration** 

**Approval and Distribution** 

Compliance will distribute the Code (either as a stand-alone document or as part of the firm's Compliance Manual) to all employees during the first week of hire and at least annually thereafter. Employees are required to acknowledge their having received, read, and complied with the Code.

Material amendments or material revisions made to this Code will be approved by the CCO and the Management Committee. Upon approval, the Code will be distributed to all employees shortly thereafter. Immaterial amendments do not require Management Committee approval and will be distributed either with material amendments or during the annual distribution period. Employees may be required to complete appropriate acknowledgements after distribution.

**Training and Education** 

Compliance is responsible for coordinating the training and education of employees regarding the Code. All newly hired employees are required to complete a compliance overview session that includes a review of the Code. They are also required to acknowledge that they have attended the new employee training and have received a copy of the Code (as part of the firm's Compliance Manual). Temporary or contract employees will be required to sign a confidentiality agreement and attend a compliance overview session.

Employees are required to attend all training sessions and read any applicable materials that Compliance deems appropriate. On occasion, it may be necessary for certain departments or individuals to receive additional training. Should this be the case, a member of Compliance will coordinate with the appropriate department managers to discuss particular topics and concerns to address at the training session.

**Personal Transactions Monitoring** 

On at least a quarterly basis, a member of Compliance will review and monitor required reports for conformity with all applicable provisions outlined in the personal trading section. Each member of the Compliance Department will review and monitor each other's reports as required by the Code.

**Annual Review of Code** 

The CCO and/or the Deputy CCO will review, at least annually, the adequacy of the Code and the effectiveness of its implementation. Such results are usually recorded in the firm's annual testing program.

**Reports to Management Committee** 

At least annually, the CCO will report material Code matters to Westfield's Management Committee. On occasion, the CCO will also report immaterial items to the Management Committee in order to keep them informed of Code matters.

**Recordkeeping Requirements** 

Westfield will maintain the following records in a readily accessible place for a period of not less than seven years.

• A copy of each Code that is in effect, or at any time within the past seven years;

• A record of any violation of the Code, and of any action taken as a result of the violation, for seven years
after the end of the fiscal year in which the violation occurred;

• A copy of each report and acknowledgement made under the Code for the past seven years after the end of the
fiscal year in which the report is made or information is provided;

• A list of names of persons, currently or within the past seven years, who are or were Access Persons or
Investment Persons;

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

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**Code of Ethics** 

• A record of any decision, and the reasons supporting the decision, for approving the acquisition of IPOs and
limited offerings for at least seven years after the end of the fiscal year in which the approval was granted; and

• A record of any granted waivers or exceptions, and supporting reasons, to any provisions of the Code.

**Violations and Sanctions** 

Westfield treats violations of the Code (including violations of the spirit of the Code) very seriously. If an employee violates either the letter or the spirit of this Code, Westfield may impose disciplinary actions or fines, or it may make a civil or criminal referral to appropriate regulatory entities (Refer to Appendix B for the sanctions table). Code violations become a part of the employee's employment history at Westfield. Multiple violations within a 12-month period will be reported to Human Resources and appropriate supervisors or managers. Employees should always consult with the CCO and/or the Deputy CCO if they are in doubt of any of the requirements or restrictions in the Code.

A senior member of Compliance will notify employees of any discrepancy between their personal activities and the rules outlined in this Code. Each violation and the circumstances surrounding each violation will be reviewed by a senior member of Compliance. Based on the review, a senior member of Compliance will determine whether the policies established in this Code have been violated, and whether any action should be taken. The CCO and/or the Deputy CCO will determine appropriate sanctions (in accordance with Westfield's sanctions guidelines). Once the sanction has been approved, Compliance will notify the employee. Compliance has the discretion of reporting material Code matters to the Operations & Risk Management Committee and/or the Management Committee.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

<u>Appendix A: Glossary of Terms</u>

**Access Person** is any Westfield employee or non-employee who meets at least one of the following conditions:

• is an officer, director, or partner

• has access to nonpublic information about client purchases or sales of securities

• makes or participates in making investment recommendations to clients

• has access to client investment recommendations that are non-public

• has access to nonpublic information regarding the portfolio holdings of affiliated mutual funds

**Beneficial Interest** generally refers to the opportunity, directly or indirectly, to profit or share in any profit.

**Business Day** refers to every official Westfield working day of the week.

**Client Account** refers to any account over which Westfield has been granted authority to purchase and/or sell securities on the client's behalf.

**Covered Account** refers to any investment account over which an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. has direct or indirect beneficial interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. exercises investment control, meaning he or she actually provides input into or makes the security buy and/or
sell decisions for the account. The account does not need to be in an Access Person's name; if an Access Person has either joint or sole investment control over an account, it may be considered a Covered Account.

**Covered Security** refers to any security or fund that does not fall under one of the following exceptions:

• Direct obligations of the Government of the United States (e.g., treasury bills, treasury bonds, U.S. savings
bonds);

• Bankers' acceptances, bank certificates of deposits, commercial paper, and high-quality short term debt
instruments, including repurchase agreements;

• Shares issued by money market funds;

• Shares issued by open-end mutual funds that are not sub-advised or advised by Westfield;

• Shares issued by unit investment trusts ("UITs") that are invested exclusively in one or more open-end mutual funds, none of which are sub-advised or advised by Westfield.

**Employee** means all Westfield personnel who are not hired on a temporary or contract basis.

**Family member** refers to a spouse, children, step-children, grandchildren, parents, step-parents, grandparents, domestic partners, siblings, parents-in-law, children-in-law, as well as adoptive relationships sharing the same household.

**Investment Person** means any Access Person who makes or participates in making investment recommendations for client accounts.

**Reportable Fund** means any pooled fund, regardless of whether it is offered publicly or privately, for which Westfield serves as adviser or sub-adviser. This includes Westfield limited partnerships.

**Short Selling** means selling a security that is not owned in the account.

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

------

**Code of Ethics** 

Appendix B: Sanctions Guidelines

Sanctions can be more or less than what is indicated in the table below. Sanctions such as disgorgement of profits (gross of any taxes or transaction costs) and reversal of trades may be considered in addition to or instead of the sanctions indicated in the table below, In recommending sanctions, Compliance will:

• Consider an employee's role and responsibilities, past trading history, facts and circumstances around the
violation and other applicable factors

• Impose the highest of all applicable sanctions, if a violation falls within more than one category or if multiple
violations occur on the same day

• Review violations not listed in the table on a case-by-case basis

• Consult with the Management Committee or Operations & Risk Management Committee members, if needed

---

| | | |
|:---|:---|:---|
| **Violation** | **Management and Investment Committee,<br>Research Analysts, Partners, Traders, Directors** | **All Other Employees** |
| Late Reporting or Certification<br>*All listed fines are per day after due date and per report or certification* | <u>First Offense</u>: $500<br><u>Second Offense</u>: $750 and suspension of personal securities transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $1,500 and suspension of personal securities transaction rights (up to 12 months) | <u>First Offense</u>: $100<br><u>Second Offense</u>: $200 and suspension of personal securities transaction rights (up to 3 months)<br><u>Subsequent Offense</u>: $300 and suspension of personal securities transaction rights (up to 6 months) |

---

Westfield Capital Management Company, L.P.

Date Approved: 09/25/2023

------

**Code of Ethics** 

---

| | | |
|:---|:---|:---|
| Failure to Preclear<br>(includes trading more shares then were precleared) | <u>First Offense</u>: $2,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Second Offense</u>: $5,000 per transaction and suspension of personal securities transaction rights for 3 months<br><u>Subsequent Offense</u>: $10,000 per transaction and suspension of personal securities transaction rights for 12 months | <u>First Offense</u>: $500 per transaction<br> Second Offense: $1,000 per transaction and suspension of personal securities transaction rights for 30 days<br> Subsequent Offense: $2,500 per transaction and suspension of personal securities transaction rights for 6 months |
| Market Timing | Termination of employment and civil or criminal referral | Termination of employment and civil or criminal referral |
| Failure to Make Accurate or Complete Reports | Monetary fines starting at $5,000; suspension of personal securities transaction rights; possible termination of employment | Monetary fines starting at $1,000; suspension of personal securities transaction rights; possible termination of employment |
| Front Running | $2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment | $2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment |
| 30-day Holding Period | <u>First Offense</u>: 2,000 per transaction<br><u>Second Offense</u>: $5,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $7,500 per transaction; suspension of personal securities transaction rights (up to 12 months) | <u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $2,500 per transaction; suspension of personal securities transaction rights (up to 12 months) |

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Westfield Capital Management Company, L.P.

Date Approved: 09/25/2023

## Ex-99.Q4

**<u>POWER OF ATTORNEY</u>**

The person whose signature appears below, hereby constitutes and appoints the Chief Executive Officer, Chief Financial Officer and Secretary, of **MORGAN STANLEY PATHWAY FUNDS** (the "Trust") and each of them, his or her true and lawful attorneys-in-fact and agents, with full power and authority of substitution and resubstitution, to do any and all acts and things and to execute any and all instruments that said attorneys-in-fact and agents, or any of them, may deem necessary or advisable or that may be required to enable the Trust to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (collectively, the "Acts"), and any rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any and all amendments (including post-effective amendments) to the Trust's Registration Statement (Securities Act File No. 033-40823), including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a trustee of the Trust any and all such amendments and registration statements filed with the U.S. Securities and Exchange Commission under said Acts, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys-in-fact and agents, or any of them, shall do or cause to be done by virtue hereof.

All past acts of such attorneys-in-fact and agents in furtherance of the foregoing are hereby ratified and confirmed.

This power of attorney shall be valid for the date hereof until revoked by me.

WITNESS our hands on the date set forth below.

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| | | |
|:---|:---|:---|
| /s/ Daniela O'Leary-Gill | Trustee | December 16, 2025 |
| Daniela O'Leary-Gill |  |  |

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