# EDGAR Filing Document

**Accession Number:** 0001593547
**File Stem:** 0001398344-26-004041
**Filing Date:** 2026-2
**Character Count:** 2137181
**Document Hash:** b64627fb79214da7e5dff3219e7fcf62
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004041.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001398344-26-004041

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 63

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22920
- **FILM NUMBER:** 26701395

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund III
- **CENTRAL INDEX KEY:** 0001593547

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-192858
- **FILM NUMBER:** 26701394

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (800) 342-5734

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

## Series and Classes Contracts Data

### MetLife Core Plus Fund (Series ID: S000047684)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149725 | I Class Shares | LPCIX           |
| C000149726 | R Class Shares | LPCYX           |

### MetLife Multi-Sector Fixed Income Fund (Series ID: S000047686)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000149729 | I Class Shares | LPMIX           |
| C000149730 | R Class Shares | LPMRX           |

### Knights of Columbus Core Bond Fund (Series ID: S000048262)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152509 | I Shares       | KCCIX           |
| C000158704 | Class S Shares | KCCSX           |

### Knights of Columbus Limited Duration Fund (Series ID: S000048263)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152510 | I Shares       | KCLIX           |
| C000158706 | Class S Shares | KCLSX           |

### Knights of Columbus Large Cap Growth Fund (Series ID: S000048264)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152511 | I Shares       | KCGIX           |
| C000158708 | Class S Shares | KCGSX           |

### Knights of Columbus Large Cap Value Fund (Series ID: S000048265)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152512 | I Shares       | KCVIX           |
| C000158710 | Class S Shares | KCVSX           |

### Knights of Columbus Small Cap Fund (Series ID: S000048266)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152513 | I Shares       | KCSIX           |
| C000158713 | Class S Shares | KCSSX           |

### Knights of Columbus International Equity Fund (Series ID: S000048267)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000152514 | I Shares       | KCIIX           |
| C000158714 | Class S Shares | KCISX           |

### PineBridge Dynamic Asset Allocation Fund (Series ID: S000052180)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000164186 | Investor Servicing Shares | PDAVX           |
| C000164187 | Institutional Shares      | PDAIX           |

### Knights of Columbus Real Estate Fund (Series ID: S000066637)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000214836 | I Shares       | KCRIX           |
| C000214838 | Class S Shares | KCRSX           |

### Knights of Columbus Long/Short Equity Fund (Series ID: S000066638)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000214840 | I Shares       | KCEIX           |
| C000214841 | Class S Shares | KCESX           |

### Knights of Columbus U.S. All Cap Index Fund (Series ID: S000066639)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000214842 | I Shares       | KCXIX           |
| C000214844 | Class S Shares | KCXSX           |

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

**AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 27, 2026**

File No. 333-192858

File No. 811-22920

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

**WASHINGTON, D.C. 20549**

**FORM N-1A**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE** |  |
| **SECURITIES ACT OF 1933** |  |
| POST-EFFECTIVE AMENDMENT NO. 392 | /X/ |
| AND |  |
| **REGISTRATION STATEMENT UNDER THE** |  |
| **INVESTMENT COMPANY ACT OF 1940** |  |
| AMENDMENT NO. 396 | /X/ |

---

**THE ADVISORS' INNER CIRCLE FUND III**

(Exact Name of Registrant as Specified in Charter)

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Address of Principal Executive Offices, Zip Code)

(800) 932-7781

(Registrant's Telephone Number, including Area Code)

Michael Beattie

c/o SEI Investments

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(Name and Address of Agent for Service)

Copies to:

David W. Freese

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

John J. O'Brien, Esq.

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

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

---

| | |
|:---|:---|
| /X/ | Immediately upon filing pursuant to paragraph (b) |
| / / | On [date] pursuant to paragraph (b) |
| / / | 60 days after filing pursuant to paragraph (a)(1) |
| / / | 75 days after filing pursuant to paragraph (a)(2) |
| / / | On [date] pursuant to paragraph (a)(1) of Rule 485 |

---

![](fp0097648-7_i.jpg)

**Knights of Columbus Core Bond Fund** 

Class S Shares: KCCSX

I Shares: KCCIX

**Knights of Columbus Limited Duration Fund** 

Class S Shares: KCLSX

I Shares: KCLIX

**Knights of Columbus Large Cap Growth Fund** 

Class S Shares: KCGSX

I Shares: KCGIX

**Knights of Columbus Large Cap Value Fund** 

Class S Shares: KCVSX

I Shares: KCVIX

**Knights of Columbus Small Cap Fund** 

Class S Shares: KCSSX

I Shares: KCSIX

**Knights of Columbus International Equity Fund** 

Class S Shares: KCISX

I Shares: KCIIX

**Knights of Columbus Long/Short Equity Fund** 

Class S Shares: KCESX

I Shares: KCEIX

**Knights of Columbus U.S. All Cap Index Fund** 

Class S Shares: KCXSX

I Shares: KCXIX

**Knights Of Columbus Real Estate Fund** 

Class S Shares: KCRSX

I Shares: KCRIX

**Prospectus \| March 1, 2026**

**The Advisors' Inner Circle Fund III** 

Investment Adviser:

**Knights of Columbus Asset Advisors LLC**

The U.S. Securities and Exchange Commission has not approved or disapproved

these securities or passed upon the adequacy or accuracy of this prospectus.

Any representation to the contrary is a criminal offense.

&nbsp;&nbsp;**About This Prospectus**<br>

*This prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund, please see:* 

---

| | |
|:---|:---|
|  | <u><u>Page</u></u> |
| [**Knights of Columbus Core Bond Fund**](#x064649726238944) | [**1**](#x064649726238944) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x009734325185972) | [1](#x009734325185972) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x076723458229063) | [1](#x076723458229063) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x057036917620506) | [2](#x057036917620506) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x004901325478645) | [3](#x004901325478645) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x128596812405772) | [6](#x128596812405772) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x189337676438654) | [8](#x189337676438654) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x126747783048051) | [8](#x126747783048051) |
| [**Knights of Columbus Limited Duration Fund**](#x079639125073019) | [**9**](#x079639125073019) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x11010329244674) | [9](#x11010329244674) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x601131486539212) | [9](#x601131486539212) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x035640829758477) | [10](#x035640829758477) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x281223449447749) | [12](#x281223449447749) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x022287789378121) | [15](#x022287789378121) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x104442538593482) | [16](#x104442538593482) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x349897130481862) | [17](#x349897130481862) |
| [**Knights of Columbus Large Cap Growth Fund**](#x066555491661875) | [**18**](#x066555491661875) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x117924836601307) | [18](#x117924836601307) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x536206488278475) | [18](#x536206488278475) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x113067880970031) | [19](#x113067880970031) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x261404591458899) | [21](#x261404591458899) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x192306084047669) | [24](#x192306084047669) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x104284408063744) | [25](#x104284408063744) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x103882128130343) | [25](#x103882128130343) |
| [**Knights of Columbus Large Cap Value Fund**](#x014989395908873) | [**27**](#x014989395908873) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x051541835357625) | [27](#x051541835357625) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x108248340064344) | [27](#x108248340064344) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x376379903647626) | [28](#x376379903647626) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x11168951463505) | [30](#x11168951463505) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x096418099235325) | [32](#x096418099235325) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x208835032825814) | [34](#x208835032825814) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x05054906678049) | [34](#x05054906678049) |

---

---

| | |
|:---|:---|
| [**Knights of Columbus Small Cap Fund**](#x110831086050503) | [**35**](#x110831086050503) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x10082659808964) | [35](#x10082659808964) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x329243404678945) | [35](#x329243404678945) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x109525830471855) | [36](#x109525830471855) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x064516261666872) | [38](#x064516261666872) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x040539940006666) | [40](#x040539940006666) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x646879500720115) | [41](#x646879500720115) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x081236054542235) | [42](#x081236054542235) |
| [**Knights of Columbus International Equity Fund**](#x029202386955791) | [**43**](#x029202386955791) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x150160199359203) | [43](#x150160199359203) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x118485215286184) | [43](#x118485215286184) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x022481458590853) | [44](#x022481458590853) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x3357911908646) | [46](#x3357911908646) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x107152044276416) | [49](#x107152044276416) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x063868986693961) | [50](#x063868986693961) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x02484816721645) | [50](#x02484816721645) |
| [**Knights of Columbus Long/Short Equity Fund**](#x079258517034068) | [**52**](#x079258517034068) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x194717600537193) | [52](#x194717600537193) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x176616130988478) | [52](#x176616130988478) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x125312259059368) | [53](#x125312259059368) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x001192674669129) | [55](#x001192674669129) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x359534352235395) | [58](#x359534352235395) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisers](#x068470273881096) | [60](#x068470273881096) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x126152726516609) | [60](#x126152726516609) |
| [**Knights of Columbus U.S. All Cap Index Fund**](#x078391490949804) | [**61**](#x078391490949804) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x196814814814815) | [61](#x196814814814815) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x2340125) | [61](#x2340125) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x098874223602484) | [62](#x098874223602484) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x08286509149328) | [64](#x08286509149328) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x107195534159582) | [67](#x107195534159582) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Advisers](#x126778389780851) | [69](#x126778389780851) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x10716434749906) | [69](#x10716434749906) |
| [**Knights of Columbus Real Estate Fund**](#x062179268406193) | [**70**](#x062179268406193) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x525494071146245) | [70](#x525494071146245) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x009982556034625) | [70](#x009982556034625) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x039767365661861) | [71](#x039767365661861) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x122047943178455) | [73](#x122047943178455) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x122562998061598) | [77](#x122562998061598) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x306196863782354) | [78](#x306196863782354) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x146955115244642) | [79](#x146955115244642) |

---

---

| | | |
|:---|:---|:---|
| [Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation](#x027221579346395) | [Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation](#x027221579346395) | [80](#x027221579346395) |
| [More Information about the Funds' Investment Objectives and Strategies](#x943385490753912) | [More Information about the Funds' Investment Objectives and Strategies](#x943385490753912) | [81](#x943385490753912) |
| [More Information about Risk](#x117541070482247) | [More Information about Risk](#x117541070482247) | [82](#x117541070482247) |
| [Information about Portfolio Holdings](#x193487031700288) | [Information about Portfolio Holdings](#x193487031700288) | [95](#x193487031700288) |
| [Investment Adviser](#x191320321469575) | [Investment Adviser](#x191320321469575) | [95](#x191320321469575) |
| [Investment Sub-Adviser](#x354350961538462) | [Investment Sub-Adviser](#x354350961538462) | [98](#x354350961538462) |
| [Dormant Multi-Manager Arrangement](#x000718132854578) | [Dormant Multi-Manager Arrangement](#x000718132854578) | [98](#x000718132854578) |
| [Portfolio Managers](#x101817352292601) | [Portfolio Managers](#x101817352292601) | [99](#x101817352292601) |
| [Related Performance Data of L2 Asset Management, LLC (Long/Short Equity Fund)](#x071936545134977) | [Related Performance Data of L2 Asset Management, LLC (Long/Short Equity Fund)](#x071936545134977) | [102](#x071936545134977) |
| [Purchasing, Selling and Exchanging Fund Shares](#x040481833825774) | [Purchasing, Selling and Exchanging Fund Shares](#x040481833825774) | [104](#x040481833825774) |
| [Payments to Financial Intermediaries](#x047971754033297) | [Payments to Financial Intermediaries](#x047971754033297) | [117](#x047971754033297) |
| [Other Policies](#x111096428440333) | [Other Policies](#x111096428440333) | [118](#x111096428440333) |
| [Dividends and Distributions](#x234407309449387) | [Dividends and Distributions](#x234407309449387) | [123](#x234407309449387) |
| [Taxes](#x06746182001767) | [Taxes](#x06746182001767) | [124](#x06746182001767) |
| [Additional Information](#x4040672607071) | [Additional Information](#x4040672607071) | [128](#x4040672607071) |
| [Financial Highlights](#x040216585076398) | [Financial Highlights](#x040216585076398) | [130](#x040216585076398) |
| [How to Obtain More Information about the Funds](#x060056473637921) | [Back Cover](#x060056473637921) | [Back Cover](#x060056473637921) |

---

&nbsp;&nbsp;**Knights of Columbus Core Bond Fund**<br>

**Investment Objective** 

The Knights of Columbus Core Bond Fund (the "Core Bond Fund" or the "Fund") seeks current income and capital preservation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.40% | 0.40% |
| &nbsp;&nbsp;Other Expenses | 0.17% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.17% | 0.17% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 0.57% | 0.67% |
| &nbsp;&nbsp;Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.07)% | (0.07)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.50% | 0.60% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 0.50% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $51 | $176 | $311 | $707 |
| &nbsp;&nbsp;Class S Shares | $61 | $207 | $366 | $828 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders. For purposes of this policy, bonds include a variety of fixed income instruments, such as securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate obligations, residential and commercial mortgage-backed securities, and asset-backed securities. The Fund invests primarily in U.S. issuers and investment-grade securities, but may hold securities that are rated below investment grade ("high yield" or "junk bonds"). The Fund may invest in securities with any maturity or duration.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments to purchase on behalf of the Fund, the Adviser combines quantitative and qualitative analyses to identify market sectors and individual issuers that the Adviser believes are undervalued in the market. For corporate issuers, the Adviser analyzes the company's financial statements as well as its prospects for future cash generation, while for mortgage- or asset-backed securities, the Adviser analyzes the quality of the underlying receivables and structural credit enhancements. The Adviser will generally sell a security on behalf of the Fund if the security reaches its estimated fair value or is impacted by an adverse event, or if more attractive alternatives exist.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Interest Rate Risk** – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities and lower credit qualities) and the Fund's share price to fall. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

**Credit Risk** – The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

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

**Prepayment and Extension Risk** – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations.

**Corporate Fixed Income Securities Risk** – The prices of the Fund's corporate fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness and business prospects of individual issuers. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could

negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Municipal Bonds Risk** – The Fund could be impacted by events in the municipal securities market. Negative events, such as severe fiscal difficulties, bankruptcy, an economic downturn, unfavorable legislation, court rulings or political developments could adversely affect the ability of municipal issuers to repay principal and to make interest payments.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the

extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**High Yield Bond Risk** – High yield, or "junk," bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 and 10 years and since inception compare with those of a broad measure of market

performance and a more narrowly based index with characteristics relevant to the Fund's investment strategy. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.kofcassetadvisors.org or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_7.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 6.19% | (6.22)% |
| (12/31/2023) | (03/31/2022) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund's investment strategy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Core Bond <br> Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>1</sup>** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 6.93% | (0.59)% | 2.03% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | 6.84% | (0.69)% | 1.94% | 1.93% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 5.23% | (1.86)% | 0.79% | 0.59% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 4.09% | (0.99)% | 1.03% | 0.86% |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% | 1.79% |
| &nbsp;&nbsp;Bloomberg US Aggregate Catholic Values Custom Screened Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 7.27% |  |  |  |

---

<sup>1</sup> I Shares of the Fund were offered beginning February 27, 2015. Class S Shares of the Fund were offered beginning July 14, 2015. Index comparison begins February 27, 2015.

<sup>2</sup> The inception date of the Bloomberg US Aggregate Catholic Values Custom Screened Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

**Portfolio Managers** 

Mr. Deepak Devaraj, President and Chief Investment Officer, has managed the Fund since 2026.

Mr. Gilles A. Marchand Jr., CFA, Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Nicholas Gentile, CFA, Senior Vice President and Portfolio Manager, has managed the Fund since 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus Limited Duration Fund**<br>

**Investment Objective** 

The Knights of Columbus Limited Duration Fund (the "Limited Duration Fund" or the "Fund") seeks current income and capital preservation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.40% | 0.40% |
| &nbsp;&nbsp;Other Expenses | 0.19% | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.19% | 0.19% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 0.59% | 0.69% |
| &nbsp;&nbsp;Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.09)% | (0.09)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.50% | 0.60% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 0.50% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $51 | $180 | $320 | $729 |
| &nbsp;&nbsp;Class S Shares | $61 | $212 | $375 | $850 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 60% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders. For purposes of this policy, bonds include a variety of fixed income instruments, such as securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal bonds, corporate obligations, residential and commercial mortgage-backed securities, and asset-backed securities. The Fund invests primarily in U.S. issuers and investment-grade securities, but may hold securities that are rated below investment grade ("high yield" or "junk bonds").

The Fund may invest in securities with any maturity or duration, but seeks to maintain an average duration similar to that of the Bloomberg 1-3 Year U.S. Government/Credit Index, which generally ranges between zero and three years. Duration measures how changes in interest rates affect the value of a fixed income security. For example, a five-year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%. Thus, the longer the duration, the more volatile the security.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments to purchase on behalf of the Fund, the Adviser combines quantitative and qualitative analyses to identify market sectors and individual issuers that the Adviser believes are undervalued in the market. For corporate issuers, the Adviser analyzes the company's financial statements as well as its prospects for future cash generation, while for mortgage- or asset-backed securities, the Adviser analyzes the quality of the underlying receivables and structural credit enhancements. The Adviser will generally sell a security on behalf of the Fund if the security reaches its estimated fair value or is impacted by an adverse event, or if more attractive alternatives exist.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Interest Rate Risk** – As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Rising interest rates tend to cause the prices of fixed income securities (especially those with lower credit qualities) and the Fund's share price to fall. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund.

**Credit Risk** – The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

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

**Prepayment and Extension Risk** – When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations.

**Corporate Fixed Income Securities Risk** – The prices of the Fund's corporate fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness and business prospects of individual issuers. In

addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Mortgage-Backed Securities Risk** – Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Municipal Bonds Risk** – The Fund could be impacted by events in the municipal securities market. Negative events, such as severe fiscal difficulties, bankruptcy, an economic downturn, unfavorable legislation, court rulings or political developments could adversely affect the ability of municipal issuers to repay principal and to make interest payments.

**Asset-Backed Securities Risk** – Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant

delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**High Yield Bond Risk** – High yield, or "junk," bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Liquidity Risk** – Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**U.S. Government Securities Risk** – The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indexes with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.kofcassetadvisors.org or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_15.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 3.60% | (2.40)% |
| (06/30/2020) | (03/31/2022) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and more narrowly based indexes with characteristics relevant to the Fund's investment strategies.

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

accounts ("IRAs"). After-tax returns are shown for I Shares only. After-tax returns for Class S Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus <br> Limited Duration Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>1</sup>** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 5.25% | 2.02% | 2.15% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | 5.15% | 1.89% | 2.05% | 1.94% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 3.52% | 0.90% | 1.19% | 1.06% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 3.09% | 1.06% | 1.23% | 1.11% |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% | 1.79% |
| &nbsp;&nbsp;Bloomberg 1-3 Year US Government/Credit Index (reflects no deduction for fees, expenses or taxes) | 5.35% | 1.97% | 2.09% | 1.95% |
| &nbsp;&nbsp;Bloomberg US Government/Credit 1-3 Year Catholic Values Custom Screened Total Return Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 5.34% |  |  |  |

---

<sup>1</sup> I Shares of the Fund were offered beginning February 27, 2015. Class S Shares of the Fund were offered beginning July 14, 2015. Index comparison begins February 27, 2015.

<sup>2</sup> The inception date of the Bloomberg US Government/Credit 1-3 Year Catholic Values Custom Screened Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

**Portfolio Managers** 

Mr. Deepak Devaraj, President and Chief Investment Officer, has managed the Fund since 2026.

Mr. Gilles A. Marchand Jr., CFA, Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Nicholas Gentile, CFA, Senior Vice President and Portfolio Manager, has managed the Fund since 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus Large Cap Growth Fund**<br>

**Investment Objective** 

The Knights of Columbus Large Cap Growth Fund (the "Large Cap Growth Fund" or the "Fund") seeks long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.60% | 0.60% |
| &nbsp;&nbsp;Other Expenses | 0.15% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.15% | 0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.75% | 0.85% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 0.90% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $77 | $240 | $417 | $930 |
| &nbsp;&nbsp;Class S Shares | $87 | $271 | $471 | $1049 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders. For purposes of this policy, a large-capitalization company is a company with a market capitalization within the range of the Bloomberg 1000 Growth Total Return Index at the time of initial purchase. While the market capitalization range of the Bloomberg 1000 Growth Total Return Index changes throughout the year, as of December 31, 2025, the market capitalization range of the Bloomberg 1000 Growth Total Return Index was between approximately $1.8 billion and $4.5 trillion. The equity securities in which the Fund invests are primarily common stocks of U.S. companies. From time to time, the Fund may focus its investments in a particular sector, including the information technology sector.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments for the Fund, the Adviser combines quantitative and qualitative analyses that together seek to identify companies that have above-average investment potential. The quantitative process begins with an understanding of the market regime or investment environment. Factors are used by the quantitative equity selection model, chosen by their demonstrated efficacy in historical environments. This process ranks the investable universe into deciles (1 = attractive, 10 = unattractive). Those companies that rank attractive are considered for further fundamental research, which incorporates criteria that are otherwise difficult to quantify. Both the quantitative ranks and the fundamental research inform the portfolio management team when constructing the portfolio. Risk is measured and monitored throughout the portfolio management process in different ways, including active risk to the benchmark, individual stock contribution to that active risk and sector/industry group/individual stock exposure risks. The Adviser will generally sell a stock on behalf of the Fund if the stock experiences a decrease in quantitative ranking, a revised outlook via fundamental research, extreme price movements, or for risk management purposes.

Due to its investment strategy, the Fund may buy and sell securities frequently. The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Investment Style Risk** – The Adviser's growth investment style may increase the risks of investing in the Fund. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly when it appears that those expectations will not be met. In addition, a growth investing style may go in and out of favor over time, causing the Fund to sometimes underperform other equity funds that use differing investing styles.

**Information Technology Sector Risk** — Information technology companies face intense competition and potentially rapid product

obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

**Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

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

**Non-Diversified Risk** – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to

identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**Quantitative Investing Risk** – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.

**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, which may affect the Fund's performance.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indexes with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.kofcassetadvisors.org or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](kc_lcg.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 27.75% | (19.35)% |
| (06/30/2020) | (06/30/2022) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and more narrowly based indexes with characteristics relevant to the Fund's investment strategies.

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

accounts ("IRAs"). After-tax returns are shown for I Shares only. After-tax returns for Class S Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Large Cap <br> Growth Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>1</sup>** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 20.21% | 11.67% | 14.17% | 12.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | 20.12% | 11.56% | 14.08% | 13.01% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 18.60% | 10.52% | 12.92% | 11.70% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 13.14% | 9.00% | 11.46% | 10.39% |
| &nbsp;&nbsp;Bloomberg U.S. 1000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.51% | 13.47% | 14.55% | 13.14% |
| &nbsp;&nbsp;Bloomberg 1000 Growth Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.93% | 13.60% | 16.60% | 15.20% |
| &nbsp;&nbsp;Bloomberg 1000 Catholic Values Growth Factor Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 18.97% |  |  |  |

---

<sup>1</sup> I Shares of the Fund were offered beginning February 27, 2015. Class S Shares of the Fund were offered beginning July 14, 2015. Index comparison begins February 27, 2015.

<sup>2</sup> The inception date of the Bloomberg 1000 Catholic Values Growth Factor Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

**Portfolio Managers** 

Mr. David Hanna, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Douglas A. Riley, CFA, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. James W. Gaul, CFA, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Eric Eaton, CFA, Portfolio Manager and Equity Analyst, has managed the Fund since 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus Large Cap Value Fund**<br>

**Investment Objective** 

The Knights of Columbus Large Cap Value Fund (the "Large Cap Value Fund" or the "Fund") seeks long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.60% | 0.60% |
| &nbsp;&nbsp;Other Expenses | 0.15% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.15% | 0.15% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.75% | 0.85% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 0.90% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $77 | $240 | $417 | $930 |
| &nbsp;&nbsp;Class S Shares | $87 | $271 | $471 | $1049 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 53% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders. For purposes of this policy, a large-capitalization company is a company with a market capitalization within the range of the Bloomberg 1000 Value Total Return Index at the time of initial purchase. While the market capitalization range of the Bloomberg 1000 Value Total Return Index changes throughout the year, as of December 31, 2025, the market capitalization range of the Bloomberg 1000 Value Total Return Index was between approximately $1.7 billion and $3.8 trillion. The equity securities in which the Fund invests are primarily common stocks of U.S. companies.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the

Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments for the Fund, the Adviser combines quantitative and qualitative analyses that together seek to identify companies that have above-average investment potential. The quantitative process begins with an understanding of the market regime or investment environment. Factors are used by the quantitative equity selection model, chosen by their demonstrated efficacy in historical environments. This process ranks the investable universe into deciles (1 = attractive, 10 = unattractive). Those companies that rank attractive are considered for further fundamental research, which incorporates criteria that are otherwise difficult to quantify. Both the quantitative ranks and the fundamental research inform the portfolio management team when constructing the portfolio. Risk is measured and monitored throughout the portfolio management process in different ways, including active risk to the benchmark, individual stock contribution to that active risk and sector/industry group/individual stock exposure risks. The Adviser will generally sell a stock on behalf of the Fund if the stock experiences a decrease in quantitative ranking, a revised outlook via fundamental research, extreme price movements, or for risk management purposes.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Investment Style Risk** – The Adviser's value investment style may increase the risks of investing in the Fund. If the Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

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

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**Quantitative Investing Risk** – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indexes with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.kofcassetadvisors.org or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_32.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 15.64% | (28.28)% |
| (06/30/2020) | (03/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and more narrowly based indexes with characteristics relevant to the Fund's investment strategies.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Large Cap <br> Value Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>1</sup>** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 17.11% | 13.70% | 11.39% | 10.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | 17.00% | 13.61% | 11.29% | 10.40% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 14.79% | 12.07% | 10.23% | 9.00% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 11.78% | 10.72% | 9.16% | 8.07% |
| &nbsp;&nbsp;Bloomberg U.S. 1000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.51% | 13.47% | 14.55% | 13.14% |
| &nbsp;&nbsp;Bloomberg 1000 Value Total Return Index (reflects no deduction for fees, expenses or taxes) | 16.53% | 12.66% | 11.07% | 9.78% |
| &nbsp;&nbsp;Bloomberg 1000 Catholic Values Value Factor Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 16.13% |  |  |  |

---

<sup>1</sup> I Shares of the Fund were offered beginning February 27, 2015. Class S Shares of the Fund were offered beginning July 14, 2015. Index comparison begins February 27, 2015.

<sup>2</sup> The inception date of the Bloomberg 1000 Catholic Values Value Factor Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

**Portfolio Managers** 

Mr. David Hanna, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Douglas A. Riley, CFA, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. James W. Gaul, CFA, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Eric Eaton, CFA, Portfolio Manager and Equity Analyst, has managed the Fund since 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus Small Cap Fund**<br>

**Investment Objective** 

The Knights of Columbus Small Cap Fund (the "Small Cap Fund" or the "Fund") seeks long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.73% | 0.73% |
| &nbsp;&nbsp;Other Expenses | 0.17% | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.17% | 0.17% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.90% | 1.00% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 1.05% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $92 | $287 | $498 | $1108 |
| &nbsp;&nbsp;Class S Shares | $102 | $318 | $552 | $1225 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders. For purposes of this policy, a small-capitalization company is a company with a market capitalization within the range of the Bloomberg 2000 Total Return Index at the time of initial purchase. While the market capitalization range of the Bloomberg 2000 Total Return Index changes throughout the year, as of December 31, 2025, the market capitalization range of the Bloomberg 2000 Total Return Index was between approximately $14.0 million and $15.4 billion. The equity securities in which the Fund invests are primarily common stocks of U.S. companies.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the

Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments for the Fund, the Adviser combines quantitative and qualitative analyses that together seek to identify companies that have above-average investment potential. The quantitative process begins with an understanding of the market regime or investment environment. Factors are used by the quantitative equity selection model, chosen by their demonstrated efficacy in historical environments. This process ranks the investable universe into deciles (1 = attractive, 10 = unattractive). Those companies that rank attractive are considered for further fundamental research, which incorporates criteria that are otherwise difficult to quantify. Both the quantitative ranks and the fundamental research inform the portfolio management team when constructing the portfolio. Risk is measured and monitored throughout the portfolio management process in different ways, including active risk to the benchmark, individual stock contribution to that active risk and sector/industry group/individual stock exposure risks. The Adviser will generally sell a stock on behalf of the Fund if the stock experiences a decrease in quantitative ranking, a revised outlook via fundamental research, extreme price movements, or for risk management purposes.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Small-Capitalization Company Risk** – The small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Active Management Risk** – The Fund is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund

fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies.

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**Quantitative Investing Risk** – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise,

which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indexes with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.kofcassetadvisors.org or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_40.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 25.57% | (32.64)% |
| (12/31/2020) | (03/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and more narrowly based indexes with characteristics relevant to the Fund's investment strategies.

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

are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for I Shares only. After-tax returns for Class S Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Small Cap <br> Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>1</sup>** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 11.49% | 8.02% | 8.85% | 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | 11.38% | 7.93% | 8.75% | 7.20% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 8.56% | 6.26% | 7.50% | 6.34% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 8.68% | 6.10% | 6.94% | 5.90% |
| &nbsp;&nbsp;Bloomberg U.S. 3000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.21% | 13.09% | 14.27% | 12.85% |
| &nbsp;&nbsp;Bloomberg 2000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 11.06% | 6.65% | 10.00% | 8.48% |
| &nbsp;&nbsp;Bloomberg 2000 Catholic Values Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 10.05% |  |  |  |

---

<sup>1</sup> I Shares of the Fund were offered beginning February 27, 2015. Class S Shares of the Fund were offered beginning July 14, 2015. Index comparison begins February 27, 2015.

<sup>2</sup> The inception date of the Bloomberg 2000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

**Portfolio Managers** 

Mr. David Hanna, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Douglas A. Riley, CFA, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. James W. Gaul, CFA, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Eric Eaton, CFA, Portfolio Manager and Equity Analyst, has managed the Fund since 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus International Equity Fund**<br>

**Investment Objective** 

The Knights of Columbus International Equity Fund (the "International Equity Fund" or the "Fund") seeks long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.90% | 0.90% |
| &nbsp;&nbsp;Other Expenses | 0.20% | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.18% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Previously Waived Fees and/or Reimbursed Expenses Recovered | 0.02% | 0.01% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 1.10% | 1.20% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 1.10% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $112 | $350 | $602 | $1323 |
| &nbsp;&nbsp;Class S Shares | $122 | $381 | $657 | $1446 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders. The equity securities in which the Fund invests are primarily common stocks, but may also include American Depositary Receipts ("ADRs"), which are traded on U.S. exchanges and represent an ownership in a foreign security. The Fund may invest in securities of companies with any market capitalization.

Under normal market conditions, the Fund will invest in at least three countries, including the United States, and at least 40% of its assets will be invested in non-U.S. companies, in both developed and emerging market countries. For purposes of this policy, a company is considered to be a non-U.S. company if: (i) 50% of the company's assets are located outside of the United States; (ii) 50% of the company's revenues are

generated outside of the United States; or (iii) the company maintains its principal place of business outside of the United States.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments for the Fund, the Adviser combines quantitative and qualitative analyses that together seek to identify companies that have above-average investment potential. The quantitative process begins with an understanding of the market regime or investment environment. Factors are used by the quantitative equity selection model, chosen by their demonstrated efficacy in historical environments. This process ranks the investable universe into deciles (1 = attractive, 10 = unattractive). Those companies that rank attractive are considered for further fundamental research, which incorporates criteria that are otherwise difficult to quantify. Both the quantitative ranks and the fundamental research inform the portfolio management team when constructing the portfolio. Risk is measured and monitored throughout the portfolio management process in different ways, including active risk to the benchmark, individual stock contribution to that active risk and sector/industry group/individual stock exposure risks. The Adviser will generally sell a stock on behalf of the Fund if the stock experiences a decrease in quantitative ranking, a revised

outlook via fundamental research, extreme price movements, or for risk management purposes.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Foreign Company Risk** – Investing in foreign companies, including direct investments and investments through ADRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by

the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

**Emerging Markets Securities Risk** – The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Foreign Currency Risk** – As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

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

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses

to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**Quantitative Investing Risk** – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.kofcassetadvisors.org or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_49.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 18.30% | (24.61)% |
| (12/31/2020) | (03/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund's investment strategies.

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

accounts ("IRAs"). After-tax returns are shown for I Shares only. After-tax returns for Class S Shares will vary.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus International <br> Equity Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>1</sup>** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 28.68% | 7.21% | 8.79% | 7.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S Shares | 28.58% | 7.10% | 8.68% | 7.39% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 27.91% | 6.42% | 8.17% | 6.57% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 17.97% | 5.70% | 7.18% | 5.80% |
| &nbsp;&nbsp;Bloomberg World ex-US Large-Mid Total Return Index (reflects no deduction for fees, expenses or taxes) | 32.10% | 8.09% | 8.93% | 7.23% |
| &nbsp;&nbsp;Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>2</sup> | 32.61% |  |  |  |

---

<sup>1</sup> I Shares of the Fund were offered beginning February 27, 2015. Class S Shares of the Fund were offered beginning July 14, 2015. Index comparison begins February 27, 2015.

<sup>2</sup> The inception date of the Bloomberg World ex-US Catholic Values Large & Mid Cap Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC

**Portfolio Managers** 

Mr. David Hanna, Vice President and Portfolio Manager, has managed the Fund since its inception in 2015.

Mr. Douglas A. Riley, CFA, Vice President and Portfolio Manager, has managed the Fund since 2019.

Mr. James W. Gaul, CFA, Vice President and Portfolio Manager, has managed the Fund since 2019.

Mr. Eric Eaton, CFA, Portfolio Manager and Equity Analyst, has managed the Fund since 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus Long/Short Equity Fund**<br>

**Investment Objective** 

The Knights of Columbus Long/Short Equity Fund (the "Long/Short Equity Fund" or the "Fund") seeks long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 1.25% | 1.25% |
| &nbsp;&nbsp;Other Expenses | 0.68% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend and Interest Expenses on Securities Sold Short | 0.46% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.17% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Previously Waived Fees and/or Reimbursed Expenses Recovered | 0.05% | 0.05% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | 0.05% | 0.05% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1,2</sup> | 1.98% | 2.18% |

---

<sup>1</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. 

<sup>2</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, Dividend and Interest Expenses on Securities Sold Short, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 1.50% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

***Example***

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $201 | $621 | $1056 | $2267 |
| &nbsp;&nbsp;Class S Shares | $221 | $682 | $1159 | $2475 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 110% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in long and short positions in equity securities. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders.

The equity securities in which the Fund invests are primarily common stocks of large-capitalization U.S. companies and derivatives with economic characteristics similar to such securities. The Fund considers a large-capitalization company to be a company with a market capitalization above the 70th percentile of the market capitalization

of companies listed on the New York Stock Exchange ("NYSE") (approximately $12.5 billion as of January 31, 2026).

The Fund takes long and short positions in equity securities. A long position arises where the Fund holds a security in its portfolio or maintains a position through a derivative instrument that provides economic exposure similar to direct ownership of the security. Short positions generally involve selling a security not held within the portfolio in anticipation that the security's price will decline or entering into a derivative instrument that provides economic exposure similar to a short sale of the security. To complete a short sale transaction, the Fund typically must borrow the stock to make delivery to the buyer. The Fund then would be obligated to replace the stock borrowed by purchasing the stock at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the stock was sold short by the Fund. The Fund will be managed with a net long exposure bias, but has the ability to have net short exposure. The Fund may hold a substantial portion of its total assets in cash when it holds significant short positions.

In addition to investing in derivatives to take long and short positions, the Fund may also invest in derivatives for hedging or risk management purposes. The derivatives in which the Fund principally invests are options and swaps.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If L2 Asset Management, LLC ("L2 Asset Management" or the "Sub-Adviser"), the Fund's sub-adviser, becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the

Sub-Adviser may sell the company's securities or otherwise exclude future investments in such company. Although the Fund is designed to avoid taking long positions in the equity securities of such companies, the Fund may, consistent with the USCCB Guidelines, take short positions in the equity securities of such companies. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments to buy and sell for the Fund, the Sub-Adviser utilizes a hybrid quantitative and fundamental investment process to seek to identify atypically high-quality companies for their level of market valuation. Stocks are evaluated by the Sub-Adviser on many variables that can be classified broadly into various categories, including "valuation" and "earnings quality." "Valuation" contains traditional measures such as the dividend-to-price ratio and the earnings-to-price ratio, and "earnings quality" is used to assess the quality of earnings using measures such as accounting accruals and inventory turnover. Other variables focus on measures of analysts' forecasts, balance sheet quality, market movements and return patterns including short and long-term price momentum. The Fund may focus its investments in one or more sectors.

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

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Short Sales Risk** – A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's

share prices. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

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

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment

decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**Derivatives Risk** – The Fund's use of options and swaps is subject to market risk, leverage risk, correlation risk, liquidity risk and hedging risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain for the Fund, 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. The Fund's use of swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that a security may be

difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Sector Emphasis Risk** – The securities of companies in the same business sector, if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors.

**Investment Style Risk** – The Sub-Adviser's value investment style may increase the risks of investing in the Fund. If the Sub-Adviser's assessment of market conditions, or a company's value or prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

**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, which may affect the Fund's performance.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Class S Shares had not commenced operations as of the date of this prospectus. Therefore, performance information for Class S Shares

is not presented. Class S Shares would have substantially similar performance as I Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Class S Shares are higher than the expenses of I Shares, in which case the returns for Class S Shares would be lower than those of I Shares.

Updated performance information is available on the Fund's website at <u>www.kofcassetadvisors.org</u> or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_59.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 6.97% | (9.66)% |
| (03/31/2021) | (03/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and a more narrowly based index with characteristics relevant to the Fund's investment strategies.

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Long/Short Equity <br> Fund** | **1 Year** | **5 Years** | **Since Inception <br> (12/02/2019)** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 5.51% | 9.99% | 6.11% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 4.88% | 8.94% | 5.28% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 3.34% | 7.49% | 4.47% |
| &nbsp;&nbsp;Bloomberg U.S. 1000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.51% | 13.47% | 15.19% |
| &nbsp;&nbsp;HFRX Equity Market Neutral Index (reflects no deduction for fees, expenses or taxes) | 6.36% | 3.72% | 2.25% |

---

**Investment Advisers** 

Knights of Columbus Asset Advisors LLC serves as investment adviser to the Fund. L2 Asset Management, LLC serves as investment sub-adviser to the Fund.

**Portfolio Managers** 

Dr. Sanjeev Bhojraj, Co-Founder and Portfolio Manager at L2 Asset Management, has managed the Fund since its inception in 2019.

Mr. Matthew Malgari, Co-Founder, Managing Member and Portfolio Manager at L2 Asset Management, has managed the Fund since its inception in 2019.

Mr. Nathan Przybylo, Partner, Head of Quantitative Programming and Portfolio Manager at L2 Asset Management, has managed the Fund since 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus U.S. All Cap Index Fund**<br>

**Investment Objective** 

The Knights of Columbus U.S. All Cap Index Fund (the "U.S. All Cap Index Fund" or the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines").

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.20% | 0.20% |
| &nbsp;&nbsp;Other Expenses | 0.26% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.26% | 0.26% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 0.46% | 0.66% |
| &nbsp;&nbsp;Less Fee Reductions and/or Expense Reimbursements<sup>1</sup> | (0.21)% | (0.21)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements | 0.25% | 0.45% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 0.25% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $26 | $126 | $237 | $559 |
| &nbsp;&nbsp;Class S Shares | $46 | $190 | $347 | $803 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities included in the Bloomberg U.S. 3000 Catholic Values Index (the "Index") and other instruments with economic characteristics similar to such securities. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders.

The Index consists of all common stocks and real estate investment trusts ("REITs") in the Bloomberg U.S. 3000 Index (the "Parent Index"), excluding companies that are determined by Bloomberg Index Services Limited ("Bloomberg" or "BISL") and Morningstar Sustainalytics ("Sustainalytics") to be involved with activities that conflict with the USCCB Guidelines, including gambling, abortion, contraception, pornography and other forms of adult entertainment, stem cell and fetal tissue research/human cloning, tobacco, cannabis, weapons of mass destruction and other forms of controversial weapons, manufacturing and selling of weapons to civilians (the "Restricted Securities List"), or other activities that may be added to the Restricted Securities List from time to time. The Parent Index is a free-float market-capitalization-weighted index and includes the 3,000 U.S. companies with the largest free-float market capitalizations. As of December 31, 2025, the market capitalizations of the Parent Index ranged from approximately $4 million to $4.5 trillion, and its average weighted market capitalization was approximately $1.3 trillion. From time to time, the application of the USCCB Guidelines may result in the Index being underweight certain sectors (such as the health care sector) or overweight certain sectors (such as the information technology sector) relative to the Parent Index.

The Index is the exclusive property of BISL. The Index is calculated and administered by BISL. Neither BISL nor Sustainalytics is affiliated with the Fund, the Adviser or L2 Asset Management, LLC ("L2 Asset Management" or the "Sub-Adviser"), the Fund's sub-adviser. Bloomberg and Sustainalytics will deem a company to be a U.S. company if its securities are primarily listed in the United States or country of risk is the United States. A company's "country of risk" is a proprietary Bloomberg value primarily driven by four factors: country of domicile, country of listing, country of largest revenue, and reporting currency. The Index is reconstituted and rebalanced on a quarterly basis in March, June, September and December to reflect changes in the constituents of the Parent Index and changes in policies and practices related to USCCB Guidelines and screening considerations, as determined by BISL and Sustainalytics. As of December 31, 2025, the Index consisted of approximately 2,720 constituents.

The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the companies that make up the Index, holding each company in approximately the same proportion as its weighting in the Index.

The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to

approximately the same extent that the Index is so concentrated. The Fund may become "non-diversified," as defined in the Investment Company Act of 1940, as amended, as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and

mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Indexing Strategy/Index Tracking Risk** – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions.

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening

process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**Real Estate Investment Trusts Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

**Industry Concentration Risk** – The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Concentrating Fund investments in companies conducting business in the same industry will subject the Fund to a greater risk of loss as a result of adverse economic, business or other developments affecting that industry than if its investments were not so concentrated.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Non-Diversified Risk** – In seeking to track the Index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it

is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance and more narrowly based indexes with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Class S Shares had not commenced operations as of the date of this prospectus. Therefore, performance information for Class S Shares is not presented. Class S Shares would have substantially similar performance as I Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Class S Shares are higher than the expenses of I Shares, in which case the returns for Class S Shares would be lower than those of I Shares.

Updated performance information is available on the Fund's website at <u>www.kofcassetadvisors.org</u> or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_67.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 22.57% | (21.38)% |
| (06/30/2020) | (03/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and more narrowly based indexes with characteristics relevant to the Fund's investment strategies.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus U.S. All Cap Index <br> Fund** | **1 Year** | **5 Years** | **Since Inception <br> (12/31/2019)** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 17.20% | 13.65% | 14.91% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 16.32% | 13.02% | 14.31% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | 10.63% | 10.78% | 11.98% |
| &nbsp;&nbsp;Bloomberg U.S. 3000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.21% | 13.09% | 14.38% |
| &nbsp;&nbsp;Knights of Columbus U.S. All Cap Index<sup>®</sup> (reflects no deduction for fees, expenses or taxes) | 18.09% | 13.99% | 15.32% |
| &nbsp;&nbsp;Bloomberg 3000 Catholic Values Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 17.82% |  |  |

---

<sup>1</sup> The inception date of the Bloomberg 3000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Advisers** 

Knights of Columbus Asset Advisors LLC serves as investment adviser to the Fund. L2 Asset Management, LLC serves as investment sub-adviser to the Fund.

**Portfolio Managers** 

Dr. Sanjeev Bhojraj, Co-Founder and Portfolio Manager at L2 Asset Management, has managed the Fund since its inception in 2019.

Mr. Matthew Malgari, Co-Founder, Managing Member and Portfolio Manager at L2 Asset Management, has managed the Fund since its inception in 2019.

Mr. Nathan Przybylo, Partner, Head of Quantitative Programming and Portfolio Manager at L2 Asset Management, has managed the Fund since 2021.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

&nbsp;&nbsp;**Knights of Columbus Real Estate Fund**<br>

**Investment Objective** 

The Knights of Columbus Real Estate Fund (the "Real Estate Fund" or the "Fund") seeks total return through a combination of current income and capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may be required to pay commissions and/or other forms of compensation to a broker for transactions in I Shares, which are not reflected in the table or the example below.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days) | 2.00% |

---

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

---

| | | |
|:---|:---|:---|
|  | **I Shares** | **Class S Shares** |
| &nbsp;&nbsp;Management Fees | 0.80% | 0.80% |
| &nbsp;&nbsp;Other Expenses | 0.20% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.17% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Previously Waived Fees and/or Reimbursed Expenses Recovered | 0.03% | 0.03% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 1.00% | 1.20% |

---

<sup>1</sup> Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, non-routine expenses and any class-specific expenses (including Shareholder Servicing Fees) (collectively, "excluded expenses")) from exceeding 1.00% of the average daily net assets of each of the Fund's share classes until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Shares | $102 | $318 | $546 | $1198 |
| &nbsp;&nbsp;Class S Shares | $122 | $381 | $653 | $1429 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 70% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in real estate securities. This investment policy can be changed by the Fund upon 60 days' prior written notice to shareholders.

For purposes of the Fund's 80% investment policy, real estate securities include common stocks, preferred stocks and other equity securities issued by real estate companies, including real estate investment trusts ("REITs") and real estate operating companies ("REOCs"), as well as derivatives and other instruments that have economic characteristics similar to such securities. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate, or finance real estate. REOCs are publicly traded corporations that engage in the development, management or financing of real estate. The Fund

considers a company to be a real estate company if the company derives the majority of its earnings before interest, depreciation and amortization from the ownership, management and development of income-producing real estate, or the financing of real estate. The Fund may invest in securities of companies with any market capitalization.

The Fund may seek to enhance current income by writing (selling) covered call options.

The Fund seeks to make investment decisions consistent with the United States Conference of Catholic Bishops' Socially Responsible Investing Guidelines (the "USCCB Guidelines"), and therefore, the Fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, pornography, stem cell research/human cloning, weapons of mass destruction, or other enterprises that conflict with the USCCB Guidelines. As part of the screening process for the Fund, the Adviser uses information from a third-party environmental, social, and governance research firm and consults with experts to assess the policies and practices of companies based on the criteria set forth in the USCCB Guidelines. Based on such assessments, the Adviser compiles and maintains a list of companies that it determines to be inconsistent with the USCCB Guidelines (the "Restricted Securities List"). The Fund seeks to avoid investments in companies identified through this process. The policies and practices of the companies selected for the Fund are monitored for various issues contemplated by the USCCB Guidelines. If the Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with the USCCB Guidelines, the Adviser may sell the company's securities or otherwise exclude future investments in such company. The criteria used to screen out companies for the Fund may be modified from time to time to seek to maintain alignment with any changes to the USCCB Guidelines.

In selecting investments for the Fund, the Adviser combines quantitative and qualitative analyses that together seek to identify companies that have above-average investment potential. The quantitative process begins with an understanding of the market regime or investment environment. Factors are used by the quantitative equity selection model, chosen by their demonstrated efficacy in historical environments. This process ranks the investable universe into deciles (1 = attractive, 10 = unattractive). Those companies that rank attractive are considered for further fundamental research, which incorporates criteria that are otherwise difficult to quantify. Both the quantitative ranks and the fundamental research inform the portfolio management team when constructing the portfolio. Risk is measured and monitored

throughout the portfolio management process in different ways, including active risk to the benchmark, individual stock contribution to that active risk and sector/industry group/individual stock exposure risks. The Adviser will generally sell a stock on behalf of the Fund if the stock experiences a decrease in quantitative ranking, a revised outlook via fundamental research, extreme price movements, or for risk management purposes.

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

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Sector Emphasis Risk** – The securities of companies in the same business sector, if comprising a significant portion of the Fund's portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such securities comprised a lesser portion of the Fund's portfolio or the Fund's portfolio was diversified across a greater number of industry sectors.

**Real Estate Sector Risk** – Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended.

**Real Estate Investment Trusts Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate or finance real estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed elsewhere in this section. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Large-Capitalization Company Risk** – The large-capitalization companies in which the Fund invests may not respond as quickly as smaller companies to competitive challenges, and their growth rates may lag the growth rates of well-managed smaller companies during strong economic periods.

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

**Covered Call Risk** – Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder's decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.

**Preferred Stock Risk** – Preferred stocks are nonvoting equity securities that pay a stated fixed or variable rate of return. Preferred stocks are subject to issuer-specific risks (such as credit risk) and market risks applicable generally to equity securities. The market value of preferred stocks generally decreases when interest rates rise. Preferred stocks generally are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments and, therefore, will be subject to greater credit risk than the company's bonds and other debt instruments.

**Catholic Values Investing Risk** – The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment

decisions. In addition, there can be no guarantee that the activities of the companies identified by the Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause the Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause the Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although the Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in the Fund may fail to achieve such objective.

**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, which may affect the Fund's performance.

**Quantitative Investing Risk** – There is no guarantee that a quantitative model or algorithm used by the Adviser, and the investments selected based on the model or algorithm, will perform as expected or produce the desired results. The Fund may be adversely affected by imperfections, errors or limitations in the construction and implementation of the model or algorithm and the Adviser's ability to properly analyze or timely adjust the metrics or update the data underlying the model or features of the algorithm.

**Large Purchase and Redemption Risk** – Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Non-Diversified Risk** – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or

political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Shares' performance from year to year and by showing how the Fund's average annual total returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance and more narrowly based indexes with characteristics relevant to the Fund's investment strategies. Prior to May 7, 2024, the Fund had a sub-adviser. Therefore, the past performance shown for periods prior to May 7, 2024 may have differed if the Fund had not had a sub-adviser. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Class S Shares had not commenced operations as of the date of this prospectus. Therefore, performance information for Class S Shares is not presented. Class S Shares would have substantially similar performance as I Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Class S Shares are higher than the expenses of I Shares, in which case the returns for Class S Shares would be lower than those of I Shares.

Updated performance information is available on the Fund's website at <u>www.kofcassetadvisors.org</u> or by calling toll-free to 1-844-KC-FUNDS (1-844-523-8637).

![](fp0097648-7_77.jpg)

---

| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 16.33% | (25.71)% |
| (09/30/2024) | (03/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and more narrowly based indexes with characteristics relevant to the Fund's investment strategies.

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

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Real Estate Fund** | **1 Year** | **5 Years** | **Since Inception <br> (09/30/2019)** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (1.54)% | 2.90% | 2.96% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (2.35)% | 0.13% | 0.42% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I Shares | (0.91)% | 1.19% | 1.31% |
| &nbsp;&nbsp;Bloomberg U.S. 3000 Total Return Index (reflects no deduction for fees, expenses or taxes) | 17.21% | 13.09% | 15.34% |
| &nbsp;&nbsp;Bloomberg U.S. 3000 REIT Total Return Index (reflects no deduction for fees, expenses or taxes) | 2.23% | 4.74% | 3.05% |
| &nbsp;&nbsp;Bloomberg U.S. REIT 3000 Catholic Values Total Return Index (reflects no deduction for fees, expenses or taxes)<sup>1</sup> | 2.44% |  |  |

---

<sup>1</sup> The inception date of the Bloomberg U.S. REIT 3000 Catholic Values Total Return Index was September 9, 2021, and as such no performance information is available for periods prior to September 9, 2021. 

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC serves as investment adviser to the Fund.

**Portfolio Managers** 

Mr. David Hanna, Vice President and Portfolio Manager, has managed the Fund since 2024.

Mr. Douglas A. Riley, CFA, Vice President and Portfolio Manager, has managed the Fund since 2024.

Mr. James W. Gaul, CFA, Vice President and Portfolio Manager, has managed the Fund since 2024.

Mr. Eric Eaton, CFA, Portfolio Manager and Equity Analyst, has managed the Fund since 2024.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 80 of the prospectus.*

**Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation** 

**Purchase and Sale of Fund Shares** 

You may generally purchase or redeem shares on any day that the New York Stock Exchange ("NYSE") is open for business.

To purchase I Shares of the Funds for the first time, you must invest, in the aggregate, at least $25,000 in one or more Knights of Columbus Funds. If you hold I Shares of a Knights of Columbus Fund, you may purchase I Shares of the same Fund, or purchase I Shares of any other Knights of Columbus Fund, in amounts of at least $250. However, these minimum initial and subsequent investment requirements for I Shares of the Funds do not apply to clients of the Adviser who participate in, and purchase I Shares through, a fee-based investment advisory program sponsored by the Adviser or its affiliates. The Adviser currently sponsors a fee-based investment advisory program through which I Shares is the only class of shares of the Funds available for purchase by participating clients. For additional information about this program, please contact the Adviser.

There is no minimum initial or subsequent investment amount for Class S Shares of the Funds.

The Funds may accept investments of smaller amounts in their sole discretion.

If you own your shares directly, you may redeem your shares by contacting the Funds directly by mail at Knights of Columbus Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Knights of Columbus Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or telephone at 1-844-KC-FUNDS (1-844-523-8637).

If you own your shares through an account with a broker or other financial intermediary, contact that broker or financial intermediary to redeem your shares. Your broker or financial intermediary may charge a fee for its services in addition to the fees charged by the Funds.

**Tax Information** 

Each Fund intends to make distributions that may be taxed as qualified dividend income, ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan

or IRA, in which case your distributions will be taxed when withdrawn from the tax-deferred account.

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

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

**More Information about the Funds' Investment Objectives and Strategies** 

The investment objective of the Core Bond Fund and Limited Duration Fund is to seek current income and capital preservation.

The investment objective of the Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund and Long/Short Equity Fund is to seek long-term capital appreciation.

The investment objective of the U.S. All Cap Index Fund is to seek investment results that, before fees and expenses, correspond generally to the performance of an index that measures the investment return of the broad U.S. stock market, excluding companies whose policies and practices are inconsistent with the USCCB Guidelines.

The investment objective of the Real Estate Fund is to seek total return through a combination of current income and capital appreciation.

The investment objective of each Fund is not a fundamental policy and may be changed by the Board without shareholder approval.

The USCCB Guidelines considered by the Funds in their investment process outline principles to be followed when evaluating whether potential investments follow Catholic social teaching. Broadly, the Guidelines provide direction in key areas: Protecting Human Life, Promoting Human Dignity, Acting Justly, Enhancing the Common Good and Caring for the Environment. The Guidelines also provide direction on actions to be taken by investors: Do No Harm, which requires avoidance of investment or divestment, Actively Work for Change, which allows investment but recommends engagement with company management to influence corporate culture and shape

policies and decisions, and Promote the Common Good, which recommends supporting policies that match Catholic moral teaching and/or making community development investments that do the same. The USCCB Guidelines require avoidance of investment or divestment from the following activities subject to certain thresholds that define the particular level of activity performed by a company that would disqualify it from investment: gambling, abortion, contraception, pornography and other forms of adult entertainment, stem cell and fetal tissue research/human cloning, tobacco, cannabis, weapons of mass destruction and other forms of controversial weapons, manufacturing and selling of weapons to civilians, or other activities that may conflict with the USCCB Guidelines as determined by the USCCB from time to time.

The investments and strategies described in this prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may, but is not obligated to, invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If a Fund invests in this manner, it may cause the Fund to forgo greater investment returns for the safety of principal and the Fund may therefore not achieve its investment objective. A Fund will only do so if the Adviser or the Sub-Adviser (as defined below) believes that the risk of loss outweighs the opportunity for capital appreciation or current income.

This prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of securities and other investments described in this prospectus. In addition to the securities and other investments and strategies described in this prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information (the "SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that a Fund will achieve its investment goals.

**More Information about Risk** 

Investing in each Fund involves risk and there is no guarantee that any Fund will achieve its goals. The Adviser's and the Sub-Adviser's judgments about the markets, the economy, or companies may not

anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser or the Sub-Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which it trades. The effect on a Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings. The Large Cap Growth Fund and Real Estate Fund are each non-diversified, and the U.S. All Cap Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index, meaning that each Fund may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. Accordingly, the Large Cap Growth Fund and Real Estate Fund, and the U.S. All Cap Index Fund when it is non-diversified, will be more susceptible to negative events affecting a small number of holdings than a diversified fund.

**Market Risk (All Funds)** – The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. A Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, geopolitical (including war and armed conflict), social, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any public health emergencies (such as the spread of infectious diseases, epidemics, and pandemics), natural disasters and other similar events, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment

in the Fund. Recent examples of events that have led to fluctuations in the equity markets include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels, problems in the banking sector and wars in Europe and in the Middle East.

**Equity Risk (Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, U.S. All Cap Index Fund and Real Estate Fund)** – Equity securities include public and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock, convertible securities, depositary receipts and shares of real estate investment trusts ("REITs"). Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time, sometimes rapidly or unpredictability. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a Fund invests will cause the Fund's net asset value ("NAV") to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations. Depositary receipts and REITs are discussed elsewhere in this section.

**Fixed Income Risk (Core Bond Fund and Limited Duration Fund)** – The market values of fixed income investments change in response to interest rate changes and other factors. Interest rates may change as a result of a variety of factors, and the change may be sudden and significant, with unpredictable impacts on the financial markets and a Fund's investments. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with

high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities at reduced prices or under unfavorable conditions, therefore reducing the value of the Fund. Very low or negative interest rates may prevent a Fund from generating positive returns and may increase the risk that if followed by rising interest rates the Fund's performance will be negatively impacted.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Active Management Risk (Core Bond Fund, Limited Duration Fund, Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund, Long/Short Equity Fund, Real Estate Fund)** – The Funds are actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, causing a Fund to lose value or fail to meet its investment objective or underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active and frequent trading that can accompany active management, also called "high turnover," may have a negative impact on performance. Active and frequent trading may result in higher brokerage costs or mark-up charges and tax costs, which are ultimately passed on to shareholders of a Fund. Active and frequent trading may also result in adverse tax consequences.

**Quantitative Investing Risk (Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund and Real Estate Fund)** – There is no guarantee that the use of quantitative models, algorithms, methods or other similar techniques, and the investments selected based on such techniques, will perform as expected, produce the desired results or enable a Fund to achieve its investment objective. A Fund may be adversely affected by imperfections, errors or limitations in construction and implementation (for example,

limitations in a model, proprietary or third-party data imprecision or unavailability, software or other technology malfunctions, or programming inaccuracies) and the Adviser's ability to monitor and timely adjust the metrics or update the data or features underlying the model, algorithm or other similar analytical tools ("quantitative tools"). A Fund may also be adversely affected by the Adviser's ability to make accurate qualitative judgments regarding the quantitative tool's output or operational complications relating to any quantitative tool. Thus, a Fund is subject to the risk that any quantitative tools used by the Adviser will not be successful as to, for example, selecting or weighting investment positions, and that these tools may not perform as expected.

**Catholic Values Investing Risk (All Funds)** – Each Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, including at inopportune times which would result in losses to the Fund, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that a Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions. In addition, there can be no guarantee that the activities of the companies identified by any Fund's investment process will align (or be perceived to align) fully with all of the principles contained in the USCCB Guidelines. The process of screening out companies and maintaining the Restricted Securities List that is based on criteria set forth in the USCCB Guidelines relies in part on third-party information or data that may be inaccurate, unavailable or outdated, which could cause a Fund to inadvertently hold securities of companies that conflict with the USCCB Guidelines. For example, to the extent there are changes to the USCCB Guidelines, there could be a significant delay before the changes are fully incorporated into the screening process and reflected in the Restricted Securities List. This may cause a Fund to be invested for a period of time in companies that conflict with the USCCB Guidelines. Although each Fund's investment approach seeks to identify and screen out companies that are inconsistent with the USCCB Guidelines, investors may differ in their views of what companies fit within this category of investments. As a result, to the extent an investor intends to invest in a manner consistent with the investor's interpretation of the USCCB Guidelines, an investment in a Fund may fail to achieve such objective.

**Foreign/Emerging Markets Securities Risk (International Equity Fund)** – Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts)

can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising the Fund's portfolio. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

The Fund may invest in unsponsored American Depositary Receipts ("ADRs"), which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

**Real Estate Investment Trusts Risk (U.S. All Cap Index Fund and Real Estate Fund)** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, as discussed elsewhere in this section. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the 1940 Act.

**Information Technology Sector Risk (Large Cap Growth Fund)** – Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

**Mortgage-Backed and Asset-Backed Securities Risk (Core Bond Fund and Limited Duration Fund)** – Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying

mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Municipal Bonds Risk (Core Bond Fund and Limited Duration Fund)** – Municipal bonds are fixed income securities issued by state or local governments or their agencies to finance capital expenditures and operations. The obligation to pay principal and interest on municipal bonds may be a general obligation of the state or local government or may be supported only by an agency or a particular source of revenues. Therefore, municipal bonds vary in credit quality. Municipal bonds, 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. State and local governments rely on taxes and, to some extent, revenues from private

projects financed by municipal bonds, to pay interest and principal on municipal bonds. 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. Also, there may be economic or political changes that impact the ability of issuers of municipal bonds to repay principal and to make interest payments. Any changes in the financial condition of municipal issuers may also adversely affect the value of a Fund's securities.

**Large Purchase and Redemption Risk (All Funds)** – Large purchases or redemptions of a Fund's shares may affect such Fund, since the Fund may be required to sell portfolio securities if it experiences redemptions, and the Fund will need to invest additional cash that it receives. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects on Fund management or performance to the extent a Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. The investment managers are committed to minimizing the impact of such transactions on a Fund, and may seek to effect the transactions in-kind, to the extent consistent with pursuing the investment objective of such Fund.

**Indexing Strategy/Index Tracking Risk (U.S. All Cap Index Fund)** – The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities. The Fund will seek to replicate the Bloomberg U.S. 3000 Catholic Values Index (the "Index") returns, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. The Fund generally will buy and will not sell a security included in the Index as long as the security is part of the Index regardless of any sudden or material decline in value or foreseeable material decline in value of the security, even though the Sub-Adviser may make a different investment decision for other actively managed accounts or portfolios that hold the security. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index (in absolute terms and by comparison with other indices) and, consequently, the performance, volatility, and risk of the Fund. While the Sub-Adviser seeks to track

the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match or achieve a high degree of correlation with the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, either as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. Changes in the composition of the Index and regulatory requirements also may impact the Fund's ability to match the return of the Index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions.

**Non-Diversified Risk (Large Cap Growth Fund and Real Estate Fund)** – Each Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, each Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities.

**Non-Diversified Risk (U.S. All Cap Index Fund)** – In seeking to track its target index, the Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the target index. A non-diversified fund generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund. When it is non-diversified, the Fund may be more sensitive to a single economic, business, political, regulatory, or other occurrence, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares. However, the Fund intends to satisfy the asset diversification requirements for qualifying as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

**Real Estate Sector Risk (Real Estate Fund)** – Securities of companies principally engaged in the real estate sector may be subject to the risks associated with the direct ownership of real estate. Risks commonly associated with the direct ownership of real estate include (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing; and (ix) changes in interest rates and quality of credit extended. In addition, the performance of the economy in

each of the regions and countries in which the real estate owned by a company is located affects occupancy, market rental rates and expenses and, consequently, has an impact on the income from such properties and their underlying values. In addition to these risks, some REITs and real estate operating companies ("REOCs") have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Moreover, certain real estate investments may be illiquid and, therefore, the ability of REITs and REOCs to reposition their portfolios promptly in response to changes in economic or other conditions is limited. These factors may increase the volatility of the Fund's investments in REITs or REOCs.

**High Yield Bond Risk (Core Bond Fund and Limited Duration Fund)** – High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

**Derivatives Risk (Long/Short Equity Fund)** – The Fund's use of options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than

other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Moreover, regulation relating to the Fund's use of derivatives and related instruments, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

*Options*. Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). If the Fund writes a "covered" call option (i.e., a call option on a security in which the Fund holds a long position), the Fund may not participate fully in a rise in market value of the underlying security. Over-the-counter options also involve counterparty solvency risk.

*Swaps*. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be classified as illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

**Short Sales Risk (Long/Short Equity Fund)** – The Fund is subject to short sales risk. Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price

at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. The risk of such price increases is the principal risk of engaging in short sales. Reinvesting proceeds received from short selling may create leverage. These transactions may expose the Fund to greater risk and increase its costs. As an open-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act and the rules thereunder. Rule 18f-4 under the 1940 Act requires, among other things, that the Fund either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage can amplify the effects of market volatility on the Fund's share price and make the Fund's returns more volatile. This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

In addition, the Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed at the commencement of the short sale and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when the Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. However, a dividend paid on a security sold short generally reduces the market value of the shorted security and thus, increases the Fund's unrealized gain or reduces the Fund's unrealized loss on its short sale transaction. To the extent that the dividend that the Fund is obligated to pay is greater than the return earned by the Fund on investments, the performance of the Fund will be negatively impacted. Furthermore, the Fund may be required to pay a premium or interest to the lender of the security.

The foregoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.

**Covered Call Risk (Real Estate Fund)** – The Fund may write (*i.e*., sell) covered call options, a type of derivative instrument. A covered call option is an option in which the Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a specified future date and price set at the time of the contract. Covered call risk is the risk that the issuer of the call option will forgo any profit from increases in the market value of the underlying security covering the call option above the sum of the premium and the strike price of the call but retain the risk of loss if the underlying security declines in value. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. A number of factors may influence the option holder's decision to exercise the option, including the value of the underlying security, price volatility, dividend yield and interest rates. To the extent that these factors increase the value of the call option, the option holder is more likely to exercise the option, which may negatively affect the Fund.

**Information about Portfolio Holdings** 

A description of the Funds' policies and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI.

**Investment Adviser** 

Knights of Columbus Asset Advisors LLC, a Delaware limited liability company organized in 2014, serves as the investment adviser to the Funds. The Adviser's principal place of business is located at One Columbus Plaza, New Haven, Connecticut 06510. Knights of Columbus Asset Advisors is an indirect wholly owned subsidiary of Knights of Columbus, a fraternal benefit society organized under the laws of the State of Connecticut. As of December 31, 2025, the Adviser had $30 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. In addition, the Adviser oversees L2 Asset Management, LLC ("L2 Asset Management" or the "Sub-Adviser") to ensure its compliance

with the investment policies and guidelines of the Long/Short Equity Fund and U.S. All Cap Index Fund (the "Sub-Advised Funds"), and monitors the Sub-Adviser's adherence to its investment style. The Board oversees the Adviser and the Sub-Adviser and establishes policies that the Adviser and the Sub-Adviser must follow in their management activities. The Adviser pays the Sub-Adviser out of the advisory fees it receives from the Sub-Advised Funds.

For its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Advisory Fee Rate** |
| &nbsp;&nbsp;Core Bond Fund | 0.40% |
| &nbsp;&nbsp;Limited Duration Fund | 0.40% |
| &nbsp;&nbsp;Large Cap Growth Fund | 0.60% |
| &nbsp;&nbsp;Large Cap Value Fund | 0.60% |
| &nbsp;&nbsp;Small Cap Fund | 0.725% |
| &nbsp;&nbsp;International Equity Fund | 0.90% |
| &nbsp;&nbsp;Long/Short Equity Fund | 1.25% |
| &nbsp;&nbsp;U.S. All Cap Index Fund | 0.20% |
| &nbsp;&nbsp;Real Estate Fund | 0.80% |

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For each Fund, the Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, dividend and interest expenses on securities sold short, non-routine expenses and any class-specific expenses (including shareholder servicing fees) (collectively, "excluded expenses")) for I Shares and Class S Shares from exceeding certain levels as set forth below until February 28, 2027 (each, a "contractual expense limit"). This agreement may be terminated by: (i) the Board, for any reason at any time; or (ii) the Adviser, upon ninety (90) days'

prior written notice to the Trust, effective as of the close of business on February 28, 2027.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Contractual <br> Expense Limit** |
| &nbsp;&nbsp;Core Bond Fund | 0.50% |
| &nbsp;&nbsp;Limited Duration Fund | 0.50% |
| &nbsp;&nbsp;Large Cap Growth Fund | 0.90% |
| &nbsp;&nbsp;Large Cap Value Fund | 0.90% |
| &nbsp;&nbsp;Small Cap Fund | 1.05% |
| &nbsp;&nbsp;International Equity Fund | 1.10% |
| &nbsp;&nbsp;Long/Short Equity Fund | 1.50% |
| &nbsp;&nbsp;U.S. All Cap Index Fund | 0.25% |
| &nbsp;&nbsp;Real Estate Fund | 1.00% |

---

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal year ended October 31, 2025, the Adviser received advisory fees (after fee reductions or recoveries) as a percentage of the average daily net assets of each Fund as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Advisory Fees Paid** |
| &nbsp;&nbsp;Core Bond Fund | 0.33% |
| &nbsp;&nbsp;Limited Duration Fund | 0.31% |
| &nbsp;&nbsp;Large Cap Growth Fund | 0.60% |
| &nbsp;&nbsp;Large Cap Value Fund | 0.60% |
| &nbsp;&nbsp;Small Cap Fund | 0.73% |
| &nbsp;&nbsp;International Equity Fund | 0.91% |
| &nbsp;&nbsp;Long/Short Equity Fund | 1.30% |
| &nbsp;&nbsp;U.S. All Cap Index Fund | 0.00% |
| &nbsp;&nbsp;Real Estate Fund | 0.83% |

---

**Investment Sub-Adviser** 

**L2 Asset Management, LLC** 

L2 Asset Management, LLC, a Delaware limited liability company, serves as the investment sub-adviser to the Long/Short Equity Fund and the U.S. All Cap Index Fund. L2 Asset Management is 100% employee-owned. L2 Asset Management's principal place of business is located at 66 Glezen Lane, Wayland, Massachusetts 01778. As of December 31, 2025, L2 Asset Management had approximately $1.27 billion in regulatory assets under management.

A discussion regarding the basis for the Board's approval of the Funds' investment advisory agreement and investment sub-advisory agreement will be available in the Funds' reports filed on Form N-CSRS for the fiscal period from November 1, 2025 to April 30, 2026.

**Dormant Multi-Manager Arrangement** 

The Board has approved a "multi-manager" arrangement for the Funds. Under this arrangement, the Funds and the Adviser may engage one or more sub-advisers to make day-to-day investment decisions for the Funds' assets. The Adviser retains ultimate responsibility (subject to the oversight of the Board) for overseeing the sub-advisers and may, at times, recommend to the Board that a Fund: (1) change, add or terminate one or more sub-advisers; (2) continue to retain a sub-adviser even though the sub-adviser's ownership or corporate structure has changed; or (3) materially change a sub-advisory agreement with a sub-adviser.

Applicable law generally requires a Fund to obtain shareholder approval for most of these types of recommendations, even if the Board approves the proposed action. Under the "multi-manager" arrangement approved by the Board, the Funds may seek exemptive relief, if necessary, from the SEC to (i) permit the Adviser (subject to the Board's oversight and approval) to make decisions about a Fund's sub-advisory arrangements without obtaining shareholder approval, and (ii) permit a Fund to not disclose the fees paid to individual sub-advisers. There is no guarantee the SEC would grant such exemptive relief. The Funds will continue to submit matters to shareholders for their approval and disclose sub-advisory fees to the extent required by applicable law. Meanwhile, this multi-manager arrangement will remain dormant and will not be implemented until shareholders are further notified.

**Portfolio Managers**

**Knights of Columbus Asset Advisors** 

Mr. Deepak Devaraj joined Knights of Columbus Asset Advisors as President and Chief Investment Officer in 2026. Mr. Devaraj oversees the management of all mutual fund strategies and the Knights of Columbus' General Account investment portfolio. In addition, Mr. Devaraj leads the Knights of Columbus Asset Advisors internal Investment Department, including fixed income and equity strategies, and provides oversight of Knights of Columbus Asset Advisors' externally managed investment programs. Prior to joining Knights of Columbus Asset Advisors, Mr. Devaraj served as the Global Head of Electronic Trading at Oppenheimer & Co. from December 2024 to January 2026. Prior to joining Oppenheimer & Co., Mr. Devaraj was a Trader at Old Mission Capital LLC from 2020 to 2024. He has held senior leadership roles in trading, portfolio construction and electronic market innovation, and has built technology-driven platforms used by institutional investors to improve transparency, pricing and execution.

Mr. Gilles A. Marchand Jr., CFA, Portfolio Manager, joined Knights of Columbus Asset Advisors in 2015 when it began operations as an indirect wholly owned subsidiary of Knights of Columbus. Mr. Marchand is the credit portfolio manager for Knights of Columbus Asset Advisors. Prior to joining Knights of Columbus in 2010, he was Chief Investment Officer and Senior Portfolio Manager of Global Plus Investment Management. In 2001, Mr. Marchand founded the high yield group at Aladdin Capital and was the senior portfolio manager responsible for managing nine CLO funds and three open ended funds. From 1996-2000 Mr. Marchand co-managed 10 high yield mutual funds and a CLO for Merrill Lynch Asset Management. From 1990-1996, he was a credit analyst at Babson and worked on private offerings and corporate, mezzanine and high yield securities. Mr. Marchand received his M.B.A. from Cornell University and is a member of the Hartford CFA Society.

Mr. Nicholas Gentile, CFA, Senior Vice President and Portfolio Manager, joined Knights of Columbus Asset Advisors in 2013. Mr. Gentile is the Co-Head of the Fixed Income Investment Team and the lead on investing and trading in residential mortgage and asset backed securities, collateralized debt obligation, and in government sectors. Prior to his role as Senior Vice President and Co-Head of Investment Income, Mr. Gentile served as Senior Structured Trader and Portfolio Manager from 2019 to 2025 and as an analyst from 2013 to 2019 covering the asset-backed sector. In addition to his work

in fixed income trading, Mr. Gentile is also responsible for managing the fixed income analytics process as well as client asset allocation and modeling. Mr. Gentile earned a B.S. in Business Administration with a concentration in Finance from Bryant University graduating Summa Cum Laude and is a member of Beta Gamma Sigma Honor Society. Mr. Gentile holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and the Hartford CFA Society.

Mr. Douglas Riley, CFA, Vice President and Portfolio Manager, joined Knights of Columbus Asset Advisors through its acquisition of Boston Advisors, LLC's institutional client business in 2019. Prior to joining Knights of Columbus Asset Advisors, Mr. Riley was Senior Vice President and Director of Growth Equity Investing at Boston Advisors, LLC from 2002 to 2019 and a Portfolio Manager with Babson-United Investment Advisors, Inc. from 1991 to 2002. Mr. Riley earned a B.A. from Emory University in 1988 and an M.B.A. from Northeastern University in 1996.

Mr. David Hanna, Vice President and Portfolio Manager, joined Knights of Columbus Asset Advisors through its acquisition of Boston Advisors, LLC's institutional client business in 2019. Prior to joining Knights of Columbus Asset Advisors, Mr. Hanna was Senior Vice President and the Director of Institutional Portfolio Management at Boston Advisors, LLC from 2006 to 2019 and was a senior Portfolio Manager in the Global Hedge Fund Strategies Group of State Street Global Advisors ("SSgA") and was with SSgA in various roles from 1997 to 2005. Prior to joining SSgA, he was Vice President, Quantitative Analysis at Standish, Ayer & Wood from 1992-1997. Mr. Hanna earned a B.S. in Finance from the Pennsylvania State University in 1987.

Mr. James W. Gaul, CFA, Vice President and Portfolio Manager, joined Knights of Columbus Asset Advisors through its acquisition of Boston Advisors, LLC's institutional client business in 2019. Prior to joining joined Knights of Columbus Asset Advisors, Mr. Gaul was Vice President and Portfolio Manager at Boston Advisors, LLC from 2005 to 2019. Prior to joining Boston Advisors, LLC, Mr. Gaul was an institutional fixed income sales professional with Commerce Capital Markets, Inc. and Advest, Inc. Mr. Gaul earned a B.S. in Investments from Babson College and a M.S. in Investment Management from Boston University and is a member of the Boston Security Analyst Society.

Mr. Eric Eaton, CFA, Portfolio Manager and Equity Analyst, joined Knights of Columbus Asset Advisors through its acquisition of Boston Advisors, LLC's institutional client business in 2019. Prior to joining Knights of Columbus Asset Advisors, Mr. Eaton was a Portfolio

Manager and Equity Analyst at Boston Advisors, LLC from 2016 to 2019. Mr. Eaton had previously been employed by Boston Advisors, LLC from 2011 to 2014, and was a student at Harvard Business School from 2014 to 2016. Mr. Eaton earned an M.B.A. from Harvard Business School, a M.S. in Finance from Bentley University and a B.A. in Economics and Accounting from Gordon College. He also holds a CPA license in the state of Massachusetts.

**L2 Asset Management** 

Dr. Sanjeev Bhojraj is a Portfolio Manager at L2 Asset Management, which he co-founded in 2014. Dr. Bhojraj is also a Chaired Professor in Asset Management and the Co-Director of the Parker Center for Investment Research at Johnson Graduate School of Management, Cornell University. Since 2010, he also has served as Managing Member of Kailash Capital, LLC. Dr. Bhojraj has a Ph.D. from the University of Florida, a B.Com. from the University of Madras, an ACA designation from the Institute of Chartered Accountants of India and an ACMA designation from the Institute of Cost Accountants of India.

Mr. Matthew Malgari is a Managing Member and Portfolio Manager at L2 Asset Management, which he co-founded in 2014. Since 2013, he also has served as Managing Member of Kailash Capital, LLC. Previously, Mr. Malgari was a portfolio manager of the Baird LargeCap Fund from 2013 to 2017. He also spent 14 years at Fidelity Management & Research Company working as an assistant portfolio manager, sector analyst, diversified analyst and trader, before becoming a Managing Director of Equity Research for Knight Capital Group in 2010. Mr. Malgari received a B.A. from Middlebury College and an M.B.A. from Johnson Graduate School of Management, Cornell University.

Mr. Nathan Przybylo is a Portfolio Manager and the Head of Quantitative Programming at L2 Asset Management. Prior to joining L2 Asset Management in 2014, he worked as an associate at Beghou Consulting, a healthcare consulting company, and as an intern at O'Shaughnessy Asset Management. He received a B.S. in Applied Mathematics from Northwestern University and an M.B.A. from Johnson Graduate School of Management, Cornell University.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**Related Performance Data of L2 Asset Management, LLC (Long/Short Equity Fund)** 

The following tables give the related performance of all accounts (each, an "Account"), referred to as a "Composite," managed by L2 Asset Management other than the Fund that have investment objectives, policies and strategies substantially similar to those of the Fund. The data illustrates the past performance of L2 Asset Management in managing substantially similar accounts. **The data does not represent the performance of the Fund.** Performance is historical and does not represent the future performance of the Fund or of L2 Asset Management.

The manner in which the performance was calculated for the Composite differs from that of registered mutual funds such as the Fund. If the performance was calculated in accordance with SEC standardized performance methodology, the performance results may have been different. The Composite performance has been calculated in accordance with the Global Investment Performance Standards ("GIPS<sup>®</sup>"), but differs from the Composite performance with respect to which L2 Asset Management has claimed GIPS compliance because, for the period from July 1, 2015 through December 31, 2015, "net of fees" returns reflect the deduction of management fees that were voluntarily waived for the Accounts for that period. The Composite performance information is calculated in and expressed in United States dollars.

All returns presented were calculated on a total return basis and include all dividends and interest, accrued income, and realized and unrealized gains and losses. Investment transactions are accounted for on a trade date basis. "Net of fees" returns reflect the deduction of investment management fees and performance fees, as well as the deduction of any brokerage commissions, execution costs, withholding taxes, sales loads and account fees paid by the Accounts, without taking into account federal or state income taxes, while "gross of fees" returns do not reflect the deduction of investment management fees or performance fees. All fees and expenses, except custodial fees, if any, were included in the calculations. For the period from July 1, 2015 through December 31, 2015, "net of fees" returns reflect the deduction of management fees that were voluntarily waived for the Accounts for that period.

Because of variation in fee levels, the Composite returns may not be reflective of performance in any one particular Account. Therefore, the performance information shown below is not necessarily representative

of the performance information that typically would be shown for a registered mutual fund.

The Fund's fees and expenses are generally expected to be higher than those of the Composite. If the Fund's fees and expenses had been imposed on the Composite, the performance shown below would have been lower. The Accounts are also not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed on the Fund by the federal securities and tax laws. Consequently, the performance results for the Composite could have been adversely affected if the Accounts were subject to the same federal securities and tax laws as the Fund.

The investment results for the Composite presented below are not intended to predict or suggest the future returns of the Fund. **The performance data shown below should not be considered a substitute for the Fund's own performance information.** Investors should be aware that the use of a methodology different than that used below to calculate performance could result in different performance data.

**THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE FUND.** 

**Performance Information for the Substantially Similar Strategy Composite** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calendar Year Total Pre-Tax Returns** | **Calendar Year Total Pre-Tax Returns** | **Calendar Year Total Pre-Tax Returns** | **Calendar Year Total Pre-Tax Returns** | **Calendar Year Total Pre-Tax Returns** | **Calendar Year Total Pre-Tax Returns** |
| **Year** | **Total <br> Pre-Tax <br> Return <br> (Net of Fees)** | **Total <br> Pre-Tax <br> Return <br> (Gross of Fees)** | **HFRX EH: <br> Equity Market <br> Neutral <br> Index<sup>1</sup>** | **Number of <br> Accounts at <br> End of Period** | **Total Assets at <br> End of Period <br> ($ millions)** |
| 2025 | 5.89% | 7.99% | 6.36% | 2 | $110.79 |
| 2024 | 13.21% | 17.17% | 7.21% | 2 | $97.36 |
| 2023 | 2.81% | 4.00% | 4.15% | 2 | $83.8 |
| 2022 | 9.48% | 12.15% | 0.08% | 2 | $85.3 |
| 2021 | 18.36% | 19.65% | 0.96% | 2 | $77.0 |
| 2020 | -12.63% | -11.76% | -3.91% | 2 | $66.1 |
| 2019 | -0.64% | 0.37% | -1.86% | 2 | $106.81 |
| 2018 | -2.18% | -1.17% | -3.49% | 2 | $102.79 |
| 2017 | 6.90% | 8.79% | 1.73% | 1 | $56.93 |
| 2016 | 10.03% | 11.40% | -5.08% | 1 | $39.13 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Pre-Tax Returns (as of 12/31/2025)** | **Average Annual Total Pre-Tax Returns (as of 12/31/2025)** | **Average Annual Total Pre-Tax Returns (as of 12/31/2025)** | **Average Annual Total Pre-Tax Returns (as of 12/31/2025)** |
| **Time Period** | **Total <br> Pre-Tax Return <br> (Net of Fees)** | **Total <br> Pre-Tax Return <br> (Gross of Fees)** | **HFRX EH: <br> Equity Market <br> Neutral Index<sup>1</sup>** |
| 1 Year | 5.89% | 7.99% | 6.36% |
| 5 Years | 9.76% | 11.94% | 3.71% |
| 10 Years | 4.78% | 6.46% | 0.57% |
| Since Inception<sup>2</sup> | 4.21% | 5.80% | 1.13% |

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<sup>1</sup> The HFRX EH: Equity Market Neutral Index is designed to capture the performance of hedge funds that employ equity market neutral strategies.

<sup>2</sup> The inception date of the Composite is March 17, 2014.

**Purchasing, Selling and Exchanging Fund Shares** 

This section tells you how to purchase, sell (sometimes called "redeem") and exchange shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class** 

Each Fund offers two classes of shares to investors, I Shares and Class S Shares. Each share class has its own shareholder eligibility criteria, investment minimums, cost structure and other features. The following summarizes the primary features of I Shares and Class S Shares. Contact your financial intermediary or the Funds for more information about the Funds' share classes and how to choose between them.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Eligible Investors** | &nbsp;&nbsp;**Investment <br> Minimums** | &nbsp;&nbsp;**Fees** |
| &nbsp;&nbsp;I Shares | &nbsp;&nbsp;Investors who: <br>meet the initial minimum investment; or <br>are clients of the Adviser who participate in, and purchase I Shares through, a fee-based investment advisory program sponsored by the Adviser or its affiliates. | &nbsp;&nbsp;Initial: $25,000 <br>Subsequent: $250 <br>However, these minimum initial and subsequent investment requirements for I Shares of the Funds do not apply to clients of the Adviser who participate in, and purchase I Shares through, a fee-based investment advisory program sponsored by the Adviser or its affiliates. | &nbsp;&nbsp;No Rule 12b-1 fee <br>No Shareholder Servicing Fee |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Eligible Investors** | &nbsp;&nbsp;**Investment <br> Minimums** | &nbsp;&nbsp;**Fees** |
| &nbsp;&nbsp;Class S Shares | &nbsp;&nbsp;Generally available through qualified employer-sponsored retirement plans and other types of retirement accounts held through platforms maintained by selling agents approved by SEI Investments Distribution Co., the Funds' distributor | &nbsp;&nbsp;Initial: None <br>Subsequent: None | &nbsp;&nbsp;No Rule 12b-1 fee <br>Shareholder Servicing Fee of up to 0.20% |

---

I Shares and Class S Shares are offered to investors who purchase shares directly from the Funds or through certain financial intermediaries such as financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. As such, the share class you or your intermediary select may have higher fees than other classes of shares available directly from the Funds or through other financial intermediaries. Your financial intermediary can tell you which class of shares is available through the intermediary.

The Funds reserve the right to change the criteria for eligible investors and, as disclosed in the "Minimum Purchases" section of the prospectus, accept investments of smaller amounts in their sole discretion.

**How to Purchase Fund Shares** 

To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 1-844-KC-FUNDS (1-844-523-8637).

All investments must be made by check, Automated Clearing House ("ACH"), or wire. All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Funds do not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks.

The Funds reserve the right to reject any specific purchase order, including exchange purchases, for any reason. The Funds are not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

**By Mail** 

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

**Regular Mail Address** 

Knights of Columbus Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

Knights of Columbus Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Wire** 

To open an account by wire, call 1-844-KC-FUNDS (1-844-523-8637) for details. To add to an existing account by wire, wire your money using the wiring instructions set forth below (be sure to include the Fund name, the share class and your account number). The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the wire in good order.

**Wiring Instructions** 

UMB Bank, N.A.

ABA # 101000695

Knights of Columbus Funds

DDA # 9872013085

Ref: Fund name/share class/account number/account name

**By Systematic Investment Plan (via ACH)** 

You may not open an account via ACH. However, once you have established a direct account with the Funds, you can set up an automatic investment plan via ACH by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually or annually in amounts of at least $250. To cancel or change a plan, contact the Funds by mail at: Knights of Columbus Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Knights of Columbus Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307). Please allow up to 15 days to create the plan and 3 days to cancel or change it.

**Purchases In-Kind** 

Subject to the approval of the Funds, an investor may purchase shares of each Fund with liquid securities and other assets that are eligible for purchase by that Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the valuation procedures used by the Funds. These transactions will be effected only if the Adviser or the Sub-Adviser deems the security to be an appropriate investment for a Fund. Assets purchased by a Fund in such transactions will be valued in accordance with the valuation procedures used by the Funds. The Funds reserve the right to amend or terminate this practice at any time.

**Minimum Purchases** 

To purchase I Shares of the Funds for the first time, you must invest, in the aggregate, at least $25,000 in one or more Knights of Columbus Funds. If you hold I Shares of a Knights of Columbus Fund, you may purchase I Shares of the same Fund, or purchase I Shares of any other Knights of Columbus Fund, in amounts of at least $250. However, these minimum initial and subsequent investment requirements for I Shares of the Funds do not apply to clients of the Adviser who participate in, and purchase I Shares through, a fee-based investment advisory program sponsored by the Adviser or its affiliates. The Adviser

currently sponsors a fee-based investment advisory program through which I Shares is the only class of shares of the Funds available for purchase by participating clients. For additional information about this program, please contact the Adviser.

There is no minimum initial or subsequent investment amount for Class S Shares of the Funds.

The Funds may accept investments of smaller amounts in their sole discretion.

**Fund Codes** 

The Funds' reference information, which is listed below, will be helpful to you when you contact a Fund to purchase or exchange shares, check daily NAV, or obtain additional information.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Share Class** | **Ticker <br> Symbol** | **CUSIP** | **Fund <br> Code** |
| &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;I Shares | KCCIX | 00771X815 | 6400 |
|  | &nbsp;&nbsp;Class S Shares | KCCSX | 00771X740 | 6410 |
| &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;I Shares | KCLIX | 00771X799 | 6401 |
|  | &nbsp;&nbsp;Class S Shares | KCLSX | 00771X724 | 6411 |
| &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;I Shares | KCGIX | 00771X781 | 6402 |
|  | &nbsp;&nbsp;Class S Shares | KCGSX | 00771X625 | 6412 |
| &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;I Shares | KCVIX | 00771X773 | 6403 |
|  | &nbsp;&nbsp;Class S Shares | KCVSX | 00771X658 | 6413 |
| &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;I Shares | KCSIX | 00771X765 | 6404 |
|  | &nbsp;&nbsp;Class S Shares | KCSSX | 00771X674 | 6414 |
| &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;I Shares | KCIIX | 00771X757 | 6405 |
|  | &nbsp;&nbsp;Class S Shares | KCISX | 00771X690 | 6415 |
| &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;I Shares | KCEIX | 00774Q577 | 6406 |
|  | &nbsp;&nbsp;Class S Shares | KCESX | 00774Q569 | 6416 |
| &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;I Shares | KCXIX | 00774Q544 | 6407 |
|  | &nbsp;&nbsp;Class S Shares | KCXSX | 00774Q536 | 6417 |
| &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;I Shares | KCRIX | 00774Q510 | 6408 |
|  | &nbsp;&nbsp;Class S Shares | KCRSX | 00774Q494 | 6418 |

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**General Information** 

You may generally purchase shares on any day that the NYSE is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed.

A Fund's price per share will be the next determined NAV per share after the Fund or an authorized institution (as defined below) receives and accepts your purchase order in good order. "Good order" means that the Fund was provided with a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive and accept your purchase order in good order before the close of normal trading on the NYSE. If your purchase order is not received and accepted in good order before the close of normal trading on the NYSE, you will receive the NAV calculated on the subsequent Business Day on which your order is received and accepted in good order. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

**Buying or Selling Shares through a Financial Intermediary** 

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of a Fund through accounts with financial intermediaries, such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from a Fund), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time

to process your requests and transmit them to a Fund prior to the time the Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to a Fund on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by a Fund after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its policies and procedures for transacting with a Fund. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. Your financial intermediary also may have its own rules about minimum initial investment amounts, minimum account balances, share transactions and limits on the number of share transactions you are permitted to make in a given time period. When purchasing shares through a financial intermediary, you may not benefit from certain policies and procedures of the Funds as your eligibility may be dependent upon the policies and procedures of your financial intermediary. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly and review carefully any disclosure your financial intermediary provides regarding its services and compensation.

**How the Funds Calculate NAV** 

The NAV of a class of a Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class.

In calculating NAV, each Fund generally values its investment portfolio at market price. If market prices are not readily available or they are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, securities are valued at fair value. The Board has designated the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations. The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. The respective prospectuses for the open-end investment companies in which a Fund invests explain the circumstances in which the advisers to those investment companies will use fair value pricing and the effect of fair value pricing.

There may be limited circumstances in which the Adviser would price securities at fair value for stocks of U.S. companies that are traded on U.S. exchanges – for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time a Fund calculated its NAV.

With respect to non-U.S. securities held by a Fund, the Adviser may take factors influencing specific markets or issuers into consideration in determining the fair value of a non-U.S. security. International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of any international securities owned by a Fund may be significantly affected on days when investors cannot buy or sell shares. In addition, due to the difference in times between the close of the international markets and the time as of which a Fund prices its shares, the value the Adviser assigns to securities may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices, the

Adviser may consider the performance of securities on their primary exchanges, foreign currency appreciation/depreciation, securities market movements in the United States, or other relevant information related to the securities.

When valuing fixed income securities with remaining maturities of more than 60 days, the Adviser may use the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, the Adviser may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Redeemable securities issued by open-end investment companies in which a Fund invests are valued at the investment company's applicable NAV.

Other assets for which market quotations are not readily available will be valued at their fair value as determined in good faith by the Adviser, subject to Board oversight.

**How to Sell Your Fund Shares** 

If you own your shares directly, you may sell your shares on any Business Day by contacting the Funds directly by mail or telephone at 1-844-KC-FUNDS (1-844-523-8637).

If you own your shares through an account with a broker or other institution, contact that broker or institution to sell your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

If you would like to have your redemption proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

Certain redemption requests will require a signature guarantee by an eligible guarantor institution. Eligible guarantors include commercial banks, savings and loans, savings banks, trust companies, credit unions, member firms of a national stock exchange, or any other member or participant of an approved signature guarantor program. For example, signature guarantees may be required if your address of record has changed in the last 30 days, if you want the proceeds sent to a bank other than the bank of record on your account, or if you ask that the proceeds be sent to a different person or address.

Please note that a notary public is not an acceptable provider of a signature guarantee and that the Funds must be provided with the original guarantee. Signature guarantees are for the protection of Fund shareholders. Before granting a redemption request, the Funds may require a shareholder to furnish additional legal documents to ensure proper authorization.

Accounts held by a corporation, trust, fiduciary or partnership, may require additional documentation along with a signature guaranteed letter of instruction. The Funds participate in the Paperless Legal Program (the "Program"), which eliminates the need for accompanying paper documentation on legal securities transfers. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation. Please contact Shareholder Services at 1-844-KC-FUNDS (1-844-523-8637) for more information.

The sale price of each share will be the next determined NAV after a Fund (or an authorized institution) receives and accepts your request in good order.

**By Mail** 

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) and must designate any special capacity in which they are registered.

**Regular Mail Address** 

Knights of Columbus Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

Knights of Columbus Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

**By Telephone** 

To redeem shares by telephone, you must first establish the telephone redemption privilege (and, if desired, the wire and/or ACH redemption privilege) by completing the appropriate sections of the account application. Call 1-844-KC-FUNDS (1-844-523-8637) to redeem your shares. Based on your instructions, the Funds will mail your proceeds to you, or send them to your bank via wire or ACH.

**By Systematic Withdrawal Plan (via ACH)** 

If you have a direct account with the Funds and your account balance is at least $50,000 for I Shares or $100,000 for Class S Shares, you may transfer as little as $250 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). The minimum balance requirements may be modified by the Funds in their sole discretion. To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

**Receiving Your Money** 

Normally, a Fund will send your sale proceeds within two Business Days after it receives your redemption request. A Fund, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account (may be subject to a $10 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions on your account. **If you purchase shares using a check or via ACH, and soon after request a redemption, if the** 

**check has not cleared the Funds will not consider the request to be in "good order" and will not honor the redemption request.** 

A Fund typically expects to sell portfolio assets and/or hold cash or cash equivalents to meet redemption requests. On a less regular basis, a Fund may also meet redemption requests by using short-term borrowings from its custodian and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

**Redemptions In-Kind** 

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of the Funds' remaining shareholders, the Funds might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in-kind). It is highly unlikely that your shares would ever be redeemed in-kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in-kind until they are sold.

**Involuntary Redemptions of Your Shares** 

If your aggregate Knights of Columbus Fund holdings drop below $25,000 for I Shares (unless you are a client of the Adviser who participates in, and purchases I Shares through, a fee-based investment advisory program sponsored by the Adviser or its affiliates), you may be required to sell your shares. The Funds generally will provide you at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion. If your Fund shares are redeemed for this reason within 30 days of their purchase, the redemption fee will not be applied.

**Suspension of Your Right to Sell Your Shares** 

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**How to Exchange Your Fund Shares** 

At no charge, you or your financial intermediary may exchange I Shares or Class S Shares of one Fund for I Shares or Class S Shares, respectively, of another Fund by writing to or calling the Funds. Exchanges are subject to the eligibility requirements and the fees and expenses of the Fund you exchange into.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. A Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

From time to time, the Funds may authorize or permit the conversion of shares of one class of shares for another class of shares of the same Fund, provided that certain conditions are met (such as the shareholder is eligible for the new share class or such other terms and conditions as the Funds may determine). The Funds reserve the right to modify, suspend or eliminate any share class conversion feature at any time, including to permit conversions to occur without requiring any investment minimum to be met. Following a share class conversion (or other similar shareholder transaction event), the ongoing fees and expenses of the new share class will differ from and may be higher or lower than those of the share class that you previously held.

Although the Funds expect that a conversion between share classes of the same Fund should ordinarily not result in the recognition of a gain or loss for federal income tax purposes, you should consult with your own tax adviser with respect to the federal, state and local tax treatment of your investment in a Fund and any share class conversions.

You may only exchange or convert shares between accounts with identical registrations (i.e., the same names and addresses). If you purchase shares through a financial intermediary, you may only exchange or convert into a Fund or share class which your financial intermediary sells or services. Your financial intermediary can tell you which Funds and share classes are available through the intermediary.

**Telephone Transactions** 

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they

reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Payments to Financial Intermediaries** 

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

**Shareholder Servicing Plan** 

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds' Class S Shares. The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

**Payments by the Adviser** 

From time to time, the Adviser 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, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives,

including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies** 

**Excessive Trading Policies and Procedures** 

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of a Fund may present risks to the Fund's long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of a Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Fund to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

Because certain Funds may invest in foreign securities traded primarily on markets that close prior to the time such Funds determine their NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares if the prices of the Fund's foreign securities do not reflect their fair value. Although the Adviser has procedures designed to determine the fair value of foreign securities for purposes of calculating the Funds' NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

In addition, because certain Funds invest in small- and mid-cap securities, which often trade in lower volumes and may be less liquid, these Funds may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control. The Funds' policies and procedures include:

● Shareholders are restricted from making more than 4 "round trips," into or out of a Fund within any rolling 12 month period. The Funds define a "round trip" as a purchase or exchange into a Fund by a shareholder, followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund.

● A redemption fee of 2.00% of the value of the shares sold will be imposed on shares redeemed within 30 days or less after their date of purchase (subject to certain exceptions as discussed below in "Redemption Fees").

● Each Fund reserves the right to reject any purchase or exchange request by any investor or group of investors for any reason without prior notice, including, in particular, if the Fund or the Adviser reasonably believes that the trading activity would be harmful or disruptive to the Fund.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in a Fund will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds have entered into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Funds have an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term

trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

**Redemption Fee** 

In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, each Fund charges a 2.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from a Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. In determining how long shares of a Fund have been held, the Fund assumes that shares held by the investor the longest period of time will be sold first.

The redemption fee is applicable to Fund shares purchased either directly from a Fund or through a financial intermediary, such as a broker-dealer. Transactions through financial intermediaries typically are placed with the Fund on an omnibus basis and include both purchase and sale transactions placed on behalf of multiple investors. The Funds request that financial intermediaries assess the redemption fee on customer accounts and collect and remit the proceeds to the Funds. However, the Funds recognize that due to operational and systems limitations, intermediaries' methods for tracking and calculating the fee may be inadequate or differ in some respects from the Funds'. Therefore, to the extent that financial intermediaries are unable to collect the redemption fee, a Fund may not be able to defray the expenses associated with those short-term trades made by that financial intermediary's customers.

Each Fund reserves the right to waive its redemption fee at its discretion when it believes such waiver is in the best interests of the Fund, including with respect to certain categories of redemptions that the Fund reasonably believes may not raise frequent trading or market timing concerns. These categories currently include, but are not limited to, the following: (i) participants in certain group retirement plans whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (ii) redemptions resulting from certain transfers upon the death of a shareholder; (iii) redemptions by certain pension plans as required by law or by

regulatory authorities; (iv) systematic withdrawals; and (v) retirement loans and withdrawals.

**Customer Identification and Verification** 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, a Fund will ask your name, address, date of birth, and other information that will allow the Fund to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker or financial intermediary. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Funds reserve the right to close or liquidate your account at the next-determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

**Anti-Money Laundering Program** 

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program

designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of a Fund or in cases when a Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Fund is required to withhold such proceeds.

**Unclaimed Property** 

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-844-KC-FUNDS (1-844-523-8637).

**Dividends and Distributions** 

Generally, the Funds distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at

least annually. If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution.

You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify a Fund in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after a Fund receives your written notice. To cancel your election, simply send the applicable Fund written notice.

**Taxes** 

**Please consult your tax advisor regarding your specific questions about the U.S. federal, state and local tax effects of your investment in the Funds.** Below is a summary of certain important U.S. federal income tax consequences of investing in the Funds. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an IRA 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.

Each Fund has elected and intends to qualify each year for treatment as a regulated investment company ("RIC") within the meaning of Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and net realized capital gains, if any. The dividends and distributions you receive may be subject to federal, state, and local taxation, depending upon your tax situation. Distributions you receive from each Fund may be taxable whether you receive them in cash or you reinvest them in additional shares of the Funds. Income distributions, including distributions of net short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long term capital gains and as 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). It is not anticipated

that any distributions by the Core Bond Fund or Limited Duration Fund will be eligible for the reduced tax rates applicable to qualified dividend income. In addition, certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced rates applicable to qualified dividend income. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

The Core Bond Fund and Limited Duration Fund may invest in certain municipal securities. Certain municipal securities may generate interest exempt from U.S. federal income tax. If at least 50% of the value of a Fund's total assets at the close of each quarter of its taxable years consists of debt obligations that generate interest exempt from U.S. federal income tax, then such Fund may qualify to pass through to its shareholders the tax-exempt character of its income from such debt obligations by paying tax-exempt interest dividends. The Core Bond Fund and Limited Duration Fund are not expected to qualify to invest in sufficient tax-exempt municipal securities to pass through the tax-exempt character, if any, of its income from such securities.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming

distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. Assuming a shareholder holds a Fund's shares as capital assets, the gain or loss on the sale of such Fund shares generally will be treated as a short-term capital gain or loss if the shareholder held the shares for 12 months or less or as long-term capital gain or loss if the shareholder held the shares for longer. Any loss realized upon a taxable disposition of a Fund's shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to such Fund's shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the IRS and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Funds (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund shares, the Funds will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Funds will use the average cost basis method as the default cost basis method. The cost basis method elected by a Fund's shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund 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 how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or

other adjustments that are required when reporting these amounts on their federal income tax returns.

To the extent 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 would 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.

The Real Estate Fund and the U.S. All Cap Index Fund may each invest in U.S. REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Real Estate Fund or the U.S. All Cap Index Fund to their shareholders that are attributable to qualified REIT dividends received by the Real Estate Fund or the U.S. All Cap Index Fund and which the Real Estate Fund or the U.S. All Cap Index Fund properly report 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 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. The Real Estate Fund and the U.S. All Cap Index Fund are permitted to report such part of their dividends as Section 199A dividends as are eligible but they are not required to do so.

U.S. REITs in which the Real Estate Fund or the U.S. All Cap Index Fund invest often do not provide complete and final tax information to the Real Estate Fund and the U.S. All Cap Index Fund until after the time that the Real Estate Fund and the U.S. All Cap Index Fund issue a tax reporting statement. As a result, the Real Estate Fund and the U.S. All Cap Index Fund may at times find it necessary to reclassify the amount and character of their distributions to you after they issue your tax

reporting statement. When such reclassification is necessary, the Real Estate Fund and the U.S. All Cap Index Fund (or their administrative agents) 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.

Certain of the Funds' investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, and notional principal contracts) that, among other things, may affect a Fund's ability to qualify as a RIC, affect the character of gains and losses realized by a Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to a Fund and defer losses and, in limited cases, subject a Fund to U.S. federal income tax on income from certain of its foreign securities.

The Real Estate Fund may write covered call options. Covered call options are subject to complex federal tax rules that: (1) limit the allowance of certain losses or deductions by the Real Estate Fund; (2) convert the Real Estate Fund's long-term capital gains into short-term capital gains or ordinary income taxed at higher rates; (3) convert the Real Estate Fund's ordinary losses or deductions into capital losses, the deductibility of which are more limited; and/or (4) cause the Real Estate Fund to recognize income or gains without a corresponding receipt of cash.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is included in the SAI.** 

**Additional Information** 

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers

or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

Each Fund reserves the right to discontinue offering shares at any time or to cease operations and liquidate at any time.

The Funds are not authorized or sponsored by the Roman Catholic Church or the USCCB.

"Bloomberg<sup>®</sup>" and the Bloomberg indices referenced herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Knights of Columbus Asset Advisors as the investment adviser to the Funds. Bloomberg is not affiliated with Knights of Columbus Asset Advisors, and Bloomberg does not approve, endorse, review or recommend the U.S. All Cap Index Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the U.S. All Cap Index Fund.

Prior to December 30, 2024, the U.S. All Cap Index Fund's index was the Knights of Columbus U.S. All Cap Index<sup>®</sup> (the "Prior Index"), which was calculated and administered by Solactive AG ("Solactive"). The U.S. All Cap Index Fund is not sponsored, promoted, sold or supported in any other manner by Solactive nor does Solactive offer any express or implicit guarantee or assurance either with regard to the results of using the Prior Index and/or Prior Index trade mark or the Prior Index price at any time or in any other respect. The Prior Index is calculated and published by Solactive. Solactive uses its best efforts to ensure that the Prior Index is calculated correctly. Irrespective of its obligations towards the U.S. All Cap Index Fund, Solactive has no obligation to point out errors in the Prior Index to third parties including but not limited to investors and/or financial intermediaries of the U.S. All Cap Index Fund. Neither publication of the Prior Index

by Solactive nor the licensing of the Prior Index or Prior Index trade mark for the purpose of use in connection with the U.S. All Cap Index Fund constitutes a recommendation by Solactive to invest capital in the U.S. All Cap Index Fund nor does it in any way represent an assurance or opinion of Solactive with regard to any investment in the U.S. All Cap Index Fund.

**Financial Highlights** 

The financial highlights tables are intended to help you understand each Fund's financial performance for the past five fiscal years or the period of the Fund's operations, as applicable. Some of this information reflects financial information for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The information provided below has been audited by PricewaterhouseCoopers LLP, independent registered public accounting firm of the Funds. The financial statements and the unqualified opinion of PricewaterhouseCoopers LLP are included in the Funds' Form N-CSR filing for the fiscal year ending October 31, 2025, and are available upon request by calling the Funds at 1-844-KC-FUNDS (1-844-523-8637).

Because Class S Shares of the Long/Short Equity Fund, U.S. All Cap Index Fund and Real Estate Fund had not commenced operations during the fiscal year ended October 31, 2025, financial highlights are not available.

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** | &nbsp;&nbsp;**Core Bond Fund** |
| &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;2025 | $8.72 | $0.37 | $0.16 | $0.53 | $(0.34) | $— | $— | $(0.34) | $— | <sup>#</sup> | $8.91 | 6.27% | $336528 | 0.50% | 0.57% | 4.26% | 36% |
| &nbsp;&nbsp;2024 | $8.22 | $0.33 | $0.48 | $0.81 | $(0.31) | $— | $— | $(0.31) | $— | <sup>#</sup> | $8.72 | 9.92% | $236382 | 0.50% | 0.58% | 3.80% | 48% |
| &nbsp;&nbsp;2023 | $8.48 | $0.28 | $(0.27) | $0.01 | $(0.27) | $— | $— | $(0.27) | $— | <sup>#</sup> | $8.22 | 0.04% | $182735 | 0.50% | 0.62% | 3.27% | 19% |
| &nbsp;&nbsp;2022 | $10.43 | $0.23 | $(1.95) | $(1.72) | $(0.23) | $— | $— | $(0.23) | $— | <sup>#</sup> | $8.48 | (16.68)% | $145334 | 0.50% | 0.66% | 2.48% | 50% |
| &nbsp;&nbsp;2021 | $10.61 | $0.23 | $(0.11) | $0.12 | $(0.24) | $(0.06) | $— | $(0.30) | $— | <sup>#</sup> | $10.43 | 1.12% | $136400 | 0.50% | 0.71% | 2.17% | 24% |
| &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** |
| &nbsp;&nbsp;2025 | $8.71 | $0.36 | $0.16 | $0.52 | $(0.34) | $— | $— | $(0.34) | $— |  | $8.89 | 6.05% | $972 | 0.60% | 0.67% | 4.15% | 36% |
| &nbsp;&nbsp;2024 | $8.21 | $0.32 | $0.48 | $0.80 | $(0.30) | $— | $— | $(0.30) | $— |  | $8.71 | 9.83% | $951 | 0.60% | 0.68% | 3.69% | 48% |
| &nbsp;&nbsp;2023 | $8.48 | $0.27 | $(0.28) | $(0.01) | $(0.26) | $— | $— | $(0.26) | $— |  | $8.21 | (0.18)% | $842 | 0.60% | 0.72% | 3.15% | 19% |
| &nbsp;&nbsp;2022 | $10.41 | $0.22 | $(1.93) | $(1.71) | $(0.22) | $— | $— | $(0.22) | $— |  | $8.48 | (16.60)% | $883 | 0.60% | 0.76% | 2.35% | 50% |
| &nbsp;&nbsp;2021 | $10.60 | $0.22 | $(0.12) | $0.10 | $(0.23) | $(0.06) | $— | $(0.29) | $— |  | $10.41 | 0.92% | $1155 | 0.60% | 0.82% | 2.07% | 24% |

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** | &nbsp;&nbsp;**Limited Duration Fund** |
| &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;2025 | $9.70 | $0.42 | $0.07 | $0.49 | $(0.41) | $— | $— | $(0.41) | $— | <sup>#</sup> | $9.78 | 5.18% | $236026 | 0.50% | 0.59% | 4.30% | 60% |
| &nbsp;&nbsp;2024 | $9.50 | $0.39 | $0.18 | $0.57 | $(0.37) | $— | $— | $(0.37) | $— | <sup>#</sup> | $9.70 | 6.11% | $181825 | 0.50% | 0.58% | 3.99% | 82% |
| &nbsp;&nbsp;2023 | $9.41 | $0.26 | $0.06 | $0.32 | $(0.23) | $— | $— | $(0.23) | $— | <sup>#</sup> | $9.50 | 3.46% | $183690 | 0.50% | 0.62% | 2.69% | 50% |
| &nbsp;&nbsp;2022 | $10.02 | $0.12 | $(0.61) | $(0.49) | $(0.11) | $(0.01) | $— | $(0.12) | $— | <sup>#</sup> | $9.41 | (4.94)% | $142559 | 0.50% | 0.66% | 1.22% | 46% |
| &nbsp;&nbsp;2021 | $10.09 | $0.11 | $(0.07) | $0.04 | $(0.11) | $— | $— | $(0.11) | $— | <sup>#</sup> | $10.02 | 0.43% | $139004 | 0.50% | 0.71% | 1.05% | 59% |
| &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** |
| &nbsp;&nbsp;2025 | $9.70 | $0.41 | $0.06 | $0.47 | $(0.40) | $— | $— | $(0.40) | $— |  | $9.77 | 4.97% | $81 | 0.60% | 0.69% | 4.20% | 60% |
| &nbsp;&nbsp;2024 | $9.50 | $0.36 | $0.20 | $0.56 | $(0.36) | $— | $— | $(0.36) | $— |  | $9.70 | 5.98% | $68 | 0.60% | 0.68% | 3.73% | 82% |
| &nbsp;&nbsp;2023 | $9.41 | $0.24 | $0.07 | $0.31 | $(0.22) | $— | $— | $(0.22) | $— |  | $9.50 | 3.36% | $230 | 0.60% | 0.72% | 2.55% | 50% |
| &nbsp;&nbsp;2022 | $10.02 | $0.11 | $(0.61) | $(0.50) | $(0.10) | $(0.01) | $— | $(0.11) | $— |  | $9.41 | (5.03)% | $213 | 0.60% | 0.76% | 1.13% | 46% |
| &nbsp;&nbsp;2021 | $10.09 | $0.10 | $(0.07) | $0.03 | $(0.10) | $— | $— | $(0.10) | $— |  | $10.02 | 0.33% | $79 | 0.60% | 0.81% | 0.97% | 59% |

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** | &nbsp;&nbsp;**Large Cap Growth Fund** |
| &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;2025 | $20.04 | $— | $5.55 | $5.55 | $(0.01) | $(0.12) | $— | $(0.13) | $— | <sup>#</sup> | $25.46 | 27.79% | $281868 | 0.75% | 0.75% | (0.01)% | 43% |
| &nbsp;&nbsp;2024 | $14.31 | $0.02 | $5.74 | $5.76 | $(0.03) | $— | $— | $(0.03) | $— | <sup>#</sup> | $20.04 | 40.23% | $228349 | 0.76% | 0.76% | 0.13% | 44% |
| &nbsp;&nbsp;2023 | $12.29 | $0.03 | $2.01 | $2.04 | $(0.01) | $— | $(0.01) | $(0.02) | $— | <sup>#</sup> | $14.31 | 16.63% | $155288 | 0.90%<sup>(2)</sup> | 0.81% | 0.19% | 44% |
| &nbsp;&nbsp;2022 | $19.58 | $(0.02) | $(4.85) | $(4.87) | $— | $(2.42) | $— | $(2.42) | $— | <sup>#</sup> | $12.29 | (28.36)% | $116416 | 0.90%<sup>(2)</sup> | 0.87% | (0.15)% | 38% |
| &nbsp;&nbsp;2021 | $15.42 | $(0.05) | $5.14 | $5.09 | $— | $(0.93) | $— | $(0.93) | $— | <sup>#</sup> | $19.58 | 34.10% | $138704 | 0.90% | 0.89% | (0.28)% | 78% |
| &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** |
| &nbsp;&nbsp;2025 | $19.92 | $(0.02) | $5.51 | $5.49 | $— | $(0.12) | $— | $(0.12) | $— |  | $25.29 | 27.66% | $2866 | 0.85% | 0.85% | (0.11)% | 43% |
| &nbsp;&nbsp;2024 | $14.23 | $0.01 | $5.69 | $5.70 | $(0.01) | $— | $— | $(0.01) | $— |  | $19.92 | 40.06% | $2321 | 0.86% | 0.86% | 0.03% | 44% |
| &nbsp;&nbsp;2023 | $12.23 | $0.01 | $2.01 | $2.02 | $(0.02) | $— | $— | $(0.02) | $— |  | $14.23 | 16.49% | $1513 | 1.00%<sup>(2)</sup> | 0.91% | 0.09% | 44% |
| &nbsp;&nbsp;2022 | $19.50 | $(0.04) | $(4.81) | $(4.85) | $— | $(2.42) | $— | $(2.42) | $— |  | $12.23 | (28.39)% | $1163 | 1.00%<sup>(2)</sup> | 0.97% | (0.26)% | 38% |
| &nbsp;&nbsp;2021 | $15.38 | $(0.07) | $5.12 | $5.05 | $— | $(0.93) | $— | $(0.93) | $— |  | $19.50 | 33.93% | $1625 | 1.00% | 0.99% | (0.37)% | 78% |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** | &nbsp;&nbsp;**Large Cap Value Fund** |
| &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;2025 | $18.41 | $0.28 | $1.74 | $2.02 | $(0.28) | $(1.36) | $— | $(1.64) | $— | <sup>#</sup> | $18.79 | 12.00% | $293388 | 0.75% | 0.75% | 1.56% | 53% |
| &nbsp;&nbsp;2024 | $13.93 | $0.24 | $4.47 | $4.71 | $(0.23) | $— | $— | $(0.23) | $— | <sup>#</sup> | $18.41 | 33.92% | $234165 | 0.76% | 0.76% | 1.43% | 36% |
| &nbsp;&nbsp;2023 | $14.29 | $0.19 | $0.26 | $0.45 | $(0.19) | $(0.62) | $— | $(0.81) | $— | <sup>#</sup> | $13.93 | 3.30% | $155484 | 0.90%<sup>(2)</sup> | 0.81% | 1.34% | 37% |
| &nbsp;&nbsp;2022 | $16.26 | $0.17 | $(1.21) | $(1.04) | $(0.16) | $(0.77) | $— | $(0.93) | $— | <sup>#</sup> | $14.29 | (6.73)% | $137408 | 0.90%<sup>(2)</sup> | 0.84% | 1.15% | 36% |
| &nbsp;&nbsp;2021 | $11.22 | $0.11 | $5.06 | $5.17 | $(0.13) | $— | $— | $(0.13) | $— | <sup>#</sup> | $16.26 | 46.23% | $125076 | 0.90% | 0.90% | 0.75% | 24% |
| &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** |
| &nbsp;&nbsp;2025 | $18.41 | $0.26 | $1.73 | $1.99 | $(0.26) | $(1.36) | $— | $(1.62) | $— |  | $18.78 | 11.84% | $481 | 0.85% | 0.85% | 1.48% | 53% |
| &nbsp;&nbsp;2024 | $13.93 | $0.23 | $4.46 | $4.69 | $(0.21) | $— | $— | $(0.21) | $— |  | $18.41 | 33.79% | $489 | 0.86% | 0.86% | 1.34% | 36% |
| &nbsp;&nbsp;2023 | $14.29 | $0.18 | $0.25 | $0.43 | $(0.17) | $(0.62) | $— | $(0.79) | $— |  | $13.93 | 3.20% | $428 | 1.00%<sup>(2)</sup> | 0.91% | 1.25% | 37% |
| &nbsp;&nbsp;2022 | $16.26 | $0.16 | $(1.22) | $(1.06) | $(0.14) | $(0.77) | $— | $(0.91) | $— |  | $14.29 | (6.83)% | $419 | 1.00%<sup>(2)</sup> | 0.94% | 1.05% | 36% |
| &nbsp;&nbsp;2021 | $11.22 | $0.10 | $5.06 | $5.16 | $(0.12) | $— | $— | $(0.12) | $— |  | $16.26 | 46.09% | $478 | 1.00% | 1.00% | 0.67% | 24% |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** | &nbsp;&nbsp;**Small Cap Fund** |
| &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;2025 | $14.04 | $0.04 | $1.10 | $1.14 | $(0.07) | $(1.07) | $— | $(1.14) | $— | <sup>#</sup> | $14.04 | 8.64% | $167978 | 0.90% | 0.90% | 0.31% | 66% |
| &nbsp;&nbsp;2024 | $10.82 | $0.05 | $3.40 | $3.45 | $(0.08) | $(0.15) | $— | $(0.23) | $— | <sup>#</sup> | $14.04 | 32.20% | $152247 | 0.90% | 0.90% | 0.40% | 71% |
| &nbsp;&nbsp;2023 | $11.30 | $0.07 | $(0.36) | $(0.29) | $(0.10) | $(0.09) | $— | $(0.19) | $— | <sup>#</sup> | $10.82 | (2.58)% | $123126 | 0.98%<sup>(2)</sup> | 0.94% | 0.64% | 49% |
| &nbsp;&nbsp;2022 | $15.54 | $0.03 | $(2.65) | $(2.62) | $(0.03) | $(1.59) | $— | $(1.62) | $— | <sup>#</sup> | $11.30 | (18.59)% | $122389 | 1.05%<sup>(2)</sup> | 0.97% | 0.23% | 38% |
| &nbsp;&nbsp;2021 | $10.04 | $(0.05) | $5.55 | $5.50 | $— | $— | $— | $— | $— | <sup>#</sup> | $15.54 | 54.78% | $129178 | 1.05% | 1.02% | (0.32)% | 61% |
| &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** |
| &nbsp;&nbsp;2025 | $13.97 | $0.03 | $1.10 | $1.13 | $(0.06) | $(1.07) | $— | $(1.13) | $— |  | $13.97 | 8.59% | $119 | 1.00% | 1.00% | 0.21% | 66% |
| &nbsp;&nbsp;2024 | $10.77 | $0.04 | $3.38 | $3.42 | $(0.07) | $(0.15) | $— | $(0.22) | $— |  | $13.97 | 32.07% | $100 | 1.00% | 1.00% | 0.27% | 71% |
| &nbsp;&nbsp;2023 | $11.25 | $0.06 | $(0.36) | $(0.30) | $(0.09) | $(0.09) | $— | $(0.18) | $— |  | $10.77 | (2.69)% | $60 | 1.08%<sup>(2)</sup> | 1.04% | 0.54% | 49% |
| &nbsp;&nbsp;2022 | $15.47 | $0.01 | $(2.62) | $(2.61) | $(0.02) | $(1.59) | $— | $(1.61) | $— | <sup>#</sup> | $11.25 | (18.61)% | $61 | 1.13%<sup>(2)</sup> | 1.05% | 0.06% | 38% |
| &nbsp;&nbsp;2021 | $10.01 | $(0.06) | $5.52 | $5.46 | $— | $— | $— | $— | $— |  | $15.47 | 54.55% | $740 | 1.15% | 1.12% | (0.43)% | 61% |

---

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital |  | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** |
| &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** | &nbsp;&nbsp;**I Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;2025 | $12.76 | $0.25 | $2.51 | $2.76 | $(0.34) | $— | $— |  | $(0.34) | $— | <sup>#</sup> | $15.18 | 21.92% | $246367 | 1.10%<sup>(2)</sup> | 1.08% | 1.86% | 50% |
| &nbsp;&nbsp;2024 | $10.50 | $0.24 | $2.28 | $2.52 | $(0.26) | $— | $— |  | $(0.26) | $— | <sup>#</sup> | $12.76 | 24.06% | $196056 | 1.10%<sup>(2)</sup> | 1.08% | 1.95% | 39% |
| &nbsp;&nbsp;2023 | $9.58 | $0.22 | $0.89 | $1.11 | $(0.19) | $— | $— |  | $(0.19) | $— | <sup>#</sup> | $10.50 | 11.49% | $149143 | 1.10% | 1.13% | 1.95% | 47% |
| &nbsp;&nbsp;2022 | $14.58 | $0.27 | $(3.85) | $(3.58) | $(0.27) | $(1.15) | $— | <sup>#</sup> | $(1.42) | $— |  | $9.58 | (26.80)% | $122313 | 1.10% | 1.16% | 2.34% | 50% |
| &nbsp;&nbsp;2021 | $11.05 | $0.17 | $3.50 | $3.67 | $(0.14) | $— | $— |  | $(0.14) | $— | <sup>#</sup> | $14.58 | 33.26% | $150545 | 1.10% | 1.21% | 1.21% | 55% |
| &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** | &nbsp;&nbsp;**Class S Shares** |
| &nbsp;&nbsp;2025 | $12.72 | $0.22 | $2.50 | $2.72 | $(0.32) | $— | $— |  | $(0.32) | $— |  | $15.12 | 21.72% | $374 | 1.20%<sup>(2)</sup> | 1.19% | 1.61% | 50% |
| &nbsp;&nbsp;2024 | $10.46 | $0.19 | $2.31 | $2.50 | $(0.24) | $— | $— |  | $(0.24) | $— |  | $12.72 | 24.02% | $128 | 1.20%<sup>(2)</sup> | 1.18% | 1.58% | 39% |
| &nbsp;&nbsp;2023 | $9.55 | $0.20 | $0.89 | $1.09 | $(0.18) | $— | $— |  | $(0.18) | $— |  | $10.46 | 11.32% | $163 | 1.20% | 1.23% | 1.84% | 47% |
| &nbsp;&nbsp;2022 | $14.54 | $0.27 | $(3.85) | $(3.58) | $(0.26) | $(1.15) | $— | <sup>#</sup> | $(1.41) | $— |  | $9.55 | (26.88)% | $143 | 1.20% | 1.26% | 2.32% | 50% |
| &nbsp;&nbsp;2021 | $11.02 | $0.16 | $3.49 | $3.65 | $(0.13) | $— | $— |  | $(0.13) | $— |  | $14.54 | 33.16% | $108 | 1.20% | 1.31% | 1.14% | 55% |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio of Net <br> Investment <br> Income <br> (Loss) to <br> Average Net <br> Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** | &nbsp;&nbsp;**Long/Short Equity Fund** |
| &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** |
| &nbsp;&nbsp;2025 | $11.69 | $0.21 | $0.53 | $0.74 | $(0.22) | $— | $— | $(0.22) | $— | <sup>#</sup> | $12.21 | 6.38% | $179011 | 1.93%<sup>(2)(3)(4)</sup> | 1.88%<sup>(3)(4)</sup> | 1.77%<sup>(3)(5)</sup> | 110% |
| &nbsp;&nbsp;2024 | $10.54 | $0.29 | $1.14 | $1.43 | $(0.28) | $— | $— | $(0.28) | $— | <sup>#</sup> | $11.69 | 13.72% | $136005 | 1.85%<sup>(2)(4)(6)</sup> | 1.81%<sup>(4)(6)</sup> | 2.55%<sup>(5)(6)</sup> | 51% |
| &nbsp;&nbsp;2023 | $11.33 | $0.25 | $(0.09) | $0.16 | $(0.23) | $(0.72) | $— | $(0.95) | $— | <sup>#</sup> | $10.54 | 1.52% | $88624 | 2.03%<sup>(2)(4)(7)</sup> | 2.05%<sup>(4)</sup> | 2.38%<sup>(5)</sup> | 119% |
| &nbsp;&nbsp;2022 | $9.66 | $0.05 | $1.64 | $1.69 | $(0.02) | $— | $— | $(0.02) | $— | <sup>#</sup> | $11.33 | 17.55% | $66502 | 2.06%<sup>(4)(7)</sup> | 2.15%<sup>(4)</sup> | 0.45%<sup>(5)</sup> | 128% |
| &nbsp;&nbsp;2021 | $8.61 | $(0.10) | $1.15 | $1.05 | $— | $— | $— | $— | $— | <sup>#</sup> | $9.66 | 12.20% | $33305 | 2.28%<sup>(4)(8)</sup> | 2.65%<sup>(4)(8)</sup> | (1.06)%<sup>(5)(8)</sup> | 97% |

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** | &nbsp;&nbsp;**U.S. All Cap Index Fund** |
| &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** |
| &nbsp;&nbsp;2025 | $17.60 | $0.19 | $3.67 | $3.86 | $(0.20) | $(0.27) | $— | $(0.47) | $— | <sup>#</sup> | $20.99 | 22.35% | $289107 | 0.25% | 0.46% | 1.04% | 13% |
| &nbsp;&nbsp;2024 | $12.80 | $0.19 | $4.89 | $5.08 | $(0.19) | $(0.09) | $— | $(0.28) | $— | <sup>#</sup> | $17.60 | 39.93% | $188056 | 0.25% | 0.43% | 1.20% | 3% |
| &nbsp;&nbsp;2023 | $11.84 | $0.18 | $0.97 | $1.15 | $(0.18) | $(0.01) | $— | $(0.19) | $— | <sup>#</sup> | $12.80 | 9.68% | $104049 | 0.25% | 0.60% | 1.42% | 8% |
| &nbsp;&nbsp;2022 | $14.76 | $0.16 | $(2.85) | $(2.69) | $(0.15) | $(0.08) | $— | $(0.23) | $— | <sup>#</sup> | $11.84 | (18.39)% | $64355 | 0.25% | 0.60% | 1.24% | 4% |
| &nbsp;&nbsp;2021 | $10.18 | $0.15 | $4.57 | $4.72 | $(0.14) | $— | $— | $(0.14) | $— |  | $14.76 | 46.61% | $40493 | 0.25% | 0.96% | 1.12% | 5% |

---

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* | *Selected Per Share Data & Ratios<br> For a Share Outstanding Throughout Each Year* |
|  | Net Asset <br> Value, <br> Beginning <br> of Period | Net <br> Investment <br> Income <br> (Loss)\* | Net Realized <br> and <br> Unrealized <br> Gain <br> (Loss) on <br> Investments | Total from <br> Operations | Distributions <br> from Net <br> Investment <br> Income | Distributions <br> from Net <br> Realized <br> Capital <br> Gains | Return of <br> Capital | Total <br> Distributions | Redemption <br> Fees\*\* |  | Net Asset <br> Value, End <br> of Period | Total <br> Return <sup>†</sup> | Net Assets, <br> End of <br> Period <br> (000) | Ratio of <br> Expenses to <br> Average Net <br> Assets (including <br> waivers and <br> reimbursements) | Ratio of <br> Expenses <br> to Average <br> Net Assets <br> (excluding <br> waivers and <br> reimbursements) | Ratio <br> of Net <br> Investment <br> Income <br> (Loss) to <br> Average <br> Net Assets | Portfolio <br> Turnover <br> Rate <sup>†</sup> |
| &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**Real Estate Fund** |
| &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** | &nbsp;&nbsp;**I Shares** |
| &nbsp;&nbsp;2025 | $8.67 | $0.15 | $(0.63) | $(0.48) | $(0.24) | $— | $— | $(0.24) | $— | <sup>#</sup> | $7.95 | (5.52)% | $145370 | 1.00%<sup>(2)</sup> | 0.97% | 1.87% | 70% |
| &nbsp;&nbsp;2024 | $6.78 | $0.17 | $1.89 | $2.06 | $(0.15) | $— | $(0.02) | $(0.17) | $— |  | $8.67 | 30.53% | $152182 | 1.00% | 1.03% | 2.10% | 114% |
| &nbsp;&nbsp;2023 | $8.29 | $0.14 | $(0.80) | $(0.66) | $(0.18) | $(0.65) | $(0.02) | $(0.85) | $— |  | $6.78 | (8.90)% | $118750 | 1.00% | 1.05% | 1.75% | 88% |
| &nbsp;&nbsp;2022 | $11.97 | $0.09 | $(1.49) | $(1.40) | $(0.15) | $(2.13) | $— | $(2.28) | $— | <sup>#</sup> | $8.29 | (15.77)% | $120537 | 1.00% | 1.07% | 0.94% | 132% |
| &nbsp;&nbsp;2021 | $8.88 | $0.10 | $3.35 | $3.45 | $(0.17) | $(0.19) | $— | $(0.36) | $— |  | $11.97 | 39.65% | $119877 | 1.00% | 1.16% | 0.94% | 231% |

---

\* Per share data calculated using the average shares method.

\*\* See Note 2 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;† Total return and portfolio turnover rate are for the period indicated and have not been annualized. Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Amount is less than $0.005. 

<sup>(1)</sup> Effective February 25, 2021, Investor Shares Class were converted to I Shares Class of the Fund.

<sup>(2)</sup> Ratios include previously waived investment advisory fees recovered.

<sup>(3)</sup> The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.47%, 1.42% and 2.22%. 

<sup>(4)</sup> The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(5)</sup> Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the Fund invest.

<sup>(6)</sup> The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%, 1.46% and 2.90%. 

<sup>(7)</sup> The expense ratio includes dividend expense. Had this expense been excluded the ratios would have been 1.50%. 

<sup>(8)</sup> The expense ratio includes dividend and interest expense. Had this expense been excluded the ratios would have been 1.50%, 1.86% and (1.85)%. 

Amounts designated as "—" are $0 or have been rounded to $0.

The Advisors' Inner Circle Fund III

**Knights of Columbus Funds** 

---

| | |
|:---|:---|
| **Investment Adviser** <br>**Knights of Columbus Asset Advisors LLC** <br> One Columbus Plaza<br> New Haven, Connecticut 06510 <br>**Sub-Adviser** <br>(Long/Short Equity Fund and U.S. All Cap Index Fund)<br> **L2 Asset Management, LLC**<br> 66 Glezen Lane<br> Wayland, Massachusetts 01778 | **Distributor** <br>**SEI Investments Distribution Co.**<br> One Freedom Valley Drive<br> Oaks, Pennsylvania 19456 <br>**Legal Counsel** <br>**Morgan, Lewis & Bockius LLP**<br> 2222 Market Street<br> Philadelphia, Pennsylvania 19103 |

---

*More information about the Funds is available, without charge, through the following:* 

**Statement of Additional Information ("SAI"):** The SAI, dated March 1, 2026, as it may be amended from time to time, includes detailed information about the Funds and The Advisors' Inner Circle Fund III. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

**Annual and Semi-Annual Reports:** Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

**To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:** 

---

| | |
|:---|:---|
| ***By Telephone:*** | 1-844-KC-FUNDS (1-844-523-8637) |
| ***By Mail:*** | Knights of Columbus Funds<br> P.O. Box 219009<br> Kansas City, Missouri 64121-9009 |
| ***By Internet:*** | www.kofcassetadvisors.org |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about The Advisors' Inner Circle Fund III, from the EDGAR Database on the SEC's website at: https://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

*The Trust's Investment Company Act registration number is 811-22920.* 

KOC-PS-001-1300

**STATEMENT OF ADDITIONAL INFORMATION**

**KNIGHTS OF COLUMBUS CORE BOND FUND**

**(Class S Shares: KCCSX)**

**(I Shares: KCCIX)**

**KNIGHTS OF COLUMBUS LIMITED DURATION FUND**

**(Class S Shares: KCLSX)**

**(I Shares: KCLIX)**

**KNIGHTS OF COLUMBUS LARGE CAP GROWTH FUND**

**(Class S Shares: KCGSX)**

**(I Shares: KCGIX)**

**KNIGHTS OF COLUMBUS LARGE CAP VALUE FUND**

**(Class S Shares: KCVSX)**

**(I Shares: KCVIX)**

**KNIGHTS OF COLUMBUS SMALL CAP FUND**

**(Class S Shares: KCSSX)**

**(I Shares: KCSIX)**

**KNIGHTS OF COLUMBUS INTERNATIONAL EQUITY FUND**

**(Class S Shares: KCISX)**

**(I Shares: KCIIX)**

**KNIGHTS OF COLUMBUS LONG/SHORT EQUITY FUND**

**(Class S Shares: KCESX)**

**(I Shares: KCEIX)**

**KNIGHTS OF COLUMBUS U.S. ALL CAP INDEX FUND**

**(Class S Shares: KCXSX)**

**(I Shares: KCXIX)**

**KNIGHTS OF COLUMBUS REAL ESTATE FUND**

**(Class S Shares: KCRSX)**

**(I Shares: KCRIX)**

**each, a series of**

**THE ADVISORS' INNER CIRCLE FUND III**

**March 1, 2026**

**Investment Adviser:**

**Knights of Columbus Asset Advisors LLC**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of The Advisors' Inner Circle Fund III (the "Trust") and the Knights of Columbus Core Bond Fund (the "Core Bond Fund"), the Knights of Columbus Limited Duration Fund (the "Limited Duration Fund"), the Knights of Columbus Large Cap Growth Fund (the "Large Cap Growth Fund"), the Knights of Columbus Large Cap Value Fund (the "Large Cap Value Fund"), the Knights of Columbus Small Cap Fund (the "Small Cap Fund"), the Knights of Columbus International Equity Fund (the "International Equity Fund"), the Knights of Columbus Long/Short Equity Fund (the "Long/Short Equity Fund"), the Knights of Columbus U.S. All Cap Index Fund (the "U.S. All Cap Index Fund") and the Knights of Columbus Real Estate Fund (the "Real Estate Fund") (each, a "Fund" and collectively, the "Funds"). This SAI is incorporated by reference into and should be read in conjunction with the Funds' prospectus dated March 1, 2026, as it may be amended from time to time (the "Prospectus"). Capitalized terms not defined herein are defined in the Prospectus. [The Funds' audited financial statements dated October 31, 2025, including notes thereto and the report of the Funds' independent registered public accounting firm thereon, are included in the most recent Form N-CSR for the Funds, and are incorporated by reference into this SAI](https://www.sec.gov/ix?doc=/Archives/edgar/data/1593547/000139834426000350/fp0096593-1_ncsrixbrl.htm). Shareholders may obtain copies of the Prospectus, the Funds' annual or semi-annual reports, and other information such as the Funds' financial statements, free of charge by writing to the Funds at Knights of Columbus Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Knights of Columbus Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or calling the Funds toll-free at 1-844-KC-FUNDS (1-844-523-8637).

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| [THE TRUST](#koc-sai_001) | [S-1](#koc-sai_001) |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#koc-sai_002) | [S-2](#koc-sai_002) |
| [INVESTMENT LIMITATIONS](#koc-sai_003) | [S-44](#koc-sai_003) |
| [THE ADVISER AND SUB-ADVISER](#koc-sai_004) | [S-46](#koc-sai_004) |
| [THE PORTFOLIO MANAGERS](#koc-sai_005) | [S-50](#koc-sai_005) |
| [THE ADMINISTRATOR](#koc-sai_006) | [S-53](#koc-sai_006) |
| [THE DISTRIBUTOR](#koc-sai_007) | [S-54](#koc-sai_007) |
| [PAYMENTS TO FINANCIAL INTERMEDIARIES](#koc-sai_008) | [S-54](#koc-sai_008) |
| [THE TRANSFER AGENT](#koc-sai_009) | [S-55](#koc-sai_009) |
| [THE CUSTODIAN](#koc-sai_010) | [S-55](#koc-sai_010) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#koc-sai_011) | [S-56](#koc-sai_011) |
| [LEGAL COUNSEL](#koc-sai_012) | [S-56](#koc-sai_012) |
| [SECURITIES LENDING](#koc-sai_013) | [S-56](#koc-sai_013) |
| [FINANCIAL INDUSTRY RELATIONSHIPS](#koc-sai_034) | [S-56](#koc-sai_034) |
| [TRUSTEES AND OFFICERS OF THE TRUST](#koc-sai_014) | [S-56](#koc-sai_014) |
| [PURCHASING AND REDEEMING SHARES](#koc-sai_015) | [S-67](#koc-sai_015) |
| [DETERMINATION OF NET ASSET VALUE](#koc-sai_016) | [S-68](#koc-sai_016) |
| [TAXES](#koc-sai_033) | [S-70](#koc-sai_033) |
| [FUND TRANSACTIONS](#koc-sai_018) | [S-81](#koc-sai_018) |
| [PORTFOLIO HOLDINGS](#koc-sai_019) | [S-84](#koc-sai_019) |
| [DESCRIPTION OF SHARES](#koc-sai_020) | [S-86](#koc-sai_020) |
| [LIMITATION OF TRUSTEES' LIABILITY](#koc-sai_021) | [S-86](#koc-sai_021) |
| [PROXY VOTING](#koc-sai_022) | [S-87](#koc-sai_022) |
| [CODES OF ETHICS](#koc-sai_023) | [S-87](#koc-sai_023) |
| [PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#koc-sai_024) | [S-87](#koc-sai_024) |
| [APPENDIX A – DESCRIPTION OF RATINGS](#koc-sai_025) | [A-1](#koc-sai_025) |
| [APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES](#koc-sai_026) | [B-1](#koc-sai_026) |

---

March 1, 2026 KOC-SX-001-1200

**THE TRUST**

**General.** Each Fund is a separate series of the Trust. The Trust is an open-end investment management company established under Delaware law as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013, as amended September 10, 2020 (the "Declaration of Trust"). The Declaration of Trust permits the Trust to offer separate series ("funds") of shares of beneficial interest ("shares"). The Trust reserves the right to create and issue shares of additional funds. Each fund is a separate mutual fund or exchange-traded fund ("ETF"), and each share of each fund represents an equal proportionate interest in that fund. All consideration received by the Trust for shares of any fund, and all assets of such fund, belong solely to that fund and would be subject to any liabilities related thereto. Each fund of the Trust pays its (i) operating expenses, including fees of its service providers, expenses of preparing prospectuses, proxy solicitation material and reports to shareholders, costs of custodial services and registering its shares under federal and state securities laws, pricing and insurance expenses, brokerage costs, interest charges, taxes and organization expenses and (ii) pro rata share of the fund's other expenses, including audit and legal expenses. Expenses attributable to a specific fund shall be payable solely out of the assets of that fund. Expenses not attributable to a specific fund are allocated across all of the funds on the basis of relative net assets. The other funds of the Trust are described in one or more separate statements of additional information.

**Description of Multiple Classes of Shares.** The Trust is authorized to offer shares of the Funds in I Shares and Class S Shares. The different classes provide for variations in shareholder servicing fees and minimum investment requirements. Minimum investment requirements and investor eligibility are described in the Prospectus. For more information on shareholder servicing expenses, see "Payments to Financial Intermediaries" in this SAI. The Trust reserves the right to create and issue additional classes of shares.

**Voting Rights.** Each shareholder of record is entitled to one vote for each share held on the record date for the meeting. Each Fund will vote separately on matters relating solely to it. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of members of the Board of Trustees of the Trust (each, a "Trustee" and collectively, the "Trustees" or the "Board") under certain circumstances. Under the Declaration of Trust, the Trustees have the power to liquidate each Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if any Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Any series of the Trust may reorganize or merge with one or more other series of the Trust or of another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote of a majority of the Trustees then in office and, to the extent permitted by applicable law and the Declaration of Trust, without the approval of shareholders of any series.

**DESCRIPTION OF PERMITTED INVESTMENTS**

Each Fund's investment objective and principal investment strategies are described in the Prospectus. Each Fund, with the exception of the Knights of Columbus Large Cap Growth Fund, Knights of Columbus Real Estate Fund, and, when non-diversified, the Knights of Columbus U.S. All Cap Index Fund, is diversified, as that term is defined under the Investment Company Act of 1940, as amended (the "1940 Act"). This means that with respect to 75% of its total assets, each Fund, with the exception of the Knights of Columbus Large Cap Growth Fund and Knights of Columbus Real Estate Fund, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities, or securities of other investment companies) if, as a result, more than 5% of the Fund's total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the Fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser might determine that it is in the best interests of the Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser makes such a determination, the Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

**Non-Diversification.** The Knights of Columbus Large Cap Growth Fund and Knights of Columbus Real Estate Fund are each "non-diversified," as that term is defined under the 1940 Act. Additionally, in seeking to track an index, the Knights of Columbus U.S. All Cap Index Fund may become non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its target index. This means that each Fund may invest a greater percentage of its total assets in the securities of fewer issuers than a "diversified" fund, which increases the risk that a change in the value of any one investment held by a Fund could affect the overall value the Fund more than it would affect that of a "diversified" fund holding a greater number of investments. Accordingly, the value of the shares of a Fund may be more susceptible to any single economic, political or regulatory occurrence than the shares of a "diversified" fund would be. Each Fund, however, intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). For more information, see "Taxes" below.

The following information supplements, and should be read in conjunction with, the Prospectus. The following are descriptions of the permitted investments and investment practices of the Funds and the associated risk factors. The Funds may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by a Fund's stated investment policies, including those stated below.

**American Depositary Receipts ("ADRs").** ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts are securities that evidence ownership interests in a security or a pool of securities that have been deposited with a "depository" and may be sponsored or unsponsored. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a foreign issuer. For other depositary receipts, the depository may be a foreign or a U.S. entity, and the underlying securities may have a foreign or a U.S. issuer. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as GDRs and EDRs, may be issued in bearer form and denominated in other currencies, and are generally designed for use in securities markets outside the U.S. While the two types of depositary receipt facilities (unsponsored or sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts agree to distribute notices of shareholders meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

For purposes of a Fund's investment policies, investments in depositary receipts will be deemed to be investments in the underlying securities. Thus, a depositary receipt representing ownership of common stock will be treated as common stock. Depositary receipts do not eliminate all of the risks associated with directly investing in the securities of foreign issuers.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Equity Securities.** Equity securities represent ownership interests in a company or partnership and consist of common stocks, preferred stocks, warrants and rights to acquire common stock, securities convertible into common stock, and investments in master limited partnerships ("MLPs"). Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the net asset value of the Fund to fluctuate. The Funds may purchase equity securities traded on global securities exchanges or the over-the-counter market. Equity securities are described in more detail below:

• **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event an
 issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those
 who own common stock.

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

• **Alternative Entity Securities.** Alternative entity securities are the securities of entities that are
 formed as limited partnerships, limited liability companies, business trusts or other non-corporate entities that are similar to common
 or preferred stock of corporations.

• **Exchange-Traded Funds.** An ETF is a fund whose shares are bought and sold on a securities exchange as
 if it were a single security. An ETF holds a portfolio of securities designed to track a particular market segment or index. Some examples
 of ETFs are SPDRs<sup>®</sup>, DIAMONDS<sup>SM</sup>, NASDAQ 100 Index Tracking Stock<sup>SM</sup> ("QQQs<sup>SM</sup>"),
 and iShares<sup>®</sup>. A Fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or foreign market while
 awaiting an opportunity to purchase securities directly. Similarly, a Fund may establish a short position in an ETF to gain inverse exposure
 to a portion of the U.S. or foreign markets. The risks of owning an ETF generally reflect the risks of owning the securities in which
 the ETF invests, although lack of liquidity in an ETF could result in it being more volatile than the underlying holdings, and ETFs have
 management fees that increase their costs versus the costs of owning the underlying holdings directly. See also "Securities of Other
 Investment Companies" below.

• **Rights and Warrants.** A right is a privilege granted to existing shareholders
 of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life, usually
 two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering
 price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right
 to buy proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges.
 Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price
 that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying
 debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

• **Convertible Securities.** Convertible securities are bonds, debentures, notes, preferred stocks or other
 securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or
 securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by
 the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible
 security held by a Fund is called for redemption or conversion, that Fund could be required to tender it for redemption, convert it into
 the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

**General Risks of Investing in Stocks.** While investing in stocks allows investors to participate in the benefits of owning a company, such investors must accept the risks of ownership. Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of:

▪ Factors that directly relate to that company, such as decisions made by its
 management or lower demand for the company's products or services;

▪ Factors affecting an entire industry, such as increases in production costs;
 and

▪ Changes in general financial market conditions that are relatively unrelated
 to the company or its industry, such as changes in interest rates, currency exchange rates or inflation rates.

Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

Moreover, changing economic, political, social or financial market conditions in one country or geographic region could adversely affect the market value of the securities held by a Fund in a different country or geographic region because of the increasingly interconnected global economies and financial markets. The investment managers potentially will be prevented from executing investment decisions at an advantageous time or price as a result of any domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity. The current domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. budget and deficit reduction plan and trade tensions with foreign nations, has in the past resulted, and may in the future result, in developments that present additional risks to a Fund's investments and operations. For example, additional and/or prolonged U.S. federal government shutdowns or global trade tensions may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Any such market, economic and other disruptions could also prevent a Fund from executing its investment strategies and processes in a timely manner.

**Real Estate Investment Trusts ("REITs").** A U.S. REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Code. The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and distribute annually 90% or more of its otherwise taxable income to shareholders. Although the REIT structure originated in the U.S., a number of countries around the world have adopted, or are considering adopting, similar REIT and REIT-like structures.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings; a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs in which a Fund invests may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the Fund invests may concentrate investments in particular geographic regions or property types. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of the Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent.

Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through a Fund, a shareholder will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency defaults by borrowers and self-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify for tax free pass-through of income under the Code or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Real Estate Operating Companies ("REOCs").** REOCs are real estate companies that engage in the development, management or financing of real estate. Typically, they provide services such as property management, property development, facilities management and real estate financing. REOCs are publicly traded corporations that have not elected to be taxed as REITs. The three primary reasons for such an election are (i) availability of tax-loss carryforwards, (ii) operation in non-REIT-qualifying lines of business and (iii) the ability to retain earnings.

**Micro, Small and Medium Capitalization Issuers.** Investing in equity securities of micro, small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of micro and smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of micro and smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general.

**Initial Public Offerings ("IPOs").** A Fund may invest a portion of its assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a fund with a small asset base. A Fund may hold IPO shares for a very short period of time, which may increase the turnover of a Fund's portfolio and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling IPO shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

A Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which presents risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. They may be more dependent on key managers and third parties and may have limited product lines.

**Master Limited Partnerships.** MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. To the extent that an MLP's interests are concentrated in a particular industry or sector, such as the energy sector, the MLP will be negatively impacted by economic events adversely impacting that industry or sector. MLPs that are formed as limited partnerships generally have two classes of owners, the general partner and limited partners, while MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members.

The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder's investment in the general partner interest. General partner interests are not publicly traded and generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**Foreign Securities.** Foreign securities include equity securities of foreign entities, obligations of foreign branches of U.S. banks and of foreign banks, including, without limitation, European Certificates of Deposit, European Time Deposits, European Bankers' Acceptances, Canadian Time Deposits, Europaper and Yankee Certificates of Deposit, and investments in Canadian Commercial Paper and foreign securities. These instruments have investment risks that differ in some respects from those related to investments in obligations of U.S. domestic issuers. Such risks include future adverse political and economic developments, the possible imposition of withholding taxes on interest or other income, possible seizure, nationalization, or expropriation of foreign deposits, the possible establishment of exchange controls or taxation at the source, greater fluctuations in value due to changes in exchange rates, or the adoption of other foreign governmental restrictions which might adversely affect the payment of principal and interest on such obligations. Such investments may also entail higher custodial fees and sales commissions than domestic investments. Foreign issuers of securities or obligations are often subject to accounting treatment and engage in business practices different from those respecting domestic issuers of similar securities or obligations. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks.

**Investment Funds.** Some emerging countries currently prohibit direct foreign investment in the securities of their companies. Certain emerging countries, however, permit indirect foreign investment in the securities of companies listed and traded on their stock exchanges through investment funds that they have specifically authorized. Investments in these investment funds are subject to the provisions of the 1940 Act. If a Fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses (including operating expenses and the fees of Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors" or the "Adviser")), but also will indirectly bear similar expenses of the underlying investment funds. In addition, these investment funds may trade at a premium over their net asset value.

**Risks of Foreign Securities:**

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments.

**Political and Economic Factors.** Local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments may affect the value of foreign investments. Listed below are some of the more important political and economic factors that could negatively affect an investment in foreign securities:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The economies of foreign countries may differ from the economy of the United States in such areas as growth
 of gross national product ("GNP"), rate of inflation, capital reinvestment, resource self-sufficiency, budget deficits and national
 debt;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Foreign governments sometimes participate to a significant degree, through ownership interests or regulation,
 in their respective economies. Actions by these governments could significantly influence the market prices of securities and payment
 of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The economies of many foreign countries are dependent on international trade and their trading partners and
 they could be severely affected if their trading partners were to enact protective trade barriers and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The internal policies of a particular foreign country may be less stable than in the United States. Other
 countries face significant external political risks, such as possible claims of sovereignty by other countries or tense and sometimes
 hostile border clashes;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A foreign government may act adversely to the interests of U.S. investors, including expropriation or nationalization
 of assets, confiscatory taxation and other restrictions on U.S. investment. A country may restrict or control foreign investments in its
 securities markets. These restrictions could limit a Fund's ability to invest in a particular country or make it very expensive
 for the Fund to invest in that country. Some countries require prior governmental approval or limit the types or amount of securities
 or companies in which a foreigner can invest. Other countries may restrict the ability of foreign investors to repatriate their investment
 income and capital gains; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result
 in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result
 of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur
 losses.

Given the increasing interdependence among global economies and markets, conditions in one country, region or market might adversely affect financial conditions or issuers in other countries, regions or markets. For example, on January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period, the UK and the EU signed a post-Brexit trade agreement governing their future economic relationship on December 30, 2020. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of a Fund's investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Fund investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

In addition, on February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers.

Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets.

Similarly, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to affected issuers.

**Information and Supervision.** There is generally less publicly available information about foreign companies than companies based in the United States. For example, there are often no reports and ratings published about foreign companies comparable to the ones written about U.S. companies. Foreign companies are typically not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The lack of comparable information makes investment decisions concerning foreign companies more difficult and less reliable than those concerning domestic companies.

**Stock Exchange and Market Risk.** The investment managers anticipate that in most cases an exchange or over-the-counter market located outside of the United States will be the best available market for foreign securities. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as the markets in the United States. Foreign stock markets tend to differ from those in the United States in a number of ways.

Foreign stock markets:

&nbsp;&nbsp;&nbsp;&nbsp;▪ are generally more volatile than, and not as developed or efficient as, those in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;▪ have substantially less volume;

&nbsp;&nbsp;&nbsp;&nbsp;▪ trade securities that tend to be less liquid and experience rapid and erratic price movements;

&nbsp;&nbsp;&nbsp;&nbsp;▪ have generally higher commissions and are subject to set minimum rates, as opposed to negotiated rates;

&nbsp;&nbsp;&nbsp;&nbsp;▪ employ trading, settlement and custodial practices less developed than those in U.S. markets; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ may have different settlement practices, which may cause delays and increase the potential for failed settlements.

Foreign markets may offer less protection to shareholders than U.S. markets because:

&nbsp;&nbsp;&nbsp;&nbsp;▪ foreign accounting, auditing, and financial reporting requirements may render a foreign corporate balance
 sheet more difficult to understand and interpret than one subject to U.S. law and standards;

&nbsp;&nbsp;&nbsp;&nbsp;▪ adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends
 and information regarding corporate actions on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ in general, there is less overall governmental supervision and regulation of securities exchanges, brokers,
 and listed companies than in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;▪ over-the-counter markets tend to be less regulated than stock exchange markets and, in certain countries,
 may be totally unregulated;

&nbsp;&nbsp;&nbsp;&nbsp;▪ economic or political concerns may influence regulatory enforcement and may make it difficult for shareholders
 to enforce their legal rights; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ restrictions on transferring securities within the United States or to U.S. persons may make a particular
 security less liquid than foreign securities of the same class that are not subject to such restrictions.

**Foreign Currency Risk.** While the Funds denominate their net asset value in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are:

&nbsp;&nbsp;&nbsp;&nbsp;▪ It may be expensive to convert foreign currencies into U.S. dollars and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Complex political and economic factors may significantly affect the values of various currencies, including
 the U.S. dollar, and their exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Government intervention may increase risks involved in purchasing or selling foreign currency options, forward
 contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces;

&nbsp;&nbsp;&nbsp;&nbsp;▪ There may be no systematic reporting of last sale information for foreign currencies or regulatory requirement
 that quotations available through dealers or other market sources be firm or revised on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Available quotation information is generally representative of very large round-lot transactions in the inter-bank
 market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable;
 and

&nbsp;&nbsp;&nbsp;&nbsp;▪ The inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market
 is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate
 movements.

**Taxes.** Certain foreign governments levy withholding taxes on dividend and interest income. Although in some countries it is possible for the Funds to recover a portion of these taxes, the portion that cannot be recovered will reduce the income the Funds receive from their investments.

**Emerging Markets.** An "emerging market country" is generally a country that the International Bank for Reconstruction and Development ("World Bank") and the International Finance Corporation would consider to be an emerging or developing country. Typically, emerging markets are in countries that are in the process of industrialization, with lower GNP than more developed countries. Investing in emerging markets may magnify the risks of foreign investing. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Have relatively unstable governments;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Present greater risks of nationalization of businesses, restrictions on foreign ownership and prohibitions
 on the repatriation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Offer less protection of property rights than more developed countries; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Have economies that are based on only a few industries, may be highly vulnerable to changes in local or global
 trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

**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 a Fund to obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order (the "November 2020 Executive Order") prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Communist Chinese military companies" or in instruments that are derivative of, or are designed to provide investment exposure to, those companies. In addition, on August 9, 2023, the President of the United States signed an Executive Order (the "August 2023 Executive Order" and, together with the November 2020 Executive Order, the "Executive Orders") directing the U.S. Department of the Treasury (the "Treasury") to promulgate regulations requiring notification of, or restricting, investments in China in certain categories of national security technologies, including semiconductors and microelectronics, quantum information, and certain artificial intelligence technologies. On October 28, 2024, the Treasury released a final rule implementing the China-focused outbound investment program introduced by the August 2023 Executive Order.

The universe of securities affected by the Executive Orders and any related rules 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 the Sub-Adviser otherwise believes is attractive, a Fund may incur losses. Certain securities that are or become designated as prohibited securities may have less liquidity as a result of such designation and the market price of such prohibited securities may decline, potentially causing losses to a Fund. In addition, the market for securities of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

**Investments in China A Shares.** The International Equity Fund may invest in equity securities of certain Chinese companies or ETFs in the People's Republic of China ("PRC") (such securities are collectively referred to as "China A Shares") through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, "Stock Connect") subject to any applicable regulatory limits. Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between China and Hong Kong. This program allows foreign investors to trade certain SSE-listed or SZSE-listed China A Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in Stock Connect will trade and settle SSE or SZSE securities in the offshore Renminbi ("CNH") only. The Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of China via Stock Connect the International Equity Fund is subject to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;▪ **General Risks.** The relevant regulations are relatively untested and subject
 to change. There is no certainty as to how they will be applied, which could adversely affect the Fund. The program requires use of new
 information technology systems which may be subject to operational risk due to the program's cross-border nature. If the relevant
 systems fail to function properly, trading in both Hong Kong and Chinese markets through the program could be disrupted.

Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the Chinese market but Stock Connect is not trading. As a result, the Fund may be subject to the risk of price fluctuations in China A Shares when the Fund cannot carry out any China A Shares trading.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Foreign Shareholding Restrictions.** The trading, acquisition, disposal
 and holding of securities under Stock Connect are subject at all times to applicable law, which imposes purchasing and holding limits.
 These limitations and restrictions may have the effect of restricting an investor's ability to purchase, subscribe for or hold any
 China A Shares or to take up any entitlements in respect of such shares, or requiring an investor to reduce its holding in any securities,
 whether generally or at a particular point of time, and whether by way of forced sale or otherwise. As such, investors may incur loss
 arising from such limitations, restrictions and/or forced sale.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **China A Shares Market Suspension Risk.** China A Shares may only be bought
 from, or sold to, the Fund at times when the relevant China A Shares may be sold or purchased on the relevant Chinese stock exchange.
 SSE and SZSE typically have the right to suspend or limit trading in any security traded on the relevant exchange if necessary to ensure
 an orderly and fair market and that risks are managed prudently. In the event of the suspension, the Fund's ability to access the
 Chinese market will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Clearing and Settlement Risk.** HKSCC and ChinaClear have established
 the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For
 cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing
 participants and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the
 counterparty clearing house.

In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. Regardless, the process of recovery could be delayed and the Fund may not fully recover its losses or its Stock Connect securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Legal/Beneficial Ownership.** Where securities are held in custody on a
 cross-border basis there are specific legal and beneficial ownership risks linked to the compulsory requirements of the local central
 securities depositaries, HKSCC and ChinaClear.

As in other emerging markets, the legislative framework is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. In addition, HKSCC, as nominee holder, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, the courts may consider that any nominee or custodian as registered holder of Stock Connect securities would have full ownership thereof, and that those Stock Connect securities would form part of the pool of assets of such entity available for distribution to creditors of such entities and/or that a beneficial owner may have no rights whatsoever in respect thereof. Consequently, neither the Fund nor its custodian can ensure that the Fund's ownership of these securities or title thereto is assured.

To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that the Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that the Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the event of the insolvency of HKSCC, the Fund may not have any proprietary interest in the China A Shares traded through the Stock Connect program and may be an unsecured general creditor in respect of any claim the Fund may have in respect of them. Consequently, the value of the Fund's investment in China A Shares and the amount of its income and gains could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Operational Risk.** The HKSCC provides clearing, settlement, nominee functions
 and other related services in respect of trades executed by Hong Kong market participants. Chinese regulations which include certain restrictions
 on selling and buying will apply to all market participants. Trading via Stock Connect may require pre-delivery or pre-validation of cash
 or shares to or by a broker. If the cash or shares are not in the broker's possession before the market opens on the day of selling,
 the sell order will be rejected. As a result, the Fund may not be able to purchase and/or dispose of holdings of China A Shares in a timely
 manner.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Day Trading Restrictions.** Day (turnaround) trading is not permitted through
 Stock Connect. Investors buying A Shares on day T can only sell the shares on and after day T+1 subject to any Stock Connect rules.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Quota Limitations.** The Stock Connect program is subject to daily quota
 limitations which may restrict the Fund's ability to invest in China A Shares through the program on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;▪ **Investor Compensation.** The Fund will not benefit from the China Securities
 Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors
 in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy,
 and administrative takeover by the China Securities Regulatory Commission). Since the Fund is carrying out trading of China A Shares through
 securities brokers in Hong Kong, but not mainland China brokers, therefore, it is not protected by the China Securities Investor Protection
 Fund.

That said, if the Fund suffers losses due to default matters of its securities brokers in Hong Kong in relation to the investment of China A Shares through the Stock Connect program, it would be compensated by Hong Kong's Investor Compensation Fund.

**Tax within China.** Uncertainties in Chinese tax rules governing taxation of income and gains from investments in A Shares via Stock Connect could result in unexpected tax liabilities for the International Equity Fund. The Fund's investments in securities, including A Shares, issued by Chinese companies may cause the Fund to become subject to withholding and other taxes imposed by China.

If the International Equity Fund were considered to be a tax resident of China, it would be subject to Chinese corporate income tax at the rate of 25% on its worldwide taxable income. If the Fund were considered to be a non-resident enterprise with a "permanent establishment" in China, it would be subject to Chinese corporate income tax of 25% on the profits attributable to the permanent establishment. The Adviser intends to operate the Fund in a manner that will prevent it from being treated as a tax resident of China and from having a permanent establishment in China. It is possible, however, that China could disagree with that conclusion, or that changes in Chinese tax law could affect the Chinese corporate income tax status of the Fund.

China generally imposes withholding income tax at a rate of 10% on dividends, premiums, interest and capital gains originating in China and paid to a company that is not a resident of China for tax purposes and that has no permanent establishment in China. The withholding is in general made by the relevant Chinese tax resident company making such payments. In the event the relevant Chinese tax resident company fails to withhold the relevant Chinese withholding income tax or otherwise fails to pay the relevant withholding income tax to Chinese tax authorities, the competent tax authorities may, at their sole discretion, impose tax obligations on the International Equity Fund.

The Ministry of Finance of China, the State Administration of Taxation of China and the China Securities Regulatory Commission issued Caishui [2014] No. 81 on October 31, 2014 ("Notice 81") and Caishui [2016] No. 127 on November 5, 2016 ("Notice 127"), both of which state that the capital gain from disposal of China A Shares by foreign investors enterprises via Stock Connect will be temporarily exempt from withholding income tax. Notice 81 and Notice 127 also state that the dividends derived from A Shares by foreign investors enterprises is subject to a 10% withholding income tax.

There is no indication of how long the temporary exemption will remain in effect and the International Equity Fund may be subject to such withholding income tax in the future. If, in the future, China begins applying tax rules regarding the taxation of income from investments through Stock Connect and/or begins collecting capital gains taxes on such investments, the Fund could be subject to withholding income tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The Chinese tax authorities may in the future issue further guidance in this regard and with potential retrospective effect. The negative impact of any such tax liability on the Fund's return could be substantial.

In light of the uncertainty as to how gains or income that may be derived from the International Equity Fund's investments in China will be taxed, the Fund reserves the right to provide for withholding tax on such gains or income and withhold tax for the account of the Fund. Withholding tax may already be withheld at a broker/custodian level.

Any tax provision, if made, will be reflected in the net asset value of the International Equity Fund at the time the provision is used to satisfy tax liabilities. If the actual applicable tax levied by the Chinese tax authorities is greater than that provided for by the Fund so that there is a shortfall in the tax provision amount, the net asset value of the Fund may suffer as the Fund will have to bear additional tax liabilities. In this case, then existing and new shareholders in the Fund will be disadvantaged. If the actual applicable tax levied by Chinese tax authorities is less than that provided for by the Fund so that there is an excess in the tax provision amount, shareholders who redeemed Fund shares before the Chinese tax authorities' ruling, decision or guidance may have been disadvantaged as they would have borne any loss from the Fund's overprovision. In this case, the then existing and new shareholders in the Fund may benefit if the difference between the tax provision and the actual taxation liability can be returned to the account of the Fund as assets thereof. Any excess in the tax provision amount shall be treated as property of the Fund, and shareholders who previously transferred or redeemed their Fund shares will not be entitled or have any right to claim any part of the amount representing the excess.

Stamp duty under the Chinese laws generally applies to the execution and receipt of taxable documents, which include contracts for the sale of A Shares traded on Chinese stock exchanges. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by the Adviser of A Shares will accordingly be subject to Chinese stamp duty, but the International Equity Fund will not be subject to Chinese stamp duty when it acquires A Shares. The Fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SZSE-listed ETFs for Northbound Trading Link under the Stock Connect.

The International Equity Fund may also potentially be subject to Chinese value added tax at the rate of 6% on capital gains derived from trading of A Shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, the Fund may be subject to such value added tax in the future. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if the Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The Chinese rules for taxation of Stock Connect are evolving, and certain of the tax regulations to be issued by the State Administration of Taxation of China and/or Ministry of Finance of China to clarify the subject matter may apply retrospectively, even if such rules are adverse to the International Equity Fund and its shareholders. The imposition of taxes, particularly on a retrospective basis, could have a material adverse effect on the Fund's returns. Before further guidance is issued and is well established in the administrative practice of the Chinese tax authorities, the practices of the Chinese tax authorities that collect Chinese taxes relevant to the Fund may differ from, or be applied in a manner inconsistent with, the practices with respect to the analogous investments described herein or any further guidance that may be issued. The value of the Fund's investment in China and the amount of its income and gains could be adversely affected by an increase in tax rates or change in the taxation basis.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on the International Equity Fund and its shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in the Fund.

The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as the International Equity Fund.

**Money Market Securities.** Money market securities include short-term U.S. government securities; custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; commercial paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization ("NRSRO"), such as S&P Global Ratings ("S&P") or Moody's Investor Services, Inc. ("Moody's"), or determined by the investment managers to be of comparable quality at the time of purchase; short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and repurchase agreements involving such securities. Each of these money market securities are described in this section. For a description of ratings, see "Appendix A – Description of Ratings" to this SAI.

**U.S. Government Securities.** The Funds may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency. Additionally, some obligations are issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, which are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. Guarantees of principal by U.S. government agencies or instrumentalities may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Funds' shares.

On September 7, 2008, the Federal Housing Finance Agency ("FHFA") placed Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac") in conservatorship. At the same time, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012.

On August 17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10% annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment.

Under the direction of the FHFA, Fannie Mae and Freddie Mac developed a common securitization platform that in June 2019 began issuing a uniform mortgage-backed security ("UMBS") (the "Single Security Initiative") that aligned the characteristics of Fannie Mae and Freddie Mac certificates. The effects that the Single Security Initiative may have on the market for mortgage-backed securities are uncertain.

Under a letter agreement entered into in January 2021, each company is permitted to retain earnings and raise private capital to enable them to meet the minimum capital requirements under the FHFA's Enterprise Regulatory Capital Framework ("ERCF"). The letter agreement also permits each company to develop a plan to exit conservatorship, but may not do so until all litigation involving the conservatorships is resolved and each company has the minimum capital required by FHFA's rules.

Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Agreement is intended to enhance each of Fannie Mae's and Freddie Mac's ability to meet its obligations. The FHFA has indicated that the conservatorship of each company will end when the director of FHFA determines that FHFA's plan to restore the company to a safe and solvent condition has been completed. Under amendments to the ERCF, Fannie Mae and Freddie Mac have published capital disclosures which provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for Freddie Mac and Fannie Mae. Should Fannie Mae and Freddie Mac be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Agreement. It is also unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires Fannie Mae and Freddie Mac, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements and prescribed buffer amounts. Accordingly, should the FHFA take Fannie Mae and Freddie Mac out of conservatorship, there could be an adverse impact on the value of their securities, which could cause a Fund's investments to lose value.

**U.S. Treasury Obligations.** U.S. Treasury obligations consist of direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, and separately traded interest and principal component parts of such obligations, including those transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities ("STRIPS"). The STRIPS program lets investors hold and trade the individual interest and principal components of eligible Treasury notes and bonds as separate securities. Under the STRIPS program, the principal and interest components are separately issued by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts separately.

**Municipal Securities.** Municipal securities, including municipal bonds and municipal notes, consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, for refunding outstanding obligations, for general operating expenses and for lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities.

Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue or special obligation bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Private activity or industrial development bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or -operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking or sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full faith and credit of the issuing municipality, but are generally backed by the agreement of the issuing authority to request appropriations from the municipality's legislative body. Certificates of participation represent an interest in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement.

Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

**Commercial Paper.** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days.

**Investment Grade Fixed Income Securities.** Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by an NRSRO, or, if not rated, are determined to be of comparable quality by the investment managers. See "Appendix A - Description of Ratings" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Fixed income securities rated BBB- or Baa3 lack outstanding investment characteristics, and have speculative characteristics as well. Securities rated Baa3 by Moody's or BBB- by S&P or higher are considered by those rating agencies to be "investment grade" securities, although Moody's considers securities rated in the Baa category to have speculative characteristics. While issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and principal for debt in this category than debt in higher rated categories. In the event a security owned by a Fund is downgraded below investment grade, the investment managers will review the situation and take appropriate action with regard to the security, including the actions discussed below.

**Debt Securities.** Corporations and governments use debt securities to borrow money from investors. Most debt securities promise a variable or fixed rate of return and repayment of the amount borrowed at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest and are purchased at a discount from their face value.

**Types of Debt Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Corporate Bonds.** Corporations issue bonds and notes to raise money for
 working capital or for capital expenditures such as plant construction, equipment purchases and expansion. In return for the money loaned
 to the corporation by investors, the corporation promises to pay investors interest, and repay the principal amount of the bond or note.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mortgage-Backed Securities.** Mortgage-backed securities are interests
 in pools of mortgage loans that various governmental, government-related and private organizations assemble as securities for sale to
 investors. Unlike most debt securities, which pay interest periodically and repay principal at maturity or on specified call dates, mortgage-backed
 securities make monthly payments that consist of both interest and principal payments. In effect, these payments are a "pass-through"
 of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such
 securities. Since homeowners usually have the option of paying either part or all of the loan balance before maturity, the effective maturity
 of a mortgage-backed security is often shorter than is stated.

Governmental entities, private insurers and mortgage poolers may insure or guarantee the timely payment of interest and principal of these pools through various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The investment managers will consider such insurance and guarantees and the creditworthiness of the issuers thereof in determining whether a mortgage-related security meets its investment quality standards. It is possible that the private insurers or guarantors will not meet their obligations under the insurance policies or guarantee arrangements.

Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable.

**Risks of Mortgage-Backed Securities.** Yield characteristics of mortgage-backed securities differ from those of traditional debt securities in a variety of ways. The most significant differences of mortgage-backed securities are: 1) payments of interest and principal are more frequent (usually monthly) and 2) falling interest rates generally cause individual borrowers to pay off their mortgage earlier than expected, which results in prepayments of principal on the securities, thus forcing a Fund to reinvest the money at a lower interest rate. In addition to risks associated with changes in interest rates described in "Factors Affecting the Value of Debt Securities," a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. When prepayment occurs, the Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Other Asset-Backed Securities.** These securities are interests in pools of a broad range of assets other than mortgages, such as automobile loans, computer leases and credit card receivables. Like mortgage-backed securities, these securities are pass-through. In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations, but may still be subject to prepayment risk.

Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

The Funds may also invest in residual interests in asset-backed securities, which consist of the excess cash flow remaining after making required payments on the securities and paying related administrative expenses. The amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets.

**Senior Loans and Bank Loans.** Senior loans and bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. A Fund can invest in a senior loan or bank loan either as a direct lender or through an assignment or participation.

When a Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain senior loans or bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by a Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When a Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, the Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by the investment managers based on criteria approved by the Board.

A Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations. To the extent that extended settlement creates short-term liquidity needs, a Fund may satisfy these needs by holding additional cash or selling other investments (potentially at an inopportune time, which could result in losses to a Fund).

Bank loans may not be considered "securities," and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

The investment managers may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the investment managers may (but are not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on their ability to purchase and sell investments on behalf of a Fund and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Fund (and other clients of the investment managers) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, the investment managers' abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if they are not privy to available Confidential Information. The investment managers may also determine to receive such Confidential Information in certain circumstances under their applicable policies and procedures. If the investment managers intentionally or unintentionally come into possession of Confidential Information, they may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

**Repurchase Agreements.** The Funds may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which a Fund acquires a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the investment managers. The repurchase agreements entered into by the Funds will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the investment managers monitor compliance with this requirement). Under all repurchase agreements entered into by the Funds, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. The Funds may also enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for a Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the investment managers, liquidity or other considerations so warrant.

**Reverse Repurchase Agreements.** Reverse repurchase agreements are transactions in which the Funds sell portfolio securities to financial institutions, such as banks and broker-dealers, and agree to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by the Funds.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

The Derivatives Rule (as defined below) permits the Funds to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Derivatives Rule permits the Funds to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the 1940 Act, or as a derivatives transaction under the Derivatives Rule.

**Securities of Other Investment Companies.** The Funds may invest in shares of other investment companies, to the extent permitted by applicable law, subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by a Fund. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses.

Generally, the federal securities laws limit the extent to which a Fund can invest in securities of other investment companies, subject to certain exceptions. For example, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined, including its ETF investments.

The Funds may rely on Section 12(d)(1)(F) of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions, the Fund, together with its affiliates, acquires no more than 3% of the outstanding voting stock of any acquired fund. The Funds may also rely on Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits the Funds to invest in other investment companies beyond the statutory limits, subject to certain conditions specified in the Rule including, among other conditions, that a Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company). In addition, the Funds may be able to rely on certain other rules under the 1940 Act to invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but subject to certain conditions.

For hedging or other purposes, a Fund may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. (See "Exchange-Traded Funds" above). The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

**Derivatives.** Derivatives are financial instruments whose value is based on an underlying asset (such as a stock or a bond), an underlying economic factor (such as an interest rate) or a market benchmark. Unless otherwise stated in the Prospectus, the Funds may use derivatives for a number of purposes including managing risk, gaining exposure to various markets in a cost-efficient manner, reducing transaction costs, remaining fully invested and speculating. The Funds may also invest in derivatives with the goal of protecting themselves from broad fluctuations in market prices, interest rates or foreign currency exchange rates (a practice known as "hedging"). When hedging is successful, a Fund will have offset any depreciation in the value of its portfolio securities by the appreciation in the value of the derivative position. Although techniques other than the sale and purchase of derivatives could be used to control the exposure of the Funds to market fluctuations, the use of derivatives may be a more effective means of hedging this exposure. In the future, to the extent such use is consistent with the Funds' investment objectives and is legally permissible, the Funds may use instruments and techniques that are not presently contemplated, but that may be subsequently developed.

There can be no assurance that a derivative strategy, if employed, will be successful. Because many derivatives have a leverage or borrowing component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.

**Rule 18f-4 under the 1940 Act.** Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the use of derivatives by registered investment companies. The Derivatives Rule permits a registered investment company, subject to various conditions described below, to enter into derivatives transactions 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 the Funds, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Registered investment companies that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program ("DRMP") and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"); and (iii) comply with new requirements related to Board and U.S. Securities and Exchange Commission (the "SEC") reporting. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board and periodically reviews the DRMP and reports to the Board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a registered investment company that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a "limited derivatives user"), provided that the registered investment company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule 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 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.

**CFTC Regulations.** Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the Commodity Futures Trading Commission ("CFTC"), a Fund must either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or the Adviser will be subject to registration with the CFTC as a "commodity pool operator" ("CPO").

Consistent with the CFTC's regulations, the Adviser, on behalf of the Funds, has filed a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to each Fund's operation. Therefore, the Funds are not subject to regulation as commodity pools under the CEA and the Adviser is not subject to registration or regulation as a CPO under the CEA with respect to the Funds. As a result, the Funds will be limited in their ability to use futures, options on such futures, commodity options and certain swaps. Complying with the limitations may restrict the investment managers' ability to implement the Funds' investment strategies and may adversely affect the Funds' performance.

**Types of Derivatives:**

**Futures.** A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of a financial instrument at an agreed upon price and time. The financial instrument underlying the contract may be a stock, stock index, bond, bond index, interest rate, foreign exchange rate or other similar instrument. Agreeing to buy the underlying financial instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying financial instrument is called selling a futures contract or taking a short position in the contract.

Futures contracts are traded in the United States on commodity exchanges or boards of trade (known as "contract markets") approved for such trading and regulated by the CFTC. These contract markets standardize the terms, including the maturity date and underlying financial instrument, of all futures contracts.

Unlike other securities, the parties to a futures contract do not have to pay for or deliver the underlying financial instrument until some future date (the "delivery date"). Contract markets require both the purchaser and seller to deposit "initial margin" with a futures broker, known as a futures commission merchant or custodian bank, when they enter into the contract. Initial margin deposits are typically equal to a percentage of the contract's value. Initial margin is similar to a performance bond or good faith deposit on a contract and is returned to the depositing party upon termination of the futures contract if all contractual obligations have been satisfied. After they open a futures contract, the parties to the transaction must compare the purchase price of the contract to its daily market value. If the value of the futures contract changes in such a way that a party's position declines, that party must make additional "variation margin" payments so that the margin payment is adequate. On the other hand, the value of the contract may change in such a way that there is excess margin on deposit, possibly entitling the party that has a gain to receive all or a portion of this amount. This process is known as "marking to the market." Variation margin does not represent a borrowing or loan by a party but is instead a settlement between the party and the futures broker of the amount one party would owe the other if the futures contract terminated. In computing daily net asset value, each party marks to market its open futures positions.

Although the terms of a futures contract call for the actual delivery of and payment for the underlying security, in many cases the parties may close the contract early by taking an opposite position in an identical contract. If the sale price upon closing out the contract is less than the original purchase price, the party closing out the contract will realize a loss. If the sale price upon closing out the contract is more than the original purchase price, the party closing out the contract will realize a gain. Conversely, if the purchase price upon closing out the contract is more than the original sale price, the party closing out the contract will realize a loss. If the purchase price upon closing out the contract is less than the original sale price, the party closing out the contract will realize a gain.

A Fund may incur commission expenses when it opens or closes a futures position.

**Options.** An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price (known as the "strike price" or "exercise price") at any time during the option period. Unlike a futures contract, an option grants a right (not an obligation) to buy or sell a financial instrument. Generally, a seller of an option can grant a buyer two kinds of rights: a "call" (the right to buy the security) or a "put" (the right to sell the security). Options have various types of underlying instruments, including specific securities, indices of securities prices, foreign currencies, interest rates and futures contracts. Options may be traded on an exchange (exchange-traded options) or may be customized agreements between the parties (over-the-counter or "OTC" options). Like futures, a financial intermediary, known as a clearing corporation, financially backs exchange-traded options. However, OTC options have no such intermediary and are subject to the risk that the counterparty will not fulfill its obligations under the contract. The principal factors affecting the market value of an option include supply and demand, interest rates, the current market value of the underlying instrument relative to the exercise price of the option, the volatility of the underlying instrument, and the time remaining until the option expires.

**▪** **Purchasing Put and Call Options** 

When a Fund purchases a put option, it buys the right to sell the instrument underlying the option at a fixed strike price. In return for this right, the Fund pays the current market price for the option (known as the "option premium"). A Fund may purchase put options to offset or hedge against a decline in the market value of its securities ("protective puts") or to benefit from a decline in the price of securities that it does not own. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs. However, if the price of the underlying instrument does not fall enough to offset the cost of purchasing the option, a put buyer would lose the premium and related transaction costs.

Call options are similar to put options, except that a Fund obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A Fund would normally purchase call options in anticipation of an increase in the market value of securities it owns or wants to buy. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying instrument exceeded the exercise price plus the premium paid and related transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

The purchaser of an option may terminate its position by:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Allowing it to expire and losing its entire premium;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Exercising the option and either selling (in the case of a put option) or buying
 (in the case of a call option) the underlying instrument at the strike price; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Closing it out in the secondary market at its current price.

**▪** **Selling (Writing) Put and Call Options** 

When a Fund writes a call option it assumes an obligation to sell specified securities to the holder of the option at a fixed strike price if the option is exercised at any time before the expiration date. Similarly, when a Fund writes a put option it assumes an obligation to purchase specified securities from the option holder at a fixed strike price if the option is exercised at any time before the expiration date. The Fund may terminate its position in an exchange-traded put option before exercise by buying an option identical to the one it has written. Similarly, the Fund may cancel an OTC option by entering into an offsetting transaction with the counterparty to the option.

A Fund could try to hedge against an increase in the value of securities it would like to acquire by writing a put option on those securities. If security prices rise, the Fund would expect the put option to expire and the premium it received to offset the increase in the security's value. If security prices remain the same over time, the Fund would hope to profit by closing out the put option at a lower price. If security prices fall, the Fund may lose an amount of money equal to the difference between the value of the security and the premium it received. Writing covered put options may deprive a Fund of the opportunity to profit from a decrease in the market price of the securities it would like to acquire.

The characteristics of writing call options are similar to those of writing put options, except that call writers expect to profit if prices remain the same or fall. A Fund could try to hedge against a decline in the value of securities it already owns by writing a call option. If the price of that security falls as expected, the Fund would expect the option to expire and the premium it received to offset the decline of the security's value. However, the Fund must be prepared to deliver the underlying instrument in return for the strike price, which may deprive it of the opportunity to profit from an increase in the market price of the securities it holds.

The Funds are permitted to write only "covered" options. At the time of selling a call option, a Fund may cover the option by owning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The underlying security (or securities convertible into the underlying security
 without additional consideration), index, interest rate, foreign currency or futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A call option on the same security or index with the same or lesser exercise
 price;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Cash or liquid securities equal to at least the market value of the optioned
 securities, interest rate, foreign currency or futures contract; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ In the case of an index, the portfolio of securities that corresponds to the
 index.

At the time of selling a put option, a Fund may cover the option by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Entering into a short position in the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing a put option on the same security, index, interest rate, foreign
 currency or futures contract with the same or greater exercise price; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintaining the entire exercise price in liquid securities.

**▪** **Options on Securities Indices** 

Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

▪ **Options on Credit Default Swaps** 

An option on a credit default swap gives the holder the right to enter into a credit default swap at a specified future date and under specified terms in exchange for a purchase price or premium. The writer of the option bears the risk of any unfavorable move in the value of the credit default swap relative to the market value on the exercise date, while the purchaser may allow the option to expire unexercised.

**▪** **Options on Futures** 

An option on a futures contract provides the holder with the right to buy a futures contract (in the case of a call option) or sell a futures contract (in the case of a put option) at a fixed time and price. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option (in the case of a call option) or a corresponding long position (in the case of a put option). If the option is exercised, the parties will be subject to the futures contracts. In addition, the writer of an option on a futures contract is subject to initial and variation margin requirements on the option position. Options on futures contracts are traded on the same contract market as the underlying futures contract.

The buyer or seller of an option on a futures contract may terminate the option early by purchasing or selling an option of the same series (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the trader's profit or loss on the transaction.

A Fund may purchase put and call options on futures contracts instead of selling or buying futures contracts. The Fund may buy a put option on a futures contract for the same reasons it would sell a futures contract. It also may purchase such a put option in order to hedge a long position in the underlying futures contract. A Fund may buy a call option on a futures contract for the same purpose as the actual purchase of a futures contract, such as in anticipation of favorable market conditions.

A Fund may write a call option on a futures contract to hedge against a decline in the prices of the instrument underlying the futures contracts. If the price of the futures contract at expiration were below the exercise price, the Fund would retain the option premium, which would offset, in part, any decline in the value of its portfolio securities.

The writing of a put option on a futures contract is similar to the purchase of the futures contracts, except that, if the market price declines, a Fund would pay more than the market price for the underlying instrument. The premium received on the sale of the put option, less any transaction costs, would reduce the net cost to the Fund.

**▪** **Options on Foreign Currencies** 

A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. The Funds may purchase or write put and call options on foreign currencies for the purpose of hedging against changes in future currency exchange rates.

The Funds may use foreign currency options given the same circumstances under which they could use forward foreign currency exchange contracts. For example, a decline in the U.S. dollar value of a foreign currency in which a Fund's securities are denominated would reduce the U.S. dollar value of the securities, even if their value in the foreign currency remained constant. In order to hedge against such a risk, the Fund may purchase a put option on the foreign currency. If the value of the currency then declined, the Fund could sell the currency for a fixed amount in U.S. dollars and thereby offset, at least partially, the negative effect on its securities that otherwise would have resulted. Conversely, if a Fund anticipates a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated, the Fund may purchase call options on the currency in order to offset, at least partially, the effects of negative movements in exchange rates. If currency exchange rates do not move in the direction or to the extent anticipated, the Funds could sustain losses on transactions in foreign currency options.

**▪** **Combined Positions** 

The Funds may purchase and write options in combination with each other, or in combination with futures or forward contracts or swap agreements, to adjust the risk and return characteristics of the overall position. For example, a Fund could construct a combined position whose risk and return characteristics are similar to selling a futures contract by purchasing a put option and writing a call option on the same underlying instrument. Alternatively, a Fund could write a call option at one strike price and buy a call option at a lower price to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Forward Foreign Currency Exchange Contracts.** A forward foreign currency contract involves an obligation to purchase or sell a specific amount of currency at a future date or date range at a specific price. In the case of a cancelable forward contract, the holder has the unilateral right to cancel the contract at maturity by paying a specified fee. Forward foreign currency exchange contracts differ from foreign currency futures contracts in certain respects. Unlike futures contracts, forward contracts:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not have standard maturity dates or amounts (i.e., the parties to the contract may fix the maturity date
 and the amount);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Are typically traded directly between currency traders (usually large commercial banks) and their customers
 in the inter-bank markets, as opposed to on exchanges regulated by the CFTC (note, however, that under definitions adopted by the CFTC
 and SEC, many non-deliverable foreign currency forwards will be considered swaps for certain purposes, including determination of whether
 such instruments must be traded on exchanges and centrally cleared);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not require an initial margin deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ May be closed by entering into a closing transaction with the currency trader who is a party to the original
 forward contract, as opposed to with a commodities exchange.

▪ **Foreign Currency Hedging Strategies** 

A "settlement hedge" or "transaction hedge" is designed to protect a Fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks in" the U.S. dollar price of the security. A Fund may also use forward contracts to purchase or sell a foreign currency when it anticipates purchasing or selling securities denominated in foreign currency, even if it has not yet selected the specific investments.

A Fund may use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by selling another currency expected to perform similarly to the currency in which the Fund's investment is denominated. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Transaction and position hedging do not eliminate fluctuations in the underlying prices of the securities that a Fund owns or intends to purchase or sell. They simply establish a rate of exchange that one can achieve at some future point in time. Additionally, these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency and to limit any potential gain that might result from the increase in value of such currency.

A Fund may enter into forward contracts to shift its investment exposure from one currency into another. Such transactions may call for the delivery of one foreign currency in exchange for another foreign currency, including currencies in which its securities are not then denominated. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased. Cross-hedges may protect against losses resulting from a decline in the hedged currency but will cause the Fund to assume the risk of fluctuations in the value of the currency it purchases. Cross-hedging transactions also involve the risk of imperfect correlation between changes in the values of the currencies involved.

It is difficult to forecast with precision the market value of portfolio securities at the expiration or maturity of a forward or futures contract. Accordingly, a Fund may have to purchase additional foreign currency on the spot (cash) market if the market value of a security it is hedging is less than the amount of foreign currency it is obligated to deliver. Conversely, the Fund may have to sell on the spot market some of the foreign currency it received upon the sale of a security if the market value of such security exceeds the amount of foreign currency it is obligated to deliver.

**Equity-Linked Securities.** The Funds may invest in privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or "basket" of securities, or sometimes a single stock (referred to as "equity-linked securities"). These securities are used for many of the same purposes as derivative instruments and share many of the same risks.

**Swap Agreements.** A swap agreement is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indices, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swap agreements are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. The Funds will not enter into any swap agreement unless the investment managers believe that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify the Funds' gains or losses.

**▪** **Equity Swaps** 

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that a Fund will be committed to pay.

**▪** **Total Return Swaps** 

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument—which may be a single asset, a pool of assets or an index of assets—during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to a Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

**▪** **Interest Rate Swaps** 

Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for-floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for-floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for-floating rate swaps where the notional amount changes if certain conditions are met.

As with a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if a Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if a Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

▪ **Currency Swaps** 

A currency swap is an agreement between two parties in which one party agrees to make interest rate payments in one currency and the other promises to make interest rate payments in another currency. A Fund may enter into a currency swap when it has one currency and desires a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the agreement and returned at the end of the agreement. Changes in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

▪ **Inflation Swaps** 

Inflation swaps are fixed-maturity, over-the-counter derivatives where one party pays a fixed rate in exchange for payments tied to an inflation index, such as the Consumer Price Index. The fixed rate, which is set by the parties at the initiation of the swap, is often referred to as the "breakeven inflation" rate and generally represents the current difference between treasury yields and Treasury Inflation Protected Securities yields of similar maturities at the initiation of the swap agreement. Inflation swaps are typically designated as "zero coupon," where all cash flows are exchanged at maturity. The value of an inflation swap is expected to fluctuate in response to changes in the relationship between nominal interest rates and the rate of inflation. An inflation swap can lose value if the realized rate of inflation over the life of the swap is less than the fixed market implied inflation rate (the breakeven inflation rate) the investor agreed to pay at the initiation of the swap.

▪ **Credit Default Swaps** 

A credit default swap is an agreement between a "buyer" and a "seller" for credit protection. The credit default swap agreement may have as reference obligations one or more securities that are not then held by a Fund. The protection buyer is generally obligated to pay the protection seller an upfront payment and/or a periodic stream of payments over the term of the agreement until a credit event on a reference obligation has occurred. If no default occurs, the seller would keep the stream of payments and would have no payment obligations. If a credit event occurs, the seller generally must pay the buyer the full notional amount (the "par value") of the swap.

▪ **Caps, Collars and Floors** 

Caps and floors have an effect similar to buying or writing options. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level. The seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

**Risks of Derivatives:**

While transactions in derivatives may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance of the Funds than if they had not entered into any derivatives transactions. Derivatives may magnify the Funds' gains or losses, causing them to make or lose substantially more than they invested.

When used for hedging purposes, increases in the value of the securities a Fund holds or intends to acquire should offset any losses incurred with a derivative. Purchasing derivatives for purposes other than hedging could expose the Fund to greater risks.

Use of derivatives involves transaction costs, which may be significant, and may also increase the amount of taxable income to shareholders.

**Correlation of Prices.** The Funds' ability to hedge their securities through derivatives depends on the degree to which price movements in the underlying index or instrument correlate with price movements in the relevant securities. In the case of poor correlation, the price of the securities a Fund is hedging may not move in the same amount, or even in the same direction as the hedging instrument. The investment managers will try to minimize this risk by investing in only those contracts whose behavior they expect to correlate with the behavior of the portfolio securities they are trying to hedge. However, if the investment managers' prediction of interest and currency rates, market value, volatility or other economic factors is incorrect, a Fund may lose money, or may not make as much money as it expected.

Derivative prices can diverge from the prices of their underlying instruments, even if the characteristics of the underlying instruments are very similar to the derivative. Listed below are some of the factors that may cause such a divergence:

▪ Current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and
 the time remaining until expiration of the contract;

▪ A difference between the derivatives and securities markets, including different levels of demand, how the
 instruments are traded, the imposition of daily price fluctuation limits or discontinued trading of an instrument; and

▪ Differences between the derivatives, such as different margin requirements, different liquidity of such markets
 and the participation of speculators in such markets.

Derivatives based upon a narrower index of securities, such as those of a particular industry group, may present greater risk than derivatives based on a broad market index. Since narrower indices are made up of a smaller number of securities, they are more susceptible to rapid and extreme price fluctuations because of changes in the value of those securities.

While currency futures and options values are expected to correlate with exchange rates, they may not reflect other factors that affect the value of the investments of the Funds. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect the Funds against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of the Funds' foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Funds' investments precisely over time.

**Lack of Liquidity.** Before a futures contract or option is exercised or expires, a Fund can terminate it only by entering into a closing purchase or sale transaction. Moreover, a Fund may close out a futures contract only on the exchange the contract was initially traded. Although the Funds intend to purchase options and futures only where there appears to be an active market, there is no guarantee that such a liquid market will exist. If there is no secondary market for the contract, or the market is illiquid, a Fund may not be able to close out its position. In an illiquid market, a Fund may:

▪ Have to sell securities to meet its daily margin requirements at a time when it is disadvantageous to do so;

▪ Have to purchase or sell the instrument underlying the contract;

▪ Not be able to hedge its investments; and/or

▪ Not be able to realize profits or limit its losses.

Derivatives may become difficult to sell at a desired time and price under a variety of market conditions. For example:

▪ An exchange may suspend or limit trading in a particular derivative instrument, an entire category of derivatives
 or all derivatives, which sometimes occurs because of increased market volatility;

▪ Unusual or unforeseen circumstances may interrupt normal operations of an exchange;

▪ The facilities of the exchange may not be adequate to handle current trading volume;

▪ Equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other occurrences
 may disrupt normal trading activity; or

▪ Investors may lose interest in a particular derivative or category of derivatives.

**Management Risk.** Successful use of derivatives by the Funds is subject to the ability of the investment managers to forecast stock market and interest rate trends. If the investment managers incorrectly predict stock market and interest rate trends, the Funds may lose money by investing in derivatives. For example, if a Fund were to write a call option based on the investment managers' expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the investment managers' expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

**Pricing Risk.** At times, market conditions might make it hard to value some investments. For example, if a Fund has valued its securities too high, shareholders may end up paying too much for Fund shares when they buy into the Fund. If the Fund underestimates its price, shareholders may not receive the full market value for their Fund shares when they sell.

**Margin.** Because of the low margin deposits required upon the opening of a derivative position, such transactions involve an extremely high degree of leverage. Consequently, a relatively small price movement in a derivative may result in an immediate and substantial loss (as well as gain) to a Fund and it may lose more than it originally invested in the derivative.

If the price of a futures contract changes adversely, a Fund may have to sell securities at a time when it is disadvantageous to do so to meet its minimum daily margin requirement. A Fund may lose its margin deposits if a broker-dealer with whom it has an open futures contract or related option becomes insolvent or declares bankruptcy.

**Volatility and Leverage.** The Funds' use of derivatives may have a leveraging effect. Leverage generally magnifies the effect of any increase or decrease in value of an underlying asset and results in increased volatility, which means the Funds will have the potential for greater gains, as well as the potential for greater losses, than if the Funds do not use derivative instruments that have a leveraging effect. The prices of derivatives are volatile (i.e., they may change rapidly, substantially and unpredictably) and are influenced by a variety of factors, including:

▪ Actual and anticipated changes in interest rates;

▪ Fiscal and monetary policies; and

▪ National and international political events.

Most exchanges limit the amount by which the price of a derivative can change during a single trading day. Daily trading limits establish the maximum amount that the price of a derivative may vary from the settlement price of that derivative at the end of trading on the previous day. Once the price of a derivative reaches that value, the Funds may not trade that derivative at a price beyond that limit. The daily limit governs only price movements during a given day and does not limit potential gains or losses. Derivative prices have occasionally moved to the daily limit for several consecutive trading days, preventing prompt liquidation of the derivative.

**Government Regulation.** The regulation of derivatives markets in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, granted significant new authority to the SEC and the CFTC to impose comprehensive regulations on the over-the-counter and cleared derivatives markets. These regulations include, but are not limited to, mandatory clearing of certain derivatives and requirements relating to disclosure, margin and trade reporting. The law and regulations may negatively impact the Funds by increasing transaction and/or regulatory compliance costs, limiting the availability of certain derivatives or otherwise adversely affecting the value or performance of the derivatives the Funds trade.

In addition, the SEC adopted the Derivatives Rule on October 28, 2020. Since its compliance date of August 19, 2022, the Derivatives Rule has replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives. See "Derivatives – Rule 18f-4 under the 1940 Act" above for additional information on the requirements imposed on registered funds by the Derivatives Rule. Complying with the Derivatives Rule may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**Illiquid Investments.** A Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in "illiquid investments" that are assets. Illiquid investments are investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. For each Fund, each portfolio investment must be classified at least monthly into one of four liquidity categories (highly liquid, moderately liquid, less liquid and illiquid), which are defined pursuant to Rule 22e-4 under the 1940 Act. Such classification is to be made using information obtained after reasonable inquiry and taking into account relevant market, trading and investment-specific considerations. Under the oversight of the Board, the investment managers determine the liquidity of a Fund's investments. The investment managers may be assisted in classification determinations by one or more third-party service providers. Because of their illiquid nature, illiquid investments often must be priced at fair value as determined in good faith by the Adviser, subject to Board oversight. Despite such good faith efforts to determine fair value prices, a Fund's illiquid investments are subject to the risk that the investment's fair value price may differ from the actual price which the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to a Fund.

**Securities Lending.** A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). A Fund will not lend portfolio securities to the investment managers or their affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of a Fund.

A Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated third party for acting as the Fund's securities lending agent, but will bear all of any losses from the investment of collateral.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. government securities or letters of credit are used as collateral. Investing cash collateral subjects a Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements, even if the value of investments made with the collateral decline. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by a Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of the loan. A Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed above from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which fees may include fees payable to the lending agent, the borrower, the Fund's administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. In such instances, the investment managers will vote the securities in accordance with their proxy voting policies and procedures. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

**Restricted Securities.** The Funds may purchase restricted securities. Restricted securities are securities that may not be sold freely to the public absent registration under the Securities Act of 1933, as amended (the "1933 Act") or an exemption from registration. This generally includes securities that are unregistered that can be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act or securities that are exempt from registration under the 1933 Act, such as commercial paper. Institutional markets for restricted securities have developed as a result of the promulgation of Rule 144A under the 1933 Act, which provides a "safe harbor" from 1933 Act registration requirements for qualifying sales to institutional investors. When Rule 144A restricted securities present an attractive investment opportunity and meet other selection criteria, a Fund may make such investments whether or not such securities are classified as "illiquid" depending on the market that exists for the particular security.

**Short Sales.** The Funds may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, a Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to a Fund with respect to the securities that are sold short.

Uncovered short sales are transactions under which the Funds sell a security they do not own. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

**When-Issued, Delayed–Delivery and Forward-Delivery Transactions.** A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. In a forward-delivery transaction, a Fund contracts to purchase securities for a fixed price at a future date beyond customary settlement time. "Delayed-delivery" refers to securities transactions on the secondary market where settlement occurs in the future. In each of these transactions, the parties fix the payment obligation and the interest rate that they will receive on the securities at the time the parties enter the commitment; however, they do not pay money or deliver securities until a later date. Typically, no income accrues on securities a Fund has committed to purchase before the securities are delivered. A Fund will only enter into these types of transactions with the intention of actually acquiring the securities, but may sell them before the settlement date.

A Fund may use when-issued, delayed-delivery and forward-delivery transactions to secure what it considers an advantageous price and yield at the time of purchase. When a Fund engages in when-issued, delayed-delivery or forward-delivery transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued, delayed-delivery, or forward-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the market value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

The Derivatives Rule permits a Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security entered into by a Fund does not satisfy those requirements, the Fund would need to comply with the Derivatives Rule with respect to its when issued or delayed delivery transactions, which are considered derivatives transactions under the Derivatives Rule. See "Derivatives – Rule 18f-4 under the 1940 Act" above.

**Quantitative Investing Risk (Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund and Real Estate Fund).** For each of the Funds, the Adviser may use quantitative models, algorithms, methods or other similar techniques or analytical tools ("quantitative tools") in managing the Funds, including to generate investment ideas, identify investment opportunities or as a component of its overall portfolio construction processes and investment selection or screening criteria. Quantitative tools may also be used in connection with risk management and hedging processes. The value of securities selected using quantitative tools can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental or other similar means of analysis. The factors used in quantitative tools and the weight placed on those factors may not be predictive of a security's value or a successful weighting. In addition, factors that affect a security's value can change over time and these changes may not be reflected in the quantitative tools. Thus, a Fund is subject to the risk that any quantitative tools used by the Adviser will not be successful in, among other things, forecasting movements in industries, sectors or companies and/or in determining the size, direction, and/or weighting of investment positions.

There is no guarantee that quantitative tools, and the investments selected based on such tools, will produce the desired results or enable a Fund to achieve its investment objective. A Fund may be adversely affected by imperfections, errors or limitations in construction and implementation (for example, limitations in a model, proprietary or third-party data imprecision or unavailability, software or other technology malfunctions, or programming inaccuracies) and the Adviser's ability to monitor and timely adjust the metrics or update the data or features underlying the quantitative tools, including accounting for changes in the overall market environment, and identify and address omissions of relevant data or assumptions. A quantitative tool may not perform as expected and a quantitative tool that has been formulated on the basis of past market data or trends may not be predictive of future price movements. A Fund may also be adversely affected by the Adviser's ability to make accurate qualitative judgments regarding a quantitative tool's output or operational complications relating to a quantitative tool.

**Cyber Security and Operational Risk.** 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 incidents. Cyber incidents can result from unintentional events (such as an inadvertent release of confidential information) or deliberate attacks by insiders or third parties, including cyber criminals, competitors, nation-states and "hacktivists," and can be perpetrated by a variety of complex means, including the use of stolen access credentials, malware or other computer viruses, ransomware, phishing, structured query language injection attacks, and distributed denial of service attacks, among other means. Cyber incidents may result in actual or potential adverse consequences for critical information and communications technology, systems and networks that are vital to the Funds' or their service providers' operations or otherwise impair Fund or service provider operations. For example, a cyber incident may cause operational disruptions and failures impacting information systems or information that a system processes, stores, or transmits, such as by theft, damage or destruction, or corruption or modification of and denial of access to data maintained online or digitally, denial of service on websites rendering the websites unavailable to intended users or not accessible for such users in a timely manner, and the unauthorized release or other exploitation of confidential information.

Cyber incidents could adversely impact the Funds and their shareholders, potentially resulting in, among other things, financial losses or the inability of Fund shareholders to transact business. For instance, cyber incidents may interfere with the processing of shareholder transactions or other operational functionality, impact a Fund's ability to calculate its net asset value or other data, cause the release of private shareholder information (i.e., identity theft or other privacy breaches) or confidential Fund information or otherwise compromise the security and reliability of information, impede trading, cause reputational damage, and subject the Funds to regulatory fines, penalties or financial losses, reimbursement or other compensation or remediation costs, and litigation expenses, which may be substantial. The Funds may also incur additional costs for cyber security risk management purposes designed to mitigate or prevent the risk of cyber incidents. Such costs may be ongoing because threats of cyber incidents are constantly evolving as cyber attackers become more sophisticated and their techniques become more complex.

Although the Funds and their service providers may have established business continuity plans and systems reasonably designed to protect from and/or defend against the risks or adverse consequences associated with cyber incidents there are inherent limitations in these plans and systems, including that certain risks may not yet be identified, in large part because different or unknown threats may emerge in the future and the threats continue to rapidly evolve and increase in sophistication. As a result, it is not possible to anticipate and prevent every cyber incident and attempts to mitigate the occurrence or impact of a cyber incident may be unsuccessful. The nature, extent, and potential magnitude of the adverse consequences of a cyber incident cannot be predicted accurately but may result in significant risks and costs to the Funds and their shareholders. The issuers of securities in which the Funds may invest are also subject to the ongoing risks and threats associated with cyber incidents. These incidents could result in adverse consequences for such issuers and may cause the Funds' investments in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber incidents or other information security breaches in the future.

The Funds' and their service providers are also subject to the risks associated with technological and operational disruptions or failures arising from, for example, processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, errors in algorithms used with respect to the Funds, changes in personnel, and errors caused by third parties or trading counterparties. Although the Funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service.

Cyber incidents and operational errors or failures or other technological issues may adversely affect a Fund's ability to calculate its net asset value correctly, in a timely manner or process trades or Fund or shareholder transactions, including over a potentially extended period. The Funds do not control the cyber security or other operational defense plans or systems of its service providers, intermediaries, companies in which it invests or other third-parties. The value of an investment in Fund shares may be adversely affected by the occurrence of the cyber incidents and operational errors or failures or technological issues summarized above or other similar events and the Funds and their shareholders may bear costs tied to these risks.

**General Market and Geopolitical Risk.** Geopolitical events, such as war (including ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East), terrorism, social unrest, government defaults, government shutdowns, economic uncertainty, sanctions or the threat of sanctions, trade disputes with key trading partners and the imposition of associated tariffs, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues such as pandemics and epidemics (including those caused by COVID-19), and/or systemic market dislocations (including due to events outside of such countries or regions), have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Whether or not a Fund invests in securities of issuers located in countries impacted by such events, these and other events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**INVESTMENT LIMITATIONS**

**Fundamental Policies**

The following investment limitations are fundamental, which means that the Funds cannot change them without approval by the vote of a majority of the outstanding shares of the Funds. The phrase "majority of the outstanding shares" means the vote of (i) 67% or more of a Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

Each Fund may not:

1. Purchase securities of an issuer that would cause the Fund to fail to satisfy the diversification requirement
 for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute,
 rules or regulations may be amended or interpreted from time to time. This investment limitation does not apply to the Knights of Columbus
 Large Cap Growth Fund and Knights of Columbus Real Estate Fund.

Further, based on interpretive guidance from the SEC Staff, the Knights of Columbus U.S. All Cap Index Fund periodically may be non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of its target index. The Fund intends to be diversified in approximately the same proportion as the Fund's target index is diversified.

2. Concentrate investments in a particular industry or group of industries, as concentration is defined under
 the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or
 interpreted from time to time; provided, however, that the U.S. All Cap Index Fund will concentrate its investments in a particular industry
 or group of industries to approximately the same extent that the index whose performance the Fund seeks to track is so concentrated.

3. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted under
 the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or
 interpreted from time to time.

4. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or any
 exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules
 and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
 time.

6. Underwrite securities issued by other persons, except to the extent that it may be deemed to be an underwriter
 in connection with the disposition of portfolio securities, or to the extent otherwise permitted under the 1940 Act, the rules and regulations
 thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

**Non-Fundamental Policies**

Each Fund's investment objective as well as the following investment limitations of each Fund are non-fundamental and may be changed by the Board without shareholder approval.

Each Fund may not:

1. Purchase or sell real estate, real estate limited partnership interests, physical commodities or commodities
 contracts based on physical commodities, except that a Fund may (i) purchase marketable securities issued by companies which own or invest
 in real estate (including REITs), physical commodities or commodities contracts based on physical commodities, and (ii) purchase securities
 or instruments that are secured by real estate or interests therein, and hold and dispose of real estate or interests therein acquired
 through the exercise of its rights as a holder of such securities or instruments.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Diversification</u>. Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the fund.

<u>Concentration</u>. The 1940 Act requires that every investment company have a fundamental investment policy regarding concentration. The SEC has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions. For purposes of a Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

<u>Borrowing</u>. The 1940 Act presently allows an investment company to borrow from any bank in an amount up to 33 1/3% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets.

<u>Lending</u>. Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although the 1940 Act does provide allowances for certain borrowings. In addition, the Derivatives Rule permits a fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the fund complies with the conditions of the Derivatives Rule.

<u>Real Estate and Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate or commodities, but does require that every investment company have a fundamental investment policy governing such investments.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

Except with respect to the Funds' policies concerning borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on borrowing, 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 borrowing back within the limitation within three days thereafter (not including Sundays and holidays).

**THE ADVISER AND SUB-ADVISER**

**Investment Adviser**

**General.** Knights of Columbus Asset Advisors LLC, a Delaware limited liability company, organized in 2014, serves as the investment adviser to the Funds and is registered with the SEC as an investment adviser. The Adviser's principal place of business is located at One Columbus Plaza, New Haven, Connecticut 06510. The Adviser is an indirect wholly owned subsidiary of Knights of Columbus, a fraternal benefit society organized under the laws of the State of Connecticut. As of December 31, 2025, the Adviser had $30 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. In addition, the Adviser oversees L2 Asset Management, LLC ("L2 Asset Management" or the "Sub-Adviser") to ensure the Sub-Adviser's compliance with the investment policies and guidelines of the Funds managed by the Sub-Adviser, and monitors the Sub-Adviser's adherence to its investment style. The Board oversees the Adviser and the Sub-Adviser and establishes policies that the Adviser and the Sub-Adviser must follow in their management activities.

**Advisory Agreement.** The Trust and the Adviser have entered into an investment advisory agreement dated February 26, 2015, as amended (the "Advisory Agreement"), with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the oversight of, and policies established by, the Board.

After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of each Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Trustees or, with respect to a Fund, by a majority of the outstanding voting securities of that Fund, or, by the Adviser, on not less than 30 days' nor more than 60 days' written notice to the Trust. As used in the Advisory Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

**Advisory Fees Paid to the Adviser.** For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

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| | |
|:---|:---|
| **Fund** | **Advisory Fee Rate** |
| Core Bond Fund | 0.40% |
| Limited Duration Fund | 0.40% |
| Large Cap Growth Fund | 0.60% |
| Large Cap Value Fund | 0.60% |
| Small Cap Fund | 0.725% |
| International Equity Fund | 0.90% |
| Long/Short Equity Fund | 1.25% |
| U.S. All Cap Index Fund | 0.20% |
| Real Estate Fund | 0.80%\* |

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\* Prior to May 7, 2024, the management fee for the Real Estate Fund was 0.85% of the average daily net assets of the Fund.

The Adviser pays the Sub-Adviser out of the advisory fees it receives from the Long/Short Equity Fund and the U.S. All Cap Index Fund.

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, dividend and interest expenses on securities sold short, non-routine expenses, and any class-specific expenses (including shareholder servicing fees) (collectively, "excluded expenses")) for I Shares and Class S Shares from exceeding certain levels as set forth below until February 28, 2027 (each, a "contractual expense limit"). This agreement may be terminated by: (i) the Board, for any reason at any time; or (ii) the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

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| | |
|:---|:---|
| **Fund** | **Contractual Expense Limits** |
| Core Bond Fund | 0.50% |
| Limited Duration Fund | 0.50% |
| Large Cap Growth Fund | 0.90% |
| Large Cap Value Fund | 0.90% |
| Small Cap Fund | 1.05% |
| International Equity Fund | 1.10% |
| Long/Short Equity Fund | 1.50% |
| U.S. All Cap Index Fund | 0.25% |
| Real Estate Fund | 1.00% |

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In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds paid the Adviser the following advisory fees:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Fees Waived by the Adviser<sup>1</sup>** | **Fees Waived by the Adviser<sup>1</sup>** | **Fees Waived by the Adviser<sup>1</sup>** | **Total Fees Paid to the Adviser (After Waivers)<sup>1</sup>** | **Total Fees Paid to the Adviser (After Waivers)<sup>1</sup>** | **Total Fees Paid to the Adviser (After Waivers)<sup>1</sup>** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| Core Bond Fund | $674134 | $870210 | $1114772 | $201983 | $163221 | $211248 | $472151 | $706989 | $903524 |
| Limited Duration Fund | $648901 | $764962 | $808924 | $192731 | $151484 | $191347 | $456170 | $613478 | $617577 |
| Large Cap Growth Fund | $841309 | $1223144 | $1478681 | $0 | $0 | $0 | $841309 | $1223144 | $1478681 |
| Large Cap Value Fund | $888172 | $1214842 | $1572292 | $0 | $0 | $0 | $888172 | $1214842 | $1572292 |
| Small Cap Fund | $923079 | $1107108 | $1117106 | $0 | $0 | $0 | $923079 | $1107108 | $1117106 |
| International Equity Fund | $1343298 | $1662147 | $1966883 | $49478 | $9868 | $0 | $1293820 | $1652279 | $1966883 |
| Long/Short Equity Fund | $962652 | $1415789 | $1942213 | $25917 | $1929 | $0 | $936735 | $1413860 | $1942213 |
| U.S. All Cap Index Fund | $173457 | $306609 | $441634 | $173457 | $273935 | $441634 | $0 | $32674 | $0 |
| Real Estate Fund | $1100541 | $1211634 | $1184804 | $68350 | $40614 | $0 | $1032191 | $1171020 | $1184804 |

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<sup>1</sup> For the fiscal years ended October 31, 2023, 2024 and 2025, the Adviser additionally reimbursed fees of $129,664, $0 and $20,612, respectively, for the U.S. All Cap Index Fund to maintain the stated expense cap under its contractual expense limitation agreement with the Fund. For the fiscal year ended October 31, 2023, the Adviser recovered previously waived and reimbursed fees of $129,881, $137,086 and $51,867, respectively, for the Large Cap Growth Fund, Large Cap Value Fund and Small Cap Fund. For the fiscal years ended October 31, 2023, 2024 and 2025, in addition to the fee waivers shown in the table above, the Adviser recovered previously waived and reimbursed fees of $8,240, $46,229 and $78,106, respectively, for the Long/Short Equity Fund. For the fiscal years ended October 31, 2024 and 2025, in addition to the fee waivers shown in the table above, the Adviser recovered previously waived and reimbursed fees of $40,662 and $30,741, respectively, for the International Equity Fund. For the fiscal year ended October 31, 2025, in addition to the waivers shown in the table above, the Adviser recovered previously waived and reimbursed fees of $52,047 for the Real Estate Fund.

**Investment Sub-Adviser**

**L2 Asset Management, LLC.** L2 Asset Management, LLC, a Delaware limited liability company, serves as the investment sub-adviser to the Long/Short Equity Fund and U.S. All Cap Index Fund. L2 Asset Management is 100% employee-owned. L2 Asset Management, LLC's principal place of business is located at 66 Glezen Lane, Wayland, Massachusetts 01778. As of December 31, 2025, L2 Asset Management had approximately $1.27 billion in regulatory assets under management.

**Sub-Advisory Agreement.** The provision of investment advisory services by the Sub-Adviser is governed by an investment sub-advisory agreement between the Sub-Adviser and the Adviser (the "Sub-Advisory Agreement"). Under the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Funds managed by the Sub-Adviser, makes investment decisions for such Funds and administers the investment program of such Funds, subject to the oversight of, and policies established by, the Adviser and the Board.

After the initial two-year term, the continuance of the Sub-Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Sub-Advisory Agreement will terminate automatically in the event of its assignment or in the event of the termination of the Advisory Agreement, and is terminable at any time without penalty by the Board.

**Sub-Advisory Fees.** For the services provided pursuant to the Sub-Advisory Agreement, the Sub-Adviser receives an annual fee from the Adviser at the following annual rates based on the average daily net assets of the Funds managed by the Sub-Adviser:

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| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee Rate** |
| Long/Short Equity Fund | 0.25% |
| U.S. All Cap Index Fund | 0.10% on the first $50 million of Fund assets<br> 0.05% on the next $50 million of Fund assets<br> 0.03% on the next $200 million of Fund assets<br> 0.02% on Fund assets over $300 million\* |

---

\* Prior to December 1, 2024, the sub-advisory fee for the U.S. All Cap Index Fund was 0.10% of the average daily net assets of the Fund.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Adviser paid the Sub-Adviser the following sub-advisory fees:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contractual Fees Paid** | **Contractual Fees Paid** | **Contractual Fees Paid** |
| **Fund** | **2023** | **2024** | **2025** |
| Long/Short Equity Fund | $192695 | $283409 | $391622 |
| U.S. All Cap Index Fund | $86730 | $153306 | $119738 |

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**THE PORTFOLIO MANAGERS**

This section includes information about the Funds' portfolio managers, including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

**Compensation.**

**Knights of Columbus Asset Advisors LLC**

Knights of Columbus Asset Advisors' portfolio managers are compensated with a base salary and discretionary bonus based on the overall performance of the firm. The bonus structure is formula driven and is not tied strictly to the investment returns generated by any particular fund or portfolio.

**L2 Asset Management, LLC**

L2 Asset Management's portfolio managers are the principal owners of L2 Asset Management. The portfolio managers' compensation is based on their share, as owners, of L2 Asset Management's net income from all sources, including management fees that L2 Asset Management receives from the Long/Short Equity Fund and U.S. All Cap Index Fund.

**Fund Shares Owned by the Portfolio Managers.** The following table shows the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Funds as of the end of the most recently completed fiscal year, unless otherwise noted. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

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| | |
|:---|:---|
| **Name** | **Dollar Range of Fund Shares<sup>1</sup>** |
| **<u>Knights of Columbus Asset Advisors LLC</u>** | **<u>Knights of Columbus Asset Advisors LLC</u>** |
| Deepak Devaraj\* |  |
| Gilles A. Marchand, Jr., CFA | $1 - $10,000 (Core Bond Fund)<br> $10,001 - $50,000 (Limited Duration Fund)<br> $100,001 - $500,000 (Large Cap Growth Fund)<br> $100,001 - $500,000 (Small Cap Fund)<br> $100,001 - $500,000 (International Equity Fund) |
| Nicholas Gentile, CFA | $10,001 - $50,000 (Core Bond Fund)<br> $10,001 - $50,000 (Limited Duration Fund)<br> $10,001 - $50,000 (Long/Short Equity Fund) |
| Douglas Riley, CFA<br>| $100,001 - $500,000 (Core Bond Fund)<br> $100,001 - $500,000 (Limited Duration Fund)<br> $10,001 - $50,000 (Large Cap Growth Fund)<br> $10,001 - $50,000 (Large Cap Value Fund)<br> $50,001 - $100,000 (Small Cap Fund)<br> $10,001 - $50,000 (International Equity Fund)<br> $100,001 - $500,000 (U.S. All Cap Index Fund)<br> $50,001 - $100,000 (Real Estate Fund) |
| David Hanna | $500,000 - $1,000,000 (Limited Duration Fund) |
| James W. Gaul, CFA | $10,001 - $50,000 (Core Bond Fund)<br> $10,001 - $50,000 (Limited Duration Fund)<br> $10,001 - $50,000 (Large Cap Growth Fund)<br> $10,001 - $50,000 (Large Cap Value Fund)<br> $1 - $10,000 (Small Cap Fund)<br> $1 - $10,000 (International Equity Fund)<br> $1 - $10,000 (Long/Short Equity Fund) |
| Eric Eaton, CFA | $1 - $10,000 (Core Bond Fund)<br> $50,001 - $100,000 (Limited Duration Fund)<br> $1 - $10,000 (Large Cap Growth Fund)<br> $1 - $10,000 (Large Cap Value Fund)<br> $1 - $10,000 (Small Cap Fund)<br> $1 - $10,000 (International Equity Fund)<br> $10,001 - $50,000 (Real Estate Fund) |
| **<u>L2 Asset Management, LLC</u>** | **<u>L2 Asset Management, LLC</u>** |
| Sanjeev Bhojraj | $100,001 - $500,000 (Long/Short Equity Fund) |
| Matthew Malgari | Over $1,000,000 (Long/Short Equity Fund) |
| Nathan Przybylo | $100,001 - $500,000 (Long/Short Equity Fund) |

---

<sup>1</sup> Valuation date is October 31, 2025.

<sup>\*</sup> Valuation date is January 13, 2026.

**Other Accounts.** In addition to the Funds, the portfolio managers may also be responsible for the day-to-day management of certain other accounts, as indicated by the following table. The information below is provided as of October 31, 2025, unless otherwise noted.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Registered** <br> **Investment Companies** | **Registered** <br> **Investment Companies** | **Other Pooled** <br> **Investment Vehicles** | **Other Pooled** <br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Name** | &nbsp;&nbsp;**Number of Accounts** | &nbsp;&nbsp;**Total Assets (in Millions)** | &nbsp;&nbsp;**Number of Accounts** | **Total Assets (in Millions)** | &nbsp;&nbsp;**Number of Accounts** | **Total Assets (in Millions)** |
| &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** | &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** | &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** | &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** | &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** | &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** | &nbsp;&nbsp;**<u>Knights of Columbus Asset Advisors LLC</u>** |
| &nbsp;&nbsp;Deepak Devaraj\* | 0 | $0 | 2 | $103 | 2 | $27595 |
| &nbsp;&nbsp;Gilles A. Marchand, Jr., CFA | 0 | $0 | 2 | $103 | 17 | $27736 |
| &nbsp;&nbsp;Nicholas Gentile, CFA | 0 | $0 | 2 | $103 | 17 | $27736 |
| &nbsp;&nbsp;Douglas Riley, CFA | 0 | $0 | 0 | $0 | 21 | $144 |
| &nbsp;&nbsp;David Hanna | 0 | $0 | 0 | $0 | 3 | $25 |
| &nbsp;&nbsp;James W. Gaul, CFA | 0 | $0 | 0 | $0 | 1 | $4 |
| &nbsp;&nbsp;Eric Eaton, CFA | 0 | $0 | 0 | $0 | 1 | $4 |
| &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** | &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** | &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** | &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** | &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** | &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** | &nbsp;&nbsp;**<u>L2 Asset Management, LLC</u>** |
| Sanjeev Bhojraj | 0 | $0 | 3<sup>1</sup> | $175.54 | 113 | $507.18 |
| Matthew Malgari | 0 | $0 | 3<sup>1</sup> | $175.54 | 113 | $507.18 |
| &nbsp;&nbsp;Nathan Przybylo | 0 | $0 | 3<sup>1</sup> | $175.54 | 113 | $507.18 |

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<sup>1</sup> These accounts are subject to performance-based advisory fees.

\* Valuation date is January 13, 2026.

**Conflicts of Interest.** The following are the areas in which potential conflicts of interest may exist as a result of the Adviser's and the Sub-Adviser's management of multiple accounts, including the Funds: the allocation of investment opportunities among accounts, the personal trading activities of the members of the portfolio management teams, and the use of soft dollars.

The Adviser and the Sub-Adviser manage multiple accounts for institutional clients, each of which may have distinct investment objectives and strategies, some similar to the Funds and others different. At times the Adviser or the Sub-Adviser may determine that an investment opportunity may be appropriate for only some accounts or may decide that certain of the accounts should take differing positions with respect to a particular security. In these cases, the Adviser or the Sub-Adviser may place separate transactions for one or more accounts, which may affect the market price of the security or the execution of the transaction, or both, to the benefit of one account over another, including a Fund. The Adviser or the Sub-Adviser may receive a greater advisory fee for managing another account than received for advising a Fund which may create an incentive to allocate more favorable transactions to such account. The Adviser or the Sub-Adviser may buy or sell for themselves, or other accounts, investments that they buy or sell on behalf of the Funds. Consistent with their duty to seek best execution, the Adviser and the Sub-Adviser select the brokers with whom to execute transactions on behalf of the Funds. The Adviser and the Sub-Adviser utilize soft dollars whereby they may purchase research and services using commission dollars generated by the Funds. Often, the research and services purchased using the Funds' commissions benefit other accounts of the Adviser and the Sub-Adviser. Soft dollars may create an actual or perceived conflict of interest because the Adviser or the Sub-Adviser may have an incentive to initiate more transactions to generate soft dollars or may select only those brokers willing to offer soft dollars when placing transactions for the Funds.

The Adviser and the Sub-Adviser have adopted trade aggregation policies, as well as other compliance policies and procedures, which require that all clients be treated equitably. The trade aggregation policy and compliance policies and procedures are designed to detect the types of conflicts of interest described above. However, there is no guarantee that such policies and procedures will always detect or prevent every situation in which an actual or perceived conflict of interest may arise.

**THE ADMINISTRATOR**

**General.** SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation ("SIMC"), a wholly-owned subsidiary of SEI Investments Company ("SEI Investments"), is the owner of all beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading providers of funds evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

**Administration Agreement with the Trust.** The Trust and the Administrator have entered into an amended and restated administration agreement dated November 16, 2018, as amended (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office space, equipment, personnel and facilities.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder.

**Administration Fees Paid to the Administrator.** For its services under the Administration Agreement, the Administrator is paid a fee, which varies based on the average daily net assets of the Funds, subject to certain minimums. For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds paid the following amounts for these services:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration Fees Paid** | **Administration Fees Paid** | **Administration Fees Paid** |
| **Fund** | **2023** | **2024** | **2025** |
| Core Bond Fund | $111923 | $125719 | $154896 |
| Limited Duration Fund | $107607 | $110642 | $112421 |
| Large Cap Growth Fund | $92590 | $117761 | $137035 |
| Large Cap Value Fund | $98557 | $116932 | $145714 |
| Small Cap Fund | $84966 | $88251 | $85713 |
| International Equity Fund | $99381 | $106710 | $121494 |
| Long/Short Equity Fund | $51114 | $65394 | $86391 |
| U.S. All Cap Index Fund | $57171 | $88464 | $122683 |
| Real Estate Fund | $86493 | $84930 | $82416 |

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**THE DISTRIBUTOR**

The Trust and SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments, and an affiliate of the Administrator, are parties to a distribution agreement dated February 12, 2014, as amended (the "Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Trust's shares. The principal business address of the Distributor is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Trust and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Trust and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Board or by a majority of the outstanding voting securities of the Trust, or by the Distributor, upon not less than 60 days' written notice to the other party.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Shareholder Servicing Plan.** The Funds have adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.20% of average daily net assets of Class S Shares of the Funds will be paid to financial intermediaries. Under the plan, financial intermediaries may perform, or may compensate other financial intermediaries for performing, certain shareholder and/or administrative services or similar non-distribution services, including: (i) maintaining shareholder accounts; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the financial intermediaries; (iv) responding to inquiries from shareholders concerning their investment in the Funds; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in the Funds; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend and capital gain distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Funds or their service providers; (ix) providing sub-accounting services; (x) processing dividend and capital gain payments from the Funds on behalf of shareholders; (xi) preparing tax reports; and (xii) providing such other similar non-distribution services as the Funds may reasonably request to the extent that the financial intermediary is permitted to do so under applicable laws or regulations.

**Payments by the Adviser.** The Adviser and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Funds, the Distributor or shareholders of the Funds through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Funds in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Funds; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Funds by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**THE TRANSFER AGENT**

SS&C Global Investor & Distribution Solutions, Inc., 1055 Broadway, Kansas City, Missouri 64105 (the "Transfer Agent"), serves as the Funds' transfer agent.

**THE CUSTODIAN**

Brown Brothers Harriman & Co., located at 40 Water Street, Boston, Massachusetts 02109 (the "Custodian"), acts as the custodian of the Funds. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP, Two Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the independent registered public accounting firm for the Funds. The financial statements and notes thereto incorporated by reference for the Funds have been audited by PricewaterhouseCoopers LLP, as indicated in their report with respect thereto, and are incorporated by reference in reliance on the authority of their report as experts in accounting and auditing.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as legal counsel to the Trust.

**SECURITIES LENDING**

The Funds did not engage in securities lending activities during the fiscal year ended October 31, 2025.

**FINANCIAL INDUSTRY RELATIONSHIPS**

SEI Investments, along with its subsidiaries and affiliates (including, but not limited to, the Administrator, the Distributor and SIMC) (collectively, "SEI"), provides a range of services to various financial market participants and has a broad network of relationships with financial services companies, including investment funds, asset managers, broker-dealers and other intermediaries, accounting firms, banks and transfer agents. Although SEI's various business units largely operate independently of one another, their customers and relationships may, and often will, overlap. For example, a particular asset manager might be a sub-adviser to an investment fund that is managed primarily by SIMC, may sponsor a fund that is registered on the Advisors' Inner Circle platform, and/or may manage a fund in which SEI Investments is an investor (with its own capital). From time to time, one SEI business unit may introduce or refer a third-party to another SEI business unit for additional potential services. These various relationships may give rise to actual or perceived conflicts of interest. However, understanding the duties and responsibilities that SEI owes its customers under law and under contract, SEI keeps such actual or perceived conflicts of interest front-of-mind on an ongoing basis and, where appropriate, works with the compliance function, as well as internal and external counsel, to identify and mitigate or eliminate such conflicts, including through appropriate disclosure to applicable governing boards.

**TRUSTEES AND OFFICERS OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as the Adviser, the Sub-Adviser, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the funds. The funds and their service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g., the Adviser is responsible for the day-to-day management of each Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a fund, at which time certain of the fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the fund as well as proposed investment limitations for the fund. Additionally, the fund's adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the adviser and other service providers, such as the fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the funds by the adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the adviser, the Board meets with the adviser to review such services. Among other things, the Board regularly considers the adviser's adherence to the funds' investment restrictions and compliance with various fund policies and procedures and with applicable securities regulations. The Board also reviews information about the funds' investments, including, for example, reports on the adviser's use of derivatives in managing the funds, if any, as well as reports on the funds' investments in other investment companies, if any.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and fund and adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Adviser makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the funds' financial statements, focusing on major areas of risk encountered by the funds and noting any significant deficiencies or material weaknesses in the funds' internal controls. Additionally, in connection with its oversight function, the Board oversees fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the funds' investment management and business affairs are carried out by or through the funds' advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are six members of the Board, five of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Mr. Alshefski, an interested person of the Trust, serves as Chairman of the Board. Mr. Hunt, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the independent Trustees constitute more than three-quarters of the Board, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust, and the number of funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from fund management.

The Board has two standing committees: the Audit Committee and the Governance Committee. The Audit Committee and the Governance Committee are chaired by an independent Trustee and composed of all of the independent Trustees. In addition, the Board has a lead independent Trustee.

In his role as lead independent Trustee, Mr. Hunt, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the independent Trustees and management, and among the independent Trustees; (v) serves as a key point person for dealings between the independent Trustees and management; and (vi) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee. There is no stated term of office for the Trustees. Nevertheless, an independent Trustee must retire from the Board as of the end of the calendar year in which such independent Trustee first attains the age of seventy-five years; provided, however, that, an independent Trustee may continue to serve for one or more additional one calendar year terms after attaining the age of seventy-five years (each calendar year a "Waiver Term") if, and only if, prior to the beginning of such Waiver Term: (1) the Governance Committee (a) meets to review the performance of the independent Trustee; (b) finds that the continued service of such independent Trustee is in the best interests of the Trust; and (c) unanimously approves excepting the independent Trustee from the general retirement policy set out above; and (2) a majority of the Trustees approves excepting the independent Trustee from the general retirement policy set out above. Unless otherwise noted, the business address of each Trustee is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations**<br> **in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |

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| | | | |
|:---|:---|:---|:---|
| John G. Alshefski<br> (Born: 1966)<br>| Chairman of the Board of Trustees<sup>1</sup> (since 2025) | SEI employee from 1992 to present. Senior Vice President and Head of SEI Investment Manager Services for Traditional Asset Managers, SEI Investments Company, Inc., from 2013 to 2025. Head of SEI Offshore Fund Servicing Business Line, SEI Investments Company, Inc., from 1996 to 2013. Fund Accounting Director, SEI Investments Company, from 1992 to 1996. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Symmetry Panoramic Trust. |

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| | | | |
|:---|:---|:---|:---|
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent Trustee<br> (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012. | Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Director of FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024.<br>|
| Thomas P. Lemke<br> (Born: 1954) | Trustee<br> (since 2014) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, Symmetry Panoramic Trust and J.P. Morgan Funds (171 Portfolios). Director of FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024.<br>|

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| | | | |
|:---|:---|:---|:---|
| Nichelle Maynard-Elliott<br> (Born: 1968) | Trustee<br> (since 2021) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019. | <br>Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Director of FS Alternatives Fund (Cayman), Xerox Holdings Corporation and Lucid Group, Inc.<br>Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. Director of Element Solutions Inc. to 2024.<br>|
| Jay C. Nadel<br> (Born: 1958) | Trustee<br> (since 2016) | Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001. | Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, Symmetry Panoramic Trust and Alger Funds. Director of FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024.<br>|

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| | | | |
|:---|:---|:---|:---|
| Randall S. Yanker<br> (Born: 1960) | Trustee<br> (since 2014) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Independent Non-Executive Director of HFA Holdings Limited and FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Director of Navigator Global Investments Limited to 2020. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024.<br>|

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<sup>1</sup> Mr. Alshefski may be deemed to be an "interested" person of the Funds as that term is defined in the 1940 Act by virtue of his affiliation with the Distributor and/or its affiliates.

<u>Individual Trustee Qualifications</u>

The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds, and to exercise their business judgment in a manner that serves the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Alshefski should serve as Trustee because of the experience he has gained in his various roles with SEI Investments and his knowledge of the financial services industry.

The Trust has concluded that Mr. Hunt should serve as Trustee because of the experience he gained in a variety of leadership roles with different investment management institutions, his experience in and knowledge of the financial services industry, and the experience he has gained as a board member of open-end, closed-end and private funds investing in a broad range of asset classes, including alternative asset classes.

The Trust has concluded that Mr. Lemke should serve as Trustee because of the extensive experience he gained in the financial services industry, including experience in various senior management positions with financial services firms and multiple years of service with a regulatory agency, his background in controls, including legal, compliance and risk management, and his service as general counsel for several financial services firms.

The Trust has concluded that Ms. Maynard-Elliott should serve as Trustee because of the experience she gained in a variety of leadership roles at a leading industrial company, the experience she has gained as a board member of several prominent companies, and her legal and financial management expertise.

The Trust has concluded that Mr. Nadel should serve as Trustee because of the experience he gained in a variety of leadership roles with an audit firm and various financial services firms, his experience in and knowledge of the financial services industry, and the experience he has gained serving on other mutual fund and operating company boards.

The Trust has concluded that Mr. Yanker should serve as Trustee because of the experience he gained in a variety of leadership roles with the alternative asset management divisions of various financial services firms, his experience in and knowledge of the financial services industry, and the experience he has gained advising institutions on alternative asset management.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the funds.

**Board Committees.** The Board has established the following standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Audit Committee.** The Board has a standing Audit Committee that
 is composed of each of the independent Trustees. The Audit Committee operates under a written charter approved by the Board. The principal
 responsibilities of the Audit Committee include: (i) recommending which firm to engage as each fund's independent registered public
 accounting firm and whether to terminate this relationship; (ii) reviewing the independent registered public accounting firm's compensation,
 the proposed scope and terms of its engagement, and the firm's independence; (iii) pre-approving audit and non-audit services provided
 by each fund's independent registered public accounting firm to the Trust and certain other affiliated entities; (iv) serving as
 a channel of communication between the independent registered public accounting firm and the Trustees; (v) reviewing the results of each
 external audit, including any qualifications in the independent registered public accounting firm's opinion, any related management
 letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the
 audit, reports submitted to the Committee by the internal auditing department of the Administrator that are material to the Trust as a
 whole, if any, and management's responses to any such reports; (vi) reviewing each fund's audited financial statements and
 considering any significant disputes between the Trust's management and the independent registered public accounting firm that arose
 in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent registered public
 accounting firm and the Trust's senior internal accounting executive, if any, the independent registered public accounting firms'
 reports on the adequacy of the Trust's internal financial controls; (viii) reviewing, in consultation with each fund's independent
 registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing
 each fund's financial statements; and (ix) other audit related matters. Ms. Maynard-Elliott and Messrs. Hunt, Lemke, Nadel and Yanker
 currently serve as members of the Audit Committee. Mr. Nadel serves as the Chair of the Audit Committee. The Audit Committee meets periodically,
 as necessary, and met four (4) times during the most recently completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Committee.** The Board has a standing Governance Committee that is composed of each of the
 independent Trustees. The Governance Committee operates under a written charter approved by the Board. The principal responsibilities
 of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self-assessment
 of the Board's operations; (iii) selecting and nominating all persons to serve as independent Trustees and considering proposals
 of and making recommendations for "interested" Trustee candidates to the Board; and (iv) reviewing shareholder recommendations
 for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the
 Trust's office. Ms. Maynard-Elliott and Messrs. Hunt, Lemke, Nadel and Yanker currently serve as members of the Governance Committee.
 Ms. Maynard-Elliott serves as the Chair of the Governance Committee. The Governance Committee meets periodically, as necessary, and met
 two (2) times during the most recently completed fiscal year.

**Fund Shares Owned by Board Members.** The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Fund Shares**<br> **(Fund)<sup>1</sup>** | **Aggregate Dollar Range of Shares**<br> **(All Funds in the Family of Investment Companies)<sup>1,2</sup>** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski |  |  |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt |  |  |
| Thomas P. Lemke |  |  |
| Nichelle Maynard-Elliott |  |  |
| Jay C. Nadel |  |  |
| Randall S. Yanker |  |  |

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<sup>1</sup> Valuation date is December 31, 2025.

<sup>2</sup> The Funds are the only funds in the family of investment companies.

**Board Compensation.** The Trust paid the following fees to the Trustees during the fiscal year ended October 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Aggregate Compensation from the Trust** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated**<br> **Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex<sup>1</sup>** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski | $0 | N/A | N/A | $0 for service on one (1) board |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Thomas P. Lemke | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Nichelle Maynard-Elliott | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Jay C. Nadel | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Randall S. Yanker | $156951 | N/A | N/A | $156,951 for service on one (1) board |

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<sup>1</sup> All funds in the Fund Complex are series of the Trust.

**Trust Officers.** Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations for the last five years of each of the persons currently serving as executive officers of the Trust. There is no stated term of office for the officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Chief Compliance Officer is the only officer who receives compensation from the Trust for his services.

 

Certain officers of the Trust also serve as officers of one or more funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor.

 

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations in Past 5 Years** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2014) | Managing Director, SEI Investments, since 2021. Director of Client Service, SEI Investments, from 2004 to 2021. |
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |

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| | | |
|:---|:---|:---|
| Eric C. Griffith<br> (Born: 1969) | Vice President<br> (since 2020)<br>Secretary<br> (since 2025) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher<br> (Born: 1975) | Vice President and Assistant Secretary<br> (since 2018) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and Chief Financial Officer<br> (since 2021)<br>| Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Marci M. Morgan<br> (Born: 1971) | Anti-Money Laundering Compliance Officer and Privacy Officer<br> (since 2025) | Director of Anti-Money Laundering Compliance at SEI Investments since May 2025. Director of Global Due Diligence at SEI Investments from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023. |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017) | Account Manager, SEI Investments, since 2007. |

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| | | |
|:---|:---|:---|
| Stephen F. Panner<br> (Born: 1970)<br>| Chief Compliance Officer<br> (since 2022)<br>| Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since May 2023. Chief Compliance Officer of Symmetry Panoramic Trust since December 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
| Alexander F. Smith<br> (Born: 1977) | Vice President and Assistant Secretary<br> (since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |

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**PURCHASING AND REDEEMING SHARES**

Purchases and redemptions may be made through the Transfer Agent on any day the New York Stock Exchange (the "NYSE") is open for business. Shares of the Funds are offered and redeemed on a continuous basis. Currently, the NYSE is closed for business when the following holidays are 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 and Christmas.

It is currently the Trust's policy to pay all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in-kind of securities held by the Funds in lieu of cash. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, for any period on which trading on the NYSE is restricted (as determined by the SEC by rule or regulation), or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which the disposal or valuation of the Funds' securities is not reasonably practicable, or for such other periods as the SEC has by order permitted. The Trust also reserves the right to suspend sales of shares of the Funds for any period during which the NYSE, the Adviser, the Sub-Adviser, the Administrator, the Transfer Agent and/or the Custodian are not open for business.

**DETERMINATION OF NET ASSET VALUE**

**General Policy.** The Funds adhere to Section 2(a)(41), and Rules 2a-4 and 2a-5 thereunder, of the 1940 Act with respect to the valuation of portfolio securities. In general, securities for which market quotations are readily available are valued at current market value, and all other securities are valued at fair value by the Adviser in good faith, and subject to the oversight of the Board. In complying with the 1940 Act, the Trust relies on guidance provided by the SEC and by the SEC staff in various interpretive letters and other guidance.

**Equity Securities.** Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Funds' pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Money Market Securities and other Debt Securities.** If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of each Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Foreign Securities.** The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

**Derivatives and Other Complex Securities.** Exchange-traded options on securities and indices purchased by the Funds generally are valued at their last trade price or, if there is no last trade price, the last bid price. Exchange-traded options on securities and indices written by the Funds generally are valued at their last trade price or, if there is no last trade price, the last asked price. In the case of options traded in the over-the-counter market, if the OTC option is also an exchange-traded option, the Funds will follow the rules regarding the valuation of exchange-traded options. If the OTC option is not also an exchange-traded option, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

Futures and swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume or market volatility, or the future or centrally cleared swap does not end trading by the time the Funds calculate net asset value, the settlement price may not be available at the time at which each Fund calculates its net asset value. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

If available, non-centrally cleared swaps, collateralized debt obligations, collateralized loan obligations and bank loans are priced based on valuations provided by an independent third party pricing agent. If a price is not available from an independent third party pricing agent, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Use of Third-Party Independent Pricing Services.** Pursuant to contracts with the Administrator, prices for most securities held by the Funds with readily available market quotations are provided by third-party independent pricing agents. The valuations for these securities are reviewed by the Administrator. In accordance with the Adviser's Valuation Procedures, the Adviser may also use third-party independent pricing agents (reviewed and approved by the Adviser) to fair value certain securities without readily available market quotations (or where market quotations are unreliable).

**Fair Value Procedures.** Securities for which market prices are not "readily available" or which cannot be valued using the methodologies described above are valued in accordance with Fair Value Procedures established by the Adviser and implemented through the Adviser's Valuation Committee. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing agents, independent broker dealers and/or the Adviser's or the Sub-Adviser's own personnel (including investment personnel).

Some of the more common reasons that may necessitate a security being valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; trading of the security is subject to local government-imposed restrictions; or a significant event with respect to a security has occurred after the close of the market or exchange on which the security principally trades and before the time the Funds calculate net asset value. When a security is valued in accordance with the Fair Value Procedures, the Adviser's Valuation Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

**Fair Valuation of Foreign Securities Based on U.S. Market Movements.** A third party fair valuation vendor provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each foreign security) applied by the fair valuation vendor in the event that there are movements in the U.S. market that exceed a specific threshold that has been established by the Adviser. The Adviser has also established a "confidence interval" that is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market that is required for a particular security to be fair valued when the threshold is exceeded. In the event that the threshold established by the Adviser is exceeded on a specific day, the Adviser values the foreign securities in the Funds' portfolios that exceed the applicable "confidence interval" based upon the fair values provided by the fair valuation vendor. In the event that the Adviser believes that the fair values provided by the fair valuation vendor are not reliable, the Adviser will determine in good faith the fair value of the foreign securities, subject to Board oversight.

**TAXES**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Funds and their shareholders that is intended to supplement the discussion contained in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. In particular, it does not address investors subject to special rules, such as investors who hold shares through an individual retirement account ("IRA"), 401k, or other tax advantaged accounts. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** Each Fund has elected and intends to qualify each year to be treated as a RIC. By following such a policy, each Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. If a Fund 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 Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which each Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or the securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that a Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Funds intend to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Funds will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. A Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, such Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of a Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining 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.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. 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. The carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

**Federal Excise Tax.** Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute, by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax). The Funds intend to make sufficient distributions to avoid liability for federal excise tax but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment managers might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as RICs.

**Distributions to Shareholders.** The Funds receive income generally in the form of dividends and interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by a Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by the Funds are currently eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Funds receive qualified dividend income on the securities they hold and the Funds report the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from each Fund's assets before it calculates the net asset value) with respect to such dividend, (ii) each Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that a Fund 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. It is not anticipated that any distributions by the Core Bond Fund and Limited Duration Fund will be eligible for the reduced tax rates applicable to qualified dividend income. In addition, certain of the Funds' investment strategies may limit their ability to make distributions eligible for the reduced tax rates applicable to qualified dividend income.

Distributions by the Funds of their net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders at a maximum rate of 20% regardless of how long you have held your shares in such Fund. Distributions from capital gains are generally made after applying any available capital loss carryforwards.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. It is not anticipated that any distributions by the Core Bond Fund and Limited Duration Fund will be eligible for the dividends received deduction for corporate shareholders. In addition, certain of the Funds' investment strategies may significantly limit their ability to make distributions eligible for the dividends received deduction for corporate shareholders.

The Core Bond Fund and Limited Duration Fund may invest in certain municipal securities. Certain municipal securities may generate interest exempt from U.S. federal income tax. If at least 50% of the value of a Fund's total assets at the close of each quarter of its taxable years consists of debt obligations that generate interest exempt from U.S. federal income tax, then such Fund may qualify to pass through to its shareholders the tax-exempt character of its income from such debt obligations by paying tax-exempt interest dividends. The Core Bond Fund and Limited Duration Fund are not expected to qualify to invest in sufficient tax-exempt municipal securities to pass through the tax-exempt character, if any, of its income from such securities.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by Internal Revenue Service ("IRS").

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits for the taxable year (as calculated for federal income tax purposes), all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

A dividend or distribution received shortly after the purchase of shares reduces the net asset value of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the net asset value of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions.

The Funds (or their administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Funds may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Funds.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

**Sales, Exchanges or Redemptions.** Sales, exchanges, or redemptions of a Fund's share may be a taxable transaction for federal and state income tax purposes. Any gain or loss recognized on a sale, exchange, or redemption of shares of a Fund by a shareholder who holds a Fund's shares as capital assets will generally be treated as a long-term capital gain or loss if the shares have been held for more than 12 months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a long-term capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the long-term capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale.

The Funds (or their administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for purchases of Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, a Fund (or its administrative agent) is also required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund shares, a Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, a Fund will use the average cost basis method as its default cost basis method. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund 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 how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Net Investment Income Tax.** U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale or exchange of shares of a Fund).

**Tax Treatment of Complex Securitie**s**.** The Funds may invest in complex securities and these investments may be subject to numerous special and complex tax rules. These rules could affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Funds are treated as ordinary income or capital gain, accelerate the recognition of income to the Funds and/or defer the Funds' ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Funds and may require the Funds to sell securities to mitigate the effect of these rules and prevent disqualification of a Fund as a RIC at a time when the Adviser might not otherwise have chosen to do so.

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Funds to mark-to-market certain types of positions in their portfolios (i.e., treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the investment managers might not otherwise have chosen to do so.

Any forward contract or other position entered into or held by a Fund in conjunction with any other position held by that Fund may constitute a "straddle" for federal income tax purposes. A straddle of which at least one, but not all, the positions are Section 1256 Contracts may constitute a "mixed straddle." In general, straddles are subject to certain rules that may affect the amount, character and timing of a Fund's gains and losses with respect to straddle positions by requiring, among other things, that: (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other position in such straddle; (2) such Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term capital gain rather than long-term capital gain); (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and that are non-Section 1256 Contracts be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred. Various elections are available to a Fund, which may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.

In general, the straddle rules described above do not apply to any straddles held by a Fund if all of the offsetting positions consist of Section 1256 Contracts. The straddle rules described above also do not apply if all the offsetting positions making up a straddle consist of one or more "qualified covered call options" and the stock to be purchased under the options and the straddle is not part of a larger straddle. A qualified covered call option is generally any option granted by a Fund to purchase stock it holds (or stock it acquires in connection with granting the option) if, among other things, (1) the option is traded on a national securities exchange that is registered with the SEC or other market the IRS determined has rules adequate to carry out the purposes of the applicable Code provision, (2) the option is granted more than 30 days before it expires, (3) the option is not a "deep-in-the-money option," (4) the option is not granted by an options dealer in connection with its activity of dealing in options, and (5) gain or loss with respect to the option is not ordinary income or loss.

To the extent a Fund writes options that are not subject to the rules of section 1256 of the Code, the amount of the premium received by such Fund for writing such options will generally be entirely short-term capital gain to such Fund. In addition, if such an option is closed by a Fund, any gain or loss realized by such Fund as a result of closing the transaction will also generally be short-term capital gain or loss. If such an option is exercised any gain or loss realized by a Fund upon the sale of the underlying security pursuant to such exercise will generally be short-term or long-term capital gain or loss to such Fund depending on such Fund's holding period for the underlying security.

If a Fund enters into a "constructive sale" of any appreciated financial position in its portfolio, such Fund will be treated as if it had sold and immediately repurchased the property and must recognize gain (but not loss) with respect to that position. A constructive sale of an appreciated financial position occurs when a Fund enters into certain offsetting transactions with respect to the same or substantially identical property, including, but not limited to: (i) a short sale; (ii) an offsetting notional principal contract; (iii) a futures or forward contract; or (iv) other transactions identified in future Treasury Regulations. The character of the gain from constructive sales will depend upon a Fund's holding period in the appreciated financial position. Losses realized from a sale of a position that was previously the subject of a constructive sale will be recognized when the position is subsequently disposed of. The character of such losses will depend upon a Fund's holding period in the position beginning with the date the constructive sale was deemed to have occurred and the application of various loss deferral provisions in the Code. Constructive sale treatment does not apply to certain closed transactions, including if such a transaction is closed on or before the 30th day after the close of a Fund's taxable year and such Fund holds the appreciated financial position unhedged throughout the 60-day period beginning with the day such transaction was closed.

If a Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. Such 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. Amounts included in income each year by a Fund arising from a QEF election will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

The Real Estate Fund and the U.S. All Cap Index Fund may each invest in U.S. REITs. Investments in REIT equity securities may require the Real Estate Fund and the U.S. All Cap Index Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Real Estate Fund and the U.S. All Cap Index Fund may each 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. The Real Estate Fund's or the U.S. All Cap Index Fund's investments in REIT equity securities may at other times result in the Real Estate Fund's or the U.S. All Cap Index Fund's receipt of cash in excess of the REIT's earnings; if the Real Estate Fund or the U.S. All Cap Index 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 (as calculated for federal income tax purposes). Capital gain dividends paid by a REIT to the Real Estate Fund and the U.S. All Cap Index Fund will be treated as long term capital gains by the Real Estate Fund and the U.S. All Cap Index Fund and, in turn, may be distributed by the Real Estate Fund and the U.S. All Cap Index Fund to their shareholders as a capital gain distribution. Dividends received by the Real Estate Fund and the U.S. All Cap Index Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

U.S. REITs in which the Real Estate Fund or the U.S. All Cap Index Fund invest often do not provide complete and final tax information to the Real Estate Fund or the U.S. All Cap Index Fund until after the time that the Real Estate Fund or the U.S. All Cap Index Fund issues a tax reporting statement. As a result, the Real Estate Fund and the U.S. All Cap Index Fund may at times find it necessary to reclassify the amount and character of their distributions to you after they issue your tax reporting statement. When such reclassification is necessary, the Real Estate Fund and the U.S. All Cap Index Fund (or their administrative agents) 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.

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Real Estate Fund or the U.S. All Cap Index Fund to their shareholders that are attributable to qualified REIT dividends received by the Real Estate Fund and the U.S. All Cap Index Fund and which the Real Estate Fund and the U.S. All Cap Index Fund properly report 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. The Real Estate Fund and the U.S. All Cap Index Fund are permitted to report such part of their dividends as Section 199A dividends as are eligible but are not required to do so.

With respect to investments in STRIPS, treasury receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

**Certain Foreign Currency Tax Issues.** A Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Funds intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of a Fund as a RIC and minimize the imposition of income and excise taxes. Accordingly, a Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the Qualifying Income Test described above if such gains are not directly related to a Fund's business of investing in stock or securities (or options and futures with respect to stock or securities). Accordingly, regulations may be issued in the future that could treat some or all of a Fund's non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Fund's status as a RIC for all years to which the regulations are applicable.

**Foreign Taxes.** Dividends and interest received by a Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Funds' stock or securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, such Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by such Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through IRAs or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund.

Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of Fund shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

A Fund'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. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

**Backup Withholding.** A Fund will be required in certain cases to withhold at a rate of 24% and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Non-U.S. Investors.** Any non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Funds. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described above. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Funds are required to withhold 30% of certain ordinary dividends they pay to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to 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.

A non-U.S. entity that invests in a Fund will need to provide such Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**State Taxes.** Depending upon state and local law, distributions by a Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that a Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in a Fund.

**FUND TRANSACTIONS**

**Brokerage Transactions.** Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Funds execute transactions in the over-the-counter market, they will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the investment managers may place a combined order for two or more accounts they manage, including the Funds, engaged in the purchase or sale of the same security if, in their judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Funds may obtain, it is the opinion of the investment managers that the advantages of combined orders outweigh the possible disadvantages of combined orders.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds paid the following aggregate brokerage commissions on Fund transactions:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** |
| **Fund** | **2023** | **2024** | **2025** |
| Core Bond Fund | $0 | $0 | $0 |
| Limited Duration Fund | $0 | $0 | $0 |
| Large Cap Growth Fund | $19631 | $18150 | $26912 |
| Large Cap Value Fund | $30199 | $37331 | $77364 |
| Small Cap Fund | $62041 | $96370 | $137631 |
| International Equity Fund | $85894 | $96552 | $133919 |
| Long/Short Equity Fund | $134920 | $118570 | $276615 |
| U.S. All Cap Index Fund | $3320 | $3006 | $6624 |
| Real Estate Fund | $119783 | $138556 | $78962 |

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**Brokerage Selection.** The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the investment managers may select a broker based upon brokerage or research services provided to the investment managers. The investment managers may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act permits the investment managers, under certain circumstances, to cause the Funds to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the investment managers may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the investment managers believe that access to independent investment research is beneficial to their investment decision-making processes and, therefore, to the Funds.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the investment managers might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The investment managers may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used by the investment managers in connection with the Funds or any other specific client account that paid commissions to the broker providing such services. Information so received by the investment managers will be in addition to and not in lieu of the services required to be performed by the Adviser under the Advisory Agreement or the Sub-Adviser under the Sub-Advisory Agreement. Any advisory or other fees paid to the investment managers are not reduced as a result of the receipt of research services.

In some cases the investment managers may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the investment managers make a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the investment managers will use their own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the investment managers face a potential conflict of interest, but the investment managers believe that their allocation procedures are reasonably designed to ensure that they appropriately allocate the anticipated use of such services to their research and non-research uses.

From time to time, the investment managers may purchase new issues of securities for clients, including the Funds, in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the investment managers with research services. Financial Industry Regulatory Authority ("FINRA") has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

For the fiscal year ended October 31, 2025, the Funds paid the following commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research services to the Adviser:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Total Dollar Amount of Brokerage Commissions for Research Services** | &nbsp;&nbsp;**Total Dollar Amount of Transactions Involving Brokerage Commissions for Research Services** |
| Core Bond Fund | $0 | $0 |
| Limited Duration Fund | $0 | $0 |
| Large Cap Growth Fund | $0 | $0 |
| Large Cap Value Fund | $0 | $0 |
| Small Cap Fund | $0 | $0 |
| International Equity Fund | $0 | $0 |
| Long/Short Equity Fund | $65380 | $758475955 |
| U.S. All Cap Index Fund | $0 | $0 |
| Real Estate Fund | $0 | $0 |

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**Brokerage with Fund Affiliates.** The Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Funds, the Adviser or the Sub-Adviser for a commission in conformity with the 1940 Act and rules promulgated by the SEC. The 1940 Act requires that commissions paid to the affiliate by the Funds for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds did not pay any brokerage commissions on portfolio transactions effected by affiliated brokers.

**Securities of "Regular Broker-Dealers."** The Funds are required to identify any securities of their "regular brokers and dealers" (as such term is defined in the 1940 Act) that each Fund held during its most recent fiscal year. During the fiscal year ended October 31, 2025, the Funds held securities of their "regular brokers and dealers" as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Name of Broker/Dealer** | **Type of Security Held** | **Dollar Amount at FYE (in thousands)** |
| Long/Short Equity Fund | Wells Fargo | Equity | $1220 |
| U.S. All Cap Index Fund | Wells Fargo | Equity | $1388 |

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**Portfolio Turnover Rates.** Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the fiscal year by the monthly average value of portfolio securities owned during the fiscal year. Excluded from both the numerator and denominator are amounts relating to securities whose maturities at the time of acquisition were one year or less. Instruments excluded from the calculation of portfolio turnover generally would include the futures contracts in which the Funds may invest since such contracts generally have remaining maturities of less than one year. The Funds may at times hold investments in other short-term instruments, such as repurchase agreements, which are excluded for purposes of computing portfolio turnover.

During the fiscal years ended October 31, 2024 and 2025, the Funds' portfolio turnover rates were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** |
| **Fund** | **2024** | **2025** |
| Core Bond Fund | 48% | 36% |
| Limited Duration Fund | 82% | 60% |
| Large Cap Growth Fund | 44% | 43% |
| Large Cap Value Fund | 36% | 53% |
| Small Cap Fund | 71% | 66% |
| International Equity Fund | 39% | 50% |
| Long/Short Equity Fund | 51% | 110%<sup>1</sup> |
| U.S. All Cap Index Fund | 3% | 13% |
| Real Estate Fund | 114% | 70%<sup>2</sup> |

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<sup>1</sup> The Adviser believes the portfolio turnover for the Long/Short Equity Fund during the fiscal year ended October 31, 2024 was lower than usual, due to less name selection during that period in the models that L2 uses to make investment decisions for the Long/Short Equity Fund. During the fiscal year ended October 31, 2025, the Long/Short Equity Fund's portfolio turnover returned to a level in-line with the Adviser's expectation for the Long/Short Equity Fund's strategy.

<sup>2</sup> The Adviser believes the portfolio turnover for the Real Estate Fund during the fiscal year ended October 31, 2024 was higher than usual, due to transactions that were made in connection with the transition to a new management team during the period. During the fiscal year ended October 31, 2025, the Real Estate Fund's portfolio turnover returned to a level in-line with the Adviser's expectation for the Real Estate Fund's strategy.

**PORTFOLIO HOLDINGS**

The Board has approved policies and procedures that govern the timing and circumstances regarding the disclosure of Fund portfolio holdings information to shareholders and third parties. These policies and procedures are designed to ensure that disclosure of information regarding the Funds' portfolio securities is in the best interests of the Funds' shareholders, and include procedures to address conflicts between the interests of the Funds' shareholders, on the one hand, and those of the Adviser, the Sub-Adviser, principal underwriter or any affiliated person of the Funds, the Adviser, the Sub-Adviser, or their principal underwriter, on the other. Pursuant to such procedures, the Board has authorized the Adviser's Chief Compliance Officer (the "Authorized Person") to authorize the release of the Funds' portfolio holdings, as necessary, in conformity with the foregoing principles. The Authorized Person, either directly or through reports by the Trust's Chief Compliance Officer, reports quarterly to the Board regarding the operation and administration of such policies and procedures.

Pursuant to applicable law, the Funds are required to disclose their complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter (currently, each January 31, April 30, July 31, and October 31). Each Fund files with the SEC a complete schedule of investments following the first and third fiscal quarters as exhibits to Form N-PORT, and a complete schedule of investments following the second and fourth fiscal quarters on Form N-CSR.

Complete schedules of investments filed with the SEC on Form N-CSR and as exhibits to Form N-PORT are available, free of charge, on the SEC's website at www.sec.gov. The Funds' complete schedules of investments are also posted to the Funds' website at www.kofcassetadvisors.org and are distributed to Fund shareholders upon request.

In addition to information provided to shareholders and the general public, portfolio holdings information may be disclosed as frequently as daily to the Funds' Adviser, Sub-Adviser, Administrator, Custodian, Transfer Agent, financial printer, pricing vendors, liquidity analytics vendors, class action reclaim vendors, foreign tax reclaim vendors and other vendors that provide the Adviser or Sub-Adviser with various middle office, back office, client reporting and portfolio analytics services in connection with their services to the Funds. 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. Similarly, institutional investors, financial planners, pension plan sponsors and/or their consultants or other third-parties may request portfolio holdings information in order to assess the risks of the Funds' portfolios along with related performance attribution statistics. The lag time for such disclosures will vary. The Funds believe that these third parties have legitimate objectives in requesting such portfolio holdings information.

The Funds' policies and procedures provide that the Authorized Person may authorize disclosure of non-public portfolio holdings information to such parties at differing times and/or with different lag times. Prior to making any disclosure to a third party, the Authorized Person must determine that such disclosure serves a reasonable business purpose, is in the best interests of a Fund's shareholders and that to the extent conflicts between the interests of a Fund's shareholders and those of the Adviser, the Sub-Adviser, principal underwriter, or any affiliated person of the Funds exist, such conflicts are addressed. Portfolio holdings information may be disclosed no more frequently than monthly to ratings agencies, consultants and other qualified financial professionals or individuals. The disclosures will not be made sooner than three days after the date of the information. The Trust's Chief Compliance Officer will regularly review these arrangements and will make periodic reports to the Board regarding disclosure pursuant to such arrangements.

With the exception of disclosures to rating and ranking organizations as described above, the Funds require any third party receiving non-public holdings information to enter into a confidentiality agreement with the Adviser. The confidentiality agreement provides, among other things, that non-public portfolio holdings information will be kept confidential and that the recipient has a duty not to trade on the non-public information and will use such information solely to analyze and rank the Funds, or to perform due diligence and asset allocation, depending on the recipient of the information.

The Funds' policies and procedures prohibit any compensation or other consideration from being paid to or received by any party in connection with the disclosure of portfolio holdings information, including the Funds, the Adviser, the Sub-Adviser and their affiliates or recipients of the Funds' portfolio holdings information.

The Adviser and/or the Sub-Adviser may manage other accounts that are not subject to these policies and procedures with investment objectives and strategies that are substantially similar to those of a Fund. Because the portfolio holdings of such accounts may be substantially similar, and in some cases nearly identical, to those of a Fund, an investor in such an account may be able to infer the portfolio holdings of a Fund from the portfolio holdings of the account.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and shares of each fund, each of which represents an equal proportionate interest in that fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing shares will not be issued. The Funds' shares, when issued, are fully paid and non-assessable.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, investment adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust, and any person who is serving or has served at the Trust's request as a Trustee, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the By-Laws. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**PROXY VOTING**

The Board has delegated the responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser.

The Adviser does not invest in voting securities for the Core Bond Fund and the Limited Duration Fund.

For the Large Cap Growth Fund, Large Cap Value Fund, Small Cap Fund, International Equity Fund and Real Estate Fund, the Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Appendix B to this SAI.

The Adviser has delegated the responsibility for decisions regarding proxy voting for securities held by the Long/Short Equity Fund and U.S. All Cap Index Fund to the Sub-Adviser. The Sub-Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Appendix B to this SAI.

The Trust is required to disclose annually the Funds' complete proxy voting record during the most recent 12-month period ended June 30 on Form N-PX. This voting record is available: (i) without charge, upon request, by calling 1-844-KC-FUNDS (1-844-523-8637) or sending an email to kofcfunds@kofcassetadvisors.org; (ii) by visiting www.kofcassetadvisors.org; and (iii) on the SEC's website at https://www.sec.gov.

**CODES OF ETHICS**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser, the Sub-Adviser, the Administrator and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("Access Persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. Under each Code of Ethics, Access Persons are permitted to engage in personal securities transactions, including securities that may be purchased or held by the Funds, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

To the knowledge of the Trust, as of February 3, 2026, no person owned beneficially or of record 5% or more of the outstanding shares of any class of any Fund, and no person is listed on the Funds' records as owning 5% or more of the outstanding voting securities of any class of any Fund, except as set forth below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Knights of Columbus Core Bond Fund** | &nbsp;&nbsp;**Knights of Columbus Core Bond Fund** |
| &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp;**% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br>I | 46.04% |

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| | | |
|:---|:---|:---|
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | I | 11.31% |
| EMPOWER TRUST FBO<br> CATHOLIC DIOCESE OF WICHITA LAY RET<br> C/O EMPOWER<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VLG CO 80111-5002 | I | 7.09% |
| KNIGHTS OF COLUMBUS CHARITABLE FUND INC<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3326 | I | 5.89% |
| RELIANCE TRUST COMPANY FBO<br> T ROWE PRICE RETIREMENT<br> PLAN CLIENTS<br> PO BOX 78446<br> ATLANTA GEORGIA 30357 | Class S | 88.18% |
| CBNA AS CUSTODIAN FBO<br> THE PERSONAL ORDINARIATE 403(B) PLAN<br> 6 RHOADS DR STE 7<br> UTICA NY 13502-6317 | Class S | 10.59% |

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| | |
|:---|:---|
| **Knights of Columbus Limited Duration Fund** | **Knights of Columbus Limited Duration Fund** |
| **Name and Address** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br> I | 42.05% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br> I | 14.48% |
| KNIGHTS OF COLUMBUS CHARITABLE FUND INC<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3326<br> I | 6.54% |

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| | | |
|:---|:---|:---|
| CBNA AS CUSTODIAN FBO<br> THE PERSONAL ORDINARIATE 403(B) PLAN<br> 6 RHOADS DR STE 7<br> UTICA NY 13502-6317 | Class S | 43.24% |
| RELIANCE TRUST COMPANY FBO<br> T ROWE PRICE RETIREMENT<br> PLAN CLIENTS<br> PO BOX 78446<br> ATLANTA GEORGIA 30357 | Class S | 41.49% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | Class S | 14.96% |

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| | | |
|:---|:---|:---|
| **Knights of Columbus Large Cap Growth Fund** | **Knights of Columbus Large Cap Growth Fund** | **Knights of Columbus Large Cap Growth Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | I | 38.01% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | I | 12.82% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | I | 8.16% |
| RELIANCE TRUST COMPANY FBO<br> T ROWE PRICE RETIREMENT<br> PLAN CLIENTS<br> PO BOX 78446<br> ATLANTA GEORGIA 30357 | Class S | 89.84% |

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| | | |
|:---|:---|:---|
| **Knights of Columbus Large Cap Value Fund** | **Knights of Columbus Large Cap Value Fund** | **Knights of Columbus Large Cap Value Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | I | 38.99% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | I | 8.93% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | I | 8.51% |
| RELIANCE TRUST COMPANY FBO<br> T ROWE PRICE RETIREMENT<br> PLAN CLIENTS<br> PO BOX 78446<br> ATLANTA GEORGIA 30357 | Class S | 58.13% |

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| | | |
|:---|:---|:---|
| PERSHING LLC<br> PO BOX 2052<br> JERSEY CITY NJ 07303-2052 | Class S | 18.35% |
| CBNA AS CUSTODIAN FBO<br> THE PERSONAL ORDINARIATE 403(B) PLAN<br> 6 RHOADS DR STE 7<br> UTICA NY 13502-6317 | Class S | 15.97% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | Class S | 5.63% |

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| | | |
|:---|:---|:---|
| **Knights of Columbus Small Cap Fund** | **Knights of Columbus Small Cap Fund** | **Knights of Columbus Small Cap Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | I | 37.39% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | I | 23.55% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | I | 6.64% |
| RELIANCE TRUST COMPANY FBO<br> T ROWE PRICE RETIREMENT<br> PLAN CLIENTS<br> PO BOX 78446<br> ATLANTA GEORGIA 30357 | Class S | 53.29% |
| CBNA AS CUSTODIAN FBO<br> THE PERSONAL ORDINARIATE 403(B) PLAN<br> 6 RHOADS DR STE 7<br> UTICA NY 13502-6317 | Class S | 29.80% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | Class S | 16.90% |

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| | | |
|:---|:---|:---|
| **Knights of Columbus International Equity Fund** | **Knights of Columbus International Equity Fund** | **Knights of Columbus International Equity Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | I | 32.17% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325 | I | 14.21% |
| CAPINCO C/O US BANK NA<br> 1555 N RIVERCENTER DR STE 302<br> MILWAUKEE WI 53212-3958 | I | 9.63% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995 | I | 8.04% |
| EMPOWER TRUST FBO<br> CATHOLIC DIOCESE OF WICHITA LAY RET<br> C/O EMPOWER<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VLG CO 80111-5002 | I | 5.58% |
| RELIANCE TRUST COMPANY FBO<br> T ROWE PRICE RETIREMENT<br> PLAN CLIENTS<br> PO BOX 78446<br> ATLANTA GEORGIA 30357 | Class S | 87.10% |
| CBNA AS CUSTODIAN FBO<br> THE PERSONAL ORDINARIATE 403(B) PLAN<br> 6 RHOADS DR STE 7<br> UTICA NY 13502-6317 | Class S | 7.28% |

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| | |
|:---|:---|
| **Knights of Columbus Long/Short Equity Fund** | **Knights of Columbus Long/Short Equity Fund** |
| **Name and Address** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br> I | 61.46% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br> I | 8.43% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325<br> I | 8.26% |

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| | |
|:---|:---|
| **Knights of Columbus U.S. All Cap Index Fund** | **Knights of Columbus U.S. All Cap Index Fund** |
| **Name and Address** | **% of Class** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br> I | 36.77% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br> I | 11.96% |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325<br> I | 7.56% |
| VRSCO<br> FBO VTC CUST TTEE FBO<br> CATHOLIC DIOCESE OF RICHMOND 403B<br> 2727A ALLEN PARKWAY 3 FL<br> HOUSTON TX 77019-2332<br> I | 7.26% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO CA 94105-1901<br> I | 7.19% |
| EDWARD D JONES & CO<br> FOR THE BENEFIT OF CUSTOMERS<br> 12555 MANCHESTER RD<br> SAINT LOUIS MO 63131-3710<br> I | 7.14% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Real Estate Fund** | **Knights of Columbus Real Estate Fund** |
| **Name and Address** | **% of Class** |
| KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325<br> I | 46.17% |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br> I | 37.91% |
| NATIONAL FINANCIAL SERVICES LLC<br> FOR THE EXCLUSIVE BENEFIT OF<br> OUR CUSTOMERS<br> ATTN: MUTUAL FUNDS DEPT 4TH FL<br> 499 WASHINGTON BLVD<br> JERSEY CITY NJ 07310-1995<br> I | 5.96% |

---

To the knowledge of the Trust, as of February 3, 2026, no person owned beneficially 25% or more of the outstanding voting securities of any Fund, and no person is listed on the Funds' records as owning 25% or more of the outstanding voting securities of any Fund, except as set forth below. Persons beneficially owning more than 25% of a Fund's outstanding shares may be deemed to "control" the Fund within the meaning of the 1940 Act. Shareholders controlling a Fund may have a significant impact on any shareholder vote of the Fund.

---

| | |
|:---|:---|
| **Knights of Columbus Core Bond Fund** | **Knights of Columbus Core Bond Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br>| 45.91% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Limited Duration Fund** | **Knights of Columbus Limited Duration Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 42.04% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Large Cap Growth Fund** | **Knights of Columbus Large Cap Growth Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 37.62% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Large Cap Value Fund** | **Knights of Columbus Large Cap Value Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989<br>| 38.92% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Small Cap Fund** | **Knights of Columbus Small Cap Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 37.36% |

---

---

| | |
|:---|:---|
| **Knights of Columbus International Equity Fund** | **Knights of Columbus International Equity Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 32.11% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Long/Short Equity Fund** | **Knights of Columbus Long/Short Equity Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 61.46% |

---

---

| | |
|:---|:---|
| **Knights of Columbus U.S. All Cap Index Fund** | **Knights of Columbus U.S. All Cap Index Fund** |
| **Name and Address** | **% of Fund** |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 36.77% |

---

---

| | |
|:---|:---|
| **Knights of Columbus Real Estate Fund** | **Knights of Columbus Real Estate Fund** |
| **Name and Address** | **% of Fund** |
| <br> KNIGHTS OF COLUMBUS GENERAL ACCOUNT<br> 1 COLUMBUS PLAZA<br> NEW HAVEN CT 06510-3325<br>| 46.17% |
| SEI PRIVATE TRUST COMPANY<br> C/O GWP US ADVISORS<br> 1 FREEDOM VALLEY DR<br> OAKS PA 19456-9989 | 37.91% |

---

**APPENDIX A**

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

**P-1** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term Obligation Ratings**

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

For variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments
 on an obligation in accordance with the terms of the obligation;

&nbsp;&nbsp;&nbsp;&nbsp;• The nature and provisions of the financial obligation, and the promise S&P imputes; and

&nbsp;&nbsp;&nbsp;&nbsp;• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,
 reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it
 will be treated as a note; and

&nbsp;&nbsp;&nbsp;&nbsp;• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely
 it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material default risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial default risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of default risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX B**

**PROXY VOTING POLICIES AND PROCEDURES**

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| | | |
|:---|:---|:---|
| **Exhibit** | **Investment Adviser or Sub-Adviser** | **Document** |
| A | Knights of Columbus Asset Advisors LLC | Proxy Voting Policies and Procedures |
| B | L2 Asset Management, LLC | Proxy Voting Policies and Procedures |

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**EXHIBIT A**

**KNIGHTS OF COLUMBUS ASSET ADVISORS LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

**I.&nbsp;&nbsp;&nbsp;&nbsp; <u>INTRODUCTION</u>**

Under the investment management contracts between Knights of Columbus Asset Advisors ("KoCAA") and our clients, KoCAA may be directed by clients to assume responsibility for voting proxies. KoCAA assumes responsibility for voting proxies when requested by a client and with respect to clients subject to the Employee Retirement Income Security Act of 1974 ("ERISA").

**II.**&nbsp;&nbsp;&nbsp;&nbsp; **<u>STATEMENT OF POLICIES AND PROCEDURES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Policy Statement.** The Investment Advisers Act of 1940, as amended
 (the " <u>Advisers Act</u> "), requires us to, at all times, act solely in the best
 interest of our clients. We have adopted and implemented these Proxy Voting Policies and Procedures, which we believe, are reasonably
 designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6 under
 the Advisers Act.

While retaining final authority to determine how each proxy is voted, KoCAA has reviewed and determined to follow in most instances the proxy voting policies and recommendations (the "Guidelines") of Egan-Jones Proxy Services, a proxy research and consulting firm ("Egan-Jones"). Egan-Jones will track each proxy that KOCAA is authorized to vote on behalf of our clients and will make a recommendation to management of KoCAA as how it would vote such proxy in accordance with the Guidelines. Unless otherwise directed by KoCAA, Egan-Jones will instruct Proxy-Edge, a proxy voting firm ("Proxy-Edge") to vote on such matters on our behalf in accordance with its recommendations. KoCAA will monitor the recommendations from Egan-Jones and may override specific recommendations or may modify the Guidelines in the future.

We have established these Proxy Voting Policies and Procedures in a manner that is generally intended to result in us voting proxies with a view to enhance the value of the securities held in a client's account. The financial interest of our clients is the primary consideration in determining how proxies should be voted. In the case of social and political responsibility that we believe do not primarily involve financial considerations, we may abstain from voting or vote against such proposals if it is not possible to represent the diverse views of our clients in a fair and impartial manner. However, all proxy votes are ultimately cast on a case-by-case basis, taking into account the foregoing principal and all other relevant facts and circumstances at the time of the vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest.** If there is determined to be a material
 conflict between the interests of our clients on the one hand and our interests (including those of our affiliates, directors, officers,
 employees and other similar persons) on the other hand (a " <u>potential conflict</u> ")
 the matter shall be considered by management.

Proxy proposals that are "routine," such as uncontested elections of directors, meeting formalities, and approval of an annual report/financial statements are presumed not to involve a material conflict of interest. Non-routine proxy proposals are presumed to involve a material conflict of interest, unless KoCAA management determines that neither KoCAA nor its personnel have such a conflict of interest. Non-routine proposals would typically include any contested matter, including a contested election of directors, a merger or sale of substantial assets, a change in the articles of incorporation that materially affects the rights of shareholders, and compensation matters for management (e.g., stock option plans and retirement plans).

If KoCAA management determines that KoCAA has a material conflict of interest then we shall vote the proxy according to the recommendation of Egan-Jones or, if applicable, the client's proxy voting policies. KoCAA management also reserves the right to vote a proxy using the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may obtain instructions from the client on how to vote the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are able to disclose the conflict to the client, we may do so and
 obtain the client's consent as to how we will vote on the proposal (or otherwise obtain instructions from the client on how the
 proxy should be voted).

We use commercially reasonable efforts to determine whether a potential conflict may exists, and a potential conflict shall be deemed to exist if and only if one or more of our senior investment staff actually knew or reasonably should have known of the potential conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Limitations on Our Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Limited Value</u>. We may
 abstain from voting a client proxy if we conclude that the effect on client's economic interests or the value of the portfolio holding
 is indeterminable or insignificant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Unjustifiable Costs</u>. We
 may abstain from voting a client proxy for cost reasons (*e.g.,* costs associated with voting proxies of non-U.S. securities). In
 accordance with our fiduciary duties, we 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. Our decision takes into account the effect that
 the vote of our clients, either by itself or together with other votes, is expected to have on the value of our client's investment
 and whether this expected effect would outweigh the cost of voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Special Client Considerations.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Mutual Funds.</u> We will
 vote proxies of our mutual fund clients subject to the funds' applicable investment restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>ERISA Accounts.</u> With respect
 to our ERISA clients, we vote proxies in accordance with our duty of loyalty and prudence, compliance with the plan documents, as well
 as our duty to avoid prohibited transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Catholic Screened Accounts</u>.
 KoCAA has engaged Egan Jones to vote proxies for certain Catholic screened accounts according to Catholic screens of the United States
 Conference of Catholic Bishops ("USCCB"). Catholic client accounts which are managed according to Catholic screens, which
 enumerate rules under which investments must be managed and invested through strategies that seek to avoid participation in certain harmful
 activities and promote the common good. The Egan Jones Catholic voting guidelines aim to vote proxies in a manner consistent with the
 USCCB investment guidelines, while promoting long-term shareholder value. For more information regarding the Catholic proxy voting policies
 and procedures, please see the Egan Jones Catholic Proxy Voting Principles, attached as an Exhibit to this policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Client Direction</u>. If a
 client has a proxy-voting policy and instructs us to follow it, we will comply with that policy upon receipt except when doing so would
 be contrary to the client's economic interests or otherwise imprudent or unlawful. As a fiduciary to ERISA clients, we are required
 to discharge our duties in accordance with the documents governing the plan (insofar as they are consistent with ERISA), including statements
 of proxy voting policy. We will, on a best-efforts basis, comply with each client's proxy voting policy. If client policies conflict,
 we may vote proxies to reflect each policy in proportion to the respective client's interest in any pooled account (unless voting
 in such a manner would be imprudent or otherwise inconsistent with applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Disclosure.** A client for which we are responsible for voting proxies
 may obtain information from us, via Egan-Jones and Proxy Edge records, regarding how we voted the client's proxies. Clients should
 contact their account manager to make such a request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Review and Changes.** We shall from time to time review these Proxy
 Voting Policies and Procedures and may adopt changes based upon our experience, evolving industry practices and developments in applicable
 laws and regulations. Unless otherwise agreed to with a client, we may change these Proxy Voting Policies and Procedures from time to
 time without notice to, or approval by, any client. Clients may request a current version of our Proxy Voting Policies and Procedures
 from their account manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Delegation.** We may delegate our responsibilities under these Proxy
 Voting Policies and Procedures to a third party, provided that we retain final authority and fiduciary responsibility for proxy voting.
 If we so delegate our responsibilities, we shall monitor the delegate's compliance with these Proxy Voting Policies and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Maintenance of Records.** We maintain the records required with respect
 to proxies in accordance with the requirements of the Advisers Act and, with respect to our fund clients, the Investment Company Act of
 1940. We may, but need not, maintain proxy statements that we receive regarding client securities to the extent that such proxy statements
 are available on the SEC's EDGAR system. We may also rely upon a third party, such as Egan-Jones or Proxy Edge to maintain certain
 records required to be maintained by the Advisers Act.

**III.&nbsp;&nbsp;&nbsp;&nbsp; <u>EGAN-JONES PROXY VOTING PRINCIPLES AND GUIDELINES</u>**

Attached as Appendix A and B are the Proxy Voting Principles and Guidelines of Egan-Jones Proxy Services, including the Catholic guidelines.

*Most Recently Reviewed: November 2025*

*Initial Version: December 2019*

![](koc_01.jpg)

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|:---|:---|
| ![](koc_02.jpg) | **Faith-Based: Catholic Policy Overview** |

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&nbsp;&nbsp;&nbsp;&nbsp;I. Faith-Based: Catholic Policy Overview

Recommendations are governed by the Socially Responsible Investment Guidelines for the United States Conference of Catholic Bishops (USCCB).

This policy, like the principles of the USCCB upon which it is based, addresses issues that affect long-term shareholder value while considering issues that affect the common good. This includes corporate policies that affect job security, wage levels, local economic development, corporate responsibility, workplace safety, and environmental safety. This policy generally supports shareholder proposals that seek to promote corporate social responsibility.

**Director elections**

The Catholic Policy generally supports candidates with a strong board accountability and governance record, including composition and independence of the board and key board committees<sup>1</sup>, attendance history, and over boarding. Additionally, the TSR of the Company over the director's tenure is considered.

**Director and executive compensation**

The Catholic Policy supports compensation packages based on total shareholder returns. Generally, higher compensation packages are supported if significant shareholder returns have also been delivered. Additionally, items such as responding to low approval of the say-on-pay vote and the presence of performance metrics are considered.

**Governance**

The Catholic Policy generally supports corporate governance practices such as separating the chairman and CEO roles and declassifying the board but opposes more restrictive policies such as imposing retirement age requirements or introducing term limits.

**Corporate operations (including human resources, health, safety, and environment)**

The Catholic Policy generally supports shareholder proposals that seek reporting or policy implementation regarding hiring practices, health and safety, environment and sustainability, and charitable contributions. Additionally, proposals that seek reporting or policy implementation to avoid participation in harmful activities such as abortion and fetal tissue use are supported.

**Procedure**

The Catholic Policy generally supports routine and procedural proposals such as those to elect a clerk or approve the previous board's actions, so as to not be obstructive to standard practices.

<sup>1</sup> See Appendix A for Egan-Jones' Director Classification framework.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **2** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Auditors**

The Catholic Policy generally supports management's proposed auditor, given that the auditor does not generate outsized non-audit or total audit fees for the company. Also considered are auditor tenure and material disciplinary actions against the auditor. The goal is to support independent auditors.

**Shareholder rights**

The Catholic Policy generally supports broader shareholder rights such as equal voting rights, cumulative voting and requiring shareholder approval for bylaw amendments. However, the policy will generally oppose proposals relating to the implementation of supermajority voting. The goal is to give shareholders proportionate representation in the company.

**Mergers, acquisitions, and restructuring**

The Catholic Policy supports proposals with a high probability of yielding outsized returns for investors. The fairness opinion by a qualified investment banker or advisor is carefully considered for these proposals.

**Capitalization**

The Catholic Policy generally supports management's recommendation on the capitalization of the company. The goal is to support proposals that will generate superior shareholder returns.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **3** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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&nbsp;&nbsp;&nbsp;&nbsp;II. Notable Recommendations

View recommendations of the Catholic Policy from prior meetings.

**Phillips 66**

Annual Meeting

May 21, 2025

**Opposition Proposal**: Election of Directors

Egan-Jones' Catholic policy recommends FOR the Elliott Nominees, as we believe their election is in the best interests of the Company and its shareholders. Over the past five years, PSX's total shareholder return (TSR) has lagged its refining and midstream peers as well as the broader market. Additionally, the Company's substantial financial losses have been driven largely by elevated operating expenses, particularly in labor, maintenance, and energy. We agree with the dissidents that a strategic shift—refocusing on core assets, especially within the refining segment—is necessary to enhance performance and support long-term value creation.

**Harley-Davidson, Inc.**

Annual Meeting

May 14, 2025

**Management Proposal**: Election of Directors

Egan-Jones' Catholic policy recommends WITHHOLDING votes from management's nominees for this withhold campaign. Harley-Davidson yielded -11% returns for investors over the same five-year period in which total market returns were 94%. We therefore recommend withholding votes from three long-standing directors as well as the CEO who have overseen long-term sustained underperformance of the Company.

**Tesla Inc.**

Annual Meeting

November 6, 2025

**Management Proposal:** Approval of the 2025 CEO Performance Award

Egan-Jones' Catholic policy recommends AGAINST this proposal as we generally do not support approval of equity incentive plans that would result in potential shareholder dilution exceeding 10%. The dilution rate, based on the potential awards to be granted under the 2025 CEO Performance Award, amounts to 12.75%, surpassing our allowable threshold and is therefore considered excessive. Additionally, we considered the voting stake that Mr. Musk could achieve if he were granted all potential shares (28.8%), the excessive nature of the pay package, and the large discrepancy in pay between the CEO and the average worker that could result in long-term risk to Tesla's human capital management.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **4** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**AMC Entertainment Holdings, Inc.**

Annual Meeting

November 24, 2025

**Management Proposal:** Advisory Vote to Approve Executive Compensation

Egan-Jones' Catholic policy recommends AGAINST AMC Holdings' say-on-pay proposal as we do not believe the compensation amount is in alignment with shareholders' interests. Specifically, we review the total compensation of the highest paid NEO as compared to Company performance (as measured by TSR). In this case, the TSR during 2024 was -34.8% while the total compensation of the CEO was over $11 million. Additionally, the Company has a single-trigger change-in-control provision for equity awards, as unvested RSUs and PSUs automatically vest upon a change in control.

**Alphabet Inc.**

Annual Meeting

June 6, 2025

**Shareholder Proposal:** Regarding an Enhanced Disclosure on Climate Goals

Egan-Jones' Catholic policy recommends FOR. Acknowledging climate change as a material factor affecting business operations and models and recognizing the need to adapt requires bold decisions and actions. Therefore, we believe it is in the Company's best interest to study and disclose its climate goals as it relates to the long-term sustainability of the Company.

**Amazon.com, Inc.**

Annual Meeting

May 21, 2025

**Shareholder Proposal:** Audit Report on Warehouse Working Conditions

Egan-Jones' Catholic policy recommends AGAINST. Considering Amazon has demonstrated a robust commitment to workplace safety, supported by measurable improvements in injury rates and extensive regulatory oversight, we believe that the proposed independent audit is unnecessary. Additionally, commissioning an audit could create legal and reputational risks by implying potential violations and providing a roadmap for future litigation, ultimately exposing shareholders to substantial long-term costs.

**Comcast Corporation**

Annual Meeting

June 18, 2025

**Shareholder Proposal:** Adopt Policy for an Independent Chairman

Egan-Jones' Catholic policy recommends FOR this proposal. Egan-Jones' Catholic policy recommends FOR because we believe that there is an inherent potential conflict in having an Inside director serve as the Chairman of the board. Consequently, we prefer that companies separate the roles of the Chairman and CEO and that the Chairman be independent to further ensure board independence and accountability.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **5** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**FedEx Corp.**

Annual Meeting

September 29, 2025

**Management Proposal:** Ratify the Appointment of Independent Auditor

Egan-Jones Catholic Policy recommends AGAINST this proposal. We believe that auditor rotation every twenty years, a ratio of non-audit fees and total fees not exceeding 50%, a lack of significant and material disciplinary actions taken against the company's auditor and reasonable total audit fees considering the size of the company should all be considered. In FedEx's case, Ernst & Young has been serving as its independent auditors for more than 20 years.

**Eli Lilly and Company**

Annual Meeting

May 5, 2025

**Management Proposal:** Proposal to Amend the Company's Articles of Incorporation to Eliminate Supermajority Voting Provisions

Egan-Jones' Catholic policy recommends FOR the elimination of supermajority voting provisions in the Company's Articles of Incorporation, as they grant disproportionate power to a minority of shareholders. Adopting a simple majority standard would ensure equal and fair representation for all shareholders and enable a more meaningful voting process.

**Core Scientific, Inc.**

Special Meeting

October 30, 2025

**Management Proposal:** Approval of the Agreement and Plan of Merger

Egan-Jones' Catholic policy recommends AGAINST the merger of Core Scientific with CoreWeave. We believe that while the proposed merger may offer operational synergies, the terms of the transaction materially undervalue Core Scientific relative to its intrinsic potential and the stock price. Additionally, given the all-stock nature of the transaction and the volatile share price of CoreWeave, the transaction is highly risky for Core Scientific shareholders. Given the company's strong fundamentals, long-term contracts, and clear growth trajectory as a standalone entity, we believe shareholders are better served by rejecting the current offer.

**ProPhase Labs, Inc.**

Annual Meeting

November 24, 2025

**Management Proposal:** Authorization for Amendment to Authorize Additional Shares

Egan-Jones' Catholic policy recommends FOR the issuance of additional shares of common stock because we generally support proposals to issue more shares when the new proposed stock is less than 50% of total authorized shares of common stock, or when the increase is tied to a specific transaction or financing proposals or when the share pool was used up due to equity plans. The Company seeks to increase its authorized common stock to ensure sufficient unissued shares to satisfy obligations under its $3 million 20% OID senior secured promissory note and related July 2025 warrants. We believe this purpose is reasonable and therefore fair and advisable to shareholders.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **6** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Detailed vote recommendations** 

View recommendations per category and region.

**Proposals by management** \| Accounting

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Accept an accounting irregularity** | World |  | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |
| **Accept the financial statements/statutory report** | World | North America | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |
| **Approve a special transactions financial report** | China, Western Europe, Latin America |  | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, approving the special transactions financial report ensures transparency and gives shareholders a clear overview of significant transactions, supporting informed decision-making. |
| **Receive the annual report and accounts** | World | North America | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **7** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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 **Proposals by management** \| Auditor

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Approve the discharge of the auditors** | Western Europe |  | &nbsp;&nbsp;We generally recommend FOR because after reviewing the auditor acts for the fiscal year that has ended, we find it advisable to grant discharge from liability to the auditors. |
| **Ratify auditor AND director remuneration** | World | United States | &nbsp;&nbsp;We generally recommend FOR the auditor when the following conditions are met: 1) non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company; 2) auditor tenure is less than 20 years and 3) total auditor fees (as a universe percentile according to market cap categories) <90th percentile. The purpose is to maintain some independence for the auditor. |
| **Ratify auditor appointment and remuneration** | &nbsp;&nbsp;Emerging & Frontier Asia-Pacific, Western Europe |  | &nbsp;&nbsp;We generally recommend FOR the auditor when the following conditions are met: 1) non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company; 2) auditor tenure is less than 20 years and 3) total auditor fees (as a universe percentile according to market cap categories) <90th percentile. The purpose is to maintain some independence for the auditor. |
| **Ratify the appointment of a non-statutory auditor** | World |  | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, ratifying the appointment of a non-statutory auditor strengthens oversight and reinforces the integrity of reporting. |
| **Ratify the appointment of a special transactions auditor** | &nbsp;&nbsp;China, Western Europe, Latin America |  | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, ratifying the appointment of a special transactions auditor ensures independent review of significant transactions and strengthens disclosure and transparency. |
| **Ratify the appointment of an auditor** | World |  | &nbsp;&nbsp;We generally recommend FOR the auditor when the following conditions are met: 1) non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company; 2) |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **8** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| | | &nbsp;&nbsp;auditor tenure is less than 20 years and 3) total auditor fees (as a universe percentile according to market cap categories) <90th percentile. The purpose is to maintain some independence for the auditor. |
| **Ratify the appointment of statutory AND sustainability auditors** | Western Europe | &nbsp;&nbsp;We generally recommend FOR the auditor when the following conditions are met: 1) non-audit fees do not make up a substantial proportion of all fees the auditor is charging the company; 2) auditor tenure is less than 20 years and 3) total auditor fees (as a universe percentile according to market cap categories) <90th percentile. The purpose is to maintain some independence for the auditor. |
| **Remove the auditor** | World | &nbsp;&nbsp;We generally recommend a vote FOR the removal of the auditors whenever the Company may deem it necessary to ensure auditor independence and integrity. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **9** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Capitalization

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Allot securities** | Western Europe | United Kingdom | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the allotment of shares or securities will enable the Company to capitalize on future business opportunities. This flexibility provides the Company with the ability to act promptly and strategically to business decisions, ensuring it remains competitive and well-positioned for long-term success. |
| **Allot securities** | United Kingdom |  | &nbsp;&nbsp;We generally recommend FOR if the proposed allotted securities are no more than 33% of currently issued share capital. |
| &nbsp;&nbsp;**Appropriate profits/surplus/retained earnings** | World | North America | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, allocating corporate earnings through appropriate distribution of profits, surplus, or retained earnings supports shareholder interests and long-term value creation. |
| **Approve a share repurchase plan** | Emerging & Frontier Asia-Pacific, Western Europe |  | &nbsp;&nbsp; We generally recommend a vote FOR because according to our policy, the proposed share repurchase plan would grant the Company greater flexibility in managing its capital structure. Furthermore, share repurchases are widely regarded as an effective strategy for enhancing shareholder value and financial position of companies. |
| **Approve a stock exchange listing** | World |  | &nbsp;&nbsp;We generally recommend FOR because according to our policy, approval of the stock exchange listing would create investment opportunities for the Company and provide greater liquidity while diversifying the risks associated with it. |
| **Approve a stock terms revision** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve adjustment in the share repurchase price** | Emerging & Frontier Asia-Pacific |  | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, allocating corporate earnings through appropriate distribution of profits, surplus, or retained earnings supports |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **10** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|:---|
| | | | shareholder interests and long-term value creation. |
| **Approve capital utilization/cash management** | Emerging & Frontier Asia-Pacific |  | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, the proposed capital or cash utilization enables the company to support its strategic initiatives and efficiently finance its operations. |
| **Approve credit and/or debt financing** | Emerging & Frontier Asia-Pacific |  | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, approving credit or debt financing provides the company with the necessary capital to support strategic initiatives, maintain liquidity, and ensure financial flexibility. |
| **Approve dividends** | World | North America | &nbsp;&nbsp;We generally recommend FOR this Proposal, because according to our policy, the proposed dividend distribution is financially prudent, maintains sufficient liquidity, and supports consistent shareholder returns. |
| **Change share par value** | World |  | We generally recommend FOR when the new par value is less than or equal to old par value. |
| **Conduct a stock split** | World |  | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the proposed reverse stock split would make the Company's common stock a more attractive and cost-effective investment for many investors, thereby enhancing the liquidity of current stockholders and potentially broadening the investor base. |
| &nbsp;&nbsp;**Distribute profit/dividend/etc according to a sharing plan** | World | North America | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the proposed distribution plan will not put the company´s liquidity at risk. |
| **Exchange debt for equity** | World |  | &nbsp;&nbsp;We generally recommend a vote FOR because according to our policy, the proposed exchange of debt for equity would strengthen the Company's financial position by reducing its liabilities, improving its balance sheet and enhancing its creditworthiness. |
| **Increase authorized shares** | World | Brazil | &nbsp;&nbsp;We generally recommend FOR except when one of the following conditions is met: 1) The new proposed stock is >50% of total authorized shares of common stock; 2) The increase is NOT tied to a specific transaction or financing proposal; and 3) The Share pool was NOT used up due to equity plans. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **11** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| **Increase authorized shares** | Brazil | &nbsp;&nbsp;We generally recommend FOR except when one of the following conditions is met: 1) The increase is NOT tied to a specific transaction or financing proposal; and 2) The Share pool was NOT used up due to equity plans. |
| **Issue bonds** | World | &nbsp;&nbsp;We generally recommend FOR because according to our policy, approval of this proposal will give the Company greater flexibility in considering and planning for future corporate needs, including, but not limited to, stock dividends, grants under equity compensation plans, stock splits, financings, potential strategic transactions, including mergers, acquisitions, and business combinations, as well as other general corporate transactions. |
| **Issue shares** | World | &nbsp;&nbsp;We generally recommend FOR when there is a purpose for the share issuance and when the shareholder rights on the issued shares will not be superior to outstanding shares. |
| **Issue shares below NAV** | World | &nbsp;&nbsp;We generally recommend FOR if the shares to be issued below NAV are 25% or less of the outstanding shares. |
| **Issue shares upon exercise of warrants** | World | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the proposed issuance of shares will provide the Company with a source of capital to fund its corporate endeavors and activities. |
| **Re-price options** | World | &nbsp;&nbsp;We generally recommend FOR re-pricing options when external and uncontrollable market factors caused the stock price to decrease. |
| **Repurchase and/or cancel shares** | Emerging & Frontier Asia-Pacific, Western Europe | &nbsp;&nbsp;We recommend FOR this Proposal because, according to our policy, share repurchase/cancellation can enhance shareholder value and provide the company with flexibility in managing its capital effectively. |
| **Repurchase bonds** | World | &nbsp;&nbsp;We recommend FOR this Proposal because, according to our policy, repurchase of bonds allows the company to manage its debt efficiently, reduce interest expenses, and optimize its capital structure, ultimately |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **12** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | |
|:---|:---|:---|
| | | supporting financial flexibility and long-term shareholder value. |
| **Create a new class of shares** | World | &nbsp;&nbsp;We generally recommend FOR these proposals when the new class of shares to be created will not have blank-check authority and will not have superior voting rights to the existing class of shares. |
| **Reclassify/convert shares** | World | We generally recommend FOR if the conversion would provide equal rights to shareholders. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **13** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Climate/Resources

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Approve the sustainability auditor** | Western Europe | | &nbsp;&nbsp;We generally recommend FOR when the statutory auditor passed the auditor test or when the sustainability auditor is a different auditor than the statutory auditor. |
| **Approve the sustainability report** | Western Europe, Australia | | &nbsp;&nbsp;We generally recommend a vote FOR because according to our policy, the proposed report demonstrates the Company's commitment to sustainability and provides valuable information about its ongoing initiatives. This transparency enables shareholders to better understand the Company's sustainability efforts and progress, aligning with best practices in corporate responsibility and long-term value creation. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **14** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Compensation

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Advise on executive compensation (say-on-pay)** | United States, United Kingdom |  | &nbsp;&nbsp;We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price, and considering the following requirements: 1) the compensation plan includes specific and defined performance metrics and 2) the company made changes to the executive compensation plan if the company received less than 70% approval on the most recent say-on-pay/remuneration policy or remuneration report vote. |
| **Advise on executive compensation (say-on-pay)** | World | United States, United Kingdom | &nbsp;&nbsp;We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price. |
| **Approve a stock compensation plan (non-SPAC)** | United States |  | &nbsp;&nbsp;We generally recommend FOR when the plan results in dilution of 10% or less and when the average burn rate over the last three years is 3% or less (or the company has been public for five years or less). |
| &nbsp;&nbsp;**Approve a stock compensation plan (non-SPAC)** | World | United States | We generally recommend FOR when the plan results in dilution of 10% or less. |
| **Approve a stock compensation plan (SPAC)** | World |  | &nbsp;&nbsp;We generally recommend FOR if the plan is for the newly formed entity arising from the business combination with a special purpose acquisition company (SPAC) and the authorized share pool doesn't exceed 3% of the new entity's authorized share capital. |
| **Approve an employee stock purchase plan** | World |  | &nbsp;&nbsp;We generally recommend FOR when the plan is qualified under Section 423(c) or has dilution of 10% or less and when there is no evergreen provision. |
| &nbsp;&nbsp;**Approve an employment/management /severance/partnership agreement** | Emerging & Frontier Asia-Pacific, Western Europe |  | This proposal is considered on a case-by-case basis by the guidelines committee. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **15** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|:---|
| **Approve bonuses** | United States, United Kingdom |  | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price, and considering the following requirements: 1) the compensation plan includes specific and defined performance metrics and 2) the company made changes to the executive compensation plan if the company received less than 70% approval on the most recent say-on-pay/remuneration policy or remuneration report vote. |
| **Approve bonuses** | World | United States, United Kingdom | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price. |
| &nbsp;&nbsp;**Approve executive/director/related party transactions** | Western Europe |  | We generally recommend FOR when the amount doesn't exceed 2% of the company's annual revenue or $1,000,000. |
| **Approve future executive remuneration** | Western Europe, Eastern Europe & Central Asia, Middle East & North Africa |  | We generally recommend FOR when the proposed compensation includes performance-based metrics. |
| **Approve other compensation** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve the executive compensation policy** | United States, United Kingdom |  | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price, and considering the following requirements: 1) the compensation plan includes specific and defined performance metrics and 2) the company made changes to the executive compensation plan if the company received less than 70% approval on the most recent say-on-pay/remuneration policy or remuneration report vote. |
| **Approve the executive compensation policy** | World | United States, United Kingdom | We generally recommend FOR when the total compensation is reasonable considering the company's performance as measured by change in adjusted stock price. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **16** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| **Approve the non-executive directors' compensation** | &nbsp;&nbsp;Emerging & Frontier Asia-Pacific, Western Europe, Eastern Europe & Central Asia | &nbsp;&nbsp;We recommend FOR this Proposal, because according to our policy, the proposed non-executive directors' compensation is commensurate with their contributions and supports the company in remaining competitive in attracting and retaining skilled board members. |
| &nbsp;&nbsp;**Decide the frequency of the executive compensation vote** | World | We generally recommend an annual frequency for the say-on-pay vote. |
| **Reduce the legal reserve** | &nbsp;&nbsp;Emerging & Frontier Asia-Pacific, Western Europe, Developed Asia-Pacific | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the proposed reduction of legal reserves is commensurate with the Company's current financial position and would strengthen its cashflow. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **17** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Directors

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| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Allow for the removal of directors only with cause** | World | | &nbsp;&nbsp;We generally recommend AGAINST the proposal because according to our policy, directors should be removed with or without cause. This level of flexibility allows the Company to make necessary changes to its leadership when deemed appropriate. Allowing for the removal of directors with or without cause ensures that the Board can effectively address issues such as performance concerns and maintain the best interests of the Company and its shareholders. |
| **Allow for the removal of directors without cause** | World | | &nbsp;&nbsp;We generally recommend a vote FOR because according to our policy, allowing shareholders to remove a director without cause enhances accountability and strengthens shareholder rights. This provision empowers shareholders to take action if they believe a director is not acting in the best interests of the company, ensuring greater transparency and governance. |
| **Approve director indemnification** | World | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, approval of director indemnification would enable the Company to provide a greater scope of protection to directors in cases of litigations. Further, such a provision would also help the Company to attract, retain and motivate its directors whose efforts are essential to the Company's success. |
| **Approve director liability insurance** | World | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, approval of director liability insurance would enable the Company to provide a greater scope of protection to directors in cases of litigations. Further, such a provision would also help the Company to attract, retain and motivate its directors whose efforts are essential to the Company's success. |
| &nbsp;&nbsp;**Approve election and remuneration for the executive director(s)** | Developed Asia-Pacific, | | &nbsp;&nbsp;We generally recommend FOR when the director(s) passes our election of director test and the executive compensation passes our test. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **18** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|:---|
| | Western Europe | | If any director or the executive compensation does not pass our tests, we will recommend against the proposal. |
| &nbsp;&nbsp;**Approve election and remuneration for the non-executive director(s)** | United Kingdom | | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, the presence of zombie directors on the board, overboarding, the percentage of independent directors on the board, the implementation of previously approved shareholder proposals, and the presence of at least one diverse director on the board. |
| &nbsp;&nbsp;**Approve election and remuneration for the non-executive director(s)** | Developed Asia-Pacific, Western Europe | United Kingdom | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, overboarding, the percentage of independent directors on the board, and the presence of at least one diverse director on the board. |
| &nbsp;&nbsp;**Approve financial statements and discharge directors** | Western Europe, Eastern Europe & Central Asia | | We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year then ended in accordance with the law. |
| **Approve the directors' report** | Western Europe, Eastern Europe & Central Asia | | We generally recommend FOR because approval of the directors' report is in the best interests of the Company and its shareholders. |
| **Approve the discharge of the board and president** | Western Europe, Eastern Europe & Central Asia | | We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **19** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| **Approve the discharge of the management board** | Western Europe, Eastern Europe & Central Asia | &nbsp;&nbsp;We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| **Approve the discharge of the supervisory board** | Western Europe, Eastern Europe & Central Asia | &nbsp;&nbsp;We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| **Approve the previous board's actions** | Western Europe, Eastern Europe & Central Asia | &nbsp;&nbsp;We generally recommend FOR because according to our policy, we find no breach of fiduciary duty that compromised the Company and shareholders' interests for the fiscal year that has ended. |
| **Approve the spill resolution** | Australia | &nbsp;&nbsp;We generally recommend FOR this resolution when the company has failed our executive compensation test. |
| **Authorize exculpation of officers (DGCL)** | World | &nbsp;&nbsp;We generally recommend a vote FOR because according to our policy, implementation of the exculpation provision pursuant to Delaware Law will enable the Company to attract, retain and motivate its officers whose efforts are essential to the Company's success. Additionally, Delaware's exculpation law strikes a balanced approach, offering protection to directors while ensuring accountability for significant breaches of their fiduciary duties. |
| **Authorize the board to execute legal formalities** | Western Europe, Eastern Europe & Central Asia, Emerging & Frontier Asia-Pacific | We generally recommend FOR because approval of the proposal is necessary in order to carry out the legal formalities related to the meeting. |
| **Authorize the board to fill vacancies** | World | &nbsp;&nbsp;We generally recommend FOR if the appointees will face a shareholder vote at the next annual meeting. |
| **Change the size of the board of directors** | World | We generally recommend FOR if the board size is between 5 and 15. |
| **Classify the board** | World | We generally recommend AGAINST because according to our policy, staggered terms for |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **20** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| **Declassify the board** | World | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, staggered terms for directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| **Delegate authority to a committee** | Western Europe | | &nbsp;&nbsp;We generally recommend FOR because the delegation of authority to the committee is in the best interests of the Company and its shareholders. |
| **Elect a company clerk/secretary** | Western Europe, Eastern Europe & Central Asia | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the nominee appears qualified. |
| **Elect a director to board** | United States, United Kingdom | | &nbsp;&nbsp;We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, the presence of zombie directors on the board, overboarding, the percentage of independent directors on the board, the implementation of previously approved shareholder proposals, and the presence of at least one diverse director on the board. |
| **Elect a director to board** | World | United States, United Kingdom | &nbsp;&nbsp;We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **21** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;overboarding, the percentage of independent directors on the board, and the presence of at least one diverse director on the board. |
| **Elect a director to committee** | United States, United Kingdom | | &nbsp;&nbsp;We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees,the cybersecurity score of the company, the presence of zombie directors on the board, overboarding, the percentage of independent directors on the board, the implementation of previously approved shareholder proposals, and the presence of at least one diverse director on the board. |
| **Elect a director to committee** | World | United States, United Kingdom | &nbsp;&nbsp;We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, overboarding, the percentage of independent directors on the board, and the presence of at least one diverse director on the board. |
| **Elect directors and appoint the auditor** | Western Europe | | &nbsp;&nbsp;We generally recommend FOR when the director(s) passes our election of director test and the auditor passes our auditor ratification test. If any director or the auditor does not pass our tests, we will recommend against the proposal. |
| **Elect directors and fix the number of directors** | United Kingdom | | &nbsp;&nbsp;We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, the presence of zombie directors on the board, overboarding, the percentage of independent directors on the board, the implementation of |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **22** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;previously approved shareholder proposals, and the presence of at least one diverse director on the board. |
| **Elect directors and fix the number of directors** | Canada, Western Europe | United Kingdom | &nbsp;&nbsp;We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, overboarding, the percentage of independent directors on the board, and the presence of at least one diverse director on the board. |
| **Elect multiple directors to the board** | World | United States, United Kingdom | &nbsp;&nbsp;We generally recommend FOR when each director passes our election of director test. If any director does not pass this test, we will recommend against the proposal. |
| **Eliminate the retirement age requirement** | World |  | &nbsp;&nbsp;We generally recommend FOR this proposal because, in accordance with our policy, the Company and its shareholders are in the best position to determine the approach to corporate governance, particularly board composition. Imposing inflexible rules, such as age limits for outside directors, does not necessarily correlate with returns or benefits for shareholders. Similar to arbitrary term limits, age limits could force valuable directors off the board solely based on their age, potentially undermining the effectiveness of the board. |
| **Fix the number of directors** | Canada, Western Europe |  | We generally recommend FOR if the board size is between 5 and 15. |
| **Receive the directors' report** | World | North America | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the financial statements give a true and fair view of the financial position of the Company for the recent fiscal year, and of its financial performance and its cash flows for the year that has ended. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **23** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Legal and Compliance

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt an exclusive forum for disputes** | World | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, having an exclusive forum will allow the Company to address disputes and litigations in an exclusive jurisdiction, with familiarity of the law, and reduce the administrative cost and burden related to settlement. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **24** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| M&A / Structure

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt an anti-greenmail provision** | World |  | We generally recommend FOR because according to our policy, the adoption of an anti-greenmail provision will prevent the likelihood of potential hostile takeover which could be detrimental to the shareholders' interests. |
| **Advise on merger related compensation** | World | United States | We generally recommend FOR when 1) the total severance package doesn't exceed 3X the previous year's CAP for the highest paid NEO. |
| **Advise on merger related compensation** | United States |  | We generally recommend FOR when 1) the total severance package doesn't exceed 3X the previous year's CAP for the highest paid NEO 2) there is no excise tax gross-up and 3) the payment is double-trigger. |
| **Approve a joint venture agreement** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve a liquidation plan** | World |  | We generally recommend FOR if the following conditions are met: the transaction is the best strategic alternative for the company and the appraisal value is fair. |
| **Approve an anti-takeover measure(s)** | Australia |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;**Approve an extension amendment proposal (for SPACs)** | World |  | We generally recommend FOR when the trust deposit payment is not less than the previous trust deposit payment. |
| &nbsp;&nbsp;**Approve an M&A agreement (sale or purchase)** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve an M&A-related share issuance** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve an opt-out plan** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve the restructuring plan** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| &nbsp;&nbsp;**Change the domicile /jurisdiction of incorporation** | World |  | We generally recommend FOR when the shareholders will maintain the same or similar |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **25** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| | | rights and when the proposed domicile is not unfriendly towards ESG goals. |
| **Proceed with bankruptcy** | World | We generally recommend FOR because according to our policy, approval of the bankruptcy plan is the best available alternative in order for the Company to provide a reasonable value for its shareholders. |
| **Remove an antitakeover provision(s)** | World | We recommend FOR this Proposal, because, according to our policy, the removal of the antitakeover provision can increase shareholder value by enhancing market responsiveness and facilitating potential takeovers that may lead to premium buyouts. |
| **Ratify a poison pill** | World | We generally recommend a vote FOR because according to our policy, approval of the proposal will acknowledge both the advantages and inherent risks of implementing a shareholder rights plan, or poison pill. While these plans can deter hostile takeovers, they also carry the risk of management entrenchment in some cases. Ensuring that shareholders are given a voice on the advisability of such a plan is crucial to safeguarding the Company from these risks, promoting transparency, and maintaining a balance between protecting shareholder interests and preventing potential misuse of the plan. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **26** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Meeting and Proxy Statement

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt notice and access provisions** | World | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, approval of the notice and access provision would provide shareholders with sufficient disclosure and ample time to make informed decisions regarding the election of directors at shareholder meetings. This provision ensures that shareholders have the opportunity to review relevant information regarding the nominees, the Company's performance, and other important matters, therefore enabling the shareholders to participate meaningfully in the governance process. |
| **Approve administrative and/or procedural items** | World | | We recommend FOR this Proposal, because according to our policy, approving administrative and procedural items related to the convening of shareholder meetings ensures proper organization, compliance with governance requirements, and smooth conduct of proceedings. |
| &nbsp;&nbsp;**Change the location/date/time of a shareholder meeting** | World | | &nbsp;&nbsp;We generally recommend FOR because according to our policy, the proposed change will increase the likelihood of increased attendance rate in meetings, not to mention the benefits of flexibility and improved accessibility to shareholders. |
| &nbsp;&nbsp;**Indicate if you are a controlling shareholder or have a personal interest in the proposal** | Canada, Israel, Latin America | | &nbsp;&nbsp;This test will indicate NO if the shareholder is not a controlling shareholder and does not have a personal interest in the approval of this proposal. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **27** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Mutual Fund

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt an investment policy** | World |  | We generally recommend FOR if the investment strategy is cogent. |
| **Approve the company as investment trust** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve the fundamental investment objective** | World |  | We generally recommend FOR because according to our policy, a fundamental investment objective for funds will ensure that any revision or matter related to the fund's activities will be brought up for shareholder approval, thereby protecting their interests as shareowners. By involving shareholders in key decisions, the Company reinforces transparency, accountability, and the protection of shareholder value. |
| **Approve the investment advisory agreement** | World |  | We generally recommend FOR if the following conditions are met: the investment fees are reasonable (3% or less) and the investment strategy is cogent. |
| **Approve the non-fundamental investment objective** | World |  | We generally recommend AGAINST because according to our policy, a fundamental investment objective for funds will ensure that any revision or matter related to the fund's activities will be brought up for shareholder approval, thereby protecting their interests as shareowners. |
| **Approve the reorganization** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve the sub-investment advisory agreement** | World |  | We generally recommend FOR sub-investment advisory agreements when the sub-advisory fees are paid by the primary adviser and the investment strategy is cogent. |
| **Change the fund's fundamental restriction to non-fundamental** | World |  | We generally recommend AGAINST because according to our policy, approval of the proposal would increase the Fund's exposure to significant losses arising from investment in high-risk assets. Moreover, contrary to a |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **28** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| | | fundamental investment restriction, non-fundamental investment restrictions are often focused on short-term investing which is subject to market volatility and fluctuations. |
| **Convert the closed-end fund to an open-end fund** | World | We generally recommend FOR because according to our policy, the conversion to an open-end fund would provide for portfolio diversification hence reducing the Company's risk exposure, and at the same time providing greater liquidity to its shareholders. |
| **Issue/approve a 12b-1 plan (the distribution of funds through intermediaries)** | World | We generally recommend FOR because according to our policy, approval of the 12b-1 plan would enable the Fund to facilitate its distribution and sale through various intermediaries, which would be beneficial in improving its asset position. |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **29** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Other

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Amend other articles/bylaws/charter** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Appoint a rating agency** | Western Europe, Eastern Europe & Central Asia, Emerging & Frontier Asia-Pacific, Developed Asia-Pacific, Latin America | | We generally recommend FOR because the appointment of the proposed rating agency is in the best interests of the Company and its shareholders. |
| **Approve appointment of a (non-director) executive** | Middle East & North Africa, Western Europe, Eastern Europe & Central Asia | | We recommend FOR this Proposal, because according to our policy, approving the appointment of the executive ensures the company has the necessary management in place to support operational continuity. |
| **Approve company related-party transactions** | Emerging & Frontier Asia-Pacific, Developed Asia-Pacific, Western Europe | | We recommend FOR the proposed transaction as we believe it will allow the company to execute on its operational and strategic objectives. |
| **Approve other company policies** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Approve political & charitable contributions** | United Kingdom | | We generally recommend FOR because according to our policy, it is necessary to allow the Company to fund charitable and political activities, which is in the best interests of shareholders. Such contributions can enhance the Company's reputation, strengthen stakeholder relationships, and support its broader social and corporate responsibility |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **30** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| | | goals, ultimately benefiting long-term shareholder value. |
| **Approve the appointment of a (director) executive** | World | We generally recommend FOR when the change in adjusted stock price over the director's tenure is not poor (given that the director tenure is at least three years). Additionally, the following governance factors are considered: director attendance, independence on key committees, the cybersecurity score of the company, overboarding, the percentage of independent directors on the board, and the presence of at least one diverse director on the board. |
| **Approve the company name change** | World | We generally recommend FOR because according to our policy, the proposed name change supports strategic changes that enhance the Company's business objectives. Furthermore, the proposed name change will more effectively reflect the Company's mission and vision, thereby strengthening its marketing and branding efforts and improving its overall market positioning. |
| **Approve the continuance of company** | Canada | We generally recommend FOR because according to our policy, approval of this proposal is in the best interests of the Company and its shareholders. |
| **Approve the convening of the corporate assembly** | Western Europe | We generally recommend FOR because approval of the convening of the corporate assembly or shareholders' meeting is in the best interests of the Company and its shareholders. |
| **Approve the staking consideration** | World | We recommend FOR the Proposal, because according to our policy, approving staking consideration in blockchain networks enhances yield by supporting network security and transaction validation. This complies with regulatory standards, reflecting responsible digital asset management and industry best practices. |
| **Approve the staking fee** | World | We recommend FOR approval of the staking fee, because according to our policy, the fee helps cover the Company's operational costs associated with staking activities. The fee aligns with industry standards and ensures |

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **31** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| | | transparency and fairness to clients in digital asset staking services. |
| **Attend to other business** | World | We generally recommend FOR when the company is domiciled in the US or Canada. |
| **Ratify decisions made in the prior fiscal year** | Western Europe, Eastern Europe & Central Asia | We generally recommend FOR when the act is related to routine matters such as the distribution of dividends, release from liability, or decisions made in the fiscal year that has ended. |
| **Reimburse proxy contest expenses** | World | This proposal is considered on a case-by-case basis by the guidelines committee. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **32** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Shareholder Rights

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt an advanced notice requirement** | Canada |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 30-65 days before the annual meeting and that nominations must be submitted no earlier than 30-65 days prior to the annual meeting. |
| **Adopt an advanced notice requirement** | United States, Australia |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 60-90 days prior to the annual meeting and that nominations must be submitted no earlier than 120-150 days prior to the annual meeting. |
| **Adopt, renew, or amend a shareholder rights plan** | World |  | We generally recommend FOR if the proposed plan expands rights for shareholders. |
| **Adopt/increase proxy access** | World |  | We generally recommend a vote FOR because according to our policy, shareholders should have the right to nominate their own representatives to the board. Proxy access would enhance the Company's governance by empowering shareholders with greater influence over the direction of the company, fostering more accountability and alignment with shareholder interests. |
| **Allow virtual-only shareholder meetings** | World |  | We generally recommend FOR because according to our policy, virtual meetings will increase the likelihood of an improved attendance rate in meetings, not to mention the benefits of flexibility, reducing costs and improved accessibility. |
| **Approve preemptive rights** | Western Europe |  | We generally recommend FOR because according to our policy, pre-emptive rights allow shareholders to maintain their proportional ownership in the Company in the event of new share issuance, protecting their interests and ensuring they are not diluted by future equity offerings. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **33** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Eliminate preemptive rights** | United Kingdom | We generally recommend FOR when the disapplication of rights is for 24% or less of shares. |
| **Establish the right to call a special meeting** | World | We generally recommend FOR if the proposal will strengthen shareholder rights (i.e. lower the threshold required to call a special meeting). |
| **Expand the right to act by written consent** | World | We generally recommend FOR because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving shareholders the right to act independently from the management. |
| **Redeem a shareholder rights plan** | World | We generally recommend FOR when the additional shares for the beneficiaries of the poison pill are more attractive than takeover by a hostile party. |
| **Restrict the right to act by written consent** | World | We generally recommend AGAINST because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving the shareholders the right to act independently from the management. |
| **Restrict the right to call a special meeting** | World | We generally recommend AGAINST the proposal because according to our policy, the ability of shareholders to call special meetings is widely regarded as an important aspect of good corporate governance. We believe the Company's current threshold appropriately balances the rights of shareholders to call a special meeting with the broader interests of the Company and its shareholders. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **34** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by management** \| Voting

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt confidential voting** | World |  | We generally recommend FOR because according to our policy, approval of the proposal will preserve the confidentiality and integrity of vote outcomes. |
| **Adopt unequal voting rights** | World |  | We generally recommend AGAINST because according to our policy, in order to provide equal voting rights to all shareholders, companies should not utilize dual class capital structures. |
| **Amend the quorum/voting requirement** | World |  | We generally recommend FOR when the proposed quorum is at least 33% of shares entitled to vote. |
| **Approve cumulative voting** | World |  | We generally recommend FOR because according to our policy, cumulative voting allows a significant group of shareholders to elect a director of its choice - safeguarding minority shareholder interests and bringing independent perspectives to Board decisions. |
| **Approve plurality voting** | World |  | We generally recommend FOR plurality voting when plurality voting will only be used in contested situations. In uncontested situations, we do not prefer for plurality voting to be used. |
| **Approve/increase supermajority voting** | World |  | We generally recommend AGAINST because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity, therefore, paving the way for a more meaningful voting outcome. |
| **Eliminate cumulative voting** | World |  | We generally recommend AGAINST because according to our policy, cumulative voting allows a significant group of shareholders to elect a director of its choice - safeguarding minority shareholder interests and bringing independent perspectives to Board decisions. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **35** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Eliminate or reduce supermajority voting** | World | We generally recommend FOR because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity and paving the way for a more meaningful voting outcome. |
| **Eliminate unequal voting rights** | World | We generally recommend FOR because according to our policy, companies should ensure that all shareholders are provided with equal voting rights, promoting fairness, accountability, and alignment between economic ownership and control. By adopting a one-share, one-vote structure, the Company can better uphold shareholder democracy and support long-term value creation for all investors. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **36** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Auditors

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Appoint an auditor** | World |  | We generally recommend a vote AGAINST because according to our policy, the appointment of auditors is a responsibility entrusted to the board of directors, specifically the Audit Committee. In our view, the procedures governing the selection of auditors adhere to standard corporate governance and accounting practices. Unless there are significant concerns that could jeopardize the integrity and independence of the auditors, we believe that approving this proposal is neither necessary nor justified at this time. |
| **Limit auditor non-audit services** | World |  | We generally recommend FOR because according to our policy, auditors should not provide non-audit services. This practice ensures the independence and integrity of the audit process, maintaining objectivity and minimizing any potential conflicts of interest that could undermine the reliability of the Company's financial reporting. |
| **Rotate the auditor** | World |  | We generally recommend FOR when the auditor is proposed to be rotated no more frequently than every 20 years. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **37** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Board Report

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Report on board member information** | World | | We generally recommend FOR because according to our policy, companies benefit from increased disclosure and transparency as it provides valuable insights on board member information. Also, we believe that increased transparency helps ensure that the board operates with greater integrity and aligns its leadership practices with shareholder interests. |
| **Report on board oversight** | World | | We generally recommend FOR because according to our policy, the preparation of a report on board oversight will provide meaningful information to the Company's shareholders. By ensuring that shareholders are well-informed about the Board's role in overseeing critical decisions, the Company can strengthen trust, improve accountability, and align with best practices in corporate governance. |
| **Report on proxy voting review** | World | | We generally recommend FOR because according to our policy, a proxy voting review is valuable to shareholders as this would provide meaningful information on how shareholders vote their proxies. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **38** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Capitalization

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Issue dividends** | World | | We recommend a vote AGAINST this proposal because according to our policy, the Company's dividend payout plan should be governed by the board of directors after taking into account relevant factors such as the Company's liquidity and financial position. |
| **Issue shares** | World | | We generally recommend a vote AGAINST this proposal because according to our policy, the approval could cause potential excessive dilution in the interests of the shareholders and could potentially overvalue the Company's stock price with such an excessive issuance that is disproportionate to its needs. |
| **Require shareholder approval to authorize the issuance of bonds/debentures** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Require shareholder approval to reclassify shares or conversion rights** | World | | We generally recommend FOR because according to our policy, companies should ensure that all shareholders are provided with equal voting rights, promoting fairness, accountability, and alignment between economic ownership and control. By adopting a one-share, one-vote structure, the Company can better uphold shareholder democracy and support long-term value creation for all investors. |
| **Create a new class of shares** | World | | We generally recommend FOR these proposals when the new class of shares to be created will not have blank-check authority and will not have superior voting rights to the existing class of shares. |
| **Reclassify/convert shares** | World | | We generally recommend FOR if the conversion would provide equal rights to shareholders. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **39** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Climate/Resources

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt a climate action plan / emissions reduction / resource restriction** | World | | We generally recommend FOR because according to our policy, approval of the proposal will help to mitigate the effects of climate change, with the potential for global application once sufficient data is available. Acknowledging climate change as an unavoidable factor and recognizing the need for adaptation requires bold and decisive actions from businesses. Therefore, we believe companies should review the economic impacts of climate change on their operations and portfolio companies, and evaluate how shareholder resolutions on climate change may influence long-term shareholder value when voting on proxies. This proactive approach helps ensure that companies are better positioned to manage climate-related risks and seize opportunities for sustainable growth. |
| **Adopt a GMO policy** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Adopt animal welfare standards** | World | | We generally recommend FOR because according to our policy, approval of the proposal will support the promotion of transparency, proper animal care, and the advancement of alternatives to animal use. Moreover, adopting animal welfare standards will ensure the Company upholds high levels of ethical responsibility and contributes to the development and implementation of humane alternatives, while also fostering transparency in its practices. |
| **Approve an annual advisory vote on climate change** | World | | We generally recommend a vote FOR because according to our policy, recognizing climate change as an inevitable factor and the need for adaptation requires bold decisions by businesses. We believe companies should assess the impact of climate change on the economy |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **40** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | and evaluate how shareholder resolutions on climate change may affect long-term shareholder value when voting proxies. Additionally, approving the proposal would enable shareholders to assess the effectiveness of the Company's climate policies and their alignment with the achievement of its strategic goals. |
| **Reduce fossil fuel financing** | World | We generally recommend FOR because according to our policy, phasing out fossil fuel financing would allow the Company to meet its low carbon transition goals, thereby strengthening its stance in mitigating the systemic, reputational and financial impacts of climate change. |
| **Report on animal welfare** | World | |
| **Report on costs and risks associated with a climate (or similar) plan** | World | We generally recommend AGAINST when the report is clearly and fully redundant with other reporting required of the Company. |
| **Report on GMO** | World | We generally recommend FOR because according to our policy, improved transparency and accountability will enhance the Company's commitment to long-term sustainability. |
| **Report on the company's climate plan / emissions / resource use** | World | We generally recommend FOR these shareholder proposals when they do not aim to discourage the climate plan, but instead to shed light on possible risks/unintended consequences of the plan. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **41** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Compensation

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Amend the clawback provision** | World | | We generally recommend FOR when the proposal is only asking to expand the clawback provision to include fraud and misconduct. |
| **Approve a retirement plan** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Cap executive gross pay** | World | | We generally recommend AGAINST this proposal because according to our policy, implementing a cap on executive compensation gross pay, could negatively impact the hiring and retention of the Company's key executives and employees. Such a restriction would limit the Company's ability to fully capitalize on the skills, expertise, and experience that individual leaders bring to the organization. |
| **Change the use of ESG metrics in compensation** | World | | We generally recommend FOR when the proposal seeks to include ESG metrics in compensation. |
| **Deduct stock buybacks from pay** | World | | We generally recommend AGAINST because according to our policy, adoption of the proposal will not enhance the Company's compensation decision-making process. |
| **Discontinue executive perquisites** | World | | We generally recommend a vote FOR because according to our policy, the granting of executive perquisites has been a key driver of inflated executive compensation. Since these perquisites are not directly linked to company performance, they contribute to compensation packages that may not align with shareholder interests or the Company's overall success. |
| **Discontinue stock option and bonus programs** | World | | We generally recommend FOR this resolution when the company has failed our executive compensation test. |
| **Discontinue the professional services allowance** | World | | We generally recommend FOR the proposal because according to our policy, limiting the use of corporate funds for the personal benefit of executives is in the best interests of shareholders. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **42** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Implement an advisory vote on executive compensation** | World | We recommend FOR this Proposal, because according to our policy, an advisory vote on executive compensation helps ensure that pay practices remain fair, transparent, and aligned with shareholder interests. |
| **Implement double triggered vesting** | World | We generally recommend FOR because according to our policy, vesting of equity awards over a period of time is intended to promote long-term improvements in performance. The link between pay and long-term performance can be severed if awards pay out on an accelerated schedule. More importantly, a double trigger vesting provision would provide protection to the Company's employees in the event of transition or change of control. |
| **Include legal/compliance costs in adjustments** | World | We recommend FOR this Proposal, because according to our policy, including legal and compliance costs in performance adjustments ensures that the financial impact of executive decisions is fully reflected, thereby promoting accountability and aligning compensation with effective risk management. |
| **Include performance metrics in compensation** | World | We generally recommend FOR because according to our policy, it is imperative that compensation plans for senior executives be designed and implemented to promote long-term corporate value. Failure to link executive compensation to superior corporate performance—specifically performance that exceeds peer group benchmarks—has contributed to the escalation of executive pay without corresponding improvements in corporate value. By ensuring that compensation is tied to long-term performance, the Company can better align executive incentives with the goal of sustainable growth and value creation for shareholders. |
| **Prohibit equity vesting for government service** | World | We generally recommend FOR because according to our policy, equity vesting for employees, executives or directors in government service presents risks related to conflicts of interest, ethics, and integrity in |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **43** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | public service. As such, we believe that prohibiting equity vesting in government service would align equity compensation to measurable performance outcomes to create long-term value for the Company and its shareholders. |
| **Remove tax gross-ups** | World | We generally recommend FOR because according to our policy, tax gross-ups payments can lead to unclear compensation packages and do not align with performance-based incentives. Additionally, tax gross-ups can represent a significant cost to companies without providing meaningful benefits to recipients. By eliminating such payments, the Company can promote more transparent, performance-driven compensation structures. |
| **Report on executive compensation** | World | We generally recommend FOR because according to our policy, the disclosure being requested in the proposal will enhance the Company's executive compensation structure to be commensurate to the skills and expertise of the directors and aligned with the interests of the Company and its shareholders |
| **Require a shareholder vote to ratify executive or director severance pay** | World | We generally recommend FOR because according to our policy, excessive executive compensation packages has been an ongoing cause of concern among shareholders and investors. While the Company argues that its severance and termination payments are reasonable, we believe that it is in the best interests of the stockholders if they ratify executive compensation in such form. We believe that approval of this proposal will enable the stockholders to voice their views and opinions regarding the Company's executive severance payments and will ensure decisions are in their best interests. |
| **Require that executives retain shares** | World | We generally recommend FOR because according to our policy, requiring senior executives to hold a significant portion of stock obtained through executive pay plans aligns the interests of executives with the long-term success of the Company, encouraging decisions |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **44** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | that drive sustained value for shareholders and promoting a focus on long-term growth. |
| **Use a deferral period for compensation** | World | We generally recommend FOR because according to our policy, approval of compensation deferral would help the Company attract and retain key executives by offering additional benefits and incentives tied to both performance and length of service. By linking compensation to performance over a certain period, the Company can motivate key executives to focus on achieving enduring value, while also ensuring they are incentivized to stay with the Company for the long term. |
| **Use GAAP metrics for compensation** | World | We generally recommend FOR because according to our policy, the use of GAAP financial metrics for compensation ensures a direct connection between executive pay and the Company's performance. This approach helps mitigate the risk of inflating executive compensation, promoting fairness and accountability while driving long-term value creation. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **45** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Directors

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Allow for the removal of directors without cause** | World |  | We generally recommend FOR the proposal because according to our policy, allowing to remove directors without cause provides flexibility to the Company to make necessary changes to its leadership when deemed appropriate. Allowing for the removal of directors without cause ensures that the Board can effectively address issues such as performance concerns and maintain the best interests of the Company and its shareholders. |
| **Amend the indemnification/liability provisions for directors** | World |  | We generally recommend FOR because according to our policy, approval of the indemnification and liability provisions will enable the Company to attract, retain, and motivate its directors, whose efforts are crucial to its long-term success. By providing directors with appropriate protection against personal liability, the Company ensures that directors can make decisions in the best interests of the Company without undue concern about personal financial risks. |
| **Change the size of the board of directors** | World |  | We generally recommend FOR if the board size is between 5 and 15. |
| **Classify the board** | World |  | We generally recommend AGAINST because according to our policy, staggered terms for directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| **Create a CEO succession plan** | World |  | We generally recommend FOR because according to our policy, a CEO succession plan would safeguard a smooth transition and alignment into a new leadership whenever the need arises, thereby ensuring continuity and shareholder confidence in the Company. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **46** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Create a key committee** | World | We generally recommend FOR because according to our policy, the board of directors should establish key Board committees—namely Audit, Compensation, and Nominating committees—composed solely of independent outside directors. This structure ensures sound corporate governance practices, enhances objectivity, and strengthens the oversight of critical areas within the Company. |
| **Create a non-key committee** | World | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Declassify the board** | World | We generally recommend FOR because according to our policy, staggered terms for directors increase the difficulty for shareholders to make fundamental changes to the composition and behavior of a board. We prefer that the entire board of a company be elected annually to provide appropriate responsiveness to shareholders. |
| **Decrease the required director experience / expertise / diversity** | World | We generally recommend AGAINST because according to our policy, a diversified board would encourage good governance and enhance shareholder value. Bringing together a diverse range of skills and experience is necessary in building a constructive and challenging board. |
| **Designate an independent chairman** | World | We generally recommend FOR because according to our policy, there is an inherent potential conflict in having a non-independent director serve as Chairman of the Board. To further ensure independence and accountability in the board room, we believe it is crucial for the Chairman to be independent. This structure enhances effective governance and strengthens the oversight of management, ultimately benefiting the Company and its shareholders. |
| **Elect a director to board** | World | We generally recommend AGAINST because according to our policy, allowing a shareholder to elect a director to a board is not in the best interests of the Company. Instead, the board should continue to nominate directors for shareholder approval, as they possess the |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **47** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | expertise and resources to find the most qualified candidates. |
| **Eliminate term limits** | World | We generally recommend FOR because according to our policy, elimination of term limits will help the Company to attract, retain and motivate directors who can contribute valuable insights and long-term strategic guidance. This will also ensure continuity and strengthen the Company's governance by retaining knowledgeable and capable leadership of experienced directors. |
| **Eliminate the retirement age requirement** | World | We generally recommend FOR this proposal because, in accordance with our policy, the Company and its shareholders are in the best position to determine the approach to corporate governance, particularly board composition. Imposing inflexible rules, such as age limits for outside directors, does not necessarily correlate with returns or benefits for shareholders. Similar to arbitrary term limits, age limits could force valuable directors off the board solely based on their age, potentially undermining the effectiveness of the board. |
| **Ensure compensation advisor independence** | World | We generally recommend FOR because according to our policy, approval of the proposal would recognize the valuable role of a compensation advisor in ensuring that the Company's compensation decisions are made based on independent and impartial advice. This helps to ensure fairness and objectivity in setting executive compensation, aligning it with the Company's long-term goals and best interests of its shareholders. |
| **Establish a stakeholder position to board** | World | We generally recommend AGAINST because according to our policy, the current selection process, composition and skillset of the board of directors already captures stakeholder representation in the board room. As such, approval of the proposal would be redundant and duplicative. |
| **Introduce a retirement age requirement** | World | We generally recommend AGAINST this proposal because, in accordance with our policy, the |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **48** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | Company and its shareholders are in the best position to determine the approach to corporate governance, particularly board composition. Imposing inflexible rules, such as age limits for outside directors, does not necessarily correlate with returns or benefits for shareholders. Similar to arbitrary term limits, age limits could force valuable directors off the board solely based on their age, potentially undermining the effectiveness of the board. |
| **Introduce term limits** | World | We generally recommend AGAINST this proposal because, in accordance with our policy, it would not serve a useful purpose. Having experienced directors on the board is crucial for the Company's long-term success and the enhancement of shareholder value. |
| **Require director experience / expertise / diversity or other limits on the board** | World | We generally recommend FOR this proposal when less than 40% of 13 specific board governance criteria are being met. These criteria include items such as: say-on-pay is on the agenda, the CEO and chairman positions are held by different people, and all classes of stock have equal voting rights. |
| **Require stock ownership for directors** | World | We generally recommend FOR if the following conditions are met: 1) The cash value of required ownership does not exceed the one- year salary of the lowest-paid director and 2) the director has at least 3 years from their start date to meet the requirement. |
| **Separate the chairman and CEO positions** | World | We generally recommend FOR because according to our policy we believe that there is an inherent potential conflict, in having an inside director serve as the Chairman of the board. Consequently, we prefer that companies separate the roles of the Chairman and CEO and that the Chairman be independent to further ensure board independence and accountability. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **49** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Health, Safety, and Operations

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt a paid sick leave policy** | World |  | We generally recommend a vote FOR because according to our policy, the proposed paid sick leave policy would protect employee welfare during times of illness. If approved, this policy would alleviate financial strain on employees and enhance the Company's competitiveness in attracting, motivating, and retaining top talent. |
| **Modify business operations with a high-risk country, entity, region, etc.** | World |  | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Reduce sales/marketing of alcohol products/services** | World |  | We generally recommend FOR because according to our policy, reducing sales and marketing efforts would mitigate the health and economic impacts caused by excessive consumption of alcohol. |
| **Reduce sales/marketing of drug products/services** | World |  | We generally recommend FOR because according to our policy, reducing sales and marketing efforts of regulated substances would mitigate the health and economic impacts caused by consumption of these regulated substances. |
| **Reduce sales/marketing of gambling products/services** | World |  | We generally recommend FOR because according to our policy, reducing sales and marketing efforts would mitigate the economic impacts caused by gambling to consumers. |
| **Reduce sales/marketing of other products/services** | World |  | We generally recommend FOR because according to our policy, reducing sales and marketing efforts would mitigate the health and economic impacts caused by consumption of these products. Those outcomes pose substantial risk to the company according to our policy. |
| **Reduce sales/marketing of pornography products/services** | World |  | We generally recommend FOR because according to our policy, approval of the proposal will enable the Company to mitigate the risks brought by increasing sexual exploitation and would help the Company in addressing these |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **50** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | operational and reputational impacts in the communities it serves. |
| **Reduce sales/marketing of tobacco/vape products/services** | World | We generally recommend FOR because according to our policy, reducing sales and marketing efforts would mitigate the health and economic impacts caused by excessive consumption of tobacco. |
| **Reduce sales/marketing of unhealthy foods/beverages** | World | We generally recommend FOR because according to our policy, approval of the proposal would enhance the Company's commitment to mitigate potential public health risks caused by its products. |
| **Reduce sales/marketing of weapon products/services** | World | We generally recommend FOR because according to our policy, approval of the proposal would allow the Company to regulate the sale of weapons which in turn could decrease its exposure related to weapon trafficking and violence. |
| **Report on artificial intelligence** | World | We generally recommend a vote FOR because according to our policy, the proposed report on artificial intelligence would provide the Company and its shareholders with valuable insights into the potential risks and opportunities associated with AI. This transparency would help stakeholders better understand the Company's strategy and position in an evolving technological landscape. |
| **Report on content management** | World | We generally recommend AGAINST when the report is clearly and fully redundant with other reporting required of the Company. |
| **Report on cybersecurity** | World | We generally recommend AGAINST unless the Company receives a failing grade on their cybersecurity risk score. |
| **Report on data privacy** | World | We generally recommend FOR unless one of the following is true: 1) the report is clearly and fully redundant with other reporting required of the Company; or 2) The proposal relates to abortion or reproductive rights. |
| **Report on high-risk country operations** | World | We generally recommend FOR because according to our policy, there is an increasing hazard in maintaining the Company's operations in high-risk countries or areas. In our view, |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **51** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | transparency is important for evaluating such risks in order to protect the welfare of its employees and suppliers across its operations, and will ensure that investors and stakeholders have adequate information necessary to make informed operations decisions. |
| **Report on intellectual property transfers** | World | We generally recommend a vote FOR because according to our policy, the report on the feasibility of transferring intellectual property rights to another business entity would provide valuable insights to manufacturers and other stakeholders. Such a report could play a crucial role in assessing the potential for expanding distribution and increasing access to the product in question, for the benefit of the customers or end-users. |
| **Report on maternal health outcomes** | World | We generally recommend FOR if the proposal is not seeking to encourage access to abortion. |
| **Report on plant closure community impacts** | World | We generally recommend a vote FOR because according to our policy, a just transition report would provide a meaningful information to the Company and its shareholders on the impact of plant closures on the communities it serves. Additionally, such report would help the Company to mitigate the risks associated in its supply chain operations and workforce. |
| **Report on product information / production** | World | We generally recommend a vote FOR because according to our policy, the requested report on product information would provide valuable insights that could significantly contribute to the company's commitment to safety and operational standards. Moreover, the report would offer an evaluation of the potential impacts of the company's products on employees, customers, and other stakeholders that could be critical in formulating the policies related to the production and distribution of such products. |
| **Report on product pricing/distribution** | World | We generally recommend FOR because according to our policy, approval of the proposal would help eradicate the effects of |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **52** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | anticompetitive practices of companies in drug pricing and distribution. |
| **Report on public health risks** | World | We generally recommend a vote FOR because according to our policy, the requested report would provide valuable insights that are essential to the company's commitment to health and safety standards. Further, the report would offer a comprehensive evaluation of the potential impacts of the company's products on public health. This information would be critical in formulating effective policies related to the production and distribution of the company's products and services. |
| **Report on suppliers / partners / customers / sales** | World | We generally recommend a vote FOR because according to our policy, the requested report would provide valuable insights essential to the company's commitment to best supply chain practices that align with industry standards. Furthermore, the report would offer a comprehensive evaluation of the potential impacts of the company's supply chain and operations, which could be instrumental in formulating effective policies in supply chain management and minimizing the company's exposure to operational and reputational risks. |
| **Report on worker health and safety** | World | We generally recommend FOR because according to our policy, the proposal supports efforts to mitigate financial, reputational, and human rights risks related to worker misclassification. In our view, such misclassification can expose the Company to legal challenges, regulatory scrutiny, and damage to its reputation, as well as undermine the fair treatment of its workforce. By ensuring proper classification, the Company can better protect itself from these risks while fostering a more compliant and ethical business environment. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **53** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Human Resources and Rights

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Address fair lending** | World | | We generally recommend FOR because according to our policy, approval of the proposal will provide the transparency shareholders need to effectively evaluate activities related to politicized de-banking. By addressing these concerns proactively, the Company can mitigate the associated reputational and operational risks, ensuring that its policies align with shareholder interests and societal expectations. |
| **Address income inequality** | World | | We generally recommend FOR because according to our policy, pay disparities within companies can lead to operational risks and reputational damage. Such disparities may undermine employee morale and shareholder trust, ultimately detracting from long-term shareholder value. |
| **Address labor disputes** | World | | We generally recommend FOR because according to our policy, the increasing recognition of risks related to labor dispute and workforce human rights violations, such as litigation, reputational damage, and production disruptions, can adversely affect shareholder value. Effective management of these risks requires companies to conduct thorough assessments of labor practices throughout their operations and supply chain. This proactive approach not only helps mitigate potential adverse impacts but also demonstrates a commitment to ethical business practices, which is increasingly valued by investors and stakeholders alike. |
| **Address sexual harassment complaints** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Adopt an anti-discrimination policy** | World | | We generally recommend FOR because according to our policy, implementing employment practices that prioritize equal opportunity will help the company retain and |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **54** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | attract top-tier talent. Rather than adopting a one-size-fits-all approach that favors a particular group, we believe that embracing inclusive hiring practices will provide the company with a competitive advantage by broadening its talent pool in order to attract the best candidates. |
| **Adopt diversity-based hiring** | World | We generally recommend FOR because according to our policy, implementing employment practices that prioritize diversity, and equal opportunity will help the company retain and attract top-tier talent. Rather than adopting a one-size-fits-all approach that favors a particular group, we believe that embracing inclusive hiring practices will provide the company with a competitive advantage by broadening its talent pool in order to attract the best candidates. |
| **Adopt merit-based hiring** | World | We generally recommend FOR because according to our policy, implementing employment practices that prioritize diversity, and equal opportunity will have a positive impact on corporate performance. |
| **Become a public benefit corporation** | World | We generally recommend FOR because according to our policy, the transition to a public benefit corporation would ensure that the interests of the Company, its shareholders, and its stakeholders are well protected and served, fostering a long-term commitment to both financial performance and social responsibility. |
| **Provide a human rights impact assessment** | World | We recommend FOR this Proposal because, according to our policy, reporting on human rights impact assessments (HRIAs) enables shareholders to understand how the company identifies, assesses, and mitigates potential human rights risks. Such reporting supports informed decision-making and demonstrates a commitment to responsible and sustainable business practices. |
| **Provide a report promoting DEI practices** | World | We generally recommend FOR if the proposal is not intending to promote LGBTQ rights. |
| **Report on abortion policy** | World | We generally recommend FOR if the proposal is not seeking to encourage access to abortion. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **55** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Report on collective bargaining/union relations** | World | We generally recommend AGAINST when the report is clearly and fully redundant with other reporting required of the Company. |
| **Report on fetal tissue use** | World | We generally recommend FOR because according to our policy, approval of the proposal will enable the Company to mitigate the risks brought by the use of fetal tissue and would help the Company in addressing the operational and reputational impacts in the communities it serves. |
| **Report on human trafficking** | World | We generally recommend FOR because according to our policy, adoption of a human rights policy, coupled with robust reporting, implementation, and enforcement, will assure shareholders of the Company's commitment to global leadership in corporate responsibility. This proactive approach will not only strengthen the Company's reputation but also provide shareholders with confidence that the Company is effectively and transparently addressing human rights risks, including those related to trafficking, across its global operations. |
| **Report on in vitro fertilization** | World | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Report on prison/slave/child labor** | World | We generally recommend AGAINST when the report is clearly and fully redundant with other reporting required of the Company. |
| **Report on sexual harassment complaints** | World | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Report on the costs/risks of DEI practices** | World | We generally recommend AGAINST this proposal because, in accordance with our policy, conducting a cost/benefit report or a stand-alone DEI audit by the Company or a group acting on its behalf could potentially uncover violations of regulations or laws, which could pose both legal and reputational risks. Additionally, we are concerned that such report could, in our highly litigious society, serve as a roadmap for lawsuits against the Company, potentially leading to significant costs for shareholders in the long term. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **56** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Report on worker misclassification** | World | We generally recommend FOR because according to our policy, the proposal supports efforts to mitigate financial, reputational, and human rights risks related to worker misclassification. In our view, such misclassification can expose the Company to legal challenges, regulatory scrutiny, and damage to its reputation, as well as undermine the fair treatment of its workforce. By ensuring proper classification, the Company can better protect itself from these risks while fostering a more compliant and ethical business environment. |
| **Request the company cease or re-evaluate DEI activities** | World | We generally recommend AGAINST this Proposal because, according to our policy, requests to cease or re-evaluate DEI activities risk undermining the significant benefits that diversity, equity, and inclusion bring to the company. Scaling back these efforts could also negatively affect talent attraction, retention, and overall company performance. |
| **Rescind the racial equity audit** | World | We generally recommend a vote AGAINST because, according to our policy, the proposed rescinding of the racial audit undermines efforts to assess the impacts of the Company's diversity, equity, and inclusion (DEI) practices. Racial audits are essential in identifying and addressing disparities, and reversing this initiative would limit shareholders' ability to evaluate the materiality and effectiveness of the Company's DEI efforts. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **57** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Legal and Compliance

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt exclusive forum bylaws** | World | | We generally recommend FOR because according to our policy, having an exclusive forum will allow the Company to address disputes and litigations in an exclusive jurisdiction, with familiarity of the law, and reduce the administrative cost and burden related to settlement. |
| **Relinquish intellectual property** | World | | We generally recommend FOR because according to our policy, approval of the proposal could open the door for generic manufacturers to enter the market, which has the potential to reduce drug prices and make branded drugs more accessible to the public, ultimately benefiting consumers and promoting public health. |
| **Report on concealment clauses** | World | | We generally recommend FOR because according to our policy, approval of the proposal will help the Company assess the potential risks associated with its use of concealment clauses in the context of harassment, discrimination and other unlawful acts. |
| **Report on employee arbitration claims** | World | | We generally recommend FOR because according to our policy, shareholders will benefit from the preparation of a public report on the impact of mandatory arbitration on the Company's employees and workplace culture. The report would provide transparency regarding the effects of mandatory arbitration clauses on employee relations, dispute resolution, and overall workplace morale. By gaining a clearer understanding of these dynamics, shareholders would be better informed to assess whether the Company's policies are aligned with best practices for employee well-being and organizational success. |
| **Report on patent process** | World | | We generally recommend a vote FOR because according to our policy, the report on patent |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **58** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | process would provide valuable information to manufacturers and other stakeholders. Such a report could play a crucial role in assessing the potential for expanding distribution and increasing access to the company's products, for the benefit of the customers or end-users. |
| **Report on whistleblowers** | World | We generally recommend FOR because according to our policy, the requested report would strengthen whistleblower protection and would safeguard employees' human rights when raising concerns about misaligned company practices. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **59** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| M&A / Structure

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Make a self-tender offer** | World | | We generally recommend AGAINST because according to our policy, the proposal is not necessary and is not in the best long-term interest of the Company and its shareholders. |
| **Remove an antitakeover provision(s)** | World | | We generally recommend AGAINST because according to our policy, removal of the Company's antitakeover provisions may leave the Company vulnerable to a hostile takeover. Additionally, the current antitakeover provisions provide more time for management to consider offers and negotiate better terms. |
| **Request an M&A / restructure** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Ratify a poison pill** | World | | We generally recommend a vote FOR because according to our policy, approval of the proposal will acknowledge both the advantages and inherent risks of implementing a shareholder rights plan, or poison pill. While these plans can deter hostile takeovers, they also carry the risk of management entrenchment in some cases. Ensuring that shareholders are given a voice on the advisability of such a plan is crucial to safeguarding the Company from these risks, promoting transparency, and maintaining a balance between protecting shareholder interests and preventing potential misuse of the plan. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **60** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Mutual Fund

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Convert the closed-end fund to an open-end fund** | World | | We generally recommend a vote AGAINST this proposal because, according to our policy, a closed-end fund structure tends to provide higher returns to shareholders, as the value of shares is influenced by market dynamics, which can result in trading at a premium or discount to NAV. Additionally, closed-end funds often generate higher income by utilizing leverage, making them particularly attractive to income-focused investors. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **61** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Other

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt MacBride Principles, Sullivan Principles, or similar** | World | | We generally recommend FOR because according to our policy, approval of a region-specific or country-specific set of principles would reduce the Company's exposure to operational risks by complying with fair employment principles against discrimination and human rights abuse. |
| **Approve other company policies** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |
| **Disassociate from industry associations** | World | | We generally recommend FOR because according to our policy, while we recognize that industry associations play a critical role in influencing company policies, we believe that these policies are not always a one-size-fits-all solution. Companies may be compelled to adopt industry-wide policies that are not aligned with business strategies that can lead to policies that are unsustainable in the long run, creating potential risks to both the Company's strategic direction and its reputation. By supporting this proposal, shareholders can help ensure that the Company maintains the flexibility to adopt policies that are suitable to its business needs. |
| **Prepare an independent third-party audit** | World | | We generally recommend AGAINST this proposal because, in accordance with our policy, conducting a stand-alone audit by the Company or a group acting on its behalf could potentially reveal violations of regulations and laws, which could be legally and reputationally problematic. Additionally, we are concerned that such an audit could, in our highly litigious society, provide a roadmap for lawsuits against the Company, which could result in significant costs for shareholders over the long term. |
| **Report on another matter** | World | | This proposal is considered on a case-by-case basis by the guidelines committee. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **62** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Report on key-person risk** | World | We generally recommend FOR because according to our policy, the requested report would be beneficial to the Company in mitigating risks associated with key persons whose services and contributions are crucial to its success. Additionally, the proposal would enable the Company to develop effective succession plans, ensuring continuity and minimizing disruption in the event of the departure of these key individuals. |
| **Reimburse proxy contest expenses** | World | This proposal is considered on a case-by-case basis by the guidelines committee. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **63** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Politics

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Report on charitable contributions** | World | | We generally recommend FOR because according to our policy, improved transparency and accountability are essential for meeting the Company's long-term responsibility to its investors. We believe that the preparation of the proposed report will enable the Company to thoroughly evaluate its charitable giving activities, while also assessing the operational, reputational, and social implications of these contributions. By gaining a clearer understanding of how charitable efforts align with the Company's strategic goals and values, the Company can ensure that its activities support sustainable growth and positively reflect its commitment to corporate responsibility. |
| **Report on government financial support** | World | | We generally recommend FOR because according to our policy, this proposal, if adopted, would require management to advise shareholders on the amount of money spent on political purposes and to specify what political causes the management seeks to promote with those funds. It is therefore no more than a requirement that the shareholders be given a more detailed accounting of these special purpose expenditures. These political contributions are made with dollars that collectively belong to the shareholders, and they are therefore entitled to know how they are being spent. Relying on publicly available data does not provide a complete picture of the Company's political expenditures. We believe that improved transparency and accountability only adds to a company's long-term sustainability. |
| **Report on lobbying expenditures** | World | | We generally recommend FOR the proposal because according to our policy, it is in the Company's best interests to review its public |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **64** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | policy advocacy and oversight, and to expand its public disclosure about third-party lobbying activities. Enhanced transparency in lobbying efforts is crucial for ensuring that shareholders have access to relevant information about the Company's involvement in influencing public policy as well as the corporate funds being used to such purposes. |
| **Report on partnerships with political (or globalist) organizations** | World | We generally recommend AGAINST because according to our policy and given the current applicable laws and regulations that the Company must comply with, we do not believe that the requested report would add meaningful value to the policies, processes, practices, and resources that are already in place. Additionally, approval of this proposal would result in the Company incurring unnecessary costs and expenses as it is in the best interests of shareholders for the board to manage the Company's disclosures and risks. |
| **Report on political contributions** | World | We generally recommend FOR because according to our policy, the proposal advocates for greater transparency in political contributions. If adopted, this proposal would require management to disclose the total amount of corporate funds spent on political purposes and provide details on the specific political causes or activities the Company supports with those funds. This is simply a request for shareholders to receive a more detailed accounting of these expenditures than what is currently available. Since these contributions are made using shareholder funds, it is essential that shareholders are informed about how their money is being spent. In our view, relying solely on publicly available data does not offer a complete picture of the Company's political spending. |
| **Report on public policy advocacy** | World | We generally recommend FOR because according to our policy, the proposal advocates for greater transparency in political contributions. If adopted, this proposal would |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **65** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| | | require management to disclose the total amount of corporate funds spent on political purposes and provide details on the specific political causes or activities the Company supports with those funds. This is simply a request for shareholders to receive a more detailed accounting of these expenditures than what is currently available. Since these contributions are made using shareholder funds, it is essential that shareholders are informed about how their money is being spent. In our view, relying solely on publicly available data does not offer a complete picture of the Company's political spending. |
| **Revoke a public policy endorsement** | World | We generally recommend AGAINST because according to our policy, political endorsement and spending is an integral part of a business, as Companies should have a voice on policies affecting them. As such, approval of this proposal will strictly limit the Company's flexibility in supporting the advocacies that are congruent with its business. |
| **Support a public policy endorsement** | World | We generally recommend FOR because according to our policy, recognizing that companies have their own policies and mechanisms on political endorsement and spending is an integral part of a business as they should have a voice on policies affecting them. As such, approval of this proposal will allow the Company to support advocacies that are aligned to its business and corporate values. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **66** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Shareholder Rights

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| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt a fair elections/advance notice bylaw** | United States |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 60-90 days prior to the annual meeting and that nominations must be submitted no earlier than 120-150 days prior to the annual meeting. |
| **Adopt a fair elections/advance notice bylaw** | Canada |  | We generally recommend FOR when the policy stipulates that nominations must be submitted no later than 30-65 days before the annual meeting and that nominations must be submitted no earlier than 30-65 days prior to the annual meeting. |
| **Adopt/increase proxy access** | World |  | We generally recommend FOR when the proposed ownership requirement is at least 3%. |
| **Allow virtual-only shareholder meetings** | World |  | We recommend AGAINST this Proposal, because according to our policy, virtual meetings should complement, not replace, in-person shareholder meetings, as relying solely on them may undermine transparency and shareholder participation. |
| **Establish the right to call a special meeting** | World |  | We generally recommend FOR if the proposal will strengthen shareholder rights (i.e. lower the threshold required to call a special meeting). |
| **Introduce the right to act by written consent** | World |  | We generally recommend FOR because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving shareholders the right to act independently from the management. |
| **Oppose the right to act by written consent** | World |  | We generally recommend AGAINST because according to our policy, the right to act on written consent allows an increased participation of shareholders in the voting process, thereby democratizing voting and giving the shareholders the right to act independently from the management. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **67** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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| **Require shareholder approval for bylaw amendments** | World | We generally recommend FOR because according to our policy, approval of the proposal will ensure that shareholders have a voice in revising or adopting the bylaws which could compromise their interests. |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **68** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Proposals by shareholders** \| Voting

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|:---|:---|:---|:---|
| **Proposal** | **Region(s) to Include** | **Region(s) to Exclude** | **Vote Recommendation** |
| **Adopt a majority vote for director election** | World | | We generally recommend a vote FOR because according to our policy, a majority vote requirement in boardroom elections enhance director accountability to shareholders. This standard ensures that shareholder dissatisfaction with director performance has tangible consequences, transforming the election process from a mere formality into one that truly reflects shareholders' voices. |
| **Adopt confidential voting** | World | | We generally recommend FOR because according to our policy, approval of the proposal will preserve the confidentiality and integrity of vote outcomes. |
| **Approve cumulative voting** | World | | We generally recommend FOR because according to our policy, cumulative voting allows a significant group of shareholders to elect a director of its choice - safeguarding minority shareholder interests and bringing independent perspectives to Board decisions. |
| **Approve/increase supermajority voting** | World | | We generally recommend AGAINST because according to our policy, a simple majority vote will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity, therefore, paving the way for a more meaningful voting outcome. |
| **Eliminate cumulative voting** | World | | We generally recommend AGAINST because according to our policy, cumulative voting allows a significant group of shareholders to elect a director of its choice - safeguarding minority shareholder interests and bringing independent perspectives to Board decisions. |
| **Eliminate or reduce supermajority voting** | World | | We generally recommend FOR because according to our policy, a simple majority vote |

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **69** |

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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|:---|:---|:---|
| | | will strengthen the Company's corporate governance practice. Contrary to supermajority voting, a simple majority standard will give the shareholders equal and fair representation in the Company by limiting the power of shareholders who own a large stake in the entity and paving the way for a more meaningful voting outcome. |
| **Promote equal voting rights** | World | We generally recommend FOR because according to our policy, a differential in voting power may have the effect of denying shareholders the opportunity to vote on matters of critical economic importance to them. In order to provide equal voting right to all shareholders, we prefer that companies do not utilize multiple class capital structures. |
| **Restrict nomination of directors** | World | We generally recommend a vote FOR because, according to our policy, a simple majority requirement in director elections, combined with a mandatory resignation policy and prohibition on the renomination of directors, ensures that the election results accurately reflect shareholder sentiment. Specifically, this approach addresses situations where a director receives less than a majority of votes, aligning the election outcome with shareholder expectations and maintaining effective governance. |
| **Tabulate proxy voting** | World | We generally recommend FOR because according to our policy, adoption of proxy tabulation simplifies the voting process without compromising transparency or shareholder participation. This streamlined approach ensures that shareholder votes are accurately counted and reported, making it easier for investors to engage in the decision-making process. At the same time, it preserves the integrity and transparency of the voting process, ensuring that all shareholders have an equal opportunity to influence key decisions while promoting efficient governance practices. |

---

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| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **70** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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IV. Legal Disclaimer

DISCLAIMER© 2025 Egan-Jones Proxy Services, a division of Egan-Jones Ratings Company and/or its affiliates. All Rights Reserved. This document is intended to provide a general overview of Egan-Jones Proxy Services' proxy voting methodologies. It is not intended to be exhaustive and does not address all potential voting issues or concerns. Egan-Jones Proxy Services' proxy voting methodologies, as they apply to certain issues or types of proposals, are explained in more detail in reference files on Egan-Jones Proxy Services' website – http://www.ejproxy.com. The summaries contained herein should not be relied on and a user or client, or prospective user or client, should review the complete methodologies and discuss their application with a representative of Egan-Jones Proxy Services. These methodologies have not been set or approved by the U.S. Securities and Exchange Commission or any other regulatory body in the United States or elsewhere. No representations or warranties, express or implied, are made regarding the accuracy or completeness of any information included herein. In addition, Egan-Jones Proxy Services shall not be liable for any losses or damages arising from, or in connection with, the information contained herein, or the use of, reliance on, or inability to use any such information. Egan-Jones Proxy Services expects its clients and users to possess sufficient experience and knowledge to make their own decisions entirely independent of any information contained in this document or the methodology reference files contained on http://www.ejproxy.com.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **71** |

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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Appendix A: Director Classification**

Many of our off-the-shelf policies consider whether a director is independent, an insider, or an affiliated outside director for election of director proposals. This document seeks to bring clarity as to how Egan-Jones classifies directors.

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|:---|:---|
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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Inside Director**

A director is considered to be an inside director (non-independent) if any of the following are true:

1) Current employee or current officer<sup>2</sup> of the company or one of its affiliates<sup>3</sup>

2) Current employee of majority shareholder (more than 50 percent).

3) Beneficial owner of more than 50 percent of the company's voting power or employee of beneficial owner (this may be aggregated if voting power is distributed among more than one member of a group).

4) Director named in the Summary Compensation Table (excluding former interim officers)

 

<sup>2</sup> The definition of officer will generally follow that of a "Section 1c officer" (officers subject to Section 1c of the Securities and Exchange Act of 1S34) and includes the chief executive, operating, financial, legal, technology, and accounting officers of a company (including the president, treasurer, secretary, controller, or any vice president in charge of a principal business unit, division, or policy function). Current interim officers are included in this category. For private companies, the equivalent positions are applicable. A non-employee director serving as an officer due to statutory requirements (e.g. corporate secretary) will be classified as an Affiliated Outsider due to material relationships with the company. However, if the company provides explicit disclosure that the director is not receiving additional compensation in excess of $10,000 per year for serving in that capacity, then the director will be classified as an Independent Outsider.

<sup>3</sup> "Affiliate" includes a subsidiary, sibling company, or parent company. Egan-Jones uses 50% control ownership by the parent company as the standard for applying its affiliate designation.

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|:---|:---|
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|:---|:---|
| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Affiliated Outside Director**

A director is considered to be an affiliated outside director (non-independent) if any of the following are true:

**1)** **Tenure**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Director whose tenure on the Board is 10 years or more

2) Former CEO/Interim Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Former CEO of the company within the past five years<sup>4</sup>,<sup>5</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Former CEO of an acquired company within the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Former interim officer if the service was longer than 6 months.

3) Non-CEO Executives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Former executives of merged companies that sit on the Board of the newly
 formed company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Officer of a former parent or predecessor firm at the time the company
 was sold or split off from the parent/predecessor within the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Officer, former officer, or general or limited partner of a joint venture
 or partnership with the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Founder of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Director declared non-independent by the Company

4) Family Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A director who is an immediate family member<sup>6</sup> of a current
 or former officer of the company or its affiliates within the last five years.

5) Transactional, Professional, Financial, and Charitable Relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Currently provides (or whose immediate family member provides) professional
 services<sup>7</sup> to the company, to an affiliate of the company or an individual officer of the company or one of its affiliates.

4 Includes any former CEO of the company prior to the company's initial public offering (IPO).

<sup>5</sup> When there is a former CEO of a special purpose acquisition company (SPAC) serving on the board of an acquired company, Egan-Jones will generally classify such directors as independent unless determined otherwise taking into account the following factors: the applicable listing standards determination of such director's independence; any operating ties to the firm; and the existence of any other conflicting relationships or related party transactions.

<sup>6</sup> "Immediate family member" follows the SEC's definition of such and covers spouses, parents, children, step- parents, stepchildren, siblings, in-laws, and any person (other than a tenant or employee) sharing the household of any director, nominee for director, executive officer, or significant shareholder of the company.

<sup>7</sup> Professional services can be characterized as advisory in nature, generally involve access to sensitive company information or to strategic decision-making, and typically have a commission- or fee-based payment structure. Professional services generally include, but are not limited to the following: investment banking/financial advisory services; commercial banking (beyond deposit services); investment services; insurance services; accounting/audit services; consulting services; marketing services; legal services; property management services; realtor services; lobbying services; executive search services; and IT consulting services. The following would generally be considered transactional relationships and not professional services: deposit services; IT tech support services; educational services; and construction services. The case of participation in a banking syndicate by a non-lead bank should be considered a transactional (and hence subject to the associated materiality test) rather than a professional relationship. "Of Counsel" relationships are only considered immaterial if the individual does not receive any form of compensation from, or is a retired partner of, the firm providing the professional service. The case of a company providing a professional service to one of its directors or to an entity with which one of its directors is affiliated, will be considered a transactional rather than a professional relationship. Insurance services and marketing services are assumed to be professional services unless the company explains why such services are not advisory.

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is (or whose immediate family member is) a partner in, or a controlling
 shareholder or an employee of, an organization which provides professional services to the company, to an affiliate of the company, or
 an individual officer of the company or one of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If a director's immediate family member receives, more than $120,000
 per year in direct compensation (base salary plus cash bonus) from the Company, as an employee or affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A director who (or whose immediate family member) has any material transactional
 relationship<sup>8</sup> with the company or its affiliates (excluding investments in the company through a private placement) is not
 'independent' until three years after falling below the threshold described as follows: If the company makes annual payments
 to, or receives annual payments from, another entity exceeding the greater of $1,000,000 or 2 percent of the recipient's gross revenues.
 (The recipient is the party receiving the financial proceeds from the transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A director who is (or whose immediate family member is) a partner in,
 or a controlling shareholder or an executive officer of, an organization which has any material transactional relationship with the company
 or its affiliates (excluding investments in the company through a private placement) is not 'independent' until three years
 after falling below the threshold described as follows: If the company makes annual payments to, or receives annual payments from, another
 entity exceeding the greater of $1,000,000 or 2 percent of the recipient's gross revenues. (The recipient is the party receiving
 the financial proceeds from the transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Is (or an immediate family member is) a trustee, director, or employee
 of a charitable or non-profit organization that receives material grants or endowments from the company or its affiliates. Material is
 defined as follows: If the company makes annual payments to, or receives annual payments from, another entity exceeding the greater of
 $1,000,000 or 2 percent of the recipient's gross revenues. (The recipient is the party receiving the financial proceeds from the
 transaction).

6) Other Relationships:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Has (or an immediate family member has) an interlocking relationship<sup>9</sup>
 involving members of the board of directors. Should not be employed by another entity (public company) at which an executive officer serves
 as a director of the Company, and thereby be part of an interlocking relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Founder of the company but not currently an employee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any material relationship<sup>10</sup> with the company

<sup>8</sup> A material transactional relationship, including grants to non-profit organizations, exists if the company makes annual payments to, or receives annual payments from, another entity exceeding the greater of $1,000,000 or 2 percent of the recipient's gross revenues. (The recipient is the party receiving the financial proceeds from the transaction).

<sup>9</sup> Interlocks include: executive officers serving as directors on each other's compensation or similar committees (or, in the absence of such a committee, on the board); or executive officers sitting on each other's boards and at least one serves on the other's compensation or similar committees (or, in the absence of such a committee, on the board).

<sup>10</sup> For purposes of Egan-Jones's director independence classification, "material" will be defined as a standard of relationship (financial, personal, or otherwise) that a reasonable person might conclude could potentially influence one's objectivity in the boardroom in a manner that would have a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.

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| ![](koc_03.jpg) | **Faith-Based: Catholic Policy Overview** |

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**Independent Director**

An independent director has no material<sup>11</sup> connection to the company other than a board seat.

<sup>11</sup> For purposes of Egan-Jones's director independence classification, "material" will be defined as a standard of relationship (financial, personal, or otherwise) that a reasonable person might conclude could potentially influence one's objectivity in the boardroom in a manner that would have a meaningful impact on an individual's ability to satisfy requisite fiduciary standards on behalf of shareholders.

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|:---|:---|
| **Egan-Jones Proxy Services, Since 2002** \| research@ejproxy.com | Published December 2025 \| **76** |

---

**EXHIBIT B**

**L2 ASSET MANAGEMENT, LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

An investment adviser has a duty of care and loyalty to its clients with respect to monitoring corporate events and exercising proxy authority in the best interests of its clients. As an SEC-registered investment advisor, L2 Asset Management, LLC (the "Firm") has the authority to vote proxies on behalf of certain clients. The Firm will adhere to Rule 206(4)-6 of the Advisers Act and all other applicable laws and regulations in regard to the voting of proxies.

This Proxy Voting Policy is designed to address the complexities which may arise in cases where the Firm's interests conflict or appear to conflict with the interests of its clients and investors and to communicate to the Firm's clients and investors the methods and rationale whereby the Firm exercises proxy authority.

***Proxy Decision-Making***

The Firm's general policy is to vote- not abstain from voting- on all issues presented on portfolio securities held for certain clients. The Firm considers all issues presented for a vote of security holders from an investment point of view and voted in the best investment interests of the beneficial owners of the client account holding the securities that are being voted, with the goal of maximizing the long-term value of the client account. Except as described below under "Non-Voting of Proxies", consistent with this goal, and to facilitate voting of portfolio securities, the Firm generally will vote in accordance with recommendations made by Egan.

All employees of the Firm have a duty to report any potential conflict of interest of which they become aware regarding voting on behalf of client accounts. The Firm will consider all potential conflicts of interest brought to its attention, or otherwise coming to its attention, and will determine whether there exists a material conflict of interest with respect to the vote in question. A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence the Firm's decision-making regarding the vote. Where it is deemed that a material conflict of interest does not exist, the Firm may cast such vote, subject to the duty to act solely in the best interest of the clients.

The Firm may also consider information from other sources, including the management of a company presenting a proposal, shareholder groups, and independent proxy research services (such as Egan).

Where the Firm deviates from the guidelines listed below, or depends upon a third party to make the decision, the reasons shall be documented. The Firm may consult with such other experts, such as CPA's, investment bankers, attorneys, etc., as it regards necessary to help it reach informed decisions.

***Non-Voting of Proxies***

The Firm will generally not vote proxies if they are received for equity securities where, at the time of receipt or as of the record date, the Firm no longer holds that position in any of the Funds it advises.

In addition, there may be situations where a proxy is not voted due to a conflict of interest (see "Conflicts of Interest", below).

***Management Proposals***

Absent good reason to the contrary, the Firm will generally give substantial weight to management recommendations regarding voting. This is based on the view that management is usually in the best position to know which corporate actions are in the best interests of common shareholders as a whole.

The Firm will vote for routine matters proposed by issuer management, such as setting a time or place for an annual meeting, changing the name or fiscal year of the company, or voting for directors in favor of the management proposed slate. Other routine matters in which the Firm will vote along with company management include: appointment of auditors, fees paid to board members, and change in the board structure.

***Non-Routine Matters***

Non-routine matters might include such things as (1) amendments to management incentive plans, (2) the authorization of additional common or preferred stock, (3) initiation or termination of barriers to takeover or acquisition, (4) mergers or acquisitions, (5) changes in the state of incorporation, (6) corporate reorganizations, (7) term limits for board members, and (8) "contested" director slates. In non-routine matters, the Firm will attempt to be generally familiar with the questions at issue. Non-routine matters will be voted on a case-by-case basis, given the complexity of many of these issues.

***Conflicts of Interest***

Potential conflicts of interest between the Firm and its clients may arise when the Firm's relationships with an issuer or with a related third party actually conflict, or appear to conflict, with the best interests of its clients.

If the issue is specifically addressed in these policies and procedures, the Firm will vote in accordance with this Proxy Voting Policy. In a situation where the issue is not specifically addressed in this Proxy Voting Policy and an apparent or actual conflict exists, the Firm shall either: i) delegate the voting decision to an independent third party; ii) inform clients of the conflict of interest and obtain advance consent of a majority of such clients for a particular voting decision; or iii) not vote.

This document is available to any client of the Firm upon request. The Firm will also make available the record of the Firm's votes promptly upon request. Please contact the Firm's CCO for additional information at: 941-786-4482.

**THE ADVISORS' INNER CIRCLE FUND III** 

**METLIFE CORE PLUS FUND** 

(I Class Shares: LPCIX)

(R Class Shares: LPCYX)

**METLIFE MULTI-SECTOR FIXED INCOME FUND** 

(I Class Shares: LPMIX)

(R Class Shares: LPMRX)

**PROSPECTUS** 

March 1, 2026

**INVESTMENT ADVISER: METLIFE INVESTMENT MANAGEMENT, LLC** 

The U.S. Securities and Exchange Commission has not approved or disapproved these

securities or passed upon the adequacy or accuracy of this prospectus.

Any representation to the contrary is a criminal offense.

&nbsp;&nbsp;**About This Prospectus**<br>

This prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about each Fund, please see:

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [**MetLife Core Plus Fund**](#x023854447439353) | [**MetLife Core Plus Fund**](#x023854447439353) | [**1**](#x023854447439353) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x046214852198991) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x046214852198991) | [1](#x046214852198991) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x364440975141107) | &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x364440975141107) | [1](#x364440975141107) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x010802637658028) | &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x010802637658028) | [2](#x010802637658028) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x587861271676301) | &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x587861271676301) | [3](#x587861271676301) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x036961741635985) | &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x036961741635985) | [7](#x036961741635985) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x340467964824121) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x340467964824121) | [8](#x340467964824121) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x14867802405813) | &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x14867802405813) | [8](#x14867802405813) |
| [**MetLife Multi-Sector Fixed Income Fund**](#x120650074294205) | [**MetLife Multi-Sector Fixed Income Fund**](#x120650074294205) | [**10**](#x120650074294205) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x904452690166976) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Objective](#x904452690166976) | [10](#x904452690166976) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x059217408664404) | &nbsp;&nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x059217408664404) | [10](#x059217408664404) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x177208218597755) | &nbsp;&nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x177208218597755) | [11](#x177208218597755) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x126979951373112) | &nbsp;&nbsp;&nbsp;&nbsp;[Principal Risks](#x126979951373112) | [12](#x126979951373112) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x165302502791828) | &nbsp;&nbsp;&nbsp;&nbsp;[Performance Information](#x165302502791828) | [17](#x165302502791828) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x171854798607658) | &nbsp;&nbsp;&nbsp;&nbsp;[Investment Adviser](#x171854798607658) | [17](#x171854798607658) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x240751491694888) | &nbsp;&nbsp;&nbsp;&nbsp;[Portfolio Managers](#x240751491694888) | [17](#x240751491694888) |
| [Summary Information About the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation](#x08548710990502) | [Summary Information About the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation](#x08548710990502) | [18](#x08548710990502) |
| [More Information About the Funds' Investment Objectives and Strategies](#x22840762966138) | [More Information About the Funds' Investment Objectives and Strategies](#x22840762966138) | [19](#x22840762966138) |
| [More Information About Risk](#x078576658368722) | [More Information About Risk](#x078576658368722) | [20](#x078576658368722) |
| [Information about Portfolio Holdings](#x116688396349413) | [Information about Portfolio Holdings](#x116688396349413) | [29](#x116688396349413) |
| [Investment Adviser](#x097292965271594) | [Investment Adviser](#x097292965271594) | [29](#x097292965271594) |
| [Portfolio Managers](#x485356498194946) | [Portfolio Managers](#x485356498194946) | [30](#x485356498194946) |
| [Related Performance Data of the Adviser](#x124762144792389) | [Related Performance Data of the Adviser](#x124762144792389) | [32](#x124762144792389) |
| [Purchasing, Selling and Exchanging Fund Shares](#x072311212814645) | [Purchasing, Selling and Exchanging Fund Shares](#x072311212814645) | [36](#x072311212814645) |
| [Payments to Financial Intermediaries](#x051251193887297) | [Payments to Financial Intermediaries](#x051251193887297) | [46](#x051251193887297) |
| [Other Policies](#x232511210762332) | [Other Policies](#x232511210762332) | [48](#x232511210762332) |
| [Dividends and Distributions](#x155266075388027) | [Dividends and Distributions](#x155266075388027) | [51](#x155266075388027) |
| [Taxes](#x054397378439593) | [Taxes](#x054397378439593) | [52](#x054397378439593) |
| [Additional Information](#x366428316052914) | [Additional Information](#x366428316052914) | [54](#x366428316052914) |
| [Financial Highlights](#x311812865497076) | [Financial Highlights](#x311812865497076) | [55](#x311812865497076) |
| [How to Obtain More Information About the Funds](#x121593703885883) | [Back Cover](#x121593703885883) | [Back Cover](#x121593703885883) |

---

&nbsp;&nbsp;**MetLife Core Plus Fund**<br>

**Investment Objective** 

The investment objective of the MetLife Core Plus Fund (the "Core Plus Fund" or the "Fund") is to seek to maximize capital appreciation and income.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold I Class Shares or R Class Shares of the Fund.

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

---

| | | |
|:---|:---|:---|
|  | **I Class Shares** | **R Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.40% | 0.40% |
| &nbsp;&nbsp;Other Expenses | 0.42% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | &nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;0.42% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.82% | 1.07% |
| &nbsp;&nbsp;Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (0.37)% | (0.37)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses after Fee Reductions and/or Expense Reimbursements | 0.45% | 0.70% |

---

<sup>1</sup> The Total Annual Fund Operating Expenses of the R Class Shares in this fee table do not correlate to the expense ratio in the Fund's Financial Highlights because the maximum Shareholder Servicing Fees were not incurred during the prior fiscal year. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;MetLife Investment Management, LLC (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.45% of the Fund's I Class Shares' average daily net assets and 0.70% of the Fund's R Class Shares' average daily net assets until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;I Class Shares | $46 | $225 | $419 | $979 |
| &nbsp;&nbsp;R Class Shares | $72 | $304 | $554 | $1272 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 198% (198% excluding TBA Transactions, as defined below) of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests in a portfolio of investment grade, U.S. fixed income securities of any maturity or duration. The Fund also may invest up to 20% of its net assets in any combination of high yield bonds (also known as "junk bonds") and non-U.S. fixed income securities, including emerging market bonds. The Adviser considers high yield bonds to be those rated below BBB- or Baa3 by Moody's Investor Services Inc. ("Moody's"), Standard & Poor's Rating Services ("S&P") or Fitch, Inc. ("Fitch"), or if unrated, determined to be of comparable quality by the Adviser.

The Fund will invest primarily in U.S. corporate, government, mortgage-backed and asset-backed fixed income securities and privately issued securities (e.g., Rule 144A securities), but may also invest in U.S. Treasury interest rate futures, forward currency contracts and credit default swaps. The Fund may use U.S. Treasury interest-rate futures for hedging purposes, primarily to assist in the risk management and liquidity of the Fund. The Fund may also use forward currency contracts for currency hedging and credit default swaps to gain exposure that is not available in the cash bond market.

The Fund may also participate in "to-be-announced" transactions ("TBA Transactions"). A TBA Transaction is a method of trading mortgage-backed securities where the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price at the time the contract is entered into but the mortgage-backed securities are delivered in the future, generally 30 days later. The actual pools of mortgage-backed securities delivered in a TBA Transaction typically are not determined until two days prior to the settlement date. Instead of receiving the pools, however, the Fund may participate in rolling TBA Transactions, which may significantly increase the Fund's portfolio turnover rate.

The Adviser believes that the fixed income markets are efficient with respect to interest rate risk, but that bond markets regularly misprice securities that are exposed to credit, prepayment and liquidity risks. The Adviser seeks to exploit these inefficiencies by focusing on security and sector selection, and de-emphasizing duration management. The Adviser employs a "bottom-up" approach to constructing the Fund's portfolio, leveraging its in-house credit research capabilities to determine the relative value of each fixed income security purchased by the Fund. The Adviser believes that proprietary, bottom-up, fundamental credit and structured products research, coupled with active trading is the best technique to identify the relative value of the individual securities and market sectors.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risks affecting shareholders' investments in the Fund are set forth below.

**Interest Rate Risk** — The risk that the value of fixed income securities, including U.S. Government securities, will fluctuate in response to changes in interest rates.

**Credit Risk** — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. A decline in the credit rating of an individual security held by the Fund may have an adverse impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations.

**Market Risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. From time to time, certain investments held by the Fund may have limited marketability and may be difficult to value and sell at favorable times or prices. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, geopolitical (including war and armed conflict), regulatory, market, economic

or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. In addition, extraordinary events outside the control of the Fund, including acts of God (e.g., fire, flood, earthquake, storm, hurricane or other natural disaster), acts of war (e.g., war, invasion, acts of foreign enemies, hostilities, insurrection, or terrorist activities, whether war is declared or not) and global health events, such as epidemics, pandemics and disease, and their related social and economic impacts, may cause significant adverse market conditions and result in losses in value to the Fund's investments. Such events may initially negatively affect a particular industry, sector, country or region and may spread quickly or unpredictably to 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. Adverse market conditions may be prolonged and may adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

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

**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.

**Privately Issued Securities Risk** — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

**Unrated Securities Risk** — Debt securities that are not rated by Moody's, S&P or Fitch may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price.

**Prepayment Risk** — The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected. Such sooner-than-expected principal payments may reduce the returns of the Fund because of loss of expected future interest payments on the principal amount paid back early and requires the Fund to invest the proceeds at generally lower interest rates.

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

**Asset-Backed Securities Risk** — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Mortgage-Backed Securities Risk** — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. TBA Transactions involve the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty does not deliver the securities as promised.

**Fixed Income Market Risk** — The prices of the Fund's fixed income securities respond to regulatory and economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. 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. Events in the fixed income markets may lead to periods of volatility, liquidity issues and, in some cases, credit downgrades and increased likelihood of default.

**Hedging Risk** — The Fund may use derivative instruments for hedging purposes. Hedging through the use of these instruments does not eliminate fluctuations in the underlying prices of the securities that the Fund owns or intends to purchase or sell. While entering into these instruments tends to reduce the risk of loss due to a decline in the value of the hedged asset, such instruments also limit any potential gain that may result from the increase in value of the asset. There can be no assurance that any hedging strategy will be effective or that there will be a hedge in place at any given time.

**Portfolio Turnover Risk** — The Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains and will indirectly incur additional expenses related to a fund with a higher portfolio turnover rate.

**High Yield Bond Risk** — High yield, or "junk," bonds involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High-yield bonds also may be less liquid than higher quality investments.

**Emerging Markets Securities Risk** — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Country Risk** — Investing in companies and governments poses additional risks since political and economic events unique to a country or region may affect those markets and issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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

**Call Risk** — The risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). 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.

**Derivatives Risk** — The Fund's use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described elsewhere in this section. Leverage risk

is the risk that the use of leverage may 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described elsewhere in this section. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Large Purchase and Redemption Risk** — Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's I Class Shares' performance from year to year and by showing how the Fund's I Class Shares' and R Class Shares' average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available by calling 267-330-0000.

![](fp0097648-5_7.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 6.73% | (6.21)% |
| 12/31/2023 | 3/31/2022 |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index.

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

Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**MetLife Core Plus Fund**  | **1 Year** | **5 Years** | **10 Years** | **Since Inception <br> (12/31/201412/31/14)** |
| &nbsp;&nbsp;Fund Returns Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | 7.15% | (0.34)% | 2.34% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class Shares | 3.31% | (2.03)% | 0.63% | 0.49% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | 5.37% | (1.68)% | 0.93% | 0.66% |
| &nbsp;&nbsp;Fund Returns After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | 4.21% | (0.84)% | 1.18% | 0.95% |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% | 1.87% |

---

**Investment Adviser** 

MetLife Investment Management, LLC

**Portfolio Managers** 

Scott J. Moses, CFA, Portfolio Manager and Head of Emerging Market Debt, has managed the Fund since its inception in 2014.

Stephen Mullin, CFA, Portfolio Manager and Head of High-Grade Strategies, has managed the Fund since 2022.

Joseph Hondros, CFA, Portfolio Manager, has managed the Fund since 2022.

Joshua Lofgren, CFA, Portfolio Manager, has managed the Fund since 2022.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 18 of the prospectus.* 

&nbsp;&nbsp;**MetLife Multi-Sector Fixed Income Fund**<br>

**Investment Objective** 

The investment objective of the MetLife Multi-Sector Fixed Income Fund (the "Multi-Sector Fixed Income Fund" or the "Fund") is to seek to maximize capital appreciation and income.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold I Class Shares or R Class Shares of the Fund.

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

---

| | | |
|:---|:---|:---|
|  | **I Class Shares** | **R Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.55% | 0.55% |
| &nbsp;&nbsp;Other Expenses | 1.80% | 2.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses<sup>1</sup> | &nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 2.35% | 2.60% |
| &nbsp;&nbsp;Less Fee Reductions and/or Expense Reimbursements<sup>2</sup> | (1.65)% | (1.65)% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses after Fee Reductions and/or Expense Reimbursements | 0.70% | 0.95% |

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<sup>1</sup> Other Operating Expenses are based on estimated amounts for the current fiscal year. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;MetLife Investment Management, LLC (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.70% of the Fund's I Class Shares' average daily net assets and 0.95% of the Fund's R Class Shares' average daily net assets until February 28, 2027 (the "contractual expense limit"). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

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

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

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **3 Years** |
| &nbsp;&nbsp;I Class Shares | $72 | $575 |
| &nbsp;&nbsp;R Class Shares | $97 | $651 |

---

***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 example, affect the Fund's performance. Because the Fund was not in operation as of the fiscal year ended October 31, 2025, it does not have portfolio turnover information to report.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its assets, plus any borrowings for investments purposes, in a diversified portfolio of fixed income securities of any maturity or duration. The Fund will invest primarily in U.S. and non-U.S. corporate, government, mortgage-backed and asset-backed fixed income securities. The Fund will invest in such securities across the investment grade, asset- and mortgage-backed, high yield and emerging markets sectors of the fixed income market. The Fund may invest in securities of any credit quality, including high yield fixed income securities (commonly referred to as "junk" bonds). The Adviser considers investment grade fixed income securities to be those rated as BBB or Baa or above by Moody's Investors Services Inc. ("Moody's"), Standard & Poor's Rating Services ("S&P"), or Fitch, Inc. ("Fitch"). The Adviser considers high yield debt securities to be those rated below BBB- or Baa3 by Moody's, S&P or Fitch, or if unrated, determined to be of comparable quality by the Adviser. The Fund may also invest in convertible bonds, in the form of assignments or participations, and privately issued securities (e.g., Rule 144A securities).

The Fund may invest in interest rate futures, forward-currency contracts, and swaps. Interest rate futures may be used to assist in the risk management and liquidity of the Fund. Currency forwards may be used to gain a currency position. Credit default swaps and total return swaps may be used to gain exposure that is not available in the cash bond market. Swaps may also be used in cross currency hedges, which involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies.

The Fund may also participate in "to-be-announced" transactions ("TBA Transactions"). A TBA Transaction is a method of trading mortgage-backed securities where the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price at the time the contract is entered into but the mortgage-backed securities are delivered in the future, generally 30 days later. The actual pools of mortgage-backed securities delivered in a TBA Transaction typically are not determined until two days prior to the settlement date. Instead of receiving the pools, however, the Fund may participate in rolling TBA Transactions, which may significantly increase the Fund's portfolio turnover rate.

The Adviser will strategically allocate and diversify investments among U.S. investment grade corporate securities, U.S. asset- and mortgage-backed securities, and global high yield, international and emerging market fixed income securities asset classes, in weightings to be determined by the Adviser. The Adviser will attempt to efficiently allocate capital in an unconstrained manner in an effort to maximize total return, while minimizing volatility and potential downside risk. The Adviser's asset allocation process seeks to generate the optimal allocation among asset classes in the fixed income universe utilizing both qualitative and quantitative approaches. Within each individual asset class, the specific portfolio manager employs a "bottom-up" approach to constructing the Fund's portfolio, leveraging its in-house credit research capabilities to determine the relative value of each fixed income security purchased by the Fund.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.** The principal risks affecting shareholders' investments in the Fund are set forth below.

**Credit Risk** — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. A decline in the credit rating of an individual security held by the Fund may have an adverse

impact on its price. Rating agencies might not always change their credit rating on an issuer or security in a timely manner to reflect events that could affect the issuer's ability to make timely payments on its obligations.

**Market Risk** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. From time to time, certain investments held by the Fund may have limited marketability and may be difficult to value and sell at favorable times or prices. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, geopolitical (including war and armed conflict), regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. In addition, extraordinary events outside the control of the Fund, including acts of God (e.g., fire, flood, earthquake, storm, hurricane or other natural disaster), acts of war (e.g., war, invasion, acts of foreign enemies, hostilities, insurrection, or terrorist activities, whether war is declared or not) and global health events, such as epidemics, pandemics and disease, and their related social and economic impacts, may cause significant adverse market conditions and result in losses in value to the Fund's investments. Such events may initially negatively affect a particular industry, sector, country or region and may spread quickly or unpredictably to 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. Adverse market conditions may be prolonged and may adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

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

**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.

**Emerging Markets Securities Risk** — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price

volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Sovereign Debt Risk** — Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

**High Yield Bond Risk** — High yield, or "junk," bonds involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect for repayment of principal and interest of many of these securities is speculative. High-yield bonds also may be less liquid than higher quality investments.

**Bank Loans Risk** — The Fund may invest in bank loans through participations or assignments. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. Investments in unsecured bank loans are subject to a greater risk of loss than investments in bank loans secured by collateral.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Interest Rate Risk** — The risk that the value of fixed income securities will fluctuate in response to changes in interest rates.

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

**New Fund Risk** — Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets

under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

**Call Risk** — The risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). 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.

**Derivatives Risk** — The Fund's use of futures contracts, forward contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk and liquidity risk are described elsewhere in this section. Leverage risk is the risk that the use of leverage may 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund's use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described elsewhere in this section. Valuation risk is the risk that the derivative may be difficult to value and/or valued incorrectly. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Foreign Company Risk** — Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Fixed Income Market Risk** — The prices of the Fund's fixed income securities respond to regulatory and economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. 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. Events in the fixed income markets may lead to periods of volatility, liquidity issues and, in some cases, credit downgrades and increased likelihood of default.

**Hedging Risk** — The Fund may use derivative instruments for hedging purposes. Hedging through the use of these instruments does not eliminate fluctuations in the underlying prices of the securities that the Fund owns or intends to purchase or sell. While entering into these instruments tends to reduce the risk of loss due to a decline in the value of the hedged asset, such instruments also limit any potential gain that may result from the increase in value of the asset. There can be no assurance that any hedging strategy will be effective or that there will be a hedge in place at any given time.

**Unrated Securities Risk** — Debt securities that are not rated by Moody's, S&P or Fitch may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price.

**Privately Issued Securities Risk** — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

**Prepayment Risk** — The risk that, with declining interest rates, fixed income securities with stated interest rates may have the principal paid earlier than expected. Such sooner-than-expected principal payments may reduce the returns of the Fund because of loss of expected future interest payments on the principal amount paid back early and requires the Fund to invest the proceeds at generally lower interest rates.

**Portfolio Turnover Risk** — The Fund may buy and sell securities frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains and will indirectly incur additional expenses related to a fund with a higher portfolio turnover rate.

**Mortgage-Backed Securities Risk** — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. TBA

Transactions involve the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty does not deliver the securities as promised.

**Asset-Backed Securities Risk** — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

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

**Performance Information** 

The Fund has not commenced operations as of the date of this prospectus, and therefore does not have performance history for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available by calling 267-330-0000.

**Investment Adviser** 

MetLife Investment Management, LLC

**Portfolio Managers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Todd Howard, CFA, Portfolio Manager, is expected to manage the Fund upon its inception.

Scott J. Moses, CFA, Portfolio Manager and Head of Emerging Market Debt, is expected to manage the Fund upon its inception.

Timothy L. Rabe, CFA, Portfolio Manager and Head of High Yield, is expected to manage the Fund upon its inception.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 18 of the prospectus.* 

**Summary Information About the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation** 

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

To purchase I Class Shares of the Funds for the first time, you must invest at least $5 million. To purchase R Class Shares of the Funds for the first time, you must invest at least $500,000. Each Fund may accept initial investments of smaller amounts in its sole discretion. There is no minimum for subsequent investments.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the "NYSE") is open for business by contacting the Funds directly by mail at MetLife Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: MetLife Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or telephone at 800-252-4993.

If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

***Tax Information***

Each Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or individual retirement account ("IRA"), in which case your distributions will be taxed when withdrawn from the tax-deferred account.

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

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

**More Information About the Funds' Investment Objectives and Strategies** 

The investment objective of each Fund is to seek to maximize capital appreciation and income. The investment objective of each Fund may be changed without shareholder approval, upon 60 days' prior written notice to shareholders. The 80% policy for the Multi-Sector Fixed Income Fund may also be changed without shareholder approval, upon 60 days' prior written notice to shareholders.

This prospectus describes the Funds' principal investment strategies, and the Funds will normally invest in the types of securities and other investments described in this prospectus. In addition to the securities and other investments and strategies described in this prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information (the "SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that a Fund will achieve its investment goals.

The Adviser employs a "bottom-up" approach to constructing each Fund's portfolio, leveraging its in-house credit research capabilities to determine the relative value of each fixed income security purchased by the Fund.

"Fixed Income Securities," as used generally in this prospectus, include:

● securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises;

● corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper;

● 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;

● obligations of international agencies or supranational entities;

● 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;

● bank capital and trust preferred securities; and

● loan participations and assignments.

In deciding which securities to buy and sell for the Funds, the Adviser employs the following investment process:

● **Idea Generation:** The Adviser's selection discipline for identifying securities begins with its idea generation process. Ideas are generated generally through company specific research, industry analysis, overall credit trends, as well as perspectives on sector relative value, market risk factors and overall investment outlook.

● **Proprietary Research:** The Adviser then conducts quantitative, fundamental and qualitative analysis on ideas determined to be risk appropriate and investable. In conducting its proprietary research, the Adviser generally focuses on financial statement analysis, management review, industry trends, capital structure and covenant analysis.

● **Portfolio Construction and Security Selection:** The portfolio construction process emphasizes the belief that the Adviser can best generate excess return through security selection. Duration management, yield curve positioning and maturity structure are not emphasized. The process is largely qualitative in nature, emphasizing fundamental research and valuation. Quantitative tools may be used to support the analysis of securities under different scenarios and to evaluate total portfolio risks.

● **Sell Discipline:** Securities may become candidates for sale when (1) the Adviser's research team identifies a negative change in fundamentals; (2) there is a change in the competitive landscape; or (3) when opportunities arise to purchase other securities with better relative value.

The investments and strategies described in this prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive purposes, each Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If a Fund invests in this manner, it may not achieve its investment objective. The Funds will only make temporary defensive investments if the Adviser believes that the risk of loss outweighs the opportunity for capital appreciation or current income.

**More Information About Risk** 

Investing in the Funds involves risk and there is no guarantee that either Fund will achieve its goals. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in a Fund, just as you could with similar investments.

The value of your investment in a Fund is based on the value of the assets the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which they trade. The effect on a Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings. The risks disclosed below may not be applicable to each Fund.

**Asset-Backed Securities Risk (Both Funds)** — Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Asset-backed securities may also be collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs") and other similarly structured 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties.

Repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities, which is discussed elsewhere in this section. Asset-backed securities present credit risks that are not presented by mortgage-backed securities. This is because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that a Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Bank Loans Risk (Multi-Sector Fixed Income Fund)** — The Fund may invest in bank loans through participations or assignments. In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders,

the Fund will acquire direct rights against the borrower on the loan. The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Call Risk (Both Funds)** — The risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). If an issuer calls a security that a 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. Fixed income securities may be called due to falling interest rates or non-economical circumstances.

**Convertible Securities and Preferred Stocks Risk (Multi-Sector Fixed Income Fund)** — Convertible securities are bonds, debentures, notes or preferred stock that may be converted into or exercised for a prescribed amount of common stock at a specified time and price. Convertible securities provide an opportunity for equity participation, with the potential for a higher dividend or interest yield and lower price volatility compared to common stock. Convertible securities typically pay a lower interest rate than nonconvertible bonds of the same quality and maturity because of the conversion feature. The value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline, and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. Convertible securities may also be rated below investment grade (junk bonds) or are not rated and are subject to credit risk, which is discussed elsewhere in this section.

**Credit Risk (Both Funds)** — Credit risk involves the risk that an issuer or guarantor of a fixed income security, or the counterparty to an over-the-counter transaction, may be unable or unwilling to make timely payments of interest or principal or to otherwise honor its obligations. A Fund may be subject to credit risk to the extent that it invests in fixed income securities or is a party to over-the-counter transactions. A fund that invests in lower-rated fixed income securities ("junk bonds") is subject to greater credit risk (because such securities are subject to a greater risk of default) and market risk than a fund that invests in higher-quality fixed income securities. Lower rated fixed income securities are considered predominantly speculative with respect to the ability of the issuer to make timely principal and interest payments.

A fund that invests in fixed income securities issued in connection with corporate restructurings by highly-leveraged issuers or in fixed income securities that are not current in the payment of interest or principal (i.e., in default) will be subject to greater credit risk. A fund that invests in non-U.S. securities is subject to increased credit risk, for example, because of the difficulties of requiring non-U.S. entities to honor their contractual commitments and because financial reporting and other standards are often less robust in foreign countries.

**Currency Risk (Both Funds)** — Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund's portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

**Derivatives Risk (Both Funds)** — A Fund's use of futures, forwards, and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect a Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the Adviser's use of derivatives will be successful in achieving its intended goals. Additionally, regulation relating to the Fund's use of derivatives and related instruments, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

Furthermore, derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

*Futures Contracts.* Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. The risks of futures include: (i) leverage risk; (ii) correlation risk and (iii) liquidity risk. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, a Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, a Fund may be unable to close out its futures contracts at a time that is advantageous. The successful use of futures depends upon a variety of factors, particularly the ability of the Adviser to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Forward Contracts.* A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for a Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the

forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage.

*Swap Agreements*. In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk, credit risk and valuation risk. Swaps may also be considered illiquid. It may not be possible for a Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

**Fixed Income Risk (Both Funds)** — The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

**Foreign/Emerging Market Security Risk (Both Funds)** — Investments in securities of foreign companies can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest

income. Although in some countries a portion of these taxes is recoverable, the non-recovered portion will reduce the income received from the securities comprising a Fund's portfolio. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses.

**High Yield Bond Risk (Both Funds)** — High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities. High yield bonds also may be less liquid than higher quality investments.

**Interest Rate Risk (Both Funds)** — As with most funds that invest in fixed income securities, changes in interest rates are a factor that could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities) and a Fund's share price to fall.

The concept of duration is useful in assessing the sensitivity of a fixed income fund to interest rate movements, which are usually the main source of risk for most fixed income funds. Duration measures price volatility by estimating the change in price of a debt security for a 1% change in its yield. For example, a duration of five years means the price of a debt security will change about 5% for every 1% change in its yield. Thus, the longer the duration, the more volatile the security.

Fixed income securities have a stated maturity date when the issuer must repay the principal amount of the bond. Some fixed income securities, known as callable bonds, may repay the principal earlier than the stated maturity date. Fixed income securities are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate.

**Large Purchase and Redemption Risk (Core Plus Fund)** — Large purchases or redemptions of the Fund's shares may affect the Fund, since the Fund may be required to sell portfolio securities if it experiences redemptions, and the Fund will need to invest additional cash that it receives. While it is impossible to predict the overall impact of these transactions over time, there could be adverse effects

on Fund management or performance to the extent the Fund may be required to sell securities or invest cash at times when it would not otherwise do so. These transactions could also have tax consequences if sales of securities result in gains, and could also increase transaction costs or portfolio turnover. In addition, a large redemption could result in the Fund's expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**Market Risk (Both Funds)** — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the market as a whole. From time to time, certain investments held by the Funds may have limited marketability and may be difficult to value and sell at favorable times or prices. Markets for securities in which a Fund invests may decline significantly in response to adverse issuer, political, geopolitical (including war and armed conflict), regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. In addition, extraordinary events outside the control of the Funds, including acts of God (e.g., fire, flood, earthquake, storm, hurricane or other natural disaster), acts of war (e.g., war, invasion, acts of foreign enemies, hostilities, insurrection, or terrorist activities, whether war is declared or not) and global health events, such as epidemics, pandemics and disease, and their related social and economic impacts, may cause significant adverse market conditions and result in losses in value to the Funds' investments. Such events may initially negatively affect a particular industry, sector, country or region and may spread quickly or unpredictably to 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. Adverse market conditions may be prolonged and may adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

You should review this prospectus and the SAI to understand each Fund's discretion to implement temporary defensive measures, as well as the circumstances in which each Fund may satisfy redemption requests in-kind.

**Mortgage-Backed Securities Risk (Both Funds)** — Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed securities, mortgage dollar rolls, stripped mortgage-backed securities and

other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage refinancing, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates. Prepayment risk may make it difficult to calculate the average maturity of a Fund's mortgage-backed securities and, therefore, to assess the volatility risk of a Fund. TBA Transactions involve the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty does not deliver the securities as promised.

The privately issued mortgage-backed securities in which a Fund invests may not be issued or guaranteed by the U.S. Government or its agencies or instrumentalities and may bear a greater risk of nonpayment than securities that are backed by the U.S. Government. However, with respect to these mortgage-backed securities, the timely payment of principal and interest normally is supported, at least partially, by various credit enhancements by banks and other financial institutions. There can be no assurance, however, that such credit enhancements will support full payment of the principal and interest on such obligations. In addition, changes in the credit quality of the entity that provides credit enhancement could cause losses to a Fund and affect its share price.

**Portfolio Turnover Risk (Both Funds)** — High rates of portfolio turnover may result in the realization of short-term capital gains and the Funds, therefore, may not be a tax-efficient investment. When distributed to shareholders, such gains will be taxable at ordinary income tax rates and the payment of taxes on these gains could adversely affect your after-tax return on your investment in a Fund. A Fund's portfolio turnover rate may be 100% or more.

**Privately Issued Securities Risk (Both Funds)** — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. In certain cases, privately placed securities may need to be priced at fair value as determined in good faith pursuant to procedures approved by the Board. Despite such good faith efforts, the Fund's privately placed securities are subject to the risk that the securities' fair value prices may differ from the actual prices that the Fund may ultimately

realize upon their sale or disposition. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

**Securities Selection Risk (Both Funds)** — Securities selected by the Adviser may not perform to expectations. This could result in a Fund's underperformance compared to other funds with similar investment objectives.

**Information about Portfolio Holdings** 

A description of the Funds' policies and procedures with respect to the circumstances under which the Funds disclose their portfolio securities is available in the SAI. Within five business days of the end of each calendar quarter, each Fund will post its complete list of portfolio holdings on the internet at https://aicfundholdings.seic.com. The Adviser may exclude any portion of the portfolio holdings from such publication when deemed in the best interest of the Funds. Beginning on the day after any portfolio holdings information is posted on the Funds' website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Funds' website generally will remain there until such information is included in a filing with the SEC.

**Investment Adviser** 

MetLife Investment Management, LLC, a Delaware limited liability company, serves as the investment adviser to the Funds. The Adviser's principal place of business is located at One MetLife Way, Whippany, New Jersey 07981. As of December 31, 2025, the Adviser had approximately $741.7 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities. For its advisory services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Advisory Fee Rate** |
| &nbsp;&nbsp;MetLife Core Plus Fund | 0.40% |
| &nbsp;&nbsp;MetLife Multi-Sector Fixed Income Fund | 0.55% |

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The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally

accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) for I Class Shares and R Class Shares from exceeding certain levels as set forth below until February 28, 2027 (each, a "contractual expense limit"). This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Contractual <br> Expense Limit <br> (I Class Shares)** | **Contractual <br> Expense Limit <br> (R Class Shares)** |
| &nbsp;&nbsp;MetLife Core Plus Fund | 0.45% | 0.70% |
| &nbsp;&nbsp;MetLife Multi-Sector Fixed Income Fund | 0.70% | 0.95% |

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In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal year ended October 31, 2025, the Core Plus Fund paid 0.03% of its average daily net assets (after fee reductions) in advisory fees to the Adviser.

A discussion regarding the basis for the Board's approval of the Adviser's investment advisory agreement with respect to the Core Plus Fund will be available in the Fund's report filed on Form N-CSR for the fiscal period from November 1, 2025 to April 30, 2026. A discussion regarding the basis for the Board's approval of the Adviser's investment advisory agreement with respect to the Multi-Sector Fixed Income Fund will be available in the Multi-Sector Fixed Income Fund's first Form N-CSR filing.

**Portfolio Managers** 

The Funds are each managed by a team of investment professionals that are jointly and primarily responsible for the day-to-day management of the Funds.

Scott J. Moses, CFA, Portfolio Manager and Head of Emerging Market Debt, serves as a co-portfolio manager for the Core Plus Fund and the Multi-Sector Fixed Income Fund. Prior to joining the Adviser's predecessor firm in November 2007, he was head of the emerging markets fixed income team at Delaware Investments, responsible for the implementation of both credit and emerging market strategies in total return portfolios. He began his career at Delaware Investments as a research analyst. Mr. Moses received a Bachelor of Science degree in business administration from Washington and Lee University.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Todd Howard, CFA, Portfolio Manager, serves as a co-portfolio manager for the Multi-Sector Fixed Income Fund and is responsible for the asset allocation of the Multi-Sector Fixed Income Fund's portfolio among the fixed income asset classes. He is a member of the international/emerging markets team and has been in this role with the Adviser and its predecessor firm since September 2010, prior to which he was a trader on the international/emerging markets team. From April 2009 to March 2010, Mr. Howard was Chief Investment Officer – Fixed Income at Ballamore Capital Management. He also previously served as the trading specialist for Delaware Investments international bond group, where his responsibilities included non-dollar bonds and currencies. Mr. Howard received a Bachelor of Science degree in mechanical engineering from the United States Military Academy at West Point and a Masters of Business Administration from Auburn University.

Timothy L. Rabe, CFA, Portfolio Manager and Head of High Yield, serves as a co-portfolio manager for the Multi-Sector Fixed Income Fund. Prior to joining the Adviser's predecessor firm in November 2007, he was head of the high yield team at Delaware Investments, responsible for all high yield fixed income funds and strategies at the firm. Prior to joining Delaware Investments, he was a high yield portfolio manager for Conseco Capital Management for five years. Prior to that, he worked as a tax analyst for the Northern Trust Company. Mr. Rabe received a Bachelor of Science degree in finance from the University of Illinois.

Stephen Mullin, CFA Portfolio Manager and Head of High-Grade Strategies, serves as a co-portfolio manager for the Core Plus Fund. Prior to joining the Adviser's predecessor firm in 2007, he worked on the long duration portfolio management team at Delaware Investments. Prior to joining Delaware Investments, he worked at Ryan Labs where he created custom liability indices and performed asset/liability studies for the firm's clients, including public and private defined benefit plans, insurance companies, and state lotteries. Mr. Mullin received a Bachelor of Science degree with a double major in finance and accounting from Fairfield University.

Joseph Hondros, CFA, Portfolio Manager, serves as a co-portfolio manager for the Core Plus Fund. He is a member of the structured products and high-grade teams. Prior to joining the Adviser's predecessor firm in 2016, he was the Director of Global Fixed Income research at SEI Investments, managing a team responsible for all SEI fixed income strategies. Prior to this role, Mr. Hondros was the lead Investment Grade portfolio manager for SEI from 2009 to 2014. Before joining SEI, Mr. Hondros was an Executive Director at Morgan Stanley Investment Management for 12 years specializing primarily in ABS and CMBS analytics and trading. He began his structured products career at TIAA-CREF specializing in mortgage-backed securities. Mr. Hondros received a Bachelor of Science degree cum laude in economics from Villanova University and a Master of Business Administration in finance from Indiana University.

Joshua Lofgren, CFA, Portfolio Manager, serves as a co-portfolio manager for the Core Plus Fund. Prior to joining the Adviser's predecessor firm in 2012, he worked in the securities division at Goldman Sachs in New York for nine years, working with institutional clients across a range of credit products, including investment grade and high yield credit, in both cash and derivative form. Mr. Lofgren has a Bachelor of Science in business administration with a concentration in finance from the University of Richmond.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**Related Performance Data of the Adviser** 

The following table gives the related performance of all the separate accounts (each, an "Account"), referred to as "Composites," managed by the Adviser that have investment objectives, policies and strategies substantially similar to those of a Fund. **The data does not represent the performance of the Funds.** Performance is historical and does not represent the future performance of the Funds or of the Adviser.

The manner in which the performance was calculated for the Composites differs from that of registered mutual funds such as the Funds. If the performance was calculated in accordance with SEC standardized performance methodology, the performance results may have been different. The Adviser has prepared and presented the following in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>).

Composite returns are presented gross and net of fees, include the reinvestment of all income and are calculated in U.S. dollars. Dividend income has been recorded net of all applicable foreign withholding taxes. Returns calculated gross of fees do not reflect the deduction of the Adviser's investment management fees. Returns are calculated net of withholding taxes on dividends, interest and capital gains. Net returns have been calculated by reducing the monthly gross returns by the highest stated annual management fee for the strategy.

The Accounts comprising the Composites are not subject to the same type of expenses to which the Funds are subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed by the federal securities and tax laws. Consequently, the performance results for the Composites could have been adversely affected if the Accounts comprising the Composites were subject to the same fees and expenses or federal securities and tax laws as the Funds.

The investment results for the Composites presented below are not intended to predict or suggest the future returns of the Fund. **The performance data shown below should not be considered a substitute for the Funds' own performance** 

**information.** Investors should be aware that the use of a methodology different from that used below to calculate performance could result in different performance data.

**Performance Information for the Adviser's Core Plus Composite<sup>1</sup>**

**The following data represents the performance of the Adviser and not the performance of the Core Plus Fund.** 

**Annual Total Returns** 

*(January 1, 2008 through December 31, 2025)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Year**</u>  | <u>**Total Return <br> (Net of Fees)**</u>  | <u>**Total Return <br> (Gross of <br> Fees)**</u>  | <u>**Bloomberg <br> US Aggregate <br> Bond Index<sup>2</sup>**</u>  | <u>**Number of <br> Accounts**</u>  | <u>**Total Assets <br> at End of <br> Period <br> (millions)**</u>  |
| &nbsp;&nbsp;2008 | -14.09% | -13.78% | 5.24% | 15 | $1648.0 |
| &nbsp;&nbsp;2009 | 26.30% | 26.73% | 5.93% | 8 | $2567.5 |
| &nbsp;&nbsp;2010 | 9.54% | 9.92% | 6.54% | 6 | $2293.9 |
| &nbsp;&nbsp;2011 | 7.32% | 7.70% | 7.84% | 5 | $2548.1 |
| &nbsp;&nbsp;2012 | 8.72% | 9.09% | 4.21% | 6 | $2208.0 |
| &nbsp;&nbsp;2013 | -0.19% | 0.14% | -2.02% | 5 | $2298.9 |
| &nbsp;&nbsp;2014 | 7.04% | 7.41% | 5.97% | 6 | $2364.1 |
| &nbsp;&nbsp;2015 | -0.29% | 0.06% | 0.55% | 7 | $2546.4 |
| &nbsp;&nbsp;2016 | 4.67% | 5.03% | 2.65% | 4 | $268.5 |
| &nbsp;&nbsp;2017 | 5.11% | 5.47% | 3.54% | 6 | $485.6 |
| &nbsp;&nbsp;2018 | -0.42% | -0.08% | 0.01% | 3 | $284.9 |
| &nbsp;&nbsp;2019 | 10.03% | 10.41% | 8.72% | 4 | $385.7 |
| &nbsp;&nbsp;2020 | 8.07% | 8.45% | 7.51% | 3 | $564.8 |
| &nbsp;&nbsp;2021 | -0.74% | -0.39% | -1.54% | 5 | $938.9 |
| &nbsp;&nbsp;2022 | -14.03% | -13.73% | -13.01% | 5 | $654.5 |
| &nbsp;&nbsp;2023 | 5.59% | 5.92% | 5.53% | 5 | $623.7 |
| &nbsp;&nbsp;2024 | 2.03% | 2.32% | 1.25% | 6 | $745.9 |
| &nbsp;&nbsp;2025 | 7.36% | 7.66% | 7.30% | 7 | $1270.4 |

---

**Average Annual Total Returns** 

*(for periods ending December 31, 2025)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>3</sup>** |
| &nbsp;&nbsp;Average Annual Total Return (Net of Fees) | 7.36% | (0.26)% | 2.54% | 4.63% |
| &nbsp;&nbsp;Average Annual Total Return (Gross of Fees) | 7.66% | 0.05% | 2.88% | 4.98% |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index<sup>2</sup> | 7.30% | (0.36)% | 2.01% | 3.90% |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Core Plus Composite is defined to include all fee-paying Accounts which are managed on a discretionary basis according to the Composite's investment strategies, except as otherwise excluded as discussed below. The Core Plus Composite has investment objectives, policies and strategies substantially similar to those of the Core Plus Fund. The investment management fee schedule for the Core Plus Composite is 0.28% on the first $100 million, 0.25% on amounts from $100 million to $250 million and 0.2% on amounts over $250 million. Net returns have been calculated by reducing the monthly gross returns by the highest stated management fee of 0.28%. From inception to June 30, 2023, the highest ADV fee was 0.35%. Beginning July 1, 2023, the highest stated ADV fee has been 0.28%. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg US Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market. The index is unmanaged and does not reflect transaction costs or management fees and other expenses.

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has managed the Core Plus Composite since November 1, 2007.

**Performance Information for the Adviser's Multi-Sector Fixed Income Composite<sup>1</sup>**

**The following data represents the performance of the Adviser and not the performance of the Multi-Sector Fixed Income Fund.** 

**Annual Total Returns** 

*(January 1, 2008 through December 31, 2025)* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Year**</u>  | <u>**Total Return <br> (Net of Fees)**</u>  | <u>**Total Return <br> (Gross of <br> Fees)**</u>  | <u>**Bloomberg <br> US Aggregate <br> Bond Index<sup>2</sup>**</u>  | <u>**Number of <br> Accounts**</u>  | <u>**Total Assets <br> at End of <br> Period <br> (millions)**</u>  |
| &nbsp;&nbsp;2008 | -10.78% | -10.40% | 5.24% | 1 | $236.8 |
| &nbsp;&nbsp;2009 | 26.75% | 27.56% | 5.93% | 2 | $479.7 |
| &nbsp;&nbsp;2010 | 11.76% | 12.49% | 6.54% | 2 | $439.9 |
| &nbsp;&nbsp;2011 | 6.57% | 7.06% | 7.84% | 1 | $223.9 |
| &nbsp;&nbsp;2012 | 12.77% | 13.21% | 4.21% | 1 | $258.6 |
| &nbsp;&nbsp;2013 | -0.44% | -0.04% | -2.02% | 1 | $259.7 |
| &nbsp;&nbsp;2014 | 4.18% | 4.59% | 5.97% | 1 | $287.3 |
| &nbsp;&nbsp;2015 | -2.45% | -2.06% | 0.55% | 1 | $269.3 |
| &nbsp;&nbsp;2016 | 8.91% | 9.35% | 2.65% | 1 | $285.5 |
| &nbsp;&nbsp;2017 | 6.70% | 7.12% | 3.54% | 1 | $314.7 |
| &nbsp;&nbsp;2018 | -1.91% | -1.52% | 0.01% | 1 | $297.0 |
| &nbsp;&nbsp;2019 | 11.30% | 11.74% | 8.72% | 1 | $119.5 |
| &nbsp;&nbsp;2020 | 8.11% | 8.54% | 7.51% | 1 | $129.7 |
| &nbsp;&nbsp;2021 | -1.45% | -1.06% | -1.54% | 1 | $128.3 |
| &nbsp;&nbsp;2022 | -13.32% | -12.97% | -13.01% | 1 | $111.6 |
| &nbsp;&nbsp;2023 | 7.58% | 8.01% | 5.53% | 1 | $120.5 |
| &nbsp;&nbsp;2024 | 3.56% | 3.98% | 1.25% | 1 | $100.0 |
| &nbsp;&nbsp;2025 | 8.61% | 9.05% | 7.30% | 1 | $141.0 |

---

**Average Annual Total Returns** 

*(for periods ending December 31, 2025)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception<sup>3</sup>** |
| &nbsp;&nbsp;Average Annual Total Return (Net of Fees) | 8.61% | 0.67% | 3.55% | 4.56% |
| &nbsp;&nbsp;Average Annual Total Return (Gross of Fees) | 9.05% | 1.07% | 3.97% | 5.01% |
| &nbsp;&nbsp;Bloomberg US Aggregate Bond Index<sup>2</sup> | 7.30% | (0.36)% | 2.01% | 3.22% |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Multi-Sector Fixed Income Composite includes all fee-paying Accounts which are managed on a discretionary basis according to the Composite's investment strategies. The Multi-Sector Fixed Income Composite has investment objectives, policies and strategies substantially similar to those of the Multi-Sector Fixed Income Fund. The investment management fee schedule for the Multi-Sector Fixed Income Composite is 0.40% on the first $25 million, 0.35% on amounts from $25 million to $100 million and 0.30% on amounts over $100 million. Net returns have been calculated by reducing the monthly gross returns by the highest stated fee of 0.40%. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Bloomberg US Aggregate Bond Index is a broad based index that measures the investment grade, U.S. dollar denominated, fixed rate, taxable bond market. The index is unmanaged and does not reflect transaction costs or management fees and other expenses.

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Adviser has managed the Multi-Sector Fixed Income Composite since November 1, 2007.

**Purchasing, Selling and Exchanging Fund Shares** 

This section tells you how to purchase, sell (sometimes called "redeem") and exchange I Class and R Class Shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class** 

The Funds offer two classes of shares to investors, I Class Shares and R Class Shares. Each share class has its own shareholder eligibility criteria, investment minimums, cost structure and other features. The following summarizes the

primary features of I Class Shares and R Class Shares. Contact your financial intermediary or the Funds for more information about the Funds' share classes and how to choose between them.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Share Class <br> Name**  | &nbsp;&nbsp;**Eligible <br> Investors** | &nbsp;&nbsp;**Investment <br> Minimums** | &nbsp;&nbsp;**Fees** |
| &nbsp;&nbsp;I Class | &nbsp;&nbsp;Primarily pension and profit sharing plans, employee benefit trusts, endowments, foundations, corporations and high net worth individuals. I Class shares may also be offered through certain financial firms that charge their customers transaction or other fees with respect to their customers' investments in the Funds. | &nbsp;&nbsp;Initial – $5 million <br>Subsequent – None  | &nbsp;&nbsp;No shareholder servicing fee. |
| &nbsp;&nbsp;R Class | &nbsp;&nbsp;Primarily individual IRAs (e.g., Roth IRAs, SEP IRAs, SIMPLE IRAs, SAR-SEP IRAs), 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, non-qualified deferred compensation plans, health care benefit funding plans and other specified benefit plans and accounts whereby the plan or the plan's financial firm has an agreement with the firm to utilize R Class Shares in certain investment products or programs (collectively, "specified benefit plans"). In addition, R Class Shares also are generally available only to specific benefit plans where R Class Shares are held on the books of the Funds through omnibus accounts. | &nbsp;&nbsp;Initial – $500,000 <br>Subsequent – None  | &nbsp;&nbsp;0.25% shareholder servicing fee. |

---

I Class Shares and R Class Shares are offered to investors who purchase shares directly from the Funds or through certain financial intermediaries such as financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

The Funds reserve the right to change the criteria for eligible investors and accept initial investments of smaller amounts in their sole discretion.

**How to Purchase Fund Shares** 

To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 800-252-4993.

All investments must be made by check, Automated Clearing House ("ACH"), or wire. All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Funds do not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks.

The Funds reserve the right to reject any specific purchase order, including exchange purchases, for any reason. The Funds are not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

***By Mail***

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

**Regular Mail Address** 

MetLife Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

MetLife Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue,

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by a Fund's transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Fund's transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

***By Wire***

To open an account by wire, call 800-252-4993 for details. To add to an existing account by wire, wire your money using the wiring instructions set forth below (be sure to include the Fund name, the share class and your account number). The share price used to fill the purchase order is the next price calculated by a Fund after the Fund's transfer agent receives and accepts the wire in good order.

**Wiring Instructions** 

UMB Bank, N.A.

Routing Number 1010-0069-5

DDA: 9872013085

Ref: MetLife Funds

FFC: Fund Number, Account Number, Name

***By Systematic Investment Plan (via ACH) (R Class Shares only)***

If you have a checking or savings account with a bank and have opened a direct account with the Funds satisfying the applicable investment minimum, you may purchase Class R Shares automatically through regular deductions from your bank account. A systematic investment plan is not available for Class I Shares.

You may not open an account via ACH. However, once you have established a direct account with the Funds, you can set up an automatic investment plan via ACH by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually or annually in amounts of at least $100. To cancel or change a plan, contact the Funds by mail at: MetLife Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: MetLife Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307). Please allow up to 15 days to create the plan and 3 days to cancel or change it.

***Purchases In-Kind***

Subject to the approval of the Funds, an investor may purchase shares of each Fund with liquid securities and other assets that are eligible for purchase by that Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the valuation procedures used by the Funds. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for a Fund. Assets purchased by a Fund in such transactions will be valued in accordance with the valuation procedures used by the Funds. The Funds reserve the right to amend or terminate this practice at any time.

***General Information***

You may purchase shares on any day that the NYSE is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed. The price per share will be the next determined net asset value ("NAV") after a Fund or an authorized institution (as defined below) receives and accepts your purchase order in good order. "Good order" means that a Fund was provided with a complete and signed account application, including the investor's social security number or tax identification number and other identification required by law or regulation, as well as sufficient purchase proceeds. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive and accept your purchase order in good order before the close of normal trading on the NYSE. If your purchase order is not received and accepted in good order before the close of normal trading on the NYSE, you will receive the NAV calculated on the subsequent Business Day on which your order is received and accepted in good order. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

***Buying or Selling Shares through a Financial Intermediary***

In addition to being able to buy and sell Fund shares directly from the Funds through their transfer agent, you may also buy or sell shares of a Fund through accounts with financial intermediaries, such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from a Fund), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Fund prior to the time the Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to a Fund on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses.

Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by a Fund after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with a Fund. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly.

***How the Funds Calculate NAV***

The NAV of a class of a Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class. In calculating NAV, each Fund generally values its investment portfolio at market price. If market prices are not readily available or are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, securities are valued at fair value. The Board has designated the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations. The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

There may be limited circumstances in which the Funds would price securities at fair value for stocks of U.S. companies that are traded on U.S. exchanges – for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Funds calculated their NAV.

When valuing fixed income securities with remaining maturities of more than 60 days, each Fund uses the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, each Fund may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

With respect to any non-U.S. securities held by the Funds, the Adviser may take factors influencing specific markets or issuers into consideration in determining the fair value of a non-U.S. security. International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of any international securities owned by the Funds may be significantly affected on days when investors cannot buy or sell shares. In addition, due to the difference in times between the close of the international markets and the time the Funds price their shares, the value the Adviser assigns to securities generally will not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices, the Adviser may consider the performance of securities on their primary exchanges, foreign currency appreciation/depreciation, or securities market movements in the United States, or other relevant information as related to the securities.

Other assets for which market quotations are not readily available will be valued at their fair value as determined in good faith by the Adviser, subject to Board oversight.

***Fund Codes***

The reference information listed below will be helpful to you when you contact the Funds to purchase or exchange I Class or R Class Shares of a Fund, check daily NAV or obtain additional information.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | **Ticker Symbol** | **CUSIP** | **Fund Code** |
| &nbsp;&nbsp;**MetLife Core Plus Fund** | &nbsp;&nbsp;**MetLife Core Plus Fund** | &nbsp;&nbsp;**MetLife Core Plus Fund** | &nbsp;&nbsp;**MetLife Core Plus Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | LPCIX | 00771X807 | 7831 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class Shares | LPCYX | 00771X880 | 7830 |
| &nbsp;&nbsp;**MetLife Multi-Sector Fixed Income Fund** | &nbsp;&nbsp;**MetLife Multi-Sector Fixed Income Fund** | &nbsp;&nbsp;**MetLife Multi-Sector Fixed Income Fund** | &nbsp;&nbsp;**MetLife Multi-Sector Fixed Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class Shares | LPMIX | 00771X856 | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class Shares | LPMRX | 00771X849 | 7836 |

---

**How to Sell Your Fund Shares**

If you own your shares directly, you may sell your shares on any Business Day by contacting the Funds directly by mail or telephone at 800-252-4993.

If you own your shares through an account with a broker or other institution, contact that broker or institution to sell your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Funds.

If you would like to have your redemption proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

Certain redemption requests will require a signature guarantee by an eligible guarantor institution. Eligible guarantors include commercial banks, savings and loans, savings banks, trust companies, credit unions, member firms of a national stock exchange, or any other member or participant of an approved signature guarantor program. For example, signature guarantees may be required if your address of record has changed in the last 30 days, if you want the proceeds sent to a bank other than the bank of record on your account, or if you ask that the proceeds be sent to a different person or address. Please note that a notary public is not an acceptable provider of a signature guarantee and that the Funds must be provided with the original guarantee. Signature guarantees are for the protection of Fund shareholders. Before granting a redemption request, the Funds may require a shareholder to furnish additional legal documents to ensure proper authorization.

Accounts held by a corporation, trust, fiduciary or partnership may require additional documentation along with a signature guaranteed letter of instruction. The Funds participate in the Paperless Legal Program (the "Program"), which eliminates the need for accompanying paper documentation on legal securities transfers. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation. Please contact Shareholder Services at 800-252-4993 for more information.

The sale price will be the next determined NAV after the Funds receives and accepts your request in good order.

***By Mail***

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

**All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.** 

**Regular Mail Address** 

MetLife Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

MetLife Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue,

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by a Fund's transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Fund's transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

***By Telephone***

To redeem shares by telephone, you must first establish the telephone redemption privilege (and, if desired, the wire and/or ACH redemption privilege) by completing the appropriate sections of the account application. Call 800-252-4993 to redeem your shares. Based on your instructions, the Funds will mail your proceeds to you or send them to your bank via wire or ACH.

***By Systematic Withdrawal Plan (Via ACH) (R Class Shares Only)***

If you have a direct account with the Funds and your account balance is at least $100,000, you may transfer as little as $100 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds. A systematic withdrawal plan is not available for Class I Shares.

***Receiving Your Money***

Normally, a Fund will send your sale proceeds within one Business Day after it receives your redemption request. A Fund, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account (may be subject to a $10 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions on your account. **If you purchase shares using a check or via ACH, and soon after request a redemption, if the check has not cleared the Funds will not consider the request to be in "good order" and will not honor the redemption request.** 

A Fund typically expects to sell portfolio assets and/or hold cash or cash equivalents to meet redemption requests. On a less regular basis, a Fund may also meet redemption requests by using short-term borrowings from its custodian and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

***Redemptions In-Kind***

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of the Funds' remaining shareholders, the Funds might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in-kind). It is highly unlikely that your shares would ever be redeemed in-kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in-kind until they are sold.

***Involuntary Redemptions of Your Shares***

If your account balance drops below $1 million with respect to I Class shares and $100,000 with respect to R Class shares because of redemptions, you may be required to sell your shares. The Funds generally will provide you at least 60 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion.

***Suspension of Your Right to Sell Your Shares***

The Funds may suspend your right to sell your shares during times when the NYSE is closed, other than during customary weekends or holidays, or otherwise as permitted by the SEC. More information about this is in the SAI.

***Exchanging Shares***

At no charge, you may exchange shares of one Fund for shares of the other Fund by writing to or calling the Funds. You may only exchange shares between accounts with identical registrations (i.e., the same names and addresses).

At no charge, you may also convert one class of shares of a Fund directly to the other class of shares of the Fund, subject to the fees and expenses of such other class of shares, and provided that you meet the eligibility requirements applicable to investing in such other class of shares, as set forth in this prospectus. An exchange between share classes of a Fund is not a taxable event.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. A Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

***Telephone Transactions***

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Payments to Financial Intermediaries** 

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

***Shareholder Servicing Plan***

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.25% based on the average daily net assets of a Fund's R Class

Shares. The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

***Payments by the Adviser***

From time to time, the Adviser 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, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies** 

***Excessive Trading Policies and Procedures***

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Funds may present risks to the Funds' long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Funds' investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Funds to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Funds may invest in foreign securities traded primarily on markets that close prior to the time a Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of their Fund's shares if the prices of the Fund's foreign securities do not reflect their fair value. Although the Adviser has procedures designed to determine the fair value of foreign securities for purposes of calculating the Funds' NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control. The Funds' policies and procedures include:

● Shareholders are restricted from making more than five (5) "round trips" into or out of any Fund over any rolling 12 month period. The Funds define a "round trip" as a purchase into a Fund by a shareholder, followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund. Shareholders are also restricted from making more than eight exchanges (from one Fund to another Fund) per

calendar year. If a shareholder exceeds these amounts, the Funds and/or their service providers may, at their discretion, reject any additional purchase or exchange orders.

● Each Fund reserves the right to reject any purchase or exchange request by any investor or group of investors for any reason without prior notice, including, in particular, if the Fund or the Adviser reasonably believes that the trading activity would be harmful or disruptive to the Fund.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds have entered into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Funds have an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that

the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

***Customer Identification and Verification***

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Funds reserve the right to close or liquidate your account at the next determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

***Anti-Money Laundering Program***

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or

illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

***Unclaimed Property***

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 800-252-4993.

**Dividends and Distributions** 

Generally, the Funds distribute their net investment income quarterly and make distributions of their net realized capital gains, if any, at least annually. If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution.

You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

**Taxes**

**Please consult your tax advisor regarding your specific questions about federal, state and local taxes.** Below is a summary of certain important U.S. federal income tax issues that affect the Funds and their shareholders. This summary is based on current U.S. federal income tax laws, which may change. This summary does not apply to shares held in an IRA or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future.

Each Fund has elected and intends to qualify each year for treatment as a regulated investment company ("RIC") within the meaning of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and net realized capital gains, if any. The dividends and distributions you receive, whether in cash or reinvested in additional shares of the Funds, may be subject to federal, state and local taxation, depending upon your tax situation. Income distributions, including distributions of net short-term capital gains but excluding distributions of qualified dividend income are generally taxable at ordinary income tax rates. Distributions that are reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains and currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Because each Fund's income is derived primarily from interest rather than dividends, it is generally not expected that any portion of its distributions will be eligible for the dividends received deduction for corporate shareholders or as qualified dividend income (eligible for reduced tax rates). Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense

deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. Assuming a shareholder holds a Fund's shares as capital assets, the gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less or as long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to the Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the IRS and furnish to each Fund's shareholders the cost basis information for purchases of applicable 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 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 and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

Because the Funds may invest in foreign securities, they may be subject to foreign withholding taxes with respect to dividends or interest that a 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 would 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.

Certain of the Funds' investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, and notional principal contracts) that, among other things, may affect a Fund's ability to qualify as a RIC, affect the character of gains and losses realized by a Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to a Fund and defer losses and, in limited cases, subject a Fund to U.S. federal income tax on income from certain of its foreign securities.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is included in the SAI.**

**Additional Information** 

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights** 

The tables that follow present performance information about the Core Plus Fund. This information is intended to help you understand the Fund's financial performance for the past five fiscal years. Some of this information reflects financial information for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information provided below for the fiscal year ended October 31, 2025, has been audited by Cohen & Company, Ltd., an independent registered public accounting firm. The information for the prior periods was audited by Deloitte & Touche LLP, the Fund's prior independent registered public accounting firm. The financial statements and the report of Cohen & Company, Ltd. are included in the Fund's Form N-CSR filing for the fiscal year ended October 31, 2025, and are available upon request by calling the Fund at 800-252-4993.

Because the Multi-Sector Fixed Income Fund had not commenced operations as of the fiscal year ended October 31, 2025, financial highlights for this Fund are not available.

**MetLife Core Plus Fund – I Class Shares** 

***Selected Per Share Data & Ratios for a Share Outstanding Throughout Each Year***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> October 31, <br> 2025** | **Year<br> Ended<br> October 31,<br> 2024** | **Year<br> Ended<br> October 31,<br> 2023** | **Year<br> Ended<br> October 31,<br> 2022** | **Year<br> Ended<br> October 31,<br> 2021** |
| Net Asset Value, Beginning of Year  | $8.60 | $8.08 | $8.36 | $10.26 | $10.42 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.37 | 0.34 | 0.30 | 0.19 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments  | 0.18 | 0.58 | (0.27) | (1.91) | (0.09) |
| Total from Operations  | 0.55 | 0.92 | 0.03 | (1.72) | 0.03 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (0.35) | (0.40) | (0.31) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  |  |  |  |  | (0.06) |
| Total Dividends and Distributions  | (0.35) | (0.40) | (0.31) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year  | $8.80 | $8.60 | $8.08 | $8.36 | $10.26 |
| **Total Return<sup>†</sup>** | 6.59% | 11.51% | 0.19% | (16.88)% | 0.30% |
| **Ratios and Supplemental Data**  |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $111931 | $97780 | $239319 | $293030 | $302163 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>‡</sup>  | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)  | 0.82% | 0.71% | 0.64% | 0.62% | 0.64% |
| Ratio of Net Investment Income to Average Net Assets  | 4.33% | 3.95% | 3.54% | 2.07% | 1.20% |
| Portfolio Turnover Rate<sup>†</sup>  | 198% | 310% | 254% | 329% | 463% |

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Amounts designated as "—" are $0 or round to $0.

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share data calculated using average shares method.

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| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return and portfolio turnover rate are for the period indicated. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.  |

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| | |
|:---|:---|
| <sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The share class is expected to run at the expense limit of 0.45%  |

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**MetLife Core Plus Fund – R Class Shares** 

***Selected Per Share Data & Ratios for a Share Outstanding Throughout Each Year***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> October 31, <br> 2025** | **Year<br> Ended<br> October 31,<br> 2024** | **Year<br> Ended<br> October 31,<br> 2023** | **Year<br> Ended<br> October 31,<br> 2022** | **Year<br> Ended<br> October 31,<br> 2021** |
| Net Asset Value, Beginning of Year | $7.48 | $7.27 | $7.68 | $9.45 | $9.57 |
| Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income<sup>(1)</sup>  | 0.35 | 0.34 | 0.31 | 0.22 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments  | (0.17)<sup>(2)</sup> | 0.27 | (0.41) | (1.81) | (0.09) |
| Total from Operations  | 0.18 | 0.61 | (0.10) | (1.59) | 0.07 |
| Dividends and Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (0.35) | (0.40) | (0.31) | (0.18) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  |  |  |  |  | (0.06) |
| Total Dividends and Distributions  | (0.35) | (0.40) | (0.31) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Year  | $7.31 | $7.48 | $7.27 | $7.68 | $9.45 |
| **Total Return<sup>†</sup>**  | 2.54% | 8.43% | (1.52)% | (16.96)% | 0.74% |
| **Ratios and Supplemental Data**  |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | $— | $— | $— | $— | $— |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>‡</sup>  | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)  | 0.82%<sup>(3)</sup> | 0.71% | 0.64% | 0.62% | 0.64% |
| Ratio of Net Investment Income to Average Net Assets  | 4.78%<sup>(3)</sup> | 4.40% | 3.99% | 2.52% | 1.65% |
| Portfolio Turnover Rate<sup>†</sup>  | 198% | 310% | 254% | 329% | 463% |

---

Amounts designated as "—" are $0 or round to $0.

<sup>(1)</sup> Per share data calculated using average shares method.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year. 

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts have been revised to reflect an estimation based on I Class Shares. 

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return and portfolio turnover rate are for the period indicated. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.  |

---

---

| | |
|:---|:---|
| <sup>‡</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The share class is expected to run at the expense limit of 0.70% when assets are contributed. Amounts have been revised to reflect an estimation of expenses based on I Class Shares. |

---

THE ADVISORS' INNER CIRCLE FUND III

**METLIFE FUNDS** 

**Investment Adviser** 

MetLife Investment Management, LLC

One MetLife Way

Whippany, New Jersey 07981

**Distributor** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Legal Counsel** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

*More information about the Funds is available, without charge, through the following:* 

**Statement of Additional Information ("SAI"):** The SAI, dated March 1, 2026, as it may be amended from time to time, includes detailed information about the Funds and The Advisors' Inner Circle Fund III. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

**Annual and Semi-Annual Reports:** Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

**To Obtain an SAI, Annual or Semi-Annual Reports, Fund Financial Statements, or More Information:** 

---

| | |
|:---|:---|
| ***By Telephone:*** | 800-252-4993 |
| ***By Mail:*** | MetLife Funds<br> P.O. Box 219009<br> Kansas City, MO 64121-9009 |
| ***By Internet:*** | https://investments.metlife.com/mutual-fund-documents |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about The Advisors' Inner Circle Fund III, from the EDGAR Database on the SEC's website at: https://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

*The Advisors' Inner Circle Fund III's Investment Company Act registration number is 811-22920.* 

MIM-PS-001-1400

**STATEMENT OF ADDITIONAL INFORMATION**

**METLIFE CORE PLUS FUND**

**(I Class Shares Ticker Symbol: LPCIX)**

**(R Class Shares Ticker Symbol: LPCYX)**

**METLIFE MULTI-SECTOR FIXED INCOME FUND**

**(I Class Shares Ticker Symbol: LPMIX)**

**(R Class Shares Ticker Symbol: LPMRX)**

**each, a series of**

**THE ADVISORS' INNER CIRCLE FUND III**

**March 1, 2026**

**Investment Adviser:**

**MetLife Investment Management, LLC** 

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of The Advisors' Inner Circle Fund III (the "Trust") and the MetLife Core Plus Fund and MetLife Multi-Sector Fixed Income Fund (each, a "Fund" and together, the "Funds"). This SAI is incorporated by reference into and should be read in conjunction with the Funds' prospectus dated March 1, 2026, as it may be amended from time to time (the "Prospectus"). Capitalized terms not defined herein are defined in the Prospectus. The MetLife Core Plus Fund's audited financial statements as of and for the year ended October 31, 2025, including notes thereto and the report of the Fund's independent registered public accounting firm thereon, are included in the most recent Form [N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1593547/000139834426000366/fp0096598-1_ncsrixbrl.htm) for the MetLife Core Plus Fund, and are incorporated by reference into this SAI. Shareholders may obtain copies of the Prospectus, the MetLife Core Plus Fund's annual report, and other information such as the financial statements, free of charge by writing to the Funds at MetLife Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: MetLife Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-1307) or calling the Funds at (800) 252-4993.

i

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [THE TRUST](#MetSAI_001) | [S-1](#MetSAI_001) |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#MetSAI_002) | [S-2](#MetSAI_002) |
| [INVESTMENT LIMITATIONS](#MetSAI_003) | [S-35](#MetSAI_003) |
| [THE ADVISER](#MetSAI_004) | [S-37](#MetSAI_004) |
| [THE PORTFOLIO MANAGERS](#MetSAI_005) | [S-39](#MetSAI_005) |
| [THE ADMINISTRATOR](#MetSAI_006) | [S-41](#MetSAI_006) |
| [THE DISTRIBUTOR](#MetSAI_007) | [S-42](#MetSAI_007) |
| [PAYMENTS TO FINANCIAL INTERMEDIARIES](#MetSAI_008) | [S-42](#MetSAI_008) |
| [THE TRANSFER AGENT](#MetSAI_009) | [S-43](#MetSAI_009) |
| [THE CUSTODIAN](#MetSAI_010) | [S-43](#MetSAI_010) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#MetSAI_011) | [S-43](#MetSAI_011) |
| [LEGAL COUNSEL](#MetSAI_012) | [S-44](#MetSAI_012) |
| [SECURITIES LENDING](#MetSAI_013) | [S-44](#MetSAI_013) |
| [FINANCIAL INDUSTRY RELATIONSHIPS](#metlife-sai_030) | [S-44](#metlife-sai_030) |
| [TRUSTEES AND OFFICERS OF THE TRUST](#MetSAI_014) | [S-44](#MetSAI_014) |
| [PURCHASING AND REDEEMING SHARES](#MetSAI_015) | [S-55](#MetSAI_015) |
| [DETERMINATION OF NET ASSET VALUE](#MetSAI_016) | [S-55](#MetSAI_016) |
| [TAXES](#MetSAI_017) | [S-57](#MetSAI_017) |
| [FUND TRANSACTIONS](#MetSAI_018) | [S-65](#MetSAI_018) |
| [PORTFOLIO HOLDINGS](#MetSAI_019) | [S-68](#MetSAI_019) |
| [DESCRIPTION OF SHARES](#MetSAI_020) | [S-69](#MetSAI_020) |
| [LIMITATION OF TRUSTEES' LIABILITY](#MetSAI_021) | [S-69](#MetSAI_021) |
| [PROXY VOTING](#MetSAI_022) | [S-70](#MetSAI_022) |
| [CODES OF ETHICS](#MetSAI_023) | [S-70](#MetSAI_023) |
| [PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#MetSAI_024) | [S-70](#MetSAI_024) |
| [APPENDIX A – DESCRIPTION OF RATINGS](#MetSAI_025) | [A-1](#MetSAI_025) |
| [APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES](#MetSAI_026) | [B-1](#MetSAI_026) |

---

March 1, 2026 MIM-SX-001-1300

ii

**THE TRUST**

**General.** Each Fund is a separate series of the Trust. The Trust is an open-end investment management company established under Delaware law as a Delaware statutory trust under an Agreement and Declaration of Trust dated December 4, 2013, as amended September 10, 2020 (the "Declaration of Trust"). The Declaration of Trust permits the Trust to offer separate series ("funds") of shares of beneficial interest ("shares"). The Trust reserves the right to create and issue shares of additional funds. Each fund is a separate mutual fund or exchange traded fund ("ETF"), and each share of each fund represents an equal proportionate interest in that fund. All consideration received by the Trust for shares of any fund, and all assets of such fund, belong solely to that fund and would be subject to any liabilities related thereto. Each fund of the Trust pays its (i) operating expenses, including fees of its service providers, expenses of preparing prospectuses, proxy solicitation material and reports to shareholders, costs of custodial services and registering its shares under federal and state securities laws, pricing and insurance expenses, brokerage costs, interest charges, taxes and organization expenses and (ii) pro rata share of the fund's other expenses, including audit and legal expenses. Expenses attributable to a specific fund shall be payable solely out of the assets of that fund. Expenses not attributable to a specific fund are allocated across all of the funds on the basis of relative net assets. The other funds of the Trust are described in one or more separate statements of additional information.

Prior to July 1, 2019, the MetLife Core Plus Fund and MetLife Multi-Sector Fixed Income Fund were known as the Logan Circle Partners Core Plus Fund and Logan Circle Partners Multi-Sector Fixed Income Fund, respectively.

**Description of Multiple Classes of Shares.** The Trust is authorized to offer shares of the Funds in I Class Shares and R Class Shares. The different classes provide for variations in shareholder servicing fees and minimum investment requirements. Minimum investment requirements and investor eligibility are described in the Prospectus. For more information on shareholder servicing expenses, see "Payments to Financial Intermediaries" in this SAI. The Trust reserves the right to create and issue additional classes of shares.

**Voting Rights.** Each shareholder of record is entitled to one vote for each share held on the record date for the meeting. Each Fund will vote separately on matters relating solely to it. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of members of the Board of Trustees of the Trust (each, a "Trustee" and collectively, the "Trustees" or the "Board") under certain circumstances. Under the Declaration of Trust, the Trustees have the power to liquidate each Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if any Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Any series of the Trust may reorganize or merge with one or more other series of the Trust or of another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote of a majority of the Trustees then in office and, to the extent permitted by applicable law and the Declaration of Trust, without the approval of shareholders of any series.

**DESCRIPTION OF PERMITTED INVESTMENTS**

Each Fund's investment objectives and principal investment strategies are described in the Prospectus. The following information supplements, and should be read in conjunction with, the Prospectus.

Each Fund is classified as a "diversified" investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). This means that with respect to 75% of its total assets, a Fund may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities, or securities of other investment companies) if, as a result, more than 5% of the Fund's total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the Fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser might determine that it is in the best interests of a Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser makes such a determination, a Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

The following are descriptions of the permitted investments and investment practices of the Funds and the associated risk factors. The Funds may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by a Fund's stated investment policies, including those stated below.

**American Depositary Receipts ("ADRs").** ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts are securities that evidence ownership interests in a security or a pool of securities that have been deposited with a "depository" and may be sponsored or unsponsored. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a foreign issuer. For other depositary receipts, the depository may be a foreign or a U.S. entity, and the underlying securities may have a foreign or a U.S. issuer. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as GDRs and EDRs, may be issued in bearer form and denominated in other currencies, and are generally designed for use in securities markets outside the U.S. While the two types of depositary receipt facilities (unsponsored or sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts agree to distribute notices of shareholders meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

For purposes of a Fund's investment policies, investments in depositary receipts will be deemed to be investments in the underlying securities. Thus, a depositary receipt representing ownership of common stock will be treated as common stock. Depositary receipts do not eliminate all of the risks associated with directly investing in the securities of foreign issuers.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Equity Securities.** Equity securities represent ownership interests in a company or partnership and consist of common stocks, preferred stocks, warrants and rights to acquire common stock, securities convertible into common stock, and investments in master limited partnerships ("MLPs"). Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which a Fund invests will cause the net asset value ("NAV") of a Fund to fluctuate. The Funds may purchase equity securities traded on global securities exchanges or the over-the-counter market. Equity securities are described in more detail below:

• **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event
an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those
who own common stock.

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

• **Alternative Entity Securities.** Alternative entity securities are the securities of entities that
are formed as limited partnerships, limited liability companies, business trusts or other non-corporate entities that are similar to common
or preferred stock of corporations.

• **Exchange-Traded Funds.** An ETF is a fund whose shares are bought and sold on a securities exchange
as if it were a single security. An ETF holds a portfolio of securities designed to track a particular market segment or index. Some examples
of ETFs are SPDRs<sup>®</sup>, DIAMONDS<sup>SM</sup>, NASDAQ 100 Index Tracking Stock<sup>SM</sup> ("QQQs<sup>SM</sup>"),
and iShares<sup>®</sup>. A Fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or foreign market while
awaiting an opportunity to purchase securities directly. Similarly, a Fund may establish a short position in an ETF to gain inverse exposure
to a portion of the U.S. or foreign markets. The risks of owning an ETF generally reflect the risks of owning the securities in which
the ETF invests, although lack of liquidity in an ETF could result in it being more volatile than the underlying holdings, and ETFs have
management fees that increase their costs versus the costs of owning the underlying holdings directly. See also "Securities of Other
Investment Companies" below.

• **Rights and Warrants.** A right is a privilege granted to existing shareholders of a corporation to
subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks,
are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are
securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate
amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants
normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher
than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more
attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

• **Convertible Securities.** Convertible securities are bonds, debentures, notes, preferred stocks or
other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash
or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion
by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible
security held by a Fund is called for redemption or conversion, that Fund could be required to tender it for redemption, convert it into
the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

**General Risks of Investing in Stocks.** While investing in stocks allows investors to participate in the benefits of owning a company, such investors must accept the risks of ownership. Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of:

▪ Factors that directly relate to that company, such as decisions made by its management or lower demand
for the company's products or services;

▪ Factors affecting an entire industry, such as increases in production costs; and

▪ Changes in general financial market conditions that are relatively unrelated to the company or its industry,
such as changes in interest rates, currency exchange rates or inflation rates.

Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

**Real Estate Investment Trusts ("REITs").** A U.S. REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and distribute annually 90% or more of its otherwise taxable income to shareholders. Although the REIT structure originated in the U.S., a number of countries around the world have adopted, or are considering adopting, similar REIT and REIT-like structures.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings; a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs in which a Fund invests may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the Fund invests may concentrate investments in particular geographic regions or property types. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of the Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent.

Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through a Fund, a shareholder will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency defaults by borrowers and self-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify for tax free pass-through of income under the Code or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Micro, Small and Medium Capitalization Issuers.** Investing in equity securities of micro, small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of micro and smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of micro and smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general.

**Initial Public Offerings ("IPOs").** A Fund may invest a portion of its assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a fund with a small asset base. A Fund may hold IPO shares for a very short period of time, which may increase the turnover of a Fund's portfolio and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling IPO shares, a Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for a Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

A Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which presents risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. They may be more dependent on key managers and third parties and may have limited product lines.

**Master Limited Partnerships.** MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. To the extent that an MLP's interests are concentrated in a particular industry or sector, such as the energy sector, the MLP will be negatively impacted by economic events adversely impacting that industry or sector.

MLPs that are formed as limited partnerships generally have two classes of owners, the general partner and limited partners, while MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members.

The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder's investment in the general partner interest. General partner interests are not publicly traded and generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**Foreign Securities.** Foreign securities include equity securities of foreign entities, obligations of foreign branches of U.S. banks and of foreign banks, including, without limitation, European Certificates of Deposit, European Time Deposits, European Bankers' Acceptances, Canadian Time Deposits, Europaper and Yankee Certificates of Deposit, and investments in Canadian Commercial Paper and foreign securities. These instruments have investment risks that differ in some respects from those related to investments in obligations of U.S. domestic issuers. Such risks include future adverse political and economic developments, the possible imposition of withholding taxes on interest or other income, possible seizure, nationalization, or expropriation of foreign deposits, the possible establishment of exchange controls or taxation at the source, greater fluctuations in value due to changes in exchange rates, or the adoption of other foreign governmental restrictions which might adversely affect the payment of principal and interest on such obligations. Such investments may also entail higher custodial fees and sales commissions than domestic investments. Foreign issuers of securities or obligations are often subject to accounting treatment and engage in business practices different from those respecting domestic issuers of similar securities or obligations. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks.

**Emerging Markets.** An "emerging market country" is generally a country that the International Bank for Reconstruction and Development (World Bank) and the International Finance Corporation would consider to be an emerging or developing country. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products ("GNP") than more developed countries.

**Investment Funds.** Some emerging countries currently prohibit direct foreign investment in the securities of their companies. Certain emerging countries, however, permit indirect foreign investment in the securities of companies listed and traded on their stock exchanges through investment funds that they have specifically authorized. Investments in these investment funds are subject to the provisions of the 1940 Act. If a Fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses of the Fund (including operating expenses and the fees of MetLife Investment Management, LLC (the "Adviser")), but also will indirectly bear similar expenses of the underlying investment funds. In addition, these investment funds may trade at a premium over their NAV.

**Risks of Foreign Securities:**

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments.

**Political and Economic Factors.** Local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments may affect the value of foreign investments. Listed below are some of the more important political and economic factors that could negatively affect an investment in foreign securities:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The economies of foreign countries may differ from the economy of the United States in such areas as growth
of GNP, rate of inflation, capital reinvestment, resource self-sufficiency, budget deficits and national debt;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Foreign governments sometimes participate to a significant degree, through ownership interests or regulation,
in their respective economies. Actions by these governments could significantly influence the market prices of securities and payment
of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The economies of many foreign countries are dependent on international trade and their trading partners
and they could be severely affected if their trading partners were to enact protective trade barriers and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The internal policies of a particular foreign country may be less stable than in the United States. Other
countries face significant external political risks, such as possible claims of sovereignty by other countries or tense and sometimes
hostile border clashes;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A foreign government may act adversely to the interests of U.S. investors, including expropriation or
nationalization of assets, confiscatory taxation and other restrictions on U.S. investment. A country may restrict or control foreign
investments in its securities markets. These restrictions could limit a Fund's ability to invest in a particular country or make
it very expensive for the Fund to invest in that country. Some countries require prior governmental approval or limit the types or amount
of securities or companies in which a foreigner can invest. Other countries may restrict the ability of foreign investors to repatriate
their investment income and capital gains; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result
in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result
of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur
losses.

Given the increasing interdependence among global economies and markets, conditions in one country, region or market might adversely affect financial conditions or issuers in other countries, regions or markets. For example, on January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period, the UK and the EU signed a post-Brexit trade agreement governing their future economic relationship on December 30, 2020. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of a Fund's investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Fund investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

In addition, on February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments due to the interconnected nature of the global economy and capital markets.

Similarly, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund, even if the Fund does not have direct exposure to affected issuers.

**Information and Supervision.** There is generally less publicly available information about foreign companies than companies based in the United States. For example, there are often no reports and ratings published about foreign companies comparable to the ones written about U.S. companies. Foreign companies are typically not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The lack of comparable information makes investment decisions concerning foreign companies more difficult and less reliable than those concerning domestic companies.

**Stock Exchange and Market Risk.** The Adviser anticipates that in most cases an exchange or over-the-counter market located outside of the United States will be the best available market for foreign securities. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as the markets in the United States. Foreign stock markets tend to differ from those in the United States in a number of ways.

Foreign stock markets:

&nbsp;&nbsp;&nbsp;&nbsp;▪ are generally more volatile than, and not as developed or efficient as, those in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;▪ have substantially less volume;

&nbsp;&nbsp;&nbsp;&nbsp;▪ trade securities that tend to be less liquid and experience rapid and erratic price movements;

&nbsp;&nbsp;&nbsp;&nbsp;▪ have generally higher commissions and are subject to set minimum rates, as opposed to negotiated rates;

&nbsp;&nbsp;&nbsp;&nbsp;▪ employ trading, settlement and custodial practices less developed than those in U.S. markets; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ may have different settlement practices, which may cause delays and increase the potential for failed
settlements.

Foreign markets may offer less protection to shareholders than U.S. markets because:

&nbsp;&nbsp;&nbsp;&nbsp;▪ foreign accounting, auditing, and financial reporting requirements may render a foreign corporate balance
sheet more difficult to understand and interpret than one subject to U.S. law and standards;

&nbsp;&nbsp;&nbsp;&nbsp;▪ adequate public information on foreign issuers may not be available, and it may be difficult to secure
dividends and information regarding corporate actions on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ in general, there is less overall governmental supervision and regulation of securities exchanges, brokers,
and listed companies than in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;▪ over-the-counter markets tend to be less regulated than stock exchange markets and, in certain countries,
may be totally unregulated;

&nbsp;&nbsp;&nbsp;&nbsp;▪ economic or political concerns may influence regulatory enforcement and may make it difficult for shareholders
to enforce their legal rights; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ restrictions on transferring securities within the United States or to U.S. persons may make a particular
security less liquid than foreign securities of the same class that are not subject to such restrictions.

**Foreign Currency Risk.** While the Funds denominate their NAV in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are:

&nbsp;&nbsp;&nbsp;&nbsp;▪ It may be expensive to convert foreign currencies into U.S. dollars and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Complex political and economic factors may significantly affect the values of various currencies, including
the U.S. dollar, and their exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Government intervention may increase risks involved in purchasing or selling foreign currency options,
forward contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces;

&nbsp;&nbsp;&nbsp;&nbsp;▪ There may be no systematic reporting of last sale information for foreign currencies or regulatory requirement
that quotations available through dealers or other market sources be firm or revised on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Available quotation information is generally representative of very large round-lot transactions in the
inter-bank market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less
favorable; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ The inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a
market is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price
and rate movements.

**Taxes.** Certain foreign governments levy withholding taxes on dividend and interest income. Although in some countries it is possible for the Funds to recover a portion of these taxes, the portion that cannot be recovered will reduce the income the Funds receive from their investments.

**Emerging Markets.** Investing in emerging markets may magnify the risks of foreign investing. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Have relatively unstable governments;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Present greater risks of nationalization of businesses, restrictions on foreign ownership and prohibitions
on the repatriation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Offer less protection of property rights than more developed countries; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Have economies that are based on only a few industries, may be highly vulnerable to changes in local or
global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

**Money Market Securities.** Money market securities include short-term U.S. government securities; custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; commercial paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization ("NRSRO"), such as S&P Global Ratings ("S&P") or Moody's Investor Services, Inc. ("Moody's"), or determined by the Adviser to be of comparable quality at the time of purchase; short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and repurchase agreements involving such securities. Each of these money market securities are described below. For a description of ratings, see "Appendix A – Description of Ratings" to this SAI.

**U.S. Government Securities.** The Funds may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency. Additionally, some obligations are issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, which are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. Guarantees of principal by U.S. government agencies or instrumentalities may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Funds' shares.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012.

On August 17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10 percent annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, now permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment.

Under a letter agreement entered into in January 2021, each company is permitted to retain earnings and raise private capital to enable them to meet the minimum capital requirements under the FHFA's Enterprise Regulatory Capital Framework ("ERCF"). The letter agreement also permits each company to develop a plan to exit conservatorship, but may not do so until all litigation involving the conservatorships is resolved and each company has the minimum capital required by FHFA's rules.

Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Agreement is intended to enhance each of Fannie Mae's and Freddie Mac's ability to meet its obligations. The FHFA has indicated that the conservatorship of each company will end when the director of FHFA determines that FHFA's plan to restore the company to a safe and solvent condition has been completed. Under amendments to the ERCF, Fannie Mae and Freddie Mac have published capital disclosures which provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for Freddie Mac and Fannie Mae. Should Fannie Mae and Freddie Mac be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Agreement. It is also unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires Fannie Mae and Freddie Mac, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements and prescribed buffer amounts. Accordingly, should the FHFA take Fannie Mae and Freddie Mac out of conservatorship, there could be an adverse impact on the value of their securities, which could cause a Fund's investments to lose value.

• **U.S. Treasury Obligations.** U.S. Treasury obligations consist of direct obligations of the U.S.
Treasury, including Treasury bills, notes and bonds, and separately traded interest and principal component parts of such obligations,
including those transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities
("STRIPS"). The STRIPS program lets investors hold and trade the individual interest and principal components of eligible
Treasury notes and bonds as separate securities. Under the STRIPS program, the principal and interest components are separately issued
by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts separately.

**Commercial Paper.** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days.

**Investment Grade Fixed Income Securities.** Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by an NRSRO, or, if not rated, are determined to be of comparable quality by the Adviser. See "Appendix A - Description of Ratings" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Fixed income securities rated BBB- or Baa3 lack outstanding investment characteristics, and have speculative characteristics as well. Securities rated Baa3 by Moody's or BBB- by S&P or higher are considered by those rating agencies to be "investment grade" securities, although Moody's considers securities rated in the Baa category to have speculative characteristics. While issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and principal for debt in this category than debt in higher rated categories. In the event a security owned by a Fund is downgraded below investment grade, the Adviser will review the situation and take appropriate action with regard to the security, including the actions discussed below.

**Debt Securities.** Corporations and governments use debt securities to borrow money from investors. Most debt securities promise a variable or fixed rate of return and repayment of the amount borrowed at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest and are purchased at a discount from their face value.

**Types of Debt Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Corporate Bonds.** Corporations issue bonds and notes to raise money for working capital or for capital
expenditures such as plant construction, equipment purchases and expansion. In return for the money loaned to the corporation by investors,
the corporation promises to pay investors interest, and repay the principal amount of the bond or note.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mortgage-Backed Securities.** Mortgage-backed securities are interests in pools of mortgage loans
that various governmental, government-related and private organizations assemble as securities for sale to investors. Mortgage-backed
securities include mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), commercial mortgage-backed
securities, mortgage dollar rolls, stripped mortgage-backed securities and other securities that directly or indirectly represent a participation
in, or are secured by and payable from, mortgage loans on real property. The Fund may buy certain mortgage-backed securities, such as
pass-through securities issued by Freddie Mac, Fannie Mae and Ginnie Mae, using a "to-be-announced" ("TBA") transaction.

Unlike most debt securities, which pay interest periodically and repay principal at maturity or on specified call dates, mortgage-backed securities make monthly payments that consist of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Since homeowners usually have the option of paying either part or all of the loan balance before maturity, the effective maturity of a mortgage-backed security is often shorter than is stated.

Governmental entities, private insurers and mortgage poolers may insure or guarantee the timely payment of interest and principal of these pools through various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The Adviser will consider such insurance and guarantees and the creditworthiness of the issuers thereof in determining whether a mortgage-related security meets its investment quality standards. It is possible that the private insurers or guarantors will not meet their obligations under the insurance policies or guarantee arrangements.

Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable.

**Mortgage Pass-Through Securities.** The Funds may invest in mortgage pass-through securities. In the basic mortgage pass-through structure, mortgages with similar issuer, term and coupon characteristics are collected and aggregated into a "pool" consisting of multiple mortgage loans. The pool is assigned a CUSIP number and undivided interests in the pool are traded and sold as pass-through securities. The holder of the security is entitled to a pro rata share of principal and interest payments (including unscheduled prepayments) from the pool of mortgage loans.

An investment in a specific pool of pass-through securities requires an analysis of the specific prepayment risk of mortgages within the covered pool (since mortgagors typically have the option to prepay their loans). The level of prepayments on a pool of mortgage securities is difficult to predict and can impact the subsequent cash flows and value of the mortgage pool. In addition, when trading specific mortgage pools, precise execution, delivery and settlement arrangements must be negotiated for each transaction. These factors combine to make trading in mortgage pools somewhat cumbersome.

Most transactions in mortgage pass-through securities occur through the use of "to-be-announced" or "TBA transactions." "TBA" refers to a commonly used mechanism for the forward settlement of U.S. agency mortgage pass-through securities, and not to a separate type of mortgage-backed security. TBA transactions generally are conducted in accordance with widely-accepted guidelines which establish commonly observed terms and conditions for execution, settlement and delivery. In a TBA transaction, the buyer and seller decide on general trade parameters, such as agency, settlement date, par amount, and price. The actual pools delivered generally are determined two days prior to settlement date. The Funds may use TBA transactions in several ways. For example, a Fund may enter into TBA agreements and "roll over" such agreements prior to the settlement date stipulated in such agreements. This type of TBA transaction is sometimes known as a "TBA roll." In a "TBA roll" a Fund generally will sell the obligation to purchase the pools stipulated in the TBA agreement prior to the stipulated settlement date and will enter into a new TBA agreement for future delivery of pools of mortgage pass-through securities. In addition, the Funds may enter into TBA agreements and settle such transactions on the stipulated settlement date by accepting actual receipt or delivery of the pools of mortgage pass-through securities stipulated in the TBA agreement.

Default by or bankruptcy of a counterparty to a TBA transaction would expose a Fund to possible loss because of adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction. To minimize this risk, the Funds will enter into TBA transactions only with established counterparties (such as major broker-dealers) and the Adviser will monitor the creditworthiness of such counterparties. The Funds' use of "TBA rolls" may cause a Fund to experience higher portfolio turnover, higher transaction costs and to pay higher capital gain distributions to shareholders (which may be taxable) than other funds.

**Risks of Mortgage-Backed Securities.** Yield characteristics of mortgage-backed securities differ from those of traditional debt securities in a variety of ways. The most significant differences of mortgage-backed securities are: 1) payments of interest and principal are more frequent (usually monthly) and 2) falling interest rates generally cause individual borrowers to pay off their mortgage earlier than expected, which results in prepayments of principal on the securities, thus forcing a Fund to reinvest the money at a lower interest rate. In addition to risks associated with changes in interest rates, a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. When prepayment occurs, the Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Other Asset-Backed Securities.** These securities are interests in pools of a broad range of assets other than mortgages, such as automobile loans, computer leases and credit card receivables. Like mortgage-backed securities, these securities are pass-through. In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations, but may still be subject to prepayment risk.

Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

The Funds may also invest in residual interests in asset-backed securities, which consist of the excess cash flow remaining after making required payments on the securities and paying related administrative expenses. The amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets.

**Senior Loans and Bank Loans.** Senior loans and bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. A Fund can invest in a senior loan or bank loan either as a direct lender or through an assignment or participation.

When a Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain senior loans or bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by a Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When a Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, a Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by the Adviser based on criteria approved by the Board.

A Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations. To the extent that extended settlement creates short-term liquidity needs, a Fund may satisfy these needs by holding additional cash or selling other investments (potentially at an inopportune time, which could result in losses to a Fund).

Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

The Adviser may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the Adviser may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of a Fund and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Funds (and other clients of the Adviser) may be disadvantaged in comparison to other investors, including with respect to the price a Fund pays or receives when it buys or sells a bank loan. Further, the Adviser's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. The Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

**Repurchase Agreements.** The Funds may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which a Fund acquires a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by the Funds may provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Funds, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. The Funds may also enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for a Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**Reverse Repurchase Agreements.** Reverse repurchase agreements are transactions in which the Funds sell portfolio securities to financial institutions, such as banks and broker-dealers, and agree to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by the Funds.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

The Derivatives Rule (defined below) permits the Funds to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Derivatives Rule permits a Fund to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the 1940 Act, or as a derivatives transactions under the Derivatives Rule.

**Securities of Other Investment Companies.** The Funds may invest in shares of other investment companies, to the extent permitted by applicable law, subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by a Fund. A Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses.

Generally, the federal securities laws limit the extent to which the Funds can invest in securities of other investment companies, subject to certain exceptions. For example, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined, including its ETF investments.

The Funds may rely on Section 12(d)(1)(F) of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows a Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions, the Fund, together with its affiliates, acquires no more than 3% of the outstanding voting stock of any acquired fund. The Funds may also rely on Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits a Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions specified in the Rule including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company). In addition, the Funds may be able to rely on certain other rules under the 1940 Act to invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but subject to certain conditions.

For hedging or other purposes, a Fund may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. (See "Exchange-Traded Funds" above). The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

**<u>Derivatives</u>**

Derivatives are financial instruments whose value is based on an underlying asset (such as a stock or a bond), an underlying economic factor (such as an interest rate) or a market benchmark. Unless otherwise stated in the Prospectus, the Funds may use derivatives for a number of purposes including managing risk, gaining exposure to various markets in a cost efficient manner, reducing transaction costs, remaining fully invested and speculating. The Funds may also invest in derivatives to protect themselves from broad fluctuations in market prices, interest rates or foreign currency exchange rates (a practice known as "hedging"). When hedging is successful, a Fund will have offset any depreciation in the value of its portfolio securities by the appreciation in the value of the derivative position. Although techniques other than the sale and purchase of derivatives could be used to control the exposure of the Funds to market fluctuations, the use of derivatives may be a more effective means of hedging this exposure. In the future, to the extent such use is consistent with the Funds' investment objectives and is legally permissible, the Funds may use instruments and techniques that are not presently contemplated, but which may be subsequently developed.

There can be no assurance that a derivative strategy, if employed, will be successful. Because many derivatives have a leverage or borrowing component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.

**Rule 18f-4 under the 1940 Act***.* Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the use of derivatives by registered investment companies. The Derivatives Rule permits a registered investment company, subject to various conditions described below, to enter into derivatives transactions 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 the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Registered investment companies that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program ("DRMP") and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"); and (iii) comply with new requirements related to Board and SEC reporting. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board and periodically reviews the DRMP and reports to the Board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a registered investment company that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a "limited derivatives user"), provided that the registered investment company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule 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 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.

**CFTC Regulations.** Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the Commodity Futures Trading Commission ("CFTC"), a Fund must either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or the Adviser will be subject to registration with the CFTC as a "commodity pool operator" ("CPO").

Consistent with the CFTC's regulations, the Adviser, on behalf of the Funds, has filed a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to the Funds' operation. Therefore, the Funds are not subject to regulation as commodity pools under the CEA and the Adviser is not subject to registration or regulation as a CPO under the CEA with respect to the Funds. As a result, the Funds will be limited in their ability to use futures, options on such futures, commodity options and certain swaps. Complying with the limitations may restrict the Adviser's ability to implement the Funds' investment strategies and may adversely affect the Funds' performance.

**Types of Derivatives:**

**Futures.** A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of a financial instrument at an agreed upon price and time. The financial instrument underlying the contract may be a stock, stock index, bond, bond index, interest rate, foreign exchange rate or other similar instrument. Agreeing to buy the underlying financial instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying financial instrument is called selling a futures contract or taking a short position in the contract.

Futures contracts are traded in the United States on commodity exchanges or boards of trade (known as "contract markets") approved for such trading and regulated by the CFTC. These contract markets standardize the terms, including the maturity date and underlying financial instrument, of all futures contracts.

Unlike other securities, the parties to a futures contract do not have to pay for or deliver the underlying financial instrument until some future date (the "delivery date"). Contract markets require both the purchaser and seller to deposit "initial margin" with a futures broker, known as a futures commission merchant or custodian bank, when they enter into the contract. Initial margin deposits are typically equal to a percentage of the contract's value. Initial margin is similar to a performance bond or good faith deposit on a contract and is returned to the depositing party upon termination of the futures contract if all contractual obligations have been satisfied. After they open a futures contract, the parties to the transaction must compare the purchase price of the contract to its daily market value. If the value of the futures contract changes in such a way that a party's position declines, that party must make additional "variation margin" payments so that the margin payment is adequate. On the other hand, the value of the contract may change in such a way that there is excess margin on deposit, possibly entitling the party that has a gain to receive all or a portion of this amount. This process is known as "marking to the market." Variation margin does not represent a borrowing or loan by a party but is instead a settlement between the party and the futures broker of the amount one party would owe the other if the futures contract terminated. In computing daily NAV, each party marks to market its open futures positions.

Although the terms of a futures contract call for the actual delivery of and payment for the underlying security, in many cases the parties may close the contract early by taking an opposite position in an identical contract. If the sale price upon closing out the contract is less than the original purchase price, the party closing out the contract will realize a loss. If the sale price upon closing out the contract is more than the original purchase price, the party closing out the contract will realize a gain. Conversely, if the purchase price upon closing out the contract is more than the original sale price, the party closing out the contract will realize a loss. If the purchase price upon closing out the contract is less than the original sale price, the party closing out the contract will realize a gain.

A Fund may incur commission expenses when it opens or closes a futures position.

**Options.** An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price (known as the "strike price" or "exercise price") at any time during the option period. Unlike a futures contract, an option grants a right (not an obligation) to buy or sell a financial instrument. Generally, a seller of an option can grant a buyer two kinds of rights: a "call" (the right to buy the security) or a "put" (the right to sell the security). Options have various types of underlying instruments, including specific securities, indices of securities prices, foreign currencies, interest rates and futures contracts. Options may be traded on an exchange (exchange-traded options) or may be customized agreements between the parties (over-the-counter or "OTC" options). Like futures, a financial intermediary, known as a clearing corporation, financially backs exchange-traded options. However, OTC options have no such intermediary and are subject to the risk that the counterparty will not fulfill its obligations under the contract. The principal factors affecting the market value of an option include supply and demand, interest rates, the current market value of the underlying instrument relative to the exercise price of the option, the volatility of the underlying instrument, and the time remaining until the option expires.

**▪** **Purchasing Put and Call Options** 

When a Fund purchases a put option, it buys the right to sell the instrument underlying the option at a fixed strike price. In return for this right, the Fund pays the current market price for the option (known as the "option premium"). A Fund may purchase put options to offset or hedge against a decline in the market value of its securities ("protective puts") or to benefit from a decline in the price of securities that it does not own. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs. However, if the price of the underlying instrument does not fall enough to offset the cost of purchasing the option, a put buyer would lose the premium and related transaction costs.

Call options are similar to put options, except that a Fund obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. A Fund would normally purchase call options in anticipation of an increase in the market value of securities it owns or wants to buy. A Fund would ordinarily realize a gain if, during the option period, the value of the underlying instrument exceeded the exercise price plus the premium paid and related transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

The purchaser of an option may terminate its position by:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Allowing it to expire and losing its entire premium;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Exercising the option and either selling (in the case of a put option) or buying (in the case of a call
option) the underlying instrument at the strike price; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Closing it out in the secondary market at its current price.

**▪** **Selling (Writing) Put and Call Options** 

When a Fund writes a call option it assumes an obligation to sell specified securities to the holder of the option at a fixed strike price if the option is exercised at any time before the expiration date. Similarly, when a Fund writes a put option it assumes an obligation to purchase specified securities from the option holder at a fixed strike price if the option is exercised at any time before the expiration date. The Fund may terminate its position in an exchange-traded put option before exercise by buying an option identical to the one it has written. Similarly, the Fund may cancel an OTC option by entering into an offsetting transaction with the counterparty to the option.

A Fund could try to hedge against an increase in the value of securities it would like to acquire by writing a put option on those securities. If security prices rise, the Fund would expect the put option to expire and the premium it received to offset the increase in the security's value. If security prices remain the same over time, the Fund would hope to profit by closing out the put option at a lower price. If security prices fall, the Fund may lose an amount of money equal to the difference between the value of the security and the premium it received. Writing covered put options may deprive a Fund of the opportunity to profit from a decrease in the market price of the securities it would like to acquire.

The characteristics of writing call options are similar to those of writing put options, except that call writers expect to profit if prices remain the same or fall. A Fund could try to hedge against a decline in the value of securities it already owns by writing a call option. If the price of that security falls as expected, the Fund would expect the option to expire and the premium it received to offset the decline of the security's value. However, the Fund must be prepared to deliver the underlying instrument in return for the strike price, which may deprive it of the opportunity to profit from an increase in the market price of the securities it holds.

The Funds are permitted to write only "covered" options. At the time of selling a call option, a Fund may cover the option by owning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The underlying security (or securities convertible into the underlying security without additional consideration),
index, interest rate, foreign currency or futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A call option on the same security or index with the same or lesser exercise price;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Cash or liquid securities equal to at least the market value of the optioned securities, interest rate,
foreign currency or futures contract; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ In the case of an index, the portfolio of securities that corresponds to the index.

At the time of selling a put option, a Fund may cover the option by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Entering into a short position in the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing a put option on the
 same security, index, interest rate, foreign currency or futures contract with the same or
 greater exercise price; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintaining the entire exercise price in liquid securities.

**▪** **Options on Securities Indices** 

Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

• **Options on Credit Default Swaps** 

An option on a credit default swap gives the holder the right to enter into a credit default swap at a specified future date and under specified terms in exchange for a purchase price or premium. The writer of the option bears the risk of any unfavorable move in the value of the credit default swap relative to the market value on the exercise date, while the purchaser may allow the option to expire unexercised.

**▪** **Options on Futures** 

An option on a futures contract provides the holder with the right to buy a futures contract (in the case of a call option) or sell a futures contract (in the case of a put option) at a fixed time and price. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option (in the case of a call option) or a corresponding long position (in the case of a put option). If the option is exercised, the parties will be subject to the futures contracts. In addition, the writer of an option on a futures contract is subject to initial and variation margin requirements on the option position. Options on futures contracts are traded on the same contract market as the underlying futures contract.

The buyer or seller of an option on a futures contract may terminate the option early by purchasing or selling an option of the same series (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the trader's profit or loss on the transaction.

A Fund may purchase put and call options on futures contracts instead of selling or buying futures contracts. The Fund may buy a put option on a futures contract for the same reasons it would sell a futures contract. It also may purchase such a put option in order to hedge a long position in the underlying futures contract. A Fund may buy a call option on a futures contract for the same purpose as the actual purchase of a futures contract, such as in anticipation of favorable market conditions.

A Fund may write a call option on a futures contract to hedge against a decline in the prices of the instrument underlying the futures contracts. If the price of the futures contract at expiration were below the exercise price, the Fund would retain the option premium, which would offset, in part, any decline in the value of its portfolio securities.

The writing of a put option on a futures contract is similar to the purchase of the futures contracts, except that, if the market price declines, a Fund would pay more than the market price for the underlying instrument. The premium received on the sale of the put option, less any transaction costs, would reduce the net cost to the Fund.

**▪** **Options on Foreign Currencies** 

A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. The Funds may purchase or write put and call options on foreign currencies for the purpose of hedging against changes in future currency exchange rates.

The Funds may use foreign currency options under the same circumstances that they could use forward foreign currency exchange contracts. For example, a decline in the U.S. dollar value of a foreign currency in which a Fund's securities are denominated would reduce the U.S. dollar value of the securities, even if their value in the foreign currency remained constant. In order to hedge against such a risk, the Fund may purchase a put option on the foreign currency. If the value of the currency then declined, the Fund could sell the currency for a fixed amount in U.S. dollars and thereby offset, at least partially, the negative effect on its securities that otherwise would have resulted. Conversely, if a Fund anticipates a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated, the Fund may purchase call options on the currency in order to offset, at least partially, the effects of negative movements in exchange rates. If currency exchange rates do not move in the direction or to the extent anticipated, the Funds could sustain losses on transactions in foreign currency options.

**▪** **Combined Positions** 

The Funds may purchase and write options in combination with each other, or in combination with futures or forward contracts or swap agreements, to adjust the risk and return characteristics of the overall position. For example, a Fund could construct a combined position whose risk and return characteristics are similar to selling a futures contract by purchasing a put option and writing a call option on the same underlying instrument. Alternatively, a Fund could write a call option at one strike price and buy a call option at a lower price to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Forward Foreign Currency Exchange Contracts.** A forward foreign currency contract involves an obligation to purchase or sell a specific amount of currency at a future date or date range at a specific price. In the case of a cancelable forward contract, the holder has the unilateral right to cancel the contract at maturity by paying a specified fee. Forward foreign currency exchange contracts differ from foreign currency futures contracts in certain respects. Unlike futures contracts, forward contracts:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not have standard maturity dates or amounts (i.e., the parties to the contract may fix the maturity
date and the amount);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Are typically traded directly between currency traders (usually large commercial banks) and their customers
in the inter-bank markets, as opposed to on exchanges regulated by the CFTC (note, however, that under definitions adopted by the CFTC
and SEC, many non-deliverable foreign currency forwards will be considered swaps for certain purposes, including determination of whether
such instruments must be traded on exchanges and centrally cleared);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not require an initial margin deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ May be closed by entering into a closing transaction with the currency trader who is a party to the original
forward contract, as opposed to with a commodities exchange.

▪ **Foreign Currency Hedging Strategies** 

A "settlement hedge" or "transaction hedge" is designed to protect a Fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks in" the U.S. dollar price of the security. A Fund may also use forward contracts to purchase or sell a foreign currency when it anticipates purchasing or selling securities denominated in foreign currency, even if it has not yet selected the specific investments.

A Fund may use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by selling another currency expected to perform similarly to the currency in which the Fund's investment is denominated. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Transaction and position hedging do not eliminate fluctuations in the underlying prices of the securities that a Fund owns or intends to purchase or sell. They simply establish a rate of exchange that one can achieve at some future point in time. Additionally, these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency and to limit any potential gain that might result from the increase in value of such currency.

A Fund may enter into forward contracts to shift its investment exposure from one currency into another. Such transactions may call for the delivery of one foreign currency in exchange for another foreign currency, including currencies in which its securities are not then denominated. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased. Cross-hedges may protect against losses resulting from a decline in the hedged currency but will cause the Fund to assume the risk of fluctuations in the value of the currency it purchases. Cross-hedging transactions also involve the risk of imperfect correlation between changes in the values of the currencies involved.

It is difficult to forecast with precision the market value of portfolio securities at the expiration or maturity of a forward or futures contract. Accordingly, a Fund may have to purchase additional foreign currency on the spot (cash) market if the market value of a security it is hedging is less than the amount of foreign currency it is obligated to deliver. Conversely, the Fund may have to sell on the spot market some of the foreign currency it received upon the sale of a security if the market value of such security exceeds the amount of foreign currency it is obligated to deliver.

**Equity-Linked Securities.** The Funds may invest in privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or "basket" of securities, or sometimes a single stock (referred to as "equity-linked securities"). These securities are used for many of the same purposes as derivative instruments and share many of the same risks. Equity-linked securities may be considered illiquid and thus subject to the Funds' restrictions on investments in illiquid investments.

**Swap Agreements.** A swap agreement is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates ("settlement dates"), where the cash flows are based on agreed-upon prices, rates, indices, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swap agreements are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. The Funds will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify the Funds' gains or losses.

**▪** **Equity Swaps** 

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that a Fund will be committed to pay.

**▪** **Total Return Swaps** 

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument—which may be a single asset, a pool of assets or an index of assets—during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to a Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

**▪** **Interest Rate Swaps** 

Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for-floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for-floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for-floating rate swaps where the notional amount changes if certain conditions are met.

Like a traditional investment in a debt security, a Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if a Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if a Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

▪ **Currency Swaps** 

A currency swap is an agreement between two parties in which one party agrees to make interest rate payments in one currency and the other promises to make interest rate payments in another currency. A Fund may enter into a currency swap when it has one currency and desires a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the agreement and returned at the end of the agreement. Changes in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

▪ **Inflation Swaps** 

Inflation swaps are fixed-maturity, over-the-counter derivatives where one party pays a fixed rate in exchange for payments tied to an inflation index, such as the Consumer Price Index. The fixed rate, which is set by the parties at the initiation of the swap, is often referred to as the "breakeven inflation" rate and generally represents the current difference between treasury yields and Treasury Inflation Protected Securities yields of similar maturities at the initiation of the swap agreement. Inflation swaps are typically designated as "zero coupon," where all cash flows are exchanged at maturity. The value of an inflation swap is expected to fluctuate in response to changes in the relationship between nominal interest rates and the rate of inflation. An inflation swap can lose value if the realized rate of inflation over the life of the swap is less than the fixed market implied inflation rate (the breakeven inflation rate) the investor agreed to pay at the initiation of the swap.

▪ **Credit Default Swaps** 

A credit default swap is an agreement between a "buyer" and a "seller" for credit protection. The credit default swap agreement may have as reference obligations one or more securities that are not then held by a Fund. The protection buyer is generally obligated to pay the protection seller an upfront payment and/or a periodic stream of payments over the term of the agreement until a credit event on a reference obligation has occurred. If no default occurs, the seller would keep the stream of payments and would have no payment obligations. If a credit event occurs, the seller generally must pay the buyer the full notional amount (the "par value") of the swap.

▪ **Caps, Collars and Floors** 

Caps and floors have an effect similar to buying or writing options. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level. The seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

**Roll Transactions.** A Fund may engage in roll-timing strategies where the Fund seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or TBA transaction, on an underlying asset by closing out the position before expiration and contemporaneously opening a new position with respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such "rolls" enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset. Similarly, as certain standardized swap agreements transition from over-the-counter trading to mandatory exchange-trading and clearing due to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd Frank Act") regulatory requirements, a Fund may "roll" an existing over-the-counter swap agreement by closing out the position before expiration and contemporaneously entering into a new exchange-traded and cleared swap agreement on the same underlying asset with substantially similar terms except for a later expiration date. These types of new positions opened contemporaneously with the closing of an existing position on the same underlying asset with substantially similar terms are collectively referred to as "roll transactions."

**Risks of Derivatives:**

While transactions in derivatives may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance of the Funds than if they had not entered into any derivatives transactions. Derivatives may magnify the Funds' gains or losses, causing them to make or lose substantially more than they invested.

When used for hedging purposes, increases in the value of the securities a Fund holds or intends to acquire should offset any losses incurred with a derivative. Purchasing derivatives for purposes other than hedging could expose the Fund to greater risks.

Use of derivatives involves transaction costs, which may be significant, and may also increase the amount of taxable income to shareholders.

**Correlation of Prices.** The Funds' ability to hedge their securities through derivatives depends on the degree to which price movements in the underlying index or instrument correlate with price movements in the relevant securities. In the case of poor correlation, the price of the securities a Fund is hedging may not move in the same amount, or even in the same direction as the hedging instrument. The Adviser will try to minimize this risk by investing only in those contracts whose behavior it expects to correlate with the portfolio securities it is trying to hedge. However, if the Adviser's prediction of interest and currency rates, market value, volatility or other economic factors is incorrect, a Fund may lose money, or may not make as much money as it expected.

Derivative prices can diverge from the prices of their underlying instruments, even if the characteristics of the underlying instruments are very similar to the derivative. Listed below are some of the factors that may cause such a divergence:

▪ Current and anticipated short-term interest rates, changes in volatility of the underlying instrument,
and the time remaining until expiration of the contract;

▪ A difference between the derivatives and securities markets, including different levels of demand, how
the instruments are traded, the imposition of daily price fluctuation limits or discontinued trading of an instrument; and

▪ Differences between the derivatives, such as different margin requirements, different liquidity of such
markets and the participation of speculators in such markets.

Derivatives based upon a narrower index of securities, such as those of a particular industry group, may present greater risk than derivatives based on a broad market index. Since narrower indices are made up of a smaller number of securities, they are more susceptible to rapid and extreme price fluctuations because of changes in the value of those securities.

While currency futures and options values are expected to correlate with exchange rates, they may not reflect other factors that affect the value of the investments of the Funds. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect the Funds against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of the Funds' foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Funds' investments precisely over time.

**Lack of Liquidity.** Before a futures contract or option is exercised or expires, a Fund can terminate it only by entering into a closing purchase or sale transaction. Moreover, a Fund may close out a futures contract only on the exchange the contract was initially traded. Although the Funds intend to purchase options and futures only where there appears to be an active market, there is no guarantee that such a liquid market will exist. If there is no secondary market for the contract, or the market is illiquid, a Fund may not be able to close out its position. In an illiquid market, a Fund may:

▪ Have to sell securities to meet its daily margin requirements at a time when it is disadvantageous to
do so;

▪ Have to purchase or sell the instrument underlying the contract;

▪ Not be able to hedge its investments; and/or

▪ Not be able to realize profits or limit its losses.

Derivatives may become illiquid (i.e., difficult to sell at a desired time and price) under a variety of market conditions. For example:

▪ An exchange may suspend or limit trading in a particular derivative instrument, an entire category of
derivatives or all derivatives, which sometimes occurs because of increased market volatility;

▪ Unusual or unforeseen circumstances may interrupt normal operations of an exchange;

▪ The facilities of the exchange may not be adequate to handle current trading volume;

▪ Equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other
occurrences may disrupt normal trading activity; or

▪ Investors may lose interest in a particular derivative or category of derivatives.

**Management Risk.** Successful use of derivatives by the Funds is subject to the ability of the Adviser to forecast stock market and interest rate trends. If the Adviser incorrectly predicts stock market and interest rate trends, the Funds may lose money by investing in derivatives. For example, if a Fund were to write a call option based on the Adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if a Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

**Pricing Risk.** At times, market conditions might make it hard to value some investments. For example, if a Fund has valued its securities too high, shareholders may end up paying too much for Fund shares when they buy into the Fund. If the Fund underestimates its price, shareholders may not receive the full market value for their Fund shares when they sell.

**Margin.** Because of the low margin deposits required upon the opening of a derivative position, such transactions involve an extremely high degree of leverage. Consequently, a relatively small price movement in a derivative may result in an immediate and substantial loss (as well as gain) to a Fund and it may lose more than it originally invested in the derivative.

If the price of a futures contract changes adversely, a Fund may have to sell securities at a time when it is disadvantageous to do so to meet its minimum daily margin requirement. A Fund may lose its margin deposits if a broker-dealer with whom it has an open futures contract or related option becomes insolvent or declares bankruptcy.

**Volatility and Leverage.** The Funds' use of derivatives may have a leveraging effect. Leverage generally magnifies the effect of any increase or decrease in value of an underlying asset and results in increased volatility, which means the Funds will have the potential for greater gains, as well as the potential for greater losses, than if the Funds do not use derivative instruments that have a leveraging effect. The prices of derivatives are volatile (i.e., they may change rapidly, substantially and unpredictably) and are influenced by a variety of factors, including:

▪ Actual and anticipated changes in interest rates;

▪ Fiscal and monetary policies; and

▪ National and international political events.

Most exchanges limit the amount by which the price of a derivative can change during a single trading day. Daily trading limits establish the maximum amount that the price of a derivative may vary from the settlement price of that derivative at the end of trading on the previous day. Once the price of a derivative reaches this value, the Funds may not trade that derivative at a price beyond that limit. The daily limit governs only price movements during a given day and does not limit potential gains or losses. Derivative prices have occasionally moved to the daily limit for several consecutive trading days, preventing prompt liquidation of the derivative.

**Government Regulation.** The regulation of derivatives markets in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. For example, the Dodd Frank Act, signed into law in 2010, granted significant new authority to the SEC and the CFTC to impose comprehensive regulations on the over-the-counter and cleared derivatives markets. These regulations include, but are not limited to, mandatory clearing of certain derivatives and requirements relating to disclosure, margin and trade reporting. The law and regulations may negatively impact the Funds by increasing transaction and/or regulatory compliance costs, limiting the availability of certain derivatives or otherwise adversely affecting the value or performance of the derivatives the Funds trade.

In addition, the SEC adopted the Derivatives Rule on October 28, 2020. Since its compliance date of August 19, 2022, the Derivatives Rule has replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives. See "Derivatives – Rule 18f-4 under the 1940 Act" above for additional information on the requirements imposed on registered funds by the Derivatives Rule. Complying with the Derivatives Rule may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**Illiquid Investments.** Illiquid investments are investments that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Because of their illiquid nature, illiquid investments must be priced at fair value as determined in good faith by the Adviser, subject to Board oversight. Despite such good faith efforts to determine fair value prices, a Fund's illiquid investments are subject to the risk that the investment's fair value price may differ from the actual price which the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to a Fund. Under the oversight of the Board, the Adviser determines the liquidity of a Fund's investments. The Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

**Securities Lending.** A Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). A Fund will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of a Fund.

A Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated third party for acting as the Fund's securities lending agent, but will bear all of any losses from the investment of collateral.

By lending its securities, a Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. government securities or letters of credit are used as collateral. Investing cash collateral subjects a Fund to market risk. A Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements, even if the value of investments made with the collateral decline. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by a Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of the loan. A Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed above from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which fees may include fees payable to the lending agent, the borrower, the Fund's administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. In such instances, the Adviser will vote the securities in accordance with its proxy voting policies and procedures. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon a Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

**Restricted Securities.** The Funds may purchase restricted securities. Restricted securities are securities that may not be sold freely to the public absent registration under the Securities Act of 1933, as amended (the "1933 Act") or an exemption from registration. This generally includes securities that are unregistered that can be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act or securities that are exempt from registration under the 1933 Act, such as commercial paper. Institutional markets for restricted securities have developed as a result of the promulgation of Rule 144A under the 1933 Act, which provides a "safe harbor" from 1933 Act registration requirements for qualifying sales to institutional investors. When Rule 144A restricted securities present an attractive investment opportunity and meet other selection criteria, a Fund may make such investments whether or not such securities are "illiquid" depending on the market that exists for the particular security. The Board has delegated the responsibility for determining the liquidity of Rule 144A restricted securities that a Fund may invest in to the Adviser.

**Short Sales.** The Funds may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, a Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to a Fund with respect to the securities that are sold short.

Uncovered short sales are transactions under which the Funds sell a security they do not own. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

**<u>When-Issued, Delayed-Delivery and Forward-Delivery Transactions</u>**

A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. In a forward-delivery transaction, a Fund contracts to purchase securities for a fixed price at a future date beyond customary settlement time. "Delayed-delivery" refers to securities transactions on the secondary market where settlement occurs in the future. In each of these transactions, the parties fix the payment obligation and the interest rate that they will receive on the securities at the time the parties enter the commitment; however, they do not pay money or deliver securities until a later date. Typically, no income accrues on securities a Fund has committed to purchase before the securities are delivered. A Fund will only enter into these types of transactions with the intention of actually acquiring the securities, but may sell them before the settlement date.

A Fund may use when-issued, delayed-delivery and forward-delivery transactions to secure what it considers an advantageous price and yield at the time of purchase. When a Fund engages in when-issued, delayed-delivery or forward-delivery transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued, delayed-delivery, or forward-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the market value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

The Derivatives Rule permits a Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security entered into by a Fund does not satisfy those requirements, the Fund would need to comply with the Derivatives Rule with respect to its when issued or delayed delivery transactions, which are considered derivatives transactions under the Derivatives Rule. See "Derivatives – Rule 18f-4 under the 1940 Act" above.

**<u>Special Risks of Cyber Attacks</u>**

As with any entity that conducts business through electronic means in the modern marketplace, the Funds, and their service providers, may be susceptible to operational and information security risks resulting from cyber attacks. Cyber attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that the Funds and their service providers use to service the Funds' operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Funds and their service providers, or various other forms of cyber security breaches. Cyber attacks affecting the Funds or the Adviser, the Funds' distributor, custodian, or any other of the Funds' intermediaries or service providers may adversely impact the Funds and their 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 Funds' ability to calculate their NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Funds 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 the Funds may invest, which could result in material adverse consequences for such issuers and may cause the Funds' investments in such companies to lose value. There can be no assurance that the Funds, the Funds' service providers, or the issuers of the securities in which the Funds invest will not suffer losses relating to cyber attacks or other information security breaches in the future.

**<u>General Market and Geopolitical Risk</u>**

Geopolitical events, such as war (including ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East), terrorism, social unrest, government defaults, government shutdowns, economic uncertainty, sanctions or the threat of sanctions, trade disputes with key trading partners and the imposition of associated tariffs, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues such as pandemics and epidemics (including those caused by COVID-19), and/or systemic market dislocations (including due to events outside of such countries or regions) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Whether or not a Fund invests in securities of issuers located in countries impacted by such events, these and other events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**INVESTMENT LIMITATIONS**

**Fundamental Policies**

The following investment limitations are fundamental, which means that the Funds cannot change them without approval by the vote of a majority of the outstanding shares of the Funds. The phrase "majority of the outstanding shares" means the vote of (i) 67% or more of a Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of a Fund's outstanding shares, whichever is less.

Each Fund may not:

1. Purchase securities of an issuer that would cause the Fund to fail to satisfy the diversification requirement
for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption therefrom, as such statute,
rules or regulations may be amended or interpreted from time to time.

2. Concentrate investments in a particular industry or group of industries, as concentration is defined under
the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or
interpreted from time to time.

3. Borrow money or issue senior securities (as defined under the 1940 Act), except to the extent permitted
under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended
or interpreted from time to time.

4. Make loans, except to the extent permitted under the 1940 Act, the rules and regulations thereunder or
any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. Purchase or sell commodities or real estate, except to the extent permitted under the 1940 Act, the rules
and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
time.

6. Underwrite securities issued by other persons, except to the extent permitted under the 1940 Act, the
rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from
time to time.

**Non-Fundamental Policies**

In addition to each Fund's investment objective, the following investment limitations of each Fund are non-fundamental and may be changed by the Board without shareholder approval.

Each Fund may not:

1. Purchase securities of any issuer (except securities of other investment companies, securities issued
or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities) if, as a
result, more than 5% of the total assets of the Fund would be invested in the securities of such issuer; or (ii) acquire more than 10%
of the outstanding voting securities of any one issuer. This restriction applies to 75% of the Fund's total assets.

2. Purchase any securities which would cause 25% or more of the total assets of the Fund to be invested in
the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation
does not apply to investments in obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase
agreements involving such securities. For purposes of this limitation, (i) utility companies will be classified according to their services,
for example, gas distribution, gas transmission, electric and telephone will each be considered a separate industry; and (ii) financial
service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified
finance will each be considered a separate industry.

3. Borrow money from a bank in an amount exceeding 33 1/3% of the value of its total assets, provided that,
for purposes of this limitation, investment strategies that either obligate the Fund to purchase securities or require the Fund to segregate
assets are not considered to be borrowing.

4. Make loans if, as a result, more than 33 1/3% of its total assets would be lent to other parties, except
that the Fund may: (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase
agreements; and (iii) engage in securities lending as described in this SAI.

5. Purchase or sell real estate or real estate limited partnership interests, except that the Fund may purchase
marketable securities issued by companies which own or invest in real estate (including REITs).

Each Fund may:

1. Purchase or sell financial and physical commodities, commodity contracts based on (or relating to) physical
commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical
commodities or financial commodities.

In addition,

1. The MetLife Multi-Sector Fixed Income Fund may not change its investment strategy to invest at least 80%
of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of fixed income securities without 60 days'
prior written notice to shareholders.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Borrowing</u>. The 1940 Act presently allows a fund to borrow from any bank in an amount up to 33 1/3% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets. Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the 1940 Act, shall not be regarded as borrowings for the purposes of a Fund's investment restriction. Section 18(f) of the 1940 Act permits an investment company to borrow only from banks.

<u>Concentration</u>. The 1940 Act requires that every investment company have a fundamental investment policy regarding concentration. The SEC has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions. For purposes of a Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

<u>Diversification</u>. Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by a fund.

<u>Lending</u>. Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although the 1940 Act does provide allowances for certain borrowings. In addition, Rule 18f-4 under the 1940 Act permits a fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the fund complies with the conditions of Rule 18f-4.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

<u>Real Estate and Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate or commodities, but does require that every investment company have a fundamental investment policy governing such investments.

Except with respect to the Funds' policies concerning borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on borrowing, 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 borrowing back within the limitation within three days thereafter (not including Sundays and holidays).

**THE ADVISER**

**General.** MetLife Investment Management, LLC, a Delaware limited liability company, serves as the investment adviser to the Funds. The Adviser's principal place of business is located at One MetLife Way, Whippany, New Jersey 07981. The Adviser is a wholly owned subsidiary of MetLife, Inc., a publicly held company. As of December 31, 2025, the Adviser had approximately $741.7 billion in assets under management.

**Advisory Agreement.** The Trust and the Adviser have entered into an investment advisory agreement (the "Advisory Agreement") with respect to the Funds. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for each Fund and continuously reviews, supervises and administers the investment program of each Fund, subject to the oversight of, and policies established by, the Board.

After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of each Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Trustees or, with respect to a Fund, by a majority of the outstanding voting securities of the Fund, or, by the Adviser, on not less than 30 days' nor more than 60 days' written notice to the Trust. As used in the Advisory Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

**Advisory Fees Paid to the Adviser.** For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee Rate** |
| MetLife Core Plus Fund | 0.40% |
| MetLife Multi-Sector Fixed Income Fund | 0.55% |

---

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) for I Class Shares and R Class Shares from exceeding certain levels as set forth below until February 28, 2027 (each, a "contractual expense limit"). This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Expense Limit**<br> **(I Class Shares)** | **Contractual Expense Limit**<br> **(R Class Shares)** |
| MetLife Core Plus Fund | 0.45% | 0.70% |
| MetLife Multi-Sector Fixed Income Fund | 0.70% | 0.95% |

---

In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds paid the Adviser the following advisory fees:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Fees Waived by the Adviser** | **Fees Waived by the Adviser** | **Fees Waived by the Adviser** | **Total Fees Paid to the Adviser (After Waivers)** | **Total Fees Paid to the Adviser (After Waivers)** | **Total Fees Paid to the Adviser (After Waivers)** |
| **Fund** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| MetLife Core Plus Fund | $1033605 | $630716 | $433888 | $498273 | $412257 | $398772 | $535332 | $218459 | $35116 |
| MetLife Multi-Sector Fixed Income Fund | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> |

---

1 Not in operation during the period.

**THE PORTFOLIO MANAGERS**

This section includes information about the Funds' portfolio managers, including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

**Compensation.** The Adviser is a wholly owned affiliate of MetLife, Inc. The compensation program is a combination of short and long term elements to compensate investment professionals, and non-investment professionals, based on the overall financial success of the firm. The compensation program is primarily comprised of three elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Base Salary: Base salaries are generally reviewed annually and are based on market competitiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Short Term Awards: Individual awards in the form of an annual cash bonus are discretionary and non-formulaic based on firm as well as individual performance. Bonus compensation for senior investment professionals comprises a majority of their total compensation. This portion of compensation is determined subjectively based on qualitative and quantitative factors. Compensation is impacted by the performance of investments under management (i.e., delivering investment performance to clients consistent with portfolio objectives, guidelines and risk parameters) as well as an individual's qualitative contributions to the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Long Term Awards: Senior level employees are eligible to receive long term equity incentives. These create the motivation for strong individual and business performance over time and the opportunity for long-term alignment with shareholder return and employee retention.

An investment professional's short and long term awards and the compensation is not tied to any pre-determined or specified level of investment performance.

**Fund Shares Owned by the Portfolio Managers.** The Funds are required to show the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Funds as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

---

| | |
|:---|:---|
| **Name** | **Dollar Range of Fund Shares Owned<sup>1</sup>** |
| Stephen Mullin |  |
| Joseph Hondros |  |
| Joshua Lofgren |  |
| Scott J. Moses, CFA |  |
| A. Todd Howard, CFA |  |
| Timothy L. Rabe, CFA |  |

---

1 Valuation date is October 31, 2025.

**Other Accounts.** In addition to the Funds, the portfolio managers may also be responsible for the day-to-day management of certain other accounts, as indicated by the following table. The information below is provided as of October 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Registered**<br> **Investment Companies** | **Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Name** | &nbsp;&nbsp;**Number of Accounts** | &nbsp;&nbsp;**Total Assets**<br> **(in Millions)** | &nbsp;&nbsp;**Number of Accounts** | **Total Assets**<br> **(in Millions)** | &nbsp;&nbsp;**Number of Accounts** | **Total Assets**<br> **(in Millions)** |
| Stephen Mullin | 1 | $503 | 8 | $8565 | 120<sup>1</sup> | $29900 |
| Joseph Hondros | 5 | $3934 | 2 | $67 | 23 | $4538 |
| Joshua Lofgren | 11<sup>2</sup> | $6252 | 8 | $1090 | 45<sup>3</sup> | $8857 |
| &nbsp;&nbsp;Scott J. Moses, CFA | 0 | $0 | 3 | $1085 | 8 | $1298 |
| &nbsp;&nbsp;A. Todd Howard, CFA | 1 | $0 | 3 | $1085 | 16 | $3003 |
| &nbsp;&nbsp;Timothy L. Rabe, CFA | 3 | $1076 | 4 | $1526 | 31 | $3934 |

---

<sup>1</sup> Includes 2 accounts with assets under management of $708 million that are subject to a performance-based advisory fee.

<sup>2</sup> Includes 1 account with assets under management of $299 million that is subject to a performance-based advisory fee.

<sup>3</sup> Includes 1 account with assets under management of $589 million that is subject to a performance-based advisory fee.

**Conflicts of Interest.** Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account. The Adviser has adopted procedures that it believes are reasonably designed to detect and prevent violations of the federal securities laws and to mitigate the potential for conflicts of interest to affect portfolio management decisions; however, there can be no assurance that all conflicts will be identified or that all procedures will be effective in mitigating the potential for such risks. The Adviser and/or its affiliates manage certain accounts subject to performance-based fees or may have proprietary investments in certain accounts. The side-by-side management of the Funds and these other accounts may raise potential conflicts of interest with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions. The performance of the Funds' investments could be adversely affected by the manner in which the Adviser enters particular orders for all such accounts. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited supply and allocation of investment opportunities generally, could raise a potential conflict of interest, as the Adviser may have an incentive to allocate securities that are expected to increase in value to favored accounts. A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. The less liquid the market for the security or the greater the percentage that the proposed aggregate purchases or sales represent of average daily trading volume, the greater the potential for accounts that make subsequent purchases or sales to receive a less favorable price.

The Adviser has adopted a policy to allocate investment opportunities in a fair and equitable manner among client accounts. Orders for the same security on the same day are generally aggregated consistent with the Adviser's duty of best execution; however, purchases of fixed income securities cannot always be allocated pro rata across all client accounts with similar investment strategies and objectives. The Adviser will attempt to mitigate any potential unfairness using an objective methodology that in the good faith judgment of the Adviser permits a fair and equitable allocation over time.

The Adviser manages the Funds and other client accounts in accordance with their respective investment objectives and guidelines. As a result, the Adviser may give advice, and take action with respect to any current or future other client accounts that may be opposed to or conflict with the advice the Adviser may give to a Fund, or may involve a different timing or nature of action than with respect to that Fund. Where a portfolio manager is responsible for accounts with differing investment objectives and policies, it is possible that the portfolio manager will conclude that it is in the best interest of one account to sell a portfolio security while another account continues to hold or increases the holding in such security. The results of the investment activities of a Fund may differ significantly from the results achieved by the Adviser for other client accounts.

**THE ADMINISTRATOR**

**General.** SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation ("SIMC"), a wholly-owned subsidiary of SEI Investments Company ("SEI Investments"), is the owner of all beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading providers of funds evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

**Administration Agreement with the Trust.** The Trust and the Administrator have entered into an amended and restated administration agreement dated November 16, 2018, as amended (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office space, equipment, personnel and facilities.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder.

**Administration Fees Paid to the Administrator.** For its services under the Administration Agreement, the Administrator is paid a fee, which varies based on the average daily net assets of the Funds, subject to certain minimums.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds paid the following amounts for these services:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Administration Fees Paid** | **Administration Fees Paid** | **Administration Fees Paid** |
| **Fund** | **2023** | **2024** | **2025** |
| MetLife Core Plus Fund | $258399 | $157730 | $109377 |
| MetLife Multi-Sector Fixed Income Fund | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> |

---

<sup>1</sup> Not in operation during the period.

**THE DISTRIBUTOR**

The Trust and SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments and an affiliate of the Administrator, are parties to a distribution agreement dated February 12, 2014, as amended (the "Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Trust's shares. The principal business address of the Distributor is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Trust and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Trust and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Board or by a majority of the outstanding voting securities of the Trust, or by the Distributor, upon not less than 60 days' written notice to the other party.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Shareholder Servicing Plan.** The Funds have adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.25% of average daily net assets of R Class Shares of the Funds will be paid to financial intermediaries. Under the plan, financial intermediaries may perform, or may compensate other financial intermediaries for performing, certain shareholder and/or administrative services or similar non-distribution services, including: (i) maintaining shareholder accounts; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the financial intermediaries; (iv) responding to inquiries from shareholders concerning their investment in the Funds; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in the Funds; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend and capital gain distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Funds or their service providers; (ix) providing sub-accounting services; (x) processing dividend and capital gain payments from the Funds on behalf of shareholders; (xi) preparing tax reports; and (xii) providing such other similar non-distribution services as the Funds may reasonably request to the extent that the financial intermediary is permitted to do so under applicable laws or regulations.

**Payments by the Adviser.** The Adviser and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Funds, the Distributor or shareholders of the Funds through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Funds in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Funds; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Funds by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**THE TRANSFER AGENT**

SS&C Global Investor & Distribution Solutions, Inc., 1055 Broadway, Kansas City, Missouri 64105 (the "Transfer Agent"), serves as the Funds' transfer agent.

**THE CUSTODIAN**

Brown Brothers Harriman & Co., 40 Water Street, Boston, Massachusetts 02109-3661 (the "Custodian"), acts as the custodian of the Funds. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, serves as independent registered public accounting firm for the Funds. The financial statements and notes thereto incorporated by reference for the MetLife Core Plus Fund have been audited by Cohen & Company, Ltd., as indicated in their report with respect thereto, and are incorporated by reference in reliance on the authority of their report as experts in accounting and auditing. Because the Multi-Sector Fixed Income Fund had not commenced operations as of the fiscal year ended October 31, 2025, financial highlights for this Fund are not available.

Deloitte & Touche LLP, 30 Rockefeller Plaza, 41st Floor, New York, New York 10112, served as the independent registered public accounting firm for MetLife Core Plus Fund for the fiscal years ended on or before October 31, 2024.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103, serves as legal counsel to the Trust.

**SECURITIES LENDING**

The Funds did not engage in securities lending activities during the fiscal year ended October 31, 2025.

**FINANCIAL INDUSTRY RELATIONSHIPS**

SEI Investments, along with its subsidiaries and affiliates (including, but not limited to, the Administrator, the Distributor and SIMC) (collectively, "SEI"), provides a range of services to various financial market participants and has a broad network of relationships with financial services companies, including investment funds, asset managers, broker-dealers and other intermediaries, accounting firms, banks and transfer agents. Although SEI's various business units largely operate independently of one another, their customers and relationships may, and often will, overlap. For example, a particular asset manager might be a sub-adviser to an investment fund that is managed primarily by SIMC, may sponsor a fund that is registered on the Advisors Inner Circle platform, and/or may manage a fund in which SEI Investments is an investor (with its own capital). From time to time, one SEI business unit may introduce or refer a third-party to another SEI business unit for additional potential services. These various relationships may give rise to actual or perceived conflicts of interest. However, understanding the duties and responsibilities that SEI owes its customers under law and under contract, SEI keeps such actual or perceived conflicts of interest front-of-mind on an ongoing basis and, where appropriate, works with the compliance function, as well as internal and external counsel, to identify and mitigate or eliminate such conflicts, including through appropriate disclosure to applicable governing boards.

**TRUSTEES AND OFFICERS OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Funds described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as the Adviser, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the funds. The funds and their service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g., the Adviser is responsible for the day-to-day management of each Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the funds' service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a fund, at which time certain of the fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the fund as well as proposed investment limitations for the fund. Additionally, the fund's adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the adviser and other service providers, such as the fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the funds by the adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the adviser, the Board meets with the adviser to review such services. Among other things, the Board regularly considers the adviser's adherence to the funds' investment restrictions and compliance with various fund policies and procedures and with applicable securities regulations. The Board also reviews information about the funds' investments, including, for example, reports on the adviser's use of derivatives in managing the funds, if any, as well as reports on the funds' investments in other investment companies, if any.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and fund and adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Adviser makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the funds' financial statements, focusing on major areas of risk encountered by the funds and noting any significant deficiencies or material weaknesses in the funds' internal controls. Additionally, in connection with its oversight function, the Board oversees fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the funds' investment management and business affairs are carried out by or through the funds' advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are six members of the Board, five of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Mr. Alshefski, an interested person of the Trust, serves as Chairman of the Board. Mr. Hunt, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the independent Trustees constitute more than three-quarters of the Board, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust, and the number of funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from fund management.

The Board has two standing committees: the Audit Committee and the Governance Committee. The Audit Committee and the Governance Committee are chaired by an independent Trustee and composed of all of the independent Trustees. In addition, the Board has a lead independent Trustee.

In his role as lead independent Trustee, Mr. Hunt, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the independent Trustees and management, and among the independent Trustees; (v) serves as a key point person for dealings between the independent Trustees and management; and (vi) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee. There is no stated term of office for the Trustees. Nevertheless, an independent Trustee must retire from the Board as of the end of the calendar year in which such independent Trustee first attains the age of seventy-five years; provided, however, that, an independent Trustee may continue to serve for one or more additional one calendar year terms after attaining the age of seventy-five years (each calendar year a "Waiver Term") if, and only if, prior to the beginning of such Waiver Term: (1) the Governance Committee (a) meets to review the performance of the independent Trustee; (b) finds that the continued service of such independent Trustee is in the best interests of the Trust; and (c) unanimously approves excepting the independent Trustee from the general retirement policy set out above; and (2) a majority of the Trustees approves excepting the independent Trustee from the general retirement policy set out above. Unless otherwise noted, the business address of each Trustee is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Principal Occupations**<br> **in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski<br> (Born: 1966)<br> Chairman of the Board of Trustees<sup>1</sup><br> (since 2025) | SEI employee from 1992 to present. Senior Vice President and Head of SEI Investment Manager Services for Traditional Asset Managers, SEI Investments Company, Inc., from 2013 to 2025. Head of SEI Offshore Fund Servicing Business Line, SEI Investments Company, Inc., from 1996 to 2013. Fund Accounting Director, SEI Investments Company, from 1992 to 1996. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Symmetry Panoramic Trust. |

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| | | | |
|:---|:---|:---|:---|
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent Trustee<br> (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012. | Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Director of FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |
| Thomas P. Lemke<br> (Born: 1954) | Trustee<br> (since 2014) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, Symmetry Panoramic Trust and J.P. Morgan Funds (171 Portfolios). Director of FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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| | | | |
|:---|:---|:---|:---|
| Nichelle Maynard-Elliott<br> (Born: 1968) | Trustee<br> (since 2021) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Director of FS Alternatives Fund (Cayman), Xerox Holdings Corporation and Lucid Group, Inc.<br>Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. Director of Element Solutions Inc. to 2024. |
| Jay C. Nadel<br> (Born: 1958) | Trustee<br> (since 2016) | Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001. | Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, Symmetry Panoramic Trust and Alger Funds. Director of FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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| | | | |
|:---|:---|:---|:---|
| Randall S. Yanker<br> (Born: 1960) | Trustee<br> (since 2014) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Independent Non-Executive Director of HFA Holdings Limited and FS Alternatives Fund (Cayman).<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Director of Navigator Global Investments Limited to 2020. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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<sup>1</sup> Mr. Alshefski may be deemed to be an "interested" person of the Funds as that term is defined in the 1940 Act by virtue of his affiliation with the Distributor and/or its affiliates.

<u>Individual Trustee Qualifications</u>

The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds, and to exercise their business judgment in a manner that serves the best interests of the Funds' shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Trust has concluded that Mr. Alshefski should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company and his knowledge of the financial services industry.

The Trust has concluded that Mr. Hunt should serve as Trustee because of the experience he gained in a variety of leadership roles with different investment management institutions, his experience in and knowledge of the financial services industry, and the experience he has gained as a board member of open-end, closed-end and private funds investing in a broad range of asset classes, including alternative asset classes.

The Trust has concluded that Mr. Lemke should serve as Trustee because of the extensive experience he gained in the financial services industry, including experience in various senior management positions with financial services firms and multiple years of service with a regulatory agency, his background in controls, including legal, compliance and risk management, and his service as general counsel for several financial services firms.

The Trust has concluded that Ms. Maynard-Elliott should serve as Trustee because of the experience she gained in a variety of leadership roles at a leading industrial company, the experience she has gained as a board member of several prominent companies, and her legal and financial management expertise.

The Trust has concluded that Mr. Nadel should serve as Trustee because of the experience he gained in a variety of leadership roles with an audit firm and various financial services firms, his experience in and knowledge of the financial services industry, and the experience he has gained serving on other mutual fund and operating company boards.

The Trust has concluded that Mr. Yanker should serve as Trustee because of the experience he gained in a variety of leadership roles with the alternative asset management divisions of various financial services firms, his experience in and knowledge of the financial services industry, and the experience he has gained advising institutions on alternative asset management.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the funds.

**Board Committees.** The Board has established the following standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;• **Audit Committee.** The Board
 has a standing Audit Committee that is composed of each of the independent Trustees. The
 Audit Committee operates under a written charter approved by the Board. The principal responsibilities
 of the Audit Committee include: (i) recommending which firm to engage as each fund's
 independent registered public accounting firm and whether to terminate this relationship;
 (ii) reviewing the independent registered public accounting firm's compensation, the
 proposed scope and terms of its engagement, and the firm's independence; (iii) pre-approving
 audit and non-audit services provided by each fund's independent registered public
 accounting firm to the Trust and certain other affiliated entities; (iv) serving as a channel
 of communication between the independent registered public accounting firm and the Trustees;
 (v) reviewing the results of each external audit, including any qualifications in the independent
 registered public accounting firm's opinion, any related management letter, management's
 responses to recommendations made by the independent registered public accounting firm in
 connection with the audit, reports submitted to the Committee by the internal auditing department
 of the Administrator that are material to the Trust as a whole, if any, and management's
 responses to any such reports; (vi) reviewing each fund's audited financial statements
 and considering any significant disputes between the Trust's management and the independent
 registered public accounting firm that arose in connection with the preparation of those
 financial statements; (vii) considering, in consultation with the independent registered
 public accounting firm and the Trust's senior internal accounting executive, if any,
 the independent registered public accounting firms' reports on the adequacy of the
 Trust's internal financial controls; (viii) reviewing, in consultation with each fund's
 independent registered public accounting firm, major changes regarding auditing and accounting
 principles and practices to be followed when preparing each fund's financial statements;
 and (ix) other audit related matters. Ms. Maynard-Elliott and Messrs. Hunt, Lemke, Nadel
 and Yanker currently serve as members of the Audit Committee. Mr. Nadel serves as Chair of
 the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4)
 times during the most recently completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Committee.** The
 Board has a standing Governance Committee that is composed of each of the independent Trustees.
 The Governance Committee operates under a written charter approved by the Board. The principal
 responsibilities of the Governance Committee include: (i) considering and reviewing Board
 governance and compensation issues; (ii) conducting a self-assessment of the Board's
 operations; (iii) selecting and nominating all persons to serve as independent Trustees and
 considering proposals of and making recommendations for "interested" Trustee
 candidates to the Board; and (iv) reviewing shareholder recommendations for nominations to
 fill vacancies on the Board if such recommendations are submitted in writing and addressed
 to the Committee at the Trust's office. Ms. Maynard-Elliott and Messrs. Hunt, Lemke,
 Nadel and Yanker currently serve as members of the Governance Committee. Ms. Maynard-Elliott
 serves as Chair of the Governance Committee. The Governance Committee meets periodically,
 as necessary, and met two (2) times during the most recently completed fiscal year.

**Fund Shares Owned by Board Members.** The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of each of the Funds as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Fund Shares**<br> **(Fund)<sup>1</sup>** | **Aggregate Dollar Range of Shares**<br> **(All Funds in the Family of Investment Companies)<sup>1,2</sup>** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John F. Alshefksi |  |  |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt |  |  |
| Thomas P. Lemke |  |  |
| Nichelle Maynard-Elliott |  |  |
| Jay C. Nadel |  |  |
| Randall S. Yanker |  |  |

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1 Valuation date is December 31, 2025.

2 The Funds are the only funds in the family of investment companies.

**Board Compensation.** The Trust paid the following fees to the Trustees during the Funds' most recently completed fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Aggregate Compensation from the Trust** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated**<br> **Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex<sup>1</sup>** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John F. Alshefski | $0 | N/A | N/A | $0 for service on one (1) board |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Thomas P. Lemke | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Nichelle Maynard-Elliott | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Jay C. Nadel | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Randall S. Yanker | $156951 | N/A | N/A | $156,951 for service on one (1) board |

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<sup>1</sup> All funds in the Fund Complex are series of the Trust.

**Trust Officers.** Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations for the last five years of each of the persons currently serving as executive officers of the Trust. There is no stated term of office for the officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Chief Compliance Officer is the only officer who receives compensation from the Trust for his services.

Certain officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations**<br> **in the Past 5 Years** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2014) | Managing Director, SEI Investments, since 2021. Director of Client Service, SEI Investments, from 2004 to 2021. |

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| | | |
|:---|:---|:---|
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |
| Eric C. Griffith<br> (Born: 1969) | Vice President<br> (since 2020)<br>Secretary<br> (since 2025) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher<br> (Born: 1975) | Vice President and Assistant Secretary<br> (since 2018) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and Chief Financial Officer<br> (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017) | Account Manager, SEI Investments, since 2007. |
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since May 2023. Chief Compliance Officer of Symmetry Panoramic Trust since December 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
| Alexander F. Smith<br> (Born: 1977) | Vice President and Assistant Secretary<br> (since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
| Marci M. Morgan<br> (Born: 1971) | Anti-Money Laundering Compliance Officer and Privacy Officer<br> (since 2025) | Director of Anti-Money Laundering Compliance at SEI Investments since May 2025. Director of Global Due Diligence at SEI Investments from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023. |

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**PURCHASING AND REDEEMING SHARES**

Purchases and redemptions may be made through the Transfer Agent on any day the New York Stock Exchange ("NYSE") is open for business. Shares of the Funds are offered and redeemed on a continuous basis. Currently, the NYSE is closed for business when the following holidays are 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 and Christmas.

It is currently the Trust's policy to pay all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in-kind of securities held by the Funds in lieu of cash. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, for any period on which trading on the NYSE is restricted (as determined by the SEC by rule or regulation), or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which the disposal or valuation of the Funds' securities is not reasonably practicable, or for such other periods as the SEC has by order permitted. The Trust also reserves the right to suspend sales of shares of the Funds for any period during which the NYSE, the Adviser, the Administrator, the Transfer Agent and/or the Custodian are not open for business.

**DETERMINATION OF NET ASSET VALUE**

**General Policy.** The Funds adhere to Section 2(a)(41), and Rules 2a-4 and 2a-5 thereunder, of the 1940 Act with respect to the valuation of portfolio securities. In general, securities for which market quotations are readily available are valued at current market value, and all other securities are valued at fair value by the Adviser in good faith, and subject to the oversight of the Board. In complying with the 1940 Act, the Trust relies on guidance provided by the SEC and by the SEC staff in various interpretive letters and other guidance.

**Equity Securities.** Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Funds' pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Money Market Securities and other Debt Securities.** If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of each Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Foreign Securities.** The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

**Derivatives and Other Complex Securities.** Exchange-traded options on securities and indices purchased by the Funds generally are valued at their last trade price or, if there is no last trade price, the last bid price. Exchange-traded options on securities and indices written by the Funds generally are valued at their last trade price or, if there is no last trade price, the last asked price. In the case of options traded in the over-the-counter market, if the OTC option is also an exchange-traded option, the Funds will follow the rules regarding the valuation of exchange-traded options. If the OTC option is not also an exchange-traded option, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

Futures and swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume or market volatility, or the future or centrally cleared swap does not end trading by the time the Funds calculate NAV, the settlement price may not be available at the time at which each Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value a Fund's futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

If available, non-centrally cleared swaps, collateralized debt obligations, collateralized loan obligations and bank loans are priced based on valuations provided by an independent third party pricing agent. If a price is not available from an independent third party pricing agent, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Use of Third-Party Independent Pricing Services.** Pursuant to contracts with the Administrator, prices for most securities held by the Funds with readily available market quotations are provided by third-party independent pricing agents. The valuations for these securities are reviewed by the Administrator. In accordance with the Adviser's Valuation Procedures, the Adviser may also use third-party independent pricing agents (reviewed and approved by the Adviser) to fair value certain securities without readily available market quotations (or where market quotations are unreliable).

**Fair Value Procedures.** Securities for which market prices are not "readily available" or which cannot be valued using the methodologies described above are valued in accordance with Fair Value Procedures established by the Adviser and implemented through the Adviser's Valuation Committee. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing agents, independent broker dealers and/or the Adviser's own personnel (including investment personnel).

Some of the more common reasons that may necessitate a security being valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; trading of the security is subject to local government-imposed restrictions; or a significant event with respect to a security has occurred after the close of the market or exchange on which the security principally trades and before the time the Funds calculate NAV. When a security is valued in accordance with the Fair Value Procedures, the Adviser's Valuation Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

**TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Funds and their shareholders that is intended to supplement the discussion contained in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Funds or their shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. In particular, it does not address investors subject to special rules, such as investors who hold shares through an individual retirement account ("IRA"), 401(k), or other tax advantaged accounts. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** Each Fund has elected and intends to qualify each year to be treated as a regulated investment company ("RIC") pursuant to Subchapter M of the Code. By following such a policy, each Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. If a Fund 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 Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, each Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of each Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of each Fund's taxable year: (A) at least 50% of the value of each Fund's total assets must be represented by cash and cash items, U.S. government securities, securities of other RICs and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of each Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of each Fund's total assets is invested, including through corporations in which each Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that a Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Funds intend to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Funds will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. A Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. Losses in one Fund do not offset gains in another and the requirements (other than certain organizational requirements) for qualifying RIC status are determined at the Fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the diversification requirements where the Fund corrects the failure within a specified period. If a Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, such Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of a Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

A Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining 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.

The treatment of capital loss carryovers for the Funds is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. 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. The carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

**Federal Excise Tax.** Notwithstanding the Distribution Requirement described above, which generally requires a Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), a Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute, by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which a Fund paid no federal income tax). The Funds intend to make sufficient distributions to avoid liability for federal excise tax, but can make no assurances that such tax will be completely eliminated. For example, a Fund may receive delayed or corrected tax reporting statements from its investments that cause such Fund to accrue additional income and gains after such Fund has already made its excise tax distributions for the year. In such a situation, a Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Funds may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the Adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Funds to satisfy the requirement for qualification as RICs.

**Distributions to Shareholders.** The Funds receive income generally in the form of interest on investments. This income, plus net short-term capital gains, if any, less expenses incurred in the operation of a Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by a Fund from such income will be taxable to you as ordinary income, whether you take them in cash or in additional shares.

Distributions by the Funds are currently eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Funds receive qualified dividend income on the securities they hold and the Funds report the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from each Fund's assets before it calculates the NAV) with respect to such dividend, (ii) each Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in a Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that a Fund 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. It is not anticipated that distributions by the Funds will be eligible for the reduced tax rates applicable to qualified dividend income.

Distributions by the Funds of their net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of a Fund's net capital gains will be taxable as long-term capital gains for individual shareholders at a maximum rate of 20% regardless of how long you have held your shares in such Fund.

In the case of corporate shareholders, a Fund's distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by such Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. It is not anticipated that distributions by the Funds will qualify for the dividends received deduction.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by Internal Revenue Service ("IRS").

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its current and accumulated earnings and profits for the taxable year (as calculated for federal income tax purposes), all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

A dividend or distribution received shortly after the purchase of shares reduces the NAV of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the NAV of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions.

The Funds (or their administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Funds may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Funds.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

**Sales, Exchanges or Redemptions.** Sales, exchanges or redemptions of a Fund's shares may be taxable transactions for federal and state income tax purposes. Any gain or loss recognized on a sale, exchange, or redemption of shares of a Fund by a shareholder who holds a Fund's shares as capital assets will generally be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a net capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the net capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale.

The Funds (or their administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for purchases of Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, a Fund is also required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund shares, a Fund will permit 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 the average cost basis method as its default cost basis method. The cost basis method elected by a Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund 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 how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Net Investment Income Tax.** U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale or exchange of shares of a Fund).

**Tax Treatment of Complex Securities.** The Funds may invest in complex securities and these investments may be subject to numerous special and complex tax rules. These rules could affect a Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Funds are treated as ordinary income or capital gain, accelerate the recognition of income to the Funds and/or defer the Funds' ability to recognize losses, and, in limited cases, subject the Funds to U.S. federal income tax on income from certain of their foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Funds and may require the Funds to sell securities to mitigate the effect of these rules and prevent disqualification of a Fund as a RIC at a time when the Adviser might not otherwise have chosen to do so.

Certain derivative investments by the Funds, such as exchange-traded products and over-the-counter derivatives, may not produce qualifying income for purposes of the Qualifying Income Test described above, which must be met in order for a Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the Asset Test described above. The Funds intend to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that they are adequately diversified under the Asset Test. The Funds, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Funds' determination of the Asset Test with respect to such derivatives. Failure of the Asset Test might also result from a determination by the IRS that financial instruments in which the Fund invests are not securities.

Each Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. A Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Funds to mark-to-market certain types of positions in their portfolios (i.e., treat them as if they were closed out), which may cause a Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, a Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

With respect to investments in STRIPS, Treasury Receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, a Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because each Fund intends to distribute all of its net investment income to its shareholders, a Fund may have to sell its securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by a Fund to include the market discount in income as it accrues, gain on the Fund's disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of the accrued market discount.

**Certain Foreign Currency Tax Issues.** A Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Funds intend to monitor their transactions, intend to make the appropriate tax elections, and intend to make the appropriate entries in their books and records when they acquire any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of a Fund as a RIC and minimize the imposition of income and excise taxes.

The U.S. Treasury Department has authority to issue regulations that would exclude foreign currency gains from the Qualifying Income Test described above if such gains are not directly related to a Fund's business of investing in stock or securities (or options and futures with respect to stock or securities). Accordingly, regulations may be issued in the future that could treat some or all of a Fund's non-U.S. currency gains as non-qualifying income, thereby potentially jeopardizing the Fund's status as a RIC for all years to which the regulations are applicable.

**Foreign Taxes.** Dividends and interest received by a Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Funds' stocks or securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, the Fund will be eligible to and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, such Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If a Fund makes the election, such Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If a Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by such Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by a Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through IRAs or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by a Fund. Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of such Fund's shares could be affected or any foreign tax credits or deductions passed through to the shareholders in respect of such Fund's foreign taxes for the current year could be reduced.

The Funds' shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from a Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Funds.

**Backup Withholding.** A Fund will be required in certain cases to withhold at a 24% withholding rate and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Non-U.S. Investors.** Any non-U.S. investors in the Funds may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Funds. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of a Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from a Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Funds are required to withhold 30% of certain ordinary dividends they pay to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to 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.

A non-U.S. entity that invests in a Fund will need to provide such Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Funds should consult their tax advisors in this regard.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as a Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**State Taxes.** Depending upon state and local law, distributions by a Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that a Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by a Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in a Fund.

**FUND TRANSACTIONS**

**Brokerage Transactions.** Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Funds execute transactions in the over-the-counter market, they will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Adviser may place a combined order for two or more accounts it manages, including the Funds, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Funds may obtain, it is the opinion of the Adviser that the advantages of combined orders outweigh the possible disadvantages of combined orders.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds paid the following aggregate brokerage commissions on Fund transactions:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** |
| **Fund** | **2023** | **2024** | **2025** |
| MetLife Core Plus Fund | $3018 | $3185 | $2697 |
| MetLife Multi-Sector Fixed Income Fund | N/A<sup>1</sup> | N/A<sup>1</sup> | N/A<sup>1</sup> |

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1 Not in operation during the period.

**Brokerage Selection.** The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the Adviser may select a broker based upon brokerage or research services provided to the Adviser. The Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Funds to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the Adviser believes that access to independent investment research is beneficial to its investment decision-making processes and, therefore, to the Funds.

To the extent research services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used by the Adviser in connection with the Funds or any other specific client account that paid commissions to the broker providing such services. Information so received by the Adviser will be in addition to and not in lieu of the services required to be performed by the Adviser under the Advisory Agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

In some cases the Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the Adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

From time to time, the Adviser may purchase new issues of securities for clients, including the Funds, in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the Adviser with research services. The Financial Industry Regulatory Authority ("FINRA") has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

For the fiscal year ended October 31, 2025, the Funds paid no commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research services to the Adviser.

**Brokerage with Fund Affiliates.** The Funds may execute brokerage or other agency transactions through registered broker-dealer affiliates of either the Funds or the Adviser for a commission in conformity with the 1940 Act and rules promulgated by the SEC. The 1940 Act requires that commissions paid to the affiliate by the Funds for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Funds, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Funds did not pay any brokerage commissions on portfolio transactions effected through affiliated brokers.

**Securities of "Regular Broker-Dealers."** The Funds are required to identify any securities of their "regular brokers and dealers" (as such term is defined in the 1940 Act) that the Funds held during their most recent fiscal year. During the fiscal year ended October 31, 2025, the Core Plus Fund did not hold securities of its "regular brokers and dealers."

**Portfolio Turnover Rates.** Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the fiscal year by the monthly average value of portfolio securities owned during the fiscal year. Excluded from both the numerator and denominator are amounts relating to securities whose maturities at the time of acquisition were one year or less. Instruments excluded from the calculation of portfolio turnover generally would include the futures contracts in which the Funds may invest since such contracts generally have remaining maturities of less than one year. The Funds may at times hold investments in other short-term instruments, such as repurchase agreements, which are excluded for purposes of computing portfolio turnover.

For the fiscal years ended October 31, 2024 and 2025, the portfolio turnover rates for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Portfolio Turnover Rates** | **Portfolio Turnover Rates** |
| **Fund** | **2024** | **2025** |
| MetLife Core Plus Fund | 310% | 198% |
| MetLife Multi-Sector Fixed Income Fund | N/A<sup>1</sup> | N/A<sup>1</sup> |

---

1 Not in operation during the period.

**PORTFOLIO HOLDINGS**

The Board has approved policies and procedures that govern the timing and circumstances regarding the disclosure of Fund portfolio holdings information to shareholders and third parties. These policies and procedures are designed to ensure that disclosure of information regarding the Funds' portfolio securities is in the best interests of Fund shareholders, and include procedures to address conflicts between the interests of the Funds' shareholders, on the one hand, and those of the Adviser, principal underwriter or any affiliated person of the Funds, the Adviser or their principal underwriter, on the other. Pursuant to such procedures, the Board has authorized the Adviser's Chief Compliance Officer (the "Authorized Person") to authorize the release of the Funds' portfolio holdings, as necessary, in conformity with the foregoing principles. The Authorized Person reports at least quarterly to the Board regarding the implementation of such policies and procedures.

Pursuant to applicable law, each Fund is required to disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter (currently, each January 31, April 30, July 31, and October 31). Each Fund files with the SEC a complete schedule of investments following the first and third fiscal quarters as exhibits to Form N-PORT, and a complete schedule of investments following the second and fourth fiscal quarters on Form N-CSR.

Complete schedules of investments filed with the SEC on Form N-CSR and as exhibits to Form N-PORT are available, free of charge, on the SEC's website at www.sec.gov. The Funds' complete schedules of investments are also posted to the Funds' website at https://investments.metlife.com/mutual-fund-documents and are distributed to Fund shareholders upon request.

In addition to the quarterly portfolio holdings disclosure required by applicable law, within five business days of the end of each calendar quarter, the Funds will post their complete list of portfolio holdings on the internet at https://aicfundholdings.seic.com. The Adviser may exclude any portion of the portfolio holdings from such publication when deemed in the best interest of the Funds. Beginning on the day after any portfolio holdings information is posted on the Funds' website, such information will be delivered directly to any person that requests it, through electronic or other means. The portfolio holdings information placed on the Funds' website generally will remain there until such information is included in a filing on Form N-PORT or Form N-CSR as described above.

The Funds' policies and procedures provide that the Authorized Person may authorize disclosure of portfolio holdings information to third parties at differing times and/or with different lag times then the information posted to the internet; provided that the recipient is, either by contractual agreement or otherwise by law, (i) required to maintain the confidentiality of the information and (ii) prohibited from using the information to facilitate or assist in any securities transactions or investment program. The Funds will review a third party's request for portfolio holdings information to determine whether the third party has legitimate business objectives in requesting such information.

The Trust's policies and procedures prohibit any compensation or other consideration from being paid to or received by any party in connection with the disclosure of portfolio holdings information, including the Funds, Adviser and their affiliates or recipient of the Funds' portfolio holdings information.

In addition, the Funds' Adviser, Administrator, Custodian, Transfer Agent, financial printer, pricing vendors, liquidity analytics vendors, class action reclaim vendors and foreign tax reclaim vendors and other vendors that provide the Adviser with various middle office, back office, client reporting and portfolio analytics services, may receive portfolio holdings information as frequently as daily in connection with their services to the Funds. In addition to any contractual provisions relating to confidentiality of information that may be included in the service providers contract with the Trust, these arrangements impose obligations on the Funds' service providers that would prohibit them from disclosing or trading on the Funds' non-public information. Financial printers and pricing information vendors may receive portfolio holdings information, as necessary, in connection with their services to the Funds. The Administrator may disclose portfolio holdings information to rating agencies and similar parties as part of its services to the Funds if such disclosure is made in the best interests of shareholders, as determined by the Trust's President and Chief Compliance Officer. Portfolio holdings information may be disclosed no more frequently than monthly to such parties. Monthly disclosures will not be made sooner than three (3) days after the date of the information.

The Adviser may manage other accounts that are not subject to these policies and procedures with investment objectives and strategies that are substantially similar to those of a Fund. Because the portfolio holdings of such accounts may be substantially similar, and in some cases nearly identical, to those of a Fund, an investor in such an account may be able to infer the portfolio holdings of a Fund from the portfolio holdings of the account.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and shares of each fund, each of which represents an equal proportionate interest in that fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing shares will not be issued. The Funds' shares, when issued, are fully paid and non-assessable.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, investment adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust, and any person who is serving or has served at the Trust's request as a Trustee, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the By-Laws. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**PROXY VOTING**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser. The Adviser will vote such proxies in accordance with its proxy policies and procedures, which are included in Appendix B to this SAI.

The Trust is required to disclose annually the Funds' complete proxy voting record during the most recent 12-month period ended June 30 on Form N-PX. This voting record is available: (i) without charge, upon request, by calling (800) 252-4993; (ii) by visiting https://investments.metlife.com/mutual-fund-documents; and (iii) on the SEC's website at https://www.sec.gov.

**CODES OF ETHICS**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser, the Administrator and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("Access Persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. Under each Code of Ethics, Access Persons are permitted to invest in securities, including securities that may be purchased or held by the Funds, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

As of February 3, 2026, the following persons were record owners (or to the knowledge of the Trust, beneficial owners) of 5% or more of any class of the shares of the MetLife Core Plus Fund. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency or custodial customers. Persons beneficially owning more than 25% of a Fund's outstanding shares may be deemed to "control" the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund may have a significant impact on any shareholder vote of the Fund.

Because the MetLife Multi-Sector Fixed Income Fund had not commenced operations as of the date of this SAI, it did not have any owners to report.

The Adviser or its affiliates (a "Seed Investor") may provide initial funding to or otherwise invest in the Funds. When a Seed Investor provides "seed capital" or other capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time or when it deems that sufficient additional capital has been invested in the Fund. The timing of a redemption by a Seed Investor could benefit the Seed Investor. For example, the Seed Investor may choose to redeem its shares at a time when the Fund's portfolio is more liquid than at other times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including by a Seed Investor, is that investors remaining in the Fund will bear a proportionately higher share of Fund expenses following the redemption, subject to any expense limitation then in effect.

---

| | | |
|:---|:---|:---|
| **MetLife Core Plus Fund** | **MetLife Core Plus Fund** | **MetLife Core Plus Fund** |
| **Name and Address** | **Class of Shares** | **% of Class** |
| SEI INVESTMENT COMPANY<br> AUDIT ACCOUNT<br> 1 FREEDOM VALLEY DR<br> OAKS, PA 19456-9989 | R Shares | 100% |
| RELIANCE TRUST CO FBO<br> COMERICA NON-EB R/R<br> PO BOX 570788<br> ATLANTA, GA 30357-3114 | I Shares | 83.43% |
| TRUSTEES OF THE HAMLINE UNIVERSITY<br> OF MINNESOTA<br> 1536 HEWITT AVE<br> SAINT PAUL, MN 55104-1284 | I Shares | 16.56% |

---

**APPENDIX A**

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

**P-1** Ratings of Prime-1 reflect a superior ability to repay short-term debt obligations.

**P-2** Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations.

**P-3** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term Obligation Ratings**

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

For variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material default risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial default risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of default risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX B**

 **PROXY VOTING POLICIES AND PROCEDURES**

![](mimpvp01.jpg)

**MIM Proxy Voting Policy**

**Policy Owner:** Head of Investments Compliance

![](mimpvp01.jpg)

**Contents**

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| | | |
|:---|:---|:---|
| **1** | **Introduction** | **3** |
|  | Purpose | 3 |
|  | Scope | 3 |
|  | Policy Ownership | 3 |
|  | Exceptions and Escalation | 3 |
| **2** | **Policy** | **4** |
|  | Overview | 4 |
|  | Proxy Voting Committee | 4 |
|  | Proxy Voting Service Vendor | 5 |
|  | Overriding the Guidelines | 6 |
|  | Votes Not Governed by Guidelines | 7 |
|  | No Undue Influence | 7 |
|  | Books and Records | 7 |
| **3** | **Policy Governance** | **8** |

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![](mimpvp01.jpg)

**1&nbsp;&nbsp;&nbsp;&nbsp; Introduction**

**Purpose**

The purpose of this policy is to set forth how MetLife Investment Management, LLC ("MIM, LLC") votes proxies.

MIM, LLC has established this proxy voting policy with respect to MIM, LLC client accounts (referred to as "client" in this policy) where MIM, LLC has been delegated discretionary proxy voting authority. It is MIM, LLC's policy to vote client proxies ("proxies") for the benefit of and in the best interests of its clients in accordance with its fiduciary duty, Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and other applicable laws (including the fiduciary standards and responsibilities for ERISA accounts set out in ERISA regulation §2550.404a-1<sup>1</sup>).

This policy does not apply where MIM, LLC has not been delegated proxy voting authority by a client (i.e., the client has retained the authority or designated someone other than MIM, LLC to vote proxies on its behalf). This policy is available to all clients upon request, with the understanding that it is subject to change at any time without notice.

**Scope**

MIM, LLC is responsible for managing (i) the investment portfolios of MetLife, Inc. subsidiaries ("MetLife Accounts"), and (ii) certain insurance company separate accounts and certain collective investment funds and unaffiliated managed account clients ("Client Accounts" and, together with the MetLife Accounts, the "Accounts").

**Policy Ownership**

This Policy is owned by the Head of Investments Compliance and will be reviewed at least every other year.

**Exceptions and Escalation**

This Policy is to be adhered to in all circumstances. Where an exception scenario arises that contravenes this Policy it should be escalated for approval to Investments Compliance.

<sup>1</sup> In accordance with ERISA regulation §2550.404a-1, MIM, LLC will carry out its proxy voting duties prudently and solely in the interests of the ERISA plan participants and beneficiaries for the exclusive purpose of providing benefits to such participants and beneficiaries and defraying the reasonable expenses of administering the plan.

![](mimpvp01.jpg)

**2&nbsp;&nbsp;&nbsp;&nbsp; Policy**

**Overview**

MIM, LLC has adopted these policies and procedures based on the guiding principle that any proxy vote must be done in the best interest of the client and with the intent to maximize the economic value of a particular security. These procedures are designed to ensure that material conflicts of interest on the part of MIM, LLC or its affiliates do not affect voting decisions on behalf of clients. All MIM, LLC personnel who are involved in the voting of proxies are required to adhere to these policies and procedures.

Once a client has expressly delegated its proxy voting rights to MIM, LLC, MIM, LLC generally votes every proxy. However, MIM, LLC may abstain on any particular vote or otherwise withhold its vote on any matter if, in the judgment of MIM, LLC, the costs associated with voting a particular proxy outweigh the benefits to clients or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of clients.

MIM, LLC does not generally accept any subsequent direction on matters presented to shareholders for vote, regardless of whether such subsequent directions are from the client itself or a third party acting on behalf of the client. MIM, LLC views the delegation of discretionary voting authority as an "all-or-nothing" choice for its clients.

MIM, LLC has adopted proxy voting guidelines (the "Guidelines") that set forth how MIM, LLC plans to vote on specific matters presented for shareholder vote. These Guidelines are periodically reviewed and updated by MIM, LLC's Proxy Voting Committee (the "Proxy Committee") and maintained by the Proxy Committee. The Guidelines are intended to address most material conflicts of interest. MIM, LLC, however, reserves the right to override the Guidelines (an "Override") with respect to a particular shareholder vote when an Override is consistent with the guiding principle of seeking the maximization of economic value to clients, taking into consideration all relevant facts and circumstances at the time of the vote. MIM, LLC's procedures for determining an Override are set forth herein. There are three (3) separate sets of guidelines that are utilized by MIM, LLC which clients may select from, (1) standard guidelines, (2) specialized guidelines for Taft-Hartley and other union related accounts, and (3) specialized guidelines for public entity accounts. The specialized guidelines are intended to be specific their particular concerns.

Absent any legal or regulatory requirement to the contrary, it is generally the policy of MIM, LLC to maintain the confidentiality of the particular votes that it casts on behalf of clients. MIM, LLC will furnish to a particular client details of how MIM, LLC has voted the securities in its account; clients can request this information by contacting MIM, LLC. MIM, LLC does not, however, generally disclose the results of voting decisions to third parties (other than those that may have participated in the voting process, as described below).

**Proxy Voting Committee**

Certain aspects of the administration of these proxy voting policies and procedures are governed by the Proxy Committee. The Proxy Committee may change its structure or composition from time to time, but at all times shall consist of at least one representative from MIM, LLC's Index Strategies team, one member from Operations, one member from MIM, LLC's Public Fixed Income team, one member from MIM, LLC's Equity Management team, and one member from Investments Compliance. If other investment divisions of MIM, LLC have assets that require proxy voting, then such unit shall appoint at least one member from their respective investment team. MIM Legal serves as an adviser to the Proxy Committee, but is not a required attendee.

A member of Investments Compliance is responsible for keeping records of the Proxy Committee's meetings.

The Proxy Committee shall hold at least two regular meetings during each calendar year, at which the Proxy Committee reviews the proxy voting service provider, the Guidelines and proxy voting record data with respect to votes taken in accordance with these policies and procedures since the previous meeting. Information for the Proxy Committee meeting is submitted by the Index Strategies Team, the Equity Management Team, and Operations (on behalf of public fixed income).

![](mimpvp01.jpg)

The Proxy Committee shall also meet: whenever there is a recommendation that the Proxy Committee authorize an Override; in the event of a proxy vote where a material conflict of interest has been identified; or at such other times as the Proxy Committee may determine. Proxy Committee meetings may be held in person, via teleconference or through communication by email.

On all matters, the Proxy Committee makes its decisions by a vote of a majority of the members of the Proxy Committee present at the meeting. At any meeting of the Proxy Committee, a majority of the members of the Proxy Committee in attendance (whether in person or virtual) constitutes a quorum.

**Proxy Voting Service Vendor**

MIM, LLC has retained Institutional Shareholder Services ("ISS") to vote proxies on MIM, LLC's behalf. MIM, LLC also has adopted the ISS voting guidelines as the Guidelines set forth above. ISS prepares analyses of most matters submitted to a shareholder vote and also provides voting services to institutions such as MIM, LLC. ISS receives a daily electronic feed of all holdings in relevant MIM, LLC client voting accounts, and monitors the client accounts and their holdings to ensure that all proxies are received. MIM, LLC has directed ISS to vote proxies in accordance with the Guidelines approved by the Proxy Committee and shall monitor the voting of the proxies.

The Proxy Committee shall, no less than annually, review the services provided by ISS or any other proxy voting and recording service provider retained by MIM, LLC, to assess whether the proxy service provider is capable of making impartial proxy voting recommendations in the best interests of MIM, LLC's clients.

In making such an assessment the review may consider:

&nbsp;&nbsp;&nbsp;&nbsp;· The
 proxy service provider's conflict management procedures and assessment of the effectiveness
 of the implementation of such procedures;

&nbsp;&nbsp;&nbsp;&nbsp;· The
 proxy service provider's Form ADV, if applicable, and other disclosure made by a proxy
 service provider regarding its products, services and methods of addressing conflicts of
 interest; and/or;

&nbsp;&nbsp;&nbsp;&nbsp;· Inquiries
 to, and discussions with, representatives of a proxy service provider regarding its products,
 services and methods of addressing conflicts of interest.

No less than annually, MIM, LLC shall obtain from each proxy service provider a copy of its conflict management procedures and request that the proxy service provider provide an update of any material revision to such procedures.

MIM exercises additional prudence and diligence in the selection and monitoring of ISS by taking steps which include assessing the qualifications of ISS, the quality of services offered, and the reasonableness of fees charged in light of the services provided.

**Overriding the Guidelines**

MIM, LLC may Override the Guidelines when such an Override is consistent with this policy and the guiding principle of seeking the maximization of economic value to clients, taking into consideration all relevant facts and circumstances at the time of the vote, as further described below. I

If any member of the Proxy Committee, or other individual within MIM, LLC, believes that MIM, LLC should vote in a manner inconsistent with the Guidelines, such person must notify MIM, LLC's Chief Compliance Officer ("CCO"). The CCO will work with the Proxy Committee to make a determination as to whether the situation presents a material conflict of interest.

![](mimpvp01.jpg)

The term "conflict of interest," for purposes of this Policy, refers to a situation in which MIM, LLC or its affiliates have a financial interest in the proxy matter, other than the obligation MIM, LLC incurs as investment adviser, which may compromise MIM, LLC's freedom of judgment and action with respect to the voting of the proxy. The CCO, in consultation with MIM, LLC Legal, shall determine if there is a conflict of interest and whether or not it is material to the voting of a proxy.

*No Material Conflict of Interest*

 

If it is determined that there is no material conflict of interest, MIM, LLC will present the matter to the Proxy Committee for a vote. If the Proxy Committee approves the Override, the appropriate member of MIM, LLC will instruct ISS to vote accordingly prior to the voting deadline. MIM, LLC will retain records of documents material to any such determination and the voting of any such proxy.

*Material Conflict of Interest*

 

If, it is determined that there is a material conflict of interest with respect to the relevant shareholder vote, a special meeting of the Proxy Committee will be required to override the guidelines. As part of its deliberations, the Proxy Committee will consider, as applicable, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 description of the proposed vote, together with copies of the relevant proxy statement and
 other solicitation material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· data
 regarding client holdings in the relevant issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pertinent information
 related to a material conflict of interest, together with all relevant materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the vote indicated
 by the Guidelines, together with any relevant information provided by ISS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the rationale for
 the request for an Override, together with all relevant information.

After review, the Proxy Committee will arrive at a decision based on the guiding principle of seeking the maximization of the economic value of clients' holdings. The Proxy Committee may vote to authorize an Override with respect to such a vote notwithstanding the presence of a material conflict of interest only if the Proxy Committee determines that such an Override would be in the best interests of clients. Whether or not the committee authorizes an Override, the Proxy Committee's deliberations and decisions will be appropriately documented and such records will be maintained by the group responsible for keeping records of the Proxy Committee's meetings.

**Votes Not Governed by Guidelines**

In the event that there is a matter presented for a proxy vote that is not governed by the Guidelines, the Proxy Committee will follow a process similar to that set forth above in determining how to vote the proxy. In the event of a conflict of interest, the Proxy Committee also will follow a process similar to that set forth above. In such a scenario, the relevant portfolio management team will make a recommendation to the Proxy Committee as to how such proxy should be voted, based on the portfolio management team's assessment of the particular matter(s) at issue and what they believe to be in the best interest of the client, with the intent to maximize the economic value of the particular security. Under normal circumstances, the Proxy Committee shall approve the portfolio management team's recommendation, and a member of MIM, LLC will instruct ISS to vote in accordance with the recommendation. In the event that MIM, LLC Legal determines that there is a material conflict of interest with respect to the relevant shareholder vote, a special meeting of the Proxy Committee will be required to arrive at a voting decision, following the applicable considerations and documentation requirements set forth in the "Material Conflict of Interest" section above.

![](mimpvp01.jpg)

**No Undue Influence**

If at any time any MIM, LLC associate is pressured or lobbied with respect to overriding the Guidelines for a particular shareholder vote, such person should provide information regarding such activity to the CCO who will notify Investments Legal and the Proxy Committee and maintain a record of this information. The Proxy Committee will consider this information in evaluating any proposed Override with respect to such a vote.

**Books and Records**

MIM, LLC maintains records of all proxies voted in accordance with Section 204-2 of the Advisers Act. MIM, LLC may delegate this responsibility to ISS or any other proxy voting and recording service provider retained by MIM, LLC. As required and permitted by Rule 204-2(c) under the Advisers Act, the following records are maintained:

&nbsp;&nbsp;&nbsp;&nbsp;· a copy of this
 policy;

&nbsp;&nbsp;&nbsp;&nbsp;· proxy statements
 received regarding client securities;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of each
 vote cast, and such records are accessible to MIM, LLC;

&nbsp;&nbsp;&nbsp;&nbsp;· a

 vote proxies on behalf of a client or that memorializes the basis for that decision; and

&nbsp;&nbsp;&nbsp;&nbsp;· each
 written client request for proxy voting records and MIM, LLC's written response to
 any (written or oral) client request for such records.

![](mimpvp01.jpg)

**3&nbsp;&nbsp;&nbsp;&nbsp; Policy Governance**

This Policy is governed by the MIM Policy Working Group and will be reviewed, updated, and approved accordingly.

---

| | |
|:---|:---|
| **Document Data Sheet** | **Document Data Sheet** |
| **Document Author** | Investments Compliance |
| **Document Approver** | Investments Compliance |
| **Policy Approval Committee** | MIM Policy Working Group on behalf of the MIM Risk Committee |
| **Document Approval Date** | February 14th, 2025 |
| **Last Review Date** | February 2025 |
| **Next Review Date** | February 2027 |

---

The Advisors' Inner Circle Fund III

**PineBridge Dynamic Asset Allocation Fund** 

Investor Servicing Shares: PDAVX

Institutional Shares: PDAIX

**Prospectus** 

March 1, 2026

Investment Adviser:

**PineBridge Investments LLC** 

The U.S. Securities and Exchange Commission has not approved or disapproved these

securities or passed upon the adequacy or accuracy of this prospectus.

Any representation to the contrary is a criminal offense.

&nbsp;&nbsp; **About This Prospectus**<br>

*This prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about the Fund, please see:* 

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  [PineBridge Dynamic Asset Allocation Fund](#x19233711965158) | [PineBridge Dynamic Asset Allocation Fund](#x19233711965158) | [1](#x19233711965158) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Objective](#x119089253187614) | &nbsp;&nbsp;&nbsp;&nbsp; [Investment Objective](#x119089253187614) | [1](#x119089253187614) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fund Fees and Expenses](#x027143781416414) | &nbsp;&nbsp;&nbsp;&nbsp; [Fund Fees and Expenses](#x027143781416414) | [1](#x027143781416414) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Investment Strategies](#x06849106978457) | &nbsp;&nbsp;&nbsp;&nbsp; [Principal Investment Strategies](#x06849106978457) | [2](#x06849106978457) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Principal Risks](#x052379332735537) | &nbsp;&nbsp;&nbsp;&nbsp; [Principal Risks](#x052379332735537) | [4](#x052379332735537) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Performance Information](#x335816513761468) | &nbsp;&nbsp;&nbsp;&nbsp; [Performance Information](#x335816513761468) | [14](#x335816513761468) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser](#x013225209535213) | &nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser](#x013225209535213) | [16](#x013225209535213) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Managers](#x09224722850469) | &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Managers](#x09224722850469) | [16](#x09224722850469) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Purchase and Sale of Fund Shares](#x030552247692766) | &nbsp;&nbsp;&nbsp;&nbsp; [Purchase and Sale of Fund Shares](#x030552247692766) | [17](#x030552247692766) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Tax Information](#x178985379601902) | &nbsp;&nbsp;&nbsp;&nbsp; [Tax Information](#x178985379601902) | [17](#x178985379601902) |
| &nbsp;&nbsp;&nbsp;&nbsp; [Payments to Broker-Dealers and Other Financial Intermediaries](#x092054368932039) | &nbsp;&nbsp;&nbsp;&nbsp; [Payments to Broker-Dealers and Other Financial Intermediaries](#x092054368932039) | [17](#x092054368932039) |
|  [More Information about the Fund's Investment Objective and Strategies](#x128033252230333) | [More Information about the Fund's Investment Objective and Strategies](#x128033252230333) | [18](#x128033252230333) |
|  [More Information about Risk](#x259096887330118) | [More Information about Risk](#x259096887330118) | [18](#x259096887330118) |
|  [Information about Portfolio Holdings](#x088495479400141) | [Information about Portfolio Holdings](#x088495479400141) | [29](#x088495479400141) |
|  [Investment Adviser](#x041355860908581) | [Investment Adviser](#x041355860908581) | [30](#x041355860908581) |
|  [Portfolio Managers](#x060047007647513) | [Portfolio Managers](#x060047007647513) | [31](#x060047007647513) |
|  [Purchasing and Selling Fund Shares](#x182690187431092) | [Purchasing and Selling Fund Shares](#x182690187431092) | [33](#x182690187431092) |
|  [Payments to Financial Intermediaries](#x062004963292317) | [Payments to Financial Intermediaries](#x062004963292317) | [43](#x062004963292317) |
|  [Other Policies](#x104992387210514) | [Other Policies](#x104992387210514) | [45](#x104992387210514) |
|  [Dividends and Distributions](#x028833769049289) | [Dividends and Distributions](#x028833769049289) | [49](#x028833769049289) |
|  [Taxes](#x326497112169419) | [Taxes](#x326497112169419) | [49](#x326497112169419) |
|  [Additional Information](#x172673893405601) | [Additional Information](#x172673893405601) | [53](#x172673893405601) |
|  [Financial Highlights](#x284564755838641) | [Financial Highlights](#x284564755838641) | [54](#x284564755838641) |
|  [How to Obtain More Information About the Fund](#x021947794082038) | [Back Cover](#x021947794082038) | [Back Cover](#x021947794082038) |

---

&nbsp;&nbsp; **PineBridge Dynamic Asset Allocation Fund**<br>

**Investment Objective** 

The PineBridge Dynamic Asset Allocation Fund (the "Fund") seeks total return.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold Investor Servicing Shares and Institutional Shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.** 

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

---

| | | |
|:---|:---|:---|
|  | **Institutional<br> Shares** | **Investor<br> Servicing<br> Shares** |
| &nbsp;&nbsp; Management Fees | 0.75% | 0.75% |
| &nbsp;&nbsp; Other Expenses | 0.48% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fee |  | &nbsp;&nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.48% |
| &nbsp;&nbsp; Acquired Fund Fees and Expenses ("AFFE")<sup>1</sup> | 0.02% | 0.02% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>2</sup> | 1.25% | 1.40% |
| &nbsp;&nbsp; Less Fee Reductions and/or Expense Reimbursements<sup>3</sup> | (0.48)% | (0.48)% |
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements<sup>2</sup> | 0.77% | 0.92% |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other investment companies, including mutual funds, money market funds and exchange-traded funds.

<sup>2</sup> The Total Annual Fund Operating Expenses in this fee table, both before and after fee reductions and/or expense reimbursements, do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. 

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PineBridge Investments LLC (the "Adviser") has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, Shareholder Servicing Fees, AFFE, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, "excluded expenses")) from exceeding 0.75% of the average daily net assets of the Fund's Institutional Shares and Investor Servicing Shares until April 30, 2027. The Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund III (the "Trust"), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2027.

***Example***

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp; Institutional Shares  | $79 | $349 | $640 | $1469 |
| &nbsp;&nbsp; Investor Servicing Shares | $94 | $396 | $720 | $1638 |

---

***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 example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 133% of the average value of its portfolio.

**Principal Investment Strategies** 

The investment objective of the Fund is to seek to achieve total return primarily by managing allocations among a broad range of asset classes, and secondarily by generating alpha (i.e., excess returns) through individual investment selections, based on a combination of factors, including, but not limited to, the Adviser's macroeconomic views, fundamental analyses and risk management considerations.

In seeking to manage its exposure to asset classes and individual investments, the Fund may take long and short positions directly, or indirectly through pooled investment vehicles (such as open-end funds, closed-end funds, exchange-traded funds ("ETFs"), unregistered funds (e.g., hedge funds), and real estate investment trusts ("REITs"), advised by the Adviser or its affiliates, or other investment advisers), in equity and debt securities, derivative instruments, cash and other money market instruments. The Fund will not purchase an investment if, as a result, more than 15% of the value of the Fund's net assets would be invested in unregistered funds, except as specifically permitted under the Investment Company Act of 1940, as amended (the "1940 Act"), the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

The equity securities in which the Fund principally invests may include common and preferred stocks, convertible securities, rights and warrants, and depositary receipts (including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs")). The Fund may invest in equity securities of companies of any market capitalization. The fixed income securities in which the Fund principally invests may include securities issued or guaranteed by the U.S. government and its agencies or instrumentalities, foreign sovereign debt, corporate obligations, residential and commercial mortgage-backed securities, asset-backed securities, collateralized debt obligations (including collateralized loan obligations and collateralized bond obligations), bank loans (through both assignments and participations) and bank obligations. The Fund may invest in fixed income securities of any maturity, duration or credit quality, including those that are rated below investment grade ("high yield" or "junk" bonds). The Fund may also enter into repurchase and reverse repurchase agreements, and engage in securities lending. The derivative instruments in which the Fund invests may be exchange-traded or over-the-counter ("OTC"), and include futures contracts, forward contracts, options and swaps, relating to securities, currencies, or other instruments, entered into for hedging or speculative purposes, or to manage cash flows. The Fund invests in U.S. and non-U.S. (including both developed and emerging market) companies, countries and currencies. The Fund may invest in A-Shares of companies based in the People's Republic of China ("China") that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may invest in the domestic bond market

in China through China's Bond Connect Program ("Bond Connect"), a program that provides foreign investors with access to China's onshore bond market.

When the Adviser believes that market conditions are unfavorable for profitable investing, or is otherwise unable to locate attractive investment opportunities, it may increase the Fund's investments in cash or money market instruments (such as short-term U.S. government, corporate, and bank obligations, and money market funds) to protect the Fund's assets and maintain liquidity. The Fund may adjust its asset allocations at any time, and may buy and sell investments frequently, particularly during periods of increased market volatility.

**Principal Risks** 

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. **A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.** The principal risk factors affecting shareholders' investments in the Fund are set forth below.

**Market Risk —** The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**Asset Allocation Risk —** The Fund is subject to asset allocation risk, which is the risk that the Adviser's allocation of the Fund's assets among various asset classes will cause the Fund to underperform other funds with a similar investment objective and/or underperform the markets in which the Fund invests.

**Equity Risk —** Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund's securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response.

**Interest Rate Risk —** As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities and lower credit qualities) and the Fund's share price to fall.

**Derivatives Risk —** The Fund's use of futures contracts, forward contracts, options and swaps is subject to market risk, leverage risk, correlation risk, liquidity risk and hedging risk. Market risk is described elsewhere in this section. Leverage risk is the risk that since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain for the Fund, 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. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. Hedging risk is the risk that derivative instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. The Fund's use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that a security may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

**Small- and Mid-Capitalization Company Risk —** Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a

relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Foreign Company Risk —** Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund's portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

**Emerging Markets Securities Risk —** The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Stock Connect Investing Risk —** Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns, including a daily quota that limits the maximum net purchases

under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund's investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

**Bond Connect Investing Risk —** Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. Furthermore, securities purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based custodian (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in Bond Connect securities will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. Therefore, the Fund's ability to enforce rights as a bondholder may depend on CMU's ability or willingness as record-holder of Bond Connect securities to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which the securities are held could expose the Fund to the risk of its Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

**Risks of Investing in Other Investment Companies —** To the extent the Fund invests in other investment companies, such as open-end funds, closed-end funds and ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities

held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations.

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect Fund performance.

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

**REITs Risk —** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

**Short Sales Risk —** A short sale involves the sale of a security that the Fund does not own in the expectation of purchasing the same security (or a security exchangeable therefore) at a later date at a lower price. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Investment in short sales may also cause the Fund to

incur expenses related to borrowing securities. Reinvesting proceeds received from short selling may create leverage which can amplify the effects of market volatility on the Fund and, therefore, the Fund's share price. Theoretically, uncovered short sales have the potential to expose the Fund to unlimited losses.

**Fixed Income Market Risk —** The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the value of the Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. 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.

**Convertible Securities Risk —** 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.

**Rights and Warrants Risk —** Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

**Preferred Stocks Risk —** Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Credit Risk —** The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

**Bank Loans Risk —** Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**High Yield Bond Risk —** High yield, or "junk," bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

**Collateralized Debt Obligations Risk —** The risks of an investment in a collateralized debt obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized debt obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying assets, particularly during periods of economic downturn.

*Collateralized Loan Obligation Risk.* The risks of an investment in a collateralized loan obligation depend largely on the type of the collateral securities and the class of the debt obligation in which the Fund invests. Collateralized loan obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn.

Collateralized loan obligations carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations 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 produce disputes with the issuer or unexpected investment results.

*Collateralized Bond Obligation Risk.* The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.

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

**Foreign Sovereign Debt Securities Risk —** The Fund's investments in foreign sovereign debt securities are subject to 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.

**Mortgage-Backed Securities Risk —** Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Asset-Backed Securities Risk —** Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Bank Obligations Risk —** The Fund's investments in bank obligations are subject to risks generally applicable to debt securities, as well as to the risk of negative events affecting the banking industry. Obligations of foreign banks and foreign branches of U.S. banks are subject to additional risks, including negative political and economic developments in the country in which the bank or branch is located and actions by a foreign government that might adversely affect the payment of principal and interest on such obligations, such as the seizure or nationalization of foreign deposits. Additionally, U.S. and state banking laws and regulations may not apply to foreign branches of U.S. banks, and generally do not apply to foreign banks.

**Prepayment and Extension Risk —** When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations.

**Portfolio Turnover Risk —** The Fund is subject to portfolio turnover risk since it may buy and sell investments frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**Active Trading Risk —** The Fund may actively trade which may result in higher transaction costs to the Fund. Active trading tends to be more pronounced during periods of increased market volatility.

**Affiliated Fund Risk —** Due to its own financial interest or other business considerations, the Adviser may have an incentive to invest a portion of the Fund's assets in pooled investment vehicles sponsored or managed by the Adviser or its affiliates in lieu of investments directly in portfolio securities, or in lieu of investments in pooled investment vehicles sponsored or managed by others. Similarly, the Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in pooled investment vehicles sponsored or managed by the Adviser or its affiliates.

**Unregistered Funds Risk —** Investments in unregistered funds are subject to additional risks beyond those associated with investments in registered investment companies, because investments in unregistered funds do not have the benefit of the protections afforded by the 1940 Act to investors in registered investment companies. In addition, investments in unregistered funds are often illiquid and difficult to value, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly, in particular because they may have restrictions that allow redemptions only at specific infrequent dates with considerable notice periods and apply lock-ups and/or redemption fees.

**U.S. Government Securities Risk —** The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

**Repurchase Agreements Risk —** Under a repurchase agreement, the seller of a security to the Fund agrees to repurchase the security at a mutually agreed-upon time and price. If the seller in a repurchase agreement transaction defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement.

**Reverse Repurchase Agreements Risk —** Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon time and price. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities.

**Securities Lending Risk —** Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for

loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

**Money Market Instruments Risk —** The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund's sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value ("NAV") while others seek to preserve the value of investments at a stable NAV (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Shares' performance from year to year and by showing how the Fund's Institutional Shares' and Investor Servicing Shares' average annual total returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance and additional indexes. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Updated performance information is available on the Fund's website at www.pinebridge.com or by calling toll-free to 877-225-4164.

![](fp0097648-2_15.jpg)

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| | |
|:---|:---|
| **BEST QUARTER** | **WORST QUARTER** |
| 14.75% | (18.74)% |
| 6/30/2020 | 3/31/2020 |

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***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index and additional indexes.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). After-tax returns are shown for Institutional Shares only. After-tax returns for Investor Servicing Shares will vary.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **PineBridge Dynamic Asset Allocation Fund** | **1 Year** | **5 Years** | **Since Inception<br> (3/2/16)** |
| &nbsp;&nbsp; **Fund Returns Before Taxes** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 14.50% | 2.96% | 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Servicing Shares | 14.21% | 2.81% | 5.17% |
| &nbsp;&nbsp; **Fund Returns After Taxes on Distributions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 13.80% | 2.18% | 4.43% |
| &nbsp;&nbsp; **Fund Returns After Taxes on Distributions and Sale of Fund Shares** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 8.76% | 2.07% | 3.92% |
| &nbsp;&nbsp; **MSCI ACWI (reflects no deduction for fees, expenses or taxes)** | 22.34% | 11.19% | 12.40% |
| &nbsp;&nbsp; **Bloomberg Global Treasury Total Return Index ("Bloomberg Index") (reflects no deduction for fees, expenses or taxes)** | 6.82% | (3.73)% | 0.00% |
| &nbsp;&nbsp; **Blended 60/40 MSCI ACWI/Bloomberg Index (reflects no deduction for fees, expenses or taxes)** | 16.04% | 5.12% | 7.49% |
| &nbsp;&nbsp; **U.S. Consumer Price Index Less Food & Energy + 5% (reflects no deduction for fees, expenses or taxes)** | 7.76% | 9.38% | 8.20% |

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**Investment Adviser** 

PineBridge Investments LLC serves as investment adviser to the Fund.

**Portfolio Managers** 

Michael J. Kelly, CFA, Managing Director and the Global Head of Multi-Asset, has managed the Fund since its inception in 2016.

Peter Hu, CFA, FRM, Managing Director for Multi-Asset Products, has managed the Fund since its inception in 2016.

Sunny Ng, CFA, Managing Director and Portfolio Manager for Multi-Asset Products, has managed the Fund since 2019.

Paul Mazzacano, MBA, Managing Director for Multi-Asset Products, has managed the Fund since its inception in 2016.

Austin Strube, CFA, FRM, Senior Vice President and Portfolio Manager for the Global Multi-Asset Team, has managed the Fund since 2022.

**Purchase and Sale of Fund Shares** 

You may purchase or redeem shares on any day that the New York Stock Exchange ("NYSE") is open for business.

To purchase shares of the Fund for the first time, you must invest at least $100,000 for Investor Servicing Shares or $1,000,000 for Institutional Shares. There is no minimum for subsequent investments. The Fund may accept investments of smaller amounts in its sole discretion.

If you own your shares directly, you may redeem your shares by contacting the Fund directly by mail at: PineBridge Dynamic Asset Allocation Fund, P.O. Box 588, Portland, ME 04112 (Express Mail Address: PineBridge Dynamic Asset Allocation Fund, c/o Atlantic Shareholder Services, LLC, Three Canal Plaza, Ground Floor, Portland, ME 04101) or telephone at 877-225-4164.

If you own your shares through an account with a broker or other financial intermediary, contact that broker or financial intermediary to redeem your shares. Your broker or financial intermediary may charge a fee for its services in addition to the fees charged by the Fund.

**Tax Information** 

The Fund intends to make distributions that may be taxed as qualified dividend income, ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distribution will be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other 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, including the Adviser and its affiliates, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

**More Information about the Fund's Investment Objective and Strategies** 

The investment objective of the Fund is to seek total return. The investment objective of the Fund is not a fundamental policy and may be changed by the Board without shareholder approval.

The investments and strategies described in this prospectus are those that the Fund uses under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, the Fund may, but is not obligated to, invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If the Fund invests in this manner, it may cause the Fund to forgo greater investment returns for the safety of principal and the Fund may therefore not achieve its investment objective. The Fund will only do so if the Adviser believes that the risk of loss outweighs the opportunity to pursue the Fund's investment objective.

This prospectus describes the Fund's principal investment strategies, and the Fund will normally invest in the types of securities and other investments described in this prospectus. In addition to the securities and other investments and strategies described in this prospectus, the Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategies. These investments and strategies, as well as those described in this prospectus, are described in detail in the Fund's Statement of Additional Information (the "SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that the Fund will achieve its investment goals.

**More Information about Risk**

Investing in the Fund involves risk and there is no guarantee that the Fund will achieve its goals. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in the Fund, just as you could with other investments.

The value of your investment in the Fund is based on the value of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser

depending on the types of securities the Fund owns and the markets in which they trade. The effect on the Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

**Market Risk —** The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. The Fund's NAV per share will fluctuate with the market prices of its portfolio securities. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, geopolitical (including war and armed conflict), regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, 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. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Recent examples of events that have led to fluctuations in the equity markets include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments and businesses, elevated inflation levels, problems in the banking sector and wars in Europe and in the Middle East.

**Equity Risk —** Equity securities include common and preferred stocks, convertible securities, rights and warrants, as well as depositary receipts. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy any of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which the Fund invests will cause the Fund's NAV to fluctuate.

**Derivatives Risk —** The Fund's use of futures contracts, forward contracts, options and swaps is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. There are various factors that affect the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. Additionally, some derivative instruments are subject to counterparty risk, meaning that the party that issues the derivative may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations. Additionally, regulation relating to the Fund's use of derivatives and related instruments, including Rule 18f-4 under the 1940 Act, could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

*Futures Contracts.* Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security or asset at a specified future time and at a specified price. Because futures require only a small initial investment in the form of a deposit or margin, they involve a high degree of leverage. Accordingly, the fluctuation of the value of futures in relation to the underlying assets upon which they are based is magnified. Thus, the Fund may experience losses that exceed losses experienced by funds that do not use futures contracts. There may be imperfect correlation, or even no correlation, between price movements of a futures contract and price movements of investments for which futures are used as a substitute, or which futures are intended to hedge.

Lack of correlation (or tracking) may be due to factors unrelated to the value of the investments being substituted or hedged, such as speculative or other pressures on the markets in which these

instruments are traded. Consequently, the effectiveness of futures as a security substitute or as a hedging vehicle will depend, in part, on the degree of correlation between price movements in the futures and price movements in underlying securities or assets. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.

Additionally, government regulation may further reduce liquidity through similar trading restrictions. As a result, the Fund may be unable to close out its futures contracts at a time that is advantageous. The successful use of futures depends upon a variety of factors, particularly the ability of the Adviser to predict movements of the underlying securities markets, which requires different skills than predicting changes in the prices of individual securities. There can be no assurance that any particular futures strategy adopted will succeed.

*Forward Contracts.* A forward contract involves a negotiated obligation to purchase or sell a specific security or currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery of a specified lot of a particular security or currency for the Fund's account. Risks associated with forwards may include: (i) an imperfect correlation between the movement in prices of forward contracts and the securities or currencies underlying them; (ii) an illiquid market for forwards; (iii) difficulty in obtaining an accurate value for the forwards; and (iv) the risk that the counterparty to the forward contract will default or otherwise fail to honor its obligation. Because forwards require only a small initial investment in the form of a deposit or margin, they also involve a high degree of leverage.

*Options.* Options involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the

underlying security rather than only the premium payment received (which could result in a potentially unlimited loss). Over-the-counter options also involve counterparty solvency risk.

*Swaps.* In a swap transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk and valuation risk. Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.

**Foreign/Emerging Markets Securities Risk —** Investments in securities of foreign companies (including direct investments as well as investments through depositary receipts) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising the Fund's portfolio. These risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses.

**Stock Connect Investing Risk —** Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund's investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares during the time when Stock Connect is not trading. Because of the way in which A-Shares are held in Stock Connect, the Fund may not be able to exercise the rights of a shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the depository of the Shanghai Stock Exchange or Shenzhen Stock Exchange becomes insolvent. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**Bond Connect Investing Risk —** Trading through Bond Connect is subject to a number of restrictions that may affect the Fund's investments and returns. Investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in China, which could pose risks to the Fund. Furthermore, securities purchased via Bond Connect will be held via a book entry omnibus account in the name of the Hong Kong Monetary Authority Central Money Markets Unit ("CMU") maintained with a China-based custodian (either the China Central Depository & Clearing Co. ("CDCC") or the Shanghai Clearing House ("SCH")). The Fund's ownership interest in Bond Connect securities will not be reflected directly in book entry with CDCC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian.

Therefore, the Fund's ability to enforce rights as a bondholder may depend on CMU's ability or willingness as record-holder of Bond Connect securities to enforce the Fund's rights as a bondholder. Additionally, the omnibus manner in which the securities are held could expose the Fund to the risk of its Hong Kong sub-custodian. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested. In addition, courts in China have limited experience in applying the concept of beneficial ownership. Moreover, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

A primary feature of Bond Connect is the application of the home market's laws and rules applicable to investors in Chinese fixed-income instruments. Therefore, the Fund's investments via Bond Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. The Fund will not benefit from access to Hong Kong investor compensation funds, which are set up to protect against defaults of trades, when investing through Bond Connect. Finally, uncertainties in China tax rules governing taxation of income and gains from investments via Bond Connect could result in unexpected tax liabilities for the Fund.

Bond Connect is a relatively new program and may be subject to further interpretation and guidance. There can be no assurance as to Bond Connect's continued existence or whether future developments regarding Bond Connect may restrict or adversely affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Bond Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**REITs Risk —** REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions, and may be subject to defaults by borrowers and to self-liquidations. In addition, a U.S. REIT may be affected by its failure to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (the "Code"), or its failure to maintain exemption from registration under the 1940 Act.

**Short Sales Risk —** Short sales are transactions in which the Fund sells a security it does not own. The Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Fund. If the underlying security goes down in price between the time the Fund sells the security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Because the market price of the security sold short could increase without limit, the Fund could be subject to a theoretically unlimited loss. The risk of such price increases is the principal risk of engaging in short sales.

In addition, the Fund's investment performance may suffer if the Fund is required to close out a short position earlier than it had intended. This would occur if the securities lender required the Fund to deliver the securities the Fund borrowed and the Fund was unable to borrow the securities from another securities lender or otherwise obtain the security by other means. Moreover, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing and margin account maintenance costs associated with the Fund's open short positions. These expenses negatively impact the performance of the Fund. For example, when the Fund short sells an equity security that pays a dividend, it is obligated to pay the dividend on the security it has sold. Furthermore, the Fund may be required to pay a premium or interest to the lender of the security. The foregoing types of short sale expenses are sometimes referred to as the "negative cost of carry," and will tend to cause the Fund to lose money on a short sale even in instances where the price of the underlying security sold short does not change over the duration of the short sale.

**Fixed Income Market Risk —** The prices of the Fund's fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the value of the

Fund's fixed income securities will vary inversely with the direction of prevailing interest rates. Fixed income securities may have fixed-, variable- or floating-rates. There is a risk that the current interest rate on floating and variable rate instruments may not accurately reflect existing market interest rates. Also, longer-term securities are generally more sensitive to changes in the level of interest rates, so the average maturity or duration of these securities affects risk. Changes in government policy, including the Federal Reserve's decisions with respect to raising interest rates or terminating certain programs such as quantitative easing, could increase the risk that interest rates will continue to rise. Rising interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Fund. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. 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. As a result of these market conditions, the Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

**Bank Loans Risk —** Bank loans are arranged through private negotiations between a company and one or more financial institutions (lenders). Investments in bank loans are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. This means bank loans are subject to greater credit risks than other investments, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. Bank loans made in connection with highly leveraged transactions, including operating loans, leveraged buyout loans, leveraged capitalization loans and other types of acquisition financing, are subject to greater credit risks than other types of bank loans. In addition, it may be difficult to obtain reliable information about and value any bank loan.

The Fund may invest in bank loans in the form of participations in the loans (participations) and assignments of all or a portion of the loans from third parties (assignments). In connection with purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the

borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, the Fund will acquire direct rights against the borrower on the loan. The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations.

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**High Yield Bond Risk —** High yield, or "junk," bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

**Corporate Fixed Income Securities Risk —** Corporate fixed income securities are fixed income securities issued by public and private businesses. Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. In addition, due to lack of uniformly available information about issuers or differences in the issuers' sensitivity to changing economic conditions, it may be difficult to measure the credit risk of corporate securities.

**Mortgage-Backed and Asset-Backed Securities Risk —** Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, the Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Portfolio Turnover Risk —** The Fund is subject to portfolio turnover risk since it may buy and sell investments frequently. Such a strategy often involves higher expenses, including brokerage commissions, and may increase the amount of capital gains (in particular, short term gains) realized by the Fund. Shareholders may pay tax on such capital gains.

**Repurchase and Reverse Repurchase Agreements Risk —** When entering into a repurchase agreement, the Fund essentially makes a short-term loan to a qualified bank or broker-dealer. The Fund buys securities that the seller has agreed to buy back at a specified time and at a set price that includes interest. There is a risk that the seller will be unable to buy back the securities at the time required and the Fund could experience delays in

recovering amounts owed to it. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences to the Fund. Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale by the Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, and (iii) the market value of the securities sold will decline below the price at which the Fund is required to repurchase them. In addition, the use of reverse repurchase agreements may be regarded as leveraging.

**Securities Lending Risk —** Engaging in securities lending could increase the Fund's market and credit risk. The Fund may lose money if it does not recover borrowed securities, the value of the collateral falls, or the value of investments made with cash collateral declines. If the value of either the cash collateral or the Fund's investments of the cash collateral falls below the amount owed to a borrower, the Fund also may incur losses that exceed the amount it earned on lending the security. These events could also trigger adverse tax consequences to the Fund. Securities lending also involves the risks of delay in receiving additional collateral or possible loss of rights in the collateral if the borrower fails. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to the Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price.

**Information about Portfolio Holdings** 

A description of the Fund's policies and procedures with respect to the circumstances under which the Fund discloses its portfolio holdings is available in the SAI. In addition, the Fund discloses its top 10 portfolio holdings within five days after the end of each month, and its complete portfolio holdings within thirty days after the end of each month, on the internet at www.pinebridge.com. The Adviser may exclude any portion of the Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. The portfolio holdings information placed on the Fund's website generally will remain there until such information is included in a filing with the SEC.

**Investment Adviser** 

PineBridge Investments LLC (the "Adviser" or "PineBridge"), a Delaware limited liability company, serves as the investment adviser to the Fund. The Adviser is located at Park Avenue Tower, 65 East 55th Street, New York, New York 10022. Effective December 30, 2025, PineBridge is wholly owned by MetLife, Inc., operating within its institutional asset management business, MetLife Investment Management ("MIM").

The Adviser makes investment decisions for the Fund and continuously reviews, supervises and administers the Fund's investment program. The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services to the Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of the average daily net assets of the Fund.

The Adviser has contractually agreed to waive its fees and/or to reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, shareholder servicing fees, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, "excluded expenses")) from exceeding 0.75% of the average daily net assets of the Fund's Institutional Shares and Investor Servicing Shares until April 30, 2027. The Adviser may receive from the Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2027.

For the fiscal year ended October 31, 2025, the Fund paid 0.27% of its average daily net assets (after fee reductions) in advisory fees to the Adviser.

A discussion regarding the basis for the Board's approval of the Fund's investment advisory agreement is available in the Fund's reports filed on Form N-CSR for the fiscal year ended October 31, 2025.

**Portfolio Managers**

The Fund is managed by a team of investment professionals each of whom is jointly and primarily responsible for the day to day management of the Fund.

Michael J. Kelly, CFA, is Managing Director and the Global Head of Multi-Asset at the Adviser. Mr. Kelly joined the Adviser in 1999 and is responsible for asset allocation and manager selection. This includes expanding the capabilities for institutional pension fund advisory and retail oriented asset allocation vehicles throughout the Adviser with respect to the approaches to both asset allocation and manager selection. The Global Multi-Asset Team manages lifestyle and asset allocation strategies, and has developed and manages principal protected strategies and global tactical asset allocation. The team has provided strategic advice for corporate, trade group, and government pension plans and has differentiated approaches to Liability Driven Investment and Total Retirement Outsourcing. Mr. Kelly serves as a rotating member of the Executive Committee, is a member of the Senior Management Committee, and chairs the Adviser's Proxy Committee. Prior to joining the Adviser, he spent 15 years with JP Morgan Investment Management in various research and portfolio management roles. Prior to JP Morgan, Mr. Kelly spent several years in research at the economic consulting firm, Townsend-Greenspan & Co. His investment experience began in 1980. Mr. Kelly received an MBA from the Wharton Graduate School of Business and is a CFA charterholder.

Peter Hu, CFA, FRM, is Managing Director for Multi-Asset Products at the Adviser. Mr. Hu joined the Adviser in 2006 as an Analyst within the Quantitative Portfolio Management Group and moved to the Global Multi-Asset Team in 2009. Mr. Hu is the Portfolio Manager of the Multi-Asset Strategy and is also responsible for developing investment and risk management tools for products managed by the Global Multi-Asset Team. Mr. Hu also co-chairs the Global Derivatives Committee, which seeks to ensure adequate risk management associated with derivatives investments in the Adviser. Prior to joining the Adviser, Mr. Hu worked as a Derivative Pricing Analyst at International Funds Services where he was responsible for the derivative pricing process and developed pricing tools for various derivative instruments. Mr. Hu received a Masters of Engineering in Financial Engineering from Cornell University and a

Masters of Operations Research and Bachelor of Technology in Industrial Mathematics from the University of Auckland, New Zealand. Mr. Hu is a CFA charterholder and a Certified FRM holder.

Sunny Ng, CFA, is Managing Director and Portfolio Manager for Multi-Asset Products at the Adviser. Prior to joining the Adviser in 2016, Mr. Ng was a Managing Director and Head of Asia ex Japan Portfolio Strategists at State Street Global Advisors ("SSGA"), where he was responsible for leading the regional team representing SSGA investment views and strategies to clients across Asia. Prior to joining SSGA in 2013, Mr. Ng was Research Director for Morningstar Asia, where he was responsible for overseeing and building out the firm's funds research platform in Hong Kong, Singapore, and Taiwan. Prior to that, Mr. Ng held positions at AllianceBernstein and Pavilion Advisory Group, where he founded the quantitative strategies group. Mr. Ng holds a Bachelor of Commerce and Masters in Business Administration from Concordia University in Montreal. He also is a CFA charterholder.

Paul Mazzacano, MBA, is Managing Director for Multi-Asset Products at the Adviser. Mr. Mazzacano joined the Adviser in 2001 as a Product Manager in the Global Product Management and Development team. He assumed the role of Head of Product Management in 2006, and then in 2007 Head of Investment Manager Research. He is responsible for the global coordination of the Adviser's manager selection and monitoring activities. Mr. Mazzacano's prior experience includes seven years at Diversified Investment Advisors, where he was responsible for selecting and monitoring sub-advisory relationships with institutional investment management firms. Before that, he gained investment experience at Oppenheimer & Company. Mr. Mazzacano received a BS in Mathematics with Applied Options from Fordham University and an MBA from Hagan School of Business, Iona College. He holds Series 7 and Series 63 Securities licenses.

Austin Strube, CFA, FRM, is Senior Vice President and Portfolio Manager for the Global Multi-Asset Team at the Adviser. Mr. Strube joined the Adviser in 2013 and is responsible for daily monitoring and analytics on client portfolios, as well as assisting portfolio implementation and reporting efforts. Prior to his current role, he was an Analyst on PineBridge's investment performance team after joining the firm in 2012. Mr. Strube holds a Bachelor of Science in business administration with a concentration in finance and minors in economics and accounting from Fordham University. He also is a CFA charterholder and is a certified FRM.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**Purchasing and Selling Fund Shares**

This section tells you how to purchase and sell (sometimes called "redeem") Investor Servicing Shares and Institutional Shares of the Fund.

For information regarding the federal income tax consequences of transactions in shares of the Fund, including information about cost basis reporting, see "Taxes."

***How to Choose a Share Class***

The Fund offers two classes of shares to investors, Investor Servicing Shares and Institutional Shares. Each share class has its own investment minimums, cost structure and other features. The following summarizes the primary features of Investor Servicing Shares and Institutional Shares. Contact your financial intermediary or the Fund for more information about the Fund's share classes and how to choose between them.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class Name** | **Investment Minimums** | **Shareholder <br> Servicing Fees** |
| &nbsp;&nbsp; Investor Servicing Shares | Initial - $100,000 <br> Subsequent – None  | 0.15% Shareholder <br> Servicing Fee |
| &nbsp;&nbsp; Institutional Shares | Initial - $1,000,000 <br> Subsequent – None | No Shareholder <br> Servicing Fee |

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Investor Servicing Shares and Institutional Shares are offered to investors who purchase shares directly from the Fund or through certain financial intermediaries such as financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

The Fund reserves the right to accept investments of smaller amounts in its sole discretion.

***How to Purchase Fund Shares*** 

To purchase shares directly from the Fund through its transfer agent, complete and send in the application. If you need an application or have questions, please call 877-225-4164.

If you purchase shares directly from the Fund, you will receive a confirmation of each transaction and monthly statements detailing Fund balances and all transactions completed during the prior month. Automatic reinvestments of distributions and systematic investments and withdrawals may be confirmed only by monthly statement. You should verify the accuracy of all transactions in your account as soon as you receive your confirmations and monthly statements.

All investments must be made by check, wire or Automated Clearing House ("ACH"). All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Fund does not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks.

The Fund reserves the right to reject any specific purchase order for any reason. The Fund is not intended for short-term trading by shareholders in response to short-term market fluctuations. For more information about the Fund's policy on short-term trading, see "Excessive Trading Policies and Procedures."

The Fund does not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Fund subject to the satisfaction of enhanced due diligence. Please contact the Fund for more information.

***By Mail***

You can open an account with the Fund by sending a check and your account application to the address below. You can add to an existing account by sending the Fund a check and, if possible, the "Invest by Mail" stub that accompanies your transaction confirmation. Be sure your check identifies clearly your name, your account number and the Fund name. Make your check payable to "PineBridge Dynamic Asset Allocation Fund."

**Regular Mail Address** 

PineBridge Dynamic Asset Allocation Fund

P.O. Box 588

Portland, ME 04112

**Express Mail Address** 

PineBridge Dynamic Asset Allocation Fund

c/o Atlantic Shareholder Services, LLC

Three Canal Plaza, Ground Floor

Portland, ME, 04101

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Fund's transfer agent. The share price used to fill the purchase order is the next price calculated by the Fund after the Fund's transfer agent receives and accepts the order in good order at its office, not at the P.O. Box provided for regular mail delivery.

***By Wire*** 

To open an account by wire, call 877-225-4164 for details. To add to an existing account by wire, wire your money using the wiring instructions set forth below (be sure to include the Fund name and your account number). The share price used to fill the purchase order is the next price calculated by the Fund after the Fund's transfer agent receives and accepts the wire in good order.

**Wiring Instructions** 

UMB Bank NA

Kansas City, MO

ABA # 101000695

**For Credit To:** 

Atlantic Shareholder Services FBO The Advisors' Inner Circle Fund III

Acct # 9872572734

PineBridge Dynamic Asset Allocation Fund

(Your Account Number with the Fund)

***By Systematic Investment Plan (via ACH) (Investor Servicing Shares Only)***

You may not open an account via ACH. However, once you have established a direct account with the Fund, you can set up an automatic investment plan via ACH by mailing a completed application to the Fund. These purchases can be made monthly, quarterly, semi-annually or annually in amounts of at least $1,000. To cancel or change a plan, write to the Fund at: PineBridge Dynamic Asset Allocation Fund, P.O. Box 588, Portland, ME 04112 (Express Mail Address: PineBridge Dynamic Asset Allocation Fund, c/o Atlantic Shareholder Services, LLC, Three Canal Plaza, Ground Floor, Portland ME 04101). Please allow up to 15 days to create the plan and 3 days to cancel or change it.

***Purchases In-Kind*** 

Subject to the approval of the Fund, an investor may purchase shares of the Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in

accordance with the valuation procedures used by the Fund. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for the Fund. Assets purchased by the Fund in such transactions will be valued in accordance with the valuation procedures used by the Fund. The Fund reserves the right to amend or terminate this practice at any time.

***Minimum Purchases*** 

You can open an account with the Fund with a minimum initial investment of $100,000 for Investor Servicing Shares or $1,000,000 for Institutional Shares. There is no minimum for subsequent investments. The Fund may accept investments of smaller amounts in its sole discretion.

***Fund Codes*** 

The Fund's reference information, which is listed below, will be helpful to you when you contact the Fund to purchase shares, check daily NAV, or obtain additional information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Ticker <br> Symbol** | **CUSIP** | **Fund Code** |
| &nbsp;&nbsp; **PineBridge Dynamic Asset Allocation Fund** | Investor Servicing Shares | PDAVX | 00771X567 | 263-602 |
|  | Institutional Shares | PDAIX | 00771X575 | 263-601 |

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***General Information***

You may purchase shares on any day that the NYSE is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed.

The Fund's price per share will be the NAV per share next determined after the Fund or an authorized institution (defined below) receives and accepts your purchase order in good order. "Good order" means that the Fund was provided with a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH.

The Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, the Fund or an authorized institution must receive and accept your purchase order in good order before the close of

normal trading on the NYSE. If your purchase order is not received and accepted in good order before the close of normal trading on the NYSE, you will receive the NAV calculated on the subsequent Business Day on which your order is received and accepted in good order. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Fund reserves the right to calculate NAV as of the earlier closing time. The Fund will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of the Fund's assets may change on days when you are unable to purchase or redeem shares.

***Buying or Selling Shares through a Financial Intermediary***

In addition to being able to buy and sell Fund shares directly from the Fund through its transfer agent, you may also buy or sell shares of the Fund through accounts with financial intermediaries, such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from the Fund), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Fund prior to the time the Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Fund on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Fund after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Fund with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at the Fund's NAV next computed after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary

is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of the Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Fund. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly.

***How the Fund Calculates NAV***

The NAV of a class of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class.

In calculating NAV, the Fund generally values its investment portfolio at market price. If market prices are not readily available or they are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, securities are valued at fair value. The Board has designated the Adviser as the Fund's valuation designee to make all fair value determinations with respect to the Fund's portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations. The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. The respective prospectuses for the open-end investment companies in which the Fund invests explain the circumstances in which those investment companies will use fair value pricing and the effect of fair value pricing.

There may be limited circumstances in which the Fund would price securities at fair value for stocks of U.S. companies that are traded on U.S. exchanges – for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Fund calculated its NAV.

With respect to non-U.S. securities held by the Fund, the Adviser may take factors influencing specific markets or issuers into consideration in determining the fair value of a non-U.S. security. Foreign securities markets may be open on days when the U.S. markets are closed. In such cases, the value of any foreign securities owned by the Fund may be significantly affected on days when investors cannot buy or sell shares. In addition, due to the difference in times between the close of the foreign markets and the time as of which the Fund prices its shares, the value the Adviser assigns to securities may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices, the Adviser may consider the performance of securities on their primary exchanges, foreign currency appreciation/depreciation, securities market movements in the United States, or other relevant information related to the securities.

When valuing fixed-income securities with remaining maturities of more than 60 days, the Fund uses the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security, securities expected to trade in a similar manner or a pricing matrix. When valuing fixed-income securities with remaining maturities of 60 days or less, the Fund may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed-income securities are forms of fair value pricing.

Redeemable securities issued by open-end investment companies are valued at the investment company's applicable NAV.

Other assets for which market quotations are not readily available will be valued at their fair value as determined in good faith by the Adviser, subject to Board oversight.

***How to Sell Your Fund Shares*** 

If you own your shares directly, you may sell your shares on any Business Day by contacting the Fund directly by mail or telephone at 877-225-4164.

If you own your shares through an account with a broker or other institution, contact that broker or institution to sell your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Fund.

If you would like to have your redemption proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Fund in writing.

To protect you and the Fund against fraud, signatures on certain requests must have a Medallion Signature Guarantee. A Medallion Signature Guarantee verifies the authenticity of your signature. You may obtain a Medallion Signature Guarantee from most banking institutions or securities brokers but not from a notary public. Written instructions signed by all registered shareholders with a Medallion Signature Guarantee for each shareholder are required for any of the following:

● written requests to redeem $100,000 or more;

● changes to a shareholder's record name or account registration;

● paying redemption proceeds from an account for which the address has changed within the last 30 days;

● sending redemption and distribution proceeds to any person, address or financial institution account not on record;

● sending redemption and distribution proceeds to an account with a different registration (name or ownership) from your account; and

● adding or changing ACH or wire instructions, the telephone redemption option or any other election in connection with your account.

The transfer agent reserves the right to require Medallion Signature Guarantees on all redemptions.

Accounts held by a corporation, trust, fiduciary or partnership, may require additional documentation along with a signature guaranteed letter of instruction. The Fund participates in the Paperless Legal Program (the "Program"), which eliminates the need for accompanying paper documentation on legal securities transfers. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation. Please contact Shareholder Services at 877-225-4164 for more information.

The sale price of each share will be the NAV next determined after the Fund (or an authorized institution) receives and accepts your request in good order.

***By Mail***

To redeem shares by mail, please send a letter to the Fund signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) and must designate any special capacity in which they are registered.

**Regular Mail Address** 

PineBridge Dynamic Asset Allocation Fund

P.O. Box 588

Portland, ME 04112

**Express Mail Address** 

PineBridge Dynamic Asset Allocation Fund

c/o Atlantic Shareholder Services, LLC

Three Canal Plaza, Ground Floor

Portland, ME, 04101

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Fund's transfer agent. The share price used to fill the sell order is the next price calculated by the Fund after the Fund's transfer agent receives and accepts the order in good order at its office, not at the P.O. Box provided for regular mail delivery.

***By Telephone*** 

To redeem shares by telephone, you must first establish the telephone redemption privilege (and, if desired, the wire and/or ACH redemption privilege) by completing the appropriate sections of the account application. Call 877-225-4164 to redeem your shares. Based on your instructions, the Fund will mail your proceeds to you, or send them to your bank via wire or ACH.

***By Systematic Withdrawal Plan (via ACH) (Investor Servicing Shares Only)***

If you have a direct account with the Fund and your account balance is at least $100,000, you may transfer as little as $1,000 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Fund.

***Receiving Your Money*** 

Normally, the Fund will send your sale proceeds within one Business Day after it receives your redemption request. The Fund, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account (may be subject to a $10 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions with the Fund. **If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 15 days from your date of purchase).**

The Fund typically expects to sell portfolio assets and/or hold cash or cash equivalents to meet redemption requests. On a less regular basis, the Fund may also meet redemption requests using short-term borrowings from its custodian and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

***Redemptions In-Kind***

The Fund generally pays sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of the Fund's remaining shareholders, the Fund might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in-kind). It is highly unlikely that your shares would ever be redeemed in-kind, but if they were, you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in-kind until they are sold.

***Involuntary Redemptions of Your Shares*** 

If your account balance drops below $75,000 for Investor Servicing Shares or $500,000 for Institutional Shares, you may be required to sell your shares. The Fund generally will provide you at least 30 days' written notice to give you time to add to your account and avoid the involuntary redemption of your shares. The Fund reserves the right to waive the minimum account value requirement in its sole discretion.

***Suspension of Your Right to Sell Your Shares*** 

The Fund may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

***Telephone Transactions***

Purchasing and selling Fund shares over the telephone is extremely convenient, but not without risk. Although the Fund has certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Fund is not responsible for any losses or costs incurred by following telephone instructions it reasonably believes to be genuine. If you or your financial institution transact with the Fund over the telephone, you will generally bear the risk of any loss.

**Payments to Financial Intermediaries** 

The Fund and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Fund and/or its shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, its service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information, please see "Payments to Financial Intermediaries" in the SAI.

***Shareholder Servicing Plan***

The Fund has adopted a shareholder servicing plan that provides that the Fund may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of the Fund's Investor Servicing Shares. The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

***Payments by the Adviser***

From time to time, the Adviser 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 Fund. 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, and may be in addition to any payments made to financial intermediaries by the Fund. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (e.g., individual or group annuity) programs. In addition, financial intermediaries may receive payments for making shares of the Fund available to their customers or registered representatives, including providing the Fund with "shelf space," placing it on a preferred or recommended fund list, or promoting the Fund in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of the Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Fund, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies** 

***Excessive Trading Policies and Procedures***

The Fund is intended for long-term investment purposes only and discourages shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of the Fund may present risks to the Fund's long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of the Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Fund to maintain higher cash balances to meet redemption requests, and experiencing increased transaction costs.

In addition, because the Fund may invest in foreign securities traded primarily on markets that close prior to the time the Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by the Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of the Fund's shares if the prices of the Fund's foreign securities do not reflect their fair value. Although the Adviser has procedures designed to determine the fair value of foreign securities for purposes of calculating the Fund's NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

The Fund's service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Fund's policies and procedures described in this prospectus and approved by the Board. For purposes of applying these policies, the Fund's service providers may consider the trading history of accounts under common ownership or control. The Fund's policies and procedures include:

● Shareholders are restricted from making more than four "round trips," into or out of the Fund within any one-year period. The Fund defines a "round trip" as a purchase into the Fund by a shareholder,

followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund.

● The Fund reserves the right to reject any purchase request by any investor or group of investors for any reason without prior notice, including, in particular, if the Fund or the Adviser reasonably believes that the trading activity would be harmful or disruptive to the Fund.

The Fund and/or its service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Fund's long-term shareholders. The Fund does not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Fund will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Fund for their customers through which transactions are placed. The Fund has entered into "information sharing agreements" with these financial intermediaries, which permit the Fund to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Fund. If the Fund or its service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Fund, the Fund or its service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Fund or its service providers determine that the trading activity of any customer may be detrimental to the Fund, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Fund by that customer. If the Fund is not satisfied that the intermediary has taken appropriate action, the Fund may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Fund's shares is requested by the Fund and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Fund has an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Fund, to restrict or prohibit the indirect intermediary from purchasing shares of the Fund on behalf of other persons.

The Fund and its service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Fund. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Fund to identify or prevent all such trading by a financial intermediary's customers. Please contact your financial intermediary for more information.

***Customer Identification and Verification***

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: when you open an account, the Fund will ask your name, address, date of birth, and other information that will allow the Fund to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Fund is required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Fund is required to collect documents to fulfill its legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker or financial intermediary. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Fund, your application will be rejected.

Subject to the Fund's right to reject purchases as described in this prospectus, upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV per share.

The Fund reserves the right to close or liquidate your account at the NAV next-determined and remit proceeds to you via check if it is unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Fund. Further, the Fund reserves the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

***Anti-Money Laundering Program***

Customer identification and verification is part of the Fund's overall obligation to deter money laundering under federal law. The Fund has adopted an anti-money laundering compliance program designed to prevent the Fund from being used for money laundering or the financing of illegal activities. In this regard, the Fund reserves the right to: (i) refuse, cancel or rescind any purchase order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Fund or in cases when the Fund is requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Fund is required to withhold such proceeds.

***Unclaimed Property***

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (e.g., no owner-initiated contact for a certain period), returned mail (e.g., when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Fund (if shares are held directly with the Fund) or to the shareholder's financial intermediary (if shares are not held directly with the Fund).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 877-225-4164.

**Dividends and Distributions** 

Generally, the Fund distributes its net investment income, and makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on the Fund's record date, you will be entitled to receive the distribution.

You will receive dividends and distributions in the form of additional Fund shares unless you elect to receive payment in cash. To elect cash payment, you must notify the Fund in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Fund receives your written notice. To cancel your election, simply send the Fund written notice.

**Taxes** 

**Please consult your tax advisor regarding your specific questions about federal, state and local taxes.** Below is a summary of certain important U.S. federal income tax issues that affect the Fund and its shareholders. This summary is based on current tax laws, which may change. This summary does not apply to shares held in an IRA or other tax-qualified plans, which are not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future.

The Fund has elected and intends to qualify each year for treatment as a regulated investment company ("RIC"). If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

The Fund intends to distribute substantially all of its net investment income and net realized capital gains, if any. The dividends and distributions you receive may be subject to federal, state, and local taxation, depending upon your tax situation. Distributions you receive from the Fund may be taxable whether received in cash or you reinvest them in additional shares of the Fund. Income distributions, including distributions of short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Long-term capital gains distributions and distributions that are reported by the Fund as qualified dividend income are generally taxable at the rates applicable to long-term capital gains and currently set at a maximum tax rate for individuals of 20% (lower rates apply to individuals in lower tax brackets). Qualified

dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in U.S. possessions or in certain foreign countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradeable on an established securities market in the United States). Once a year the Fund (or its administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year. The Fund's investment strategies may limit its ability to make distributions eligible for the reduced tax rates for qualified dividend income.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the 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 the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. Assuming a shareholder holds the Fund's shares as capital assets, the gain or loss on the sale of Fund shares generally will be treated as a short-term capital gain or loss if you held the shares for 12 months or less or as long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be

treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to the Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale of shares of the Fund).

The Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Fund is also required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund shares, the Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Fund will use the average cost basis method as the default cost basis method. The cost basis method elected by the Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

To the extent the 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 the Fund consist of foreign securities, the Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. The 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.

The Fund may invest in U.S. REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which the Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, the 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, the 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.

Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses and, in limited cases, subject the Fund to U.S. federal income tax on income from certain of its foreign securities.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Fund.

**More information about taxes is included in the SAI.**

**Additional Information** 

The Trust enters into contractual arrangements with various parties, including, among others, the Fund's investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Fund. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This prospectus and the SAI provide information concerning the Trust and the Fund that you should consider in determining whether to purchase shares of the Fund. The Fund may make changes to this information from time to time. Neither this prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Fund and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights** 

The tables that follow present performance information about the Fund. This information is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Some of this information reflects financial information for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions).

The information for the fiscal year ended October 31, 2025 has been audited by Cohen & Company, Ltd., the independent registered public accounting firm for the Fund. The information for the prior periods was audited by Ernst & Young LLP, the Fund's prior independent registered public accounting firm, whose reports reflected unqualified audit opinions. The financial statements and the unqualified opinion of Cohen & Company, Ltd. are included in the Fund's Form N-CSR filing for the fiscal year ending October 31, 2025 and are available upon request by calling the Fund at 877-225-4164.

**PineBridge Dynamic Asset Allocation Fund — Institutional Shares** 

*Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended <br> October 31, <br> 2025** | **Year <br> Ended <br> October 31, <br> 2024** | **Year <br> Ended <br> October 31, <br> 2023** | | **Year<br> Ended <br> October 31, <br> 2022** | **Year<br> Ended <br> October 31, <br> 2021** |
|  Net Asset Value, Beginning of Year  | $11.57 | $10.36 | $9.93 |  | $13.56 | $11.08 |
|  Income (Loss) from Investment Operations: |  |  |  |  |  |  |
|  Net Investment Income\*  | 0.23 | 0.20 | 0.26 |  | 0.14 | 0.12 |
|  Net Realized and Unrealized Gain (Loss)  | 1.58 | 1.34 | 0.17 |  | (3.07) | 2.52 |
| &nbsp;&nbsp;&nbsp; Total from Investment Operations  | 1.81 | 1.54 | 0.43 |  | (2.93) | 2.64 |
|  Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.29) | (0.33) | (0.00) |)^ | (0.04) | (0.16) |
| &nbsp;&nbsp;&nbsp; Net Realized Gains  |  |  |  |  | (0.66) |  |
| &nbsp;&nbsp;&nbsp; Total Dividends and Distributions  | (0.29) | (0.33) | 0.00 |  | (0.70) | (0.16) |
|  Net Asset Value, End of Year  | $13.09 | $11.57 | $10.36 |  | $9.93 | $13.56 |
|  Total Return<sup>†</sup>  | 15.99% | 14.96% | 4.34 | % | (22.75)% | 23.94% |
|  **Ratios and Supplemental Data** |  |  |  |  |  |  |
|  Net Assets, End of Year (Thousands)  | $126859 | $116588 | $105556 |  | $388514 | $225285 |
|  Ratio of Expenses to Average Net Assets<sup>(1)</sup>  | 0.75% | 0.75% | 0.75 | % | 0.75% | 0.75% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)<sup>(1)</sup>  | 1.23% | 1.14% | 0.98 | % | 0.99% | 1.05% |
|  Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup>  | 1.88% | 1.74% | 2.45 | % | 1.26% | 0.95% |
|  Portfolio Turnover Rate  | 133% | 132% | 105 | % | 145% | 130% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

\* Per share data calculated using average shares method.

---

| | |
|:---|:---|
| ^  | Value is less than $0.005 per share.  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  |

---

<sup>(1)</sup> The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(2)</sup> Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying fund in which the fund invest.

**PineBridge Dynamic Asset Allocation Fund — Investor Servicing Shares** 

*Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year<br> Ended <br> October 31, <br> 2025** | **Year<br> Ended <br> October 31, <br> 2024** | **Year<br> Ended <br> October 31, <br> 2023** | **Year<br> Ended <br> October 31, <br> 2022** | **Year<br> Ended <br> October 31, <br> 2021** |
|  Net Asset Value, Beginning of Year  | $11.56 | $10.34 | $9.93 | $13.55 | $11.07 |
|  Income (Loss) from Investment Operations: |  |  |  |  |  |
|  Net Investment Income\*  | 0.21 | 0.18 | 0.25 | 0.12 | 0.12 |
|  Net Realized and Unrealized Gain (Loss)  | 1.58 | 1.34 | 0.16 | (3.06) | 2.51 |
| &nbsp;&nbsp;&nbsp; Total from Investment Operations  | 1.79 | 1.52 | 0.41 | (2.94) | 2.63 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net Investment Income  | (0.27) | (0.30) |  | (0.02) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net Realized Gains  |  |  |  | (0.66) |  |
| &nbsp;&nbsp;&nbsp; Total Dividends and Distributions  | (0.27) | (0.30) | 0.00 | (0.68) | (0.15) |
|  Net Asset Value, End of Year  | $13.08 | $11.56 | $10.34 | $9.93 | $13.55 |
|  Total Return<sup>†</sup>  | 15.81% | 14.86% | 4.13% | (22.83)% | 23.85% |
|  **Ratios and Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (Thousands)  | $2869 | $3089 | $3546 | $4983 | $6742 |
|  Ratio of Expenses to Average Net Assets<sup>(1)</sup>  | 0.90% | 0.90% | 0.90% | 0.90% | 0.81% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)<sup>(1)</sup>  | 1.38% | 1.31% | 1.13% | 1.14% | 1.11% |
|  Ratio of Net Investment Income to Average Net Assets<sup>(2)</sup>  | 1.73% | 1.58% | 2.30% | 1.04% | 0.94% |
|  Portfolio Turnover Rate  | 133% | 132% | 105% | 145% | 130% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

\* Per share data calculated using average shares method.

---

| | |
|:---|:---|
| <sup>†</sup> | Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  |

---

<sup>(1)</sup> The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.

<sup>(2)</sup> Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying fund in which the fund invest.

The Advisors' Inner Circle Fund III

**PineBridge Dynamic Asset Allocation Fund** 

**Investment Adviser** 

PineBridge Investments LLC

Park Avenue Tower

65 East 55th Street

New York, New York 10022

**Distributor** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Legal Counsel** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

***More information about the Fund is available, without charge, through the following:*** 

**Statement of Additional Information ("SAI"):** The SAI, dated March 1, 2026, as it may be amended from time to time, includes detailed information about the PineBridge Dynamic Asset Allocation Fund and The Advisors' Inner Circle Fund III. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this prospectus. This means that the SAI, for legal purposes, is a part of this prospectus.

**Annual and Semi-Annual Reports:** Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

**To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:**

---

| | |
|:---|:---|
| ***By Telephone:*** | 877-225-4164  |

---

---

| | |
|:---|:---|
| ***By Mail:*** | PineBridge Dynamic Asset Allocation Fund <br> P.O. Box 588<br> Portland, Maine 04112  |

---

---

| | |
|:---|:---|
| ***By Internet**:* | www.pinebridge.com  |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports, as well as other information about The Advisors' Inner Circle Fund III, from the EDGAR Database on the SEC's website at: http://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

*The Trust's Investment Company Act registration number is 811-22920.* 

PBI-PS-001-1200

**STATEMENT OF ADDITIONAL INFORMATION**

**PINEBRIDGE DYNAMIC ASSET ALLOCATION FUND**

**Investor Servicing Shares: PDAVX**

**Institutional Shares: PDAIX**

**a series of**

**THE ADVISORS' INNER CIRCLE FUND III**

**March 1, 2026**

**Investment Adviser:**

**PINEBRIDGE INVESTMENTS LLC**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of The Advisors' Inner Circle Fund III (the "Trust") and the PineBridge Dynamic Asset Allocation Fund (the "Fund"). This SAI is incorporated by reference into and should be read in conjunction with the Fund's prospectus dated March 1, 2026, as it may be amended from time to time (the "Prospectus"). Capitalized terms not defined herein are defined in the Prospectus. The Fund's audited financial statements dated October 31, 2025, including notes thereto and the report of the Fund's independent registered public accounting firm thereon, are included in the most recent [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1593547/000139834426000345/fp0096599-1_ncsrixbrl.htm) for the Fund, and are incorporated by reference into this SAI. Shareholders may obtain copies of the Prospectus, the Fund's annual or semi-annual report, and other information such as the Fund's financial statements, free of charge by writing to the Fund at PineBridge Dynamic Asset Allocation Fund, P.O. Box 588, Portland, ME 04112 (Express Mail Address: PineBridge Dynamic Asset Allocation Fund, c/o Atlantic Shareholder Services, LLC, Three Canal Plaza, Ground Floor, Portland, ME 04101) or calling the Fund at 877-225-4164.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [THE TRUST](#PineSAI_001) | [S-1](#PineSAI_001) |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#PineSAI_002) | [S-2](#PineSAI_002) |
| [INVESTMENT LIMITATIONS](#PineSAI_003) | [S-44](#PineSAI_003) |
| [THE ADVISER](#PineSAI_004) | [S-46](#PineSAI_004) |
| [THE PORTFOLIO MANAGERS](#PineSAI_005) | [S-47](#PineSAI_005) |
| [THE ADMINISTRATOR](#PineSAI_006) | [S-48](#PineSAI_006) |
| [THE DISTRIBUTOR](#PineSAI_007) | [S-49](#PineSAI_007) |
| [PAYMENTS TO FINANCIAL INTERMEDIARIES](#PineSAI_008) | [S-49](#PineSAI_008) |
| [THE TRANSFER AGENT](#PineSAI_009) | [S-50](#PineSAI_009) |
| [THE CUSTODIAN](#PineSAI_010) | [S-50](#PineSAI_010) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#PineSAI_011) | [S-50](#PineSAI_011) |
| [LEGAL COUNSEL](#PineSAI_012) | [S-51](#PineSAI_012) |
| [SECURITIES LENDING](#PineSAI_013) | [S-51](#PineSAI_013) |
| [FINANCIAL INDUSTRY RELATIONSHIPS](#a_001) | [S-51](#a_001) |
| [TRUSTEES AND OFFICERS OF THE TRUST](#PineSAI_014) | [S-51](#PineSAI_014) |
| [PURCHASING AND REDEEMING SHARES](#PineSAI_015) | [S-61](#PineSAI_015) |
| [DETERMINATION OF NET ASSET VALUE](#PineSAI_016) | [S-62](#PineSAI_016) |
| [TAXES](#PineSAI_017) | [S-64](#PineSAI_017) |
| [FUND TRANSACTIONS](#PineSAI_018) | [S-73](#PineSAI_018) |
| [PORTFOLIO HOLDINGS](#PineSAI_020) | [S-76](#PineSAI_020) |
| [DESCRIPTION OF SHARES](#PineSAI_021) | [S-77](#PineSAI_021) |
| [LIMITATION OF TRUSTEES' LIABILITY](#PineSAI_022) | [S-77](#PineSAI_022) |
| [PROXY VOTING](#PineSAI_023) | [S-78](#PineSAI_023) |
| [CODES OF ETHICS](#PineSAI_024) | [S-78](#PineSAI_024) |
| [PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS](#PineSAI_025) | [S-79](#PineSAI_025) |
| [APPENDIX A – DESCRIPTION OF RATINGS](#PineSAI_026) | [A-1](#PineSAI_025) |
| [APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES](#PineSAI_027) | [B-1](#PineSAI_026) |

---

March 1, 2026 PBI-SX-001-1200

**THE TRUST**

**General.** The Fund is a separate series of the Trust. The Trust is an open-end investment management company established under Delaware law as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013, as amended September 10, 2020 (the "Declaration of Trust"). The Declaration of Trust permits the Trust to offer separate series ("funds") of shares of beneficial interest ("shares"). The Trust reserves the right to create and issue shares of additional funds. Each fund is a separate mutual fund or exchange traded fund ("ETF"), and each share of each fund represents an equal proportionate interest in that fund. All consideration received by the Trust for shares of any fund, and all assets of such fund, belong solely to that fund and would be subject to any liabilities related thereto. Each fund of the Trust pays its (i) operating expenses, including fees of its service providers, expenses of preparing prospectuses, proxy solicitation material and reports to shareholders, costs of custodial services and registering its shares under federal and state securities laws, pricing and insurance expenses, brokerage costs, interest charges, taxes and organization expenses and (ii) pro rata share of the fund's other expenses, including audit and legal expenses. Expenses attributable to a specific fund shall be payable solely out of the assets of that fund. Expenses not attributable to a specific fund are allocated across all of the funds on the basis of relative net assets. The other funds of the Trust are described in one or more separate statements of additional information.

**Description of Multiple Classes of Shares.** The Trust is authorized to offer shares of the Fund in Investor Servicing Shares and Institutional Shares. The different classes provide for variations in shareholder servicing fees and minimum investment requirements. Minimum investment requirements and investor eligibility are described in the Prospectus. For more information on shareholder servicing expenses, see the section titled "Payments to Financial Intermediaries" in this SAI. The Trust reserves the right to create and issue additional classes of shares.

**Voting Rights.** Each shareholder of record is entitled to one vote for each share held on the record date for the meeting. The Fund will vote separately on matters relating solely to it. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of members of the Board of Trustees of the Trust (each, a "Trustee" and collectively, the "Trustees" or the "Board") under certain circumstances. Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Any series of the Trust may reorganize or merge with one or more other series of the Trust or of another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote of a majority of the Trustees then in office and, to the extent permitted by applicable law and the Declaration of Trust, without the approval of shareholders of any series.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The Fund's investment objective and principal investment strategies are described in the Prospectus. The Fund is diversified, as that term is defined under the Investment Company Act of 1940, as amended (the "1940 Act"). This means that with respect to 75% of its total assets, the Fund may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities, or securities of other investment companies) if, as a result, more than 5% of the Fund's total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the Fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If the Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser might determine that it is in the best interests of the Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser makes such a determination, the Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of the Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

The following information supplements, and should be read in conjunction with, the Prospectus. The following are descriptions of the permitted investments and investment practices of the Fund and the associated risk factors. The Fund may invest in any of the following instruments or engage in any of the following investment practices unless such investment or activity is inconsistent with or is not permitted by the Fund's stated investment policies, including those stated below.

**American Depositary Receipts ("ADRs").** ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts are securities that evidence ownership interests in a security or a pool of securities that have been deposited with a "depository" and may be sponsored or unsponsored. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

For ADRs, the depository is typically a U.S. financial institution and the underlying securities are issued by a foreign issuer. For other depositary receipts, the depository may be a foreign or a U.S. entity, and the underlying securities may have a foreign or a U.S. issuer. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities. Generally, ADRs are issued in registered form, denominated in U.S. dollars, and designed for use in the U.S. securities markets. Other depositary receipts, such as GDRs and EDRs, may be issued in bearer form and denominated in other currencies, and are generally designed for use in securities markets outside the U.S. While the two types of depositary receipt facilities (unsponsored or sponsored) are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer; typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders of unsponsored depositary receipts generally bear all of the costs of the facility. The depository usually charges fees upon deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts agree to distribute notices of shareholders meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the underlying issuer's request. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities.

For purposes of the Fund's investment policies, investments in depositary receipts will be deemed to be investments in the underlying securities. Thus, a depositary receipt representing ownership of common stock will be treated as common stock. Depositary receipts do not eliminate all of the risks associated with directly investing in the securities of foreign issuers.

Investments in the securities of foreign issuers may subject the Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Equity Securities.** Equity securities represent ownership interests in a company or partnership and consist of common stocks, preferred stocks, warrants and rights to acquire common stock, securities convertible into common stock, and investments in master limited partnerships ("MLPs"). Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the net asset value ("NAV") of the Fund to fluctuate. The Fund may purchase equity securities traded on global securities exchanges or the over-the-counter market. Equity securities are described in more detail below:

• **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event an
 issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those
 who own common stock.

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

• **Alternative Entity Securities.** Alternative entity securities are the securities of entities that are
 formed as limited partnerships, limited liability companies, business trusts or other non-corporate entities that are similar to common
 or preferred stock of corporations.

• **Exchange-Traded Funds.** An ETF is a fund whose shares are bought and sold on a securities exchange as
 if it were a single security. An ETF holds a portfolio of securities designed to track a particular market segment or index. Some examples
 of ETFs are SPDRs<sup>®</sup>, DIAMONDS<sup>SM</sup>, NASDAQ 100 Index Tracking Stock<sup>SM</sup> ("QQQs<sup>SM</sup>"),
 and iShares<sup>®</sup>. The Fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or foreign market while
 awaiting an opportunity to purchase securities directly. Similarly, the Fund may establish a short position in an ETF to gain inverse
 exposure to a portion of the U.S. or foreign markets. The risks of owning an ETF generally reflect the risks of owning the securities
 in which the ETF invests, although lack of liquidity in an ETF could result in it being more volatile than the underlying holdings and
 ETFs have management fees that increase their costs versus the costs of owning the underlying holdings directly. See also "Securities
 of Other Investment Companies" below.

• **Rights and Warrants.** A right is a privilege granted to existing shareholders of a corporation to subscribe
 to shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely
 transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities
 that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount
 of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally
 have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than
 the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

• **Convertible Securities.** Convertible securities are bonds, debentures, notes, preferred stocks or other
 securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or
 securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by
 the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible
 security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into
 the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

**General Risks of Investing in Stocks.** While investing in stocks allows investors to participate in the benefits of owning a company, such investors must accept the risks of ownership. Unlike bondholders, who have preference to a company's earnings and cash flow, preferred stockholders, followed by common stockholders in order of priority, are entitled only to the residual amount after a company meets its other obligations. For this reason, the value of a company's stock will usually react more strongly to actual or perceived changes in the company's financial condition or prospects than its debt obligations. Stockholders of a company that fares poorly can lose money.

Stock markets tend to move in cycles with short or extended periods of rising and falling stock prices. The value of a company's stock may fall because of:

• Factors that directly relate to that company, such as decisions made by its management or lower demand for
 the company's products or services;

• Factors affecting an entire industry, such as increases in production costs; and

• Changes in general financial market conditions that are relatively unrelated to the company or its industry,
 such as changes in interest rates, currency exchange rates or inflation rates.

Because preferred stock is generally junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics.

**Real Estate Investment Trusts ("REITs").** A U.S. REIT is a corporation or business trust (that would otherwise be taxed as a corporation) which meets the definitional requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Code permits a qualifying REIT to deduct from taxable income the dividends paid, thereby effectively eliminating corporate level federal income tax. To meet the definitional requirements of the Code, a REIT must, among other things: invest substantially all of its assets in interests in real estate (including mortgages and other REITs), cash and government securities; derive most of its income from rents from real property or interest on loans secured by mortgages on real property; and distribute annually 90% or more of its otherwise taxable income to shareholders. Although the REIT structure originated in the U.S., a number of countries around the world have adopted, or are considering adopting, similar REIT and REIT-like structures.

REITs are sometimes informally characterized as Equity REITs and Mortgage REITs. An Equity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings; a Mortgage REIT invests primarily in mortgages on real property, which may secure construction, development or long-term loans.

REITs in which the Fund invests may be affected by changes in underlying real estate values, which may have an exaggerated effect to the extent that REITs in which the Fund invests may concentrate investments in particular geographic regions or property types. Additionally, rising interest rates may cause investors in REITs to demand a higher annual yield from future distributions, which may in turn decrease market prices for equity securities issued by REITs. Rising interest rates also generally increase the costs of obtaining financing, which could cause the value of the Fund's investments to decline. During periods of declining interest rates, certain Mortgage REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may diminish the yield on securities issued by such Mortgage REITs. In addition, Mortgage REITs may be affected by the ability of borrowers to repay when due the debt extended by the REIT and Equity REITs may be affected by the ability of tenants to pay rent.

Certain REITs have relatively small market capitalization, which may tend to increase the volatility of the market price of securities issued by such REITs. Furthermore, REITs are dependent upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in operating and financing a limited number of projects. By investing in REITs indirectly through the Fund, a shareholder will bear not only his proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders.

In addition to these risks, Equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while Mortgage REITs may be affected by the quality of any credit extended. Further, Equity and Mortgage REITs are dependent upon management skills and generally may not be diversified. Equity and Mortgage REITs are also subject to heavy cash flow dependency defaults by borrowers and self-liquidation. In addition, Equity and Mortgage REITs could possibly fail to qualify for tax free pass-through of income under the Code or to maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Micro, Small and Medium Capitalization Issuers.** Investing in equity securities of micro, small and medium capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of micro and smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange may not be traded in volumes typical for that exchange. Consequently, the securities of micro and smaller companies are less likely to be liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general.

**Initial Public Offerings ("IPOs").** The Fund may invest a portion of its assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on a fund with a small asset base. The Fund may hold IPO shares for a very short period of time, which may increase the turnover of the Fund's portfolio and may lead to increased expenses for the Fund, such as commissions and transaction costs. By selling IPO shares, the Fund may realize taxable gains it will subsequently distribute to shareholders. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders.

The Fund's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which presents risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. They may be more dependent on key managers and third parties and may have limited product lines.

**Master Limited Partnerships.** MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Code. These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. To the extent that an MLP's interests are concentrated in a particular industry or sector, such as the energy sector, the MLP will be negatively impacted by economic events adversely impacting that industry or sector. MLPs that are formed as limited partnerships generally have two classes of owners, the general partner and limited partners, while MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members.

The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder's investment in the general partner interest. General partner interests are not publicly traded and generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**Foreign Securities.** Foreign securities include equity securities of foreign entities, obligations of foreign branches of U.S. banks and of foreign banks, including, without limitation, European Certificates of Deposit, European Time Deposits, European Bankers' Acceptances, Canadian Time Deposits, Europaper and Yankee Certificates of Deposit, and investments in Canadian Commercial Paper and foreign securities. These instruments have investment risks that differ in some respects from those related to investments in obligations of U.S. domestic issuers. Such risks include future adverse political and economic developments, the possible imposition of withholding taxes on interest or other income, possible seizure, nationalization, or expropriation of foreign deposits, the possible establishment of exchange controls or taxation at the source, greater fluctuations in value due to changes in exchange rates, or the adoption of other foreign governmental restrictions which might adversely affect the payment of principal and interest on such obligations. Such investments may also entail higher custodial fees and sales commissions than domestic investments. Foreign issuers of securities or obligations are often subject to accounting treatment and engage in business practices different from those respecting domestic issuers of similar securities or obligations. Foreign branches of U.S. banks and foreign banks may be subject to less stringent reserve requirements than those applicable to domestic branches of U.S. banks.

**Emerging Markets.** An "emerging market country" is generally a country that the International Bank for Reconstruction and Development ("World Bank") and the International Finance Corporation would consider to be an emerging or developing country. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products ("GNP") than more developed countries.

**Sovereign Debt Obligations.** Sovereign debt obligations are issued or guaranteed by foreign governments or their agencies. Sovereign debt may be in the form of conventional securities or other types of debt instruments such as loans or loan participations. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and pay interest when due, and may require renegotiation or reschedule of debt payments. In addition, prospects for repayment of principal and payment of interest may depend on political as well as economic factors. Although some sovereign debt, such as Brady Bonds, is collateralized by U.S. government securities, repayment of principal and payment of interest is not guaranteed by the U.S. government.

**Foreign Agency Debt Obligations.** The Fund may invest in uncollateralized bonds issued by agencies, subdivisions or instrumentalities of foreign governments. Bonds issued by these foreign government agencies, subdivisions or instrumentalities are generally backed only by the creditworthiness and reputation of the entities issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A foreign agency's operations and financial condition are influenced by the foreign government's economic and other policies. Changes to the financial condition or credit rating of a foreign government may cause the value of debt issued by that particular foreign government's agencies, subdivisions or instrumentalities to decline. During periods of economic uncertainty, the trading of foreign agency bonds may be less liquid while market prices may be more volatile than prices of other bonds. Additional risks associated with foreign agency investing include differences in accounting, auditing and financial reporting standards; adverse changes in investment or exchange control regulations; political instability; and potential restrictions on the flow of international capital.

**Obligations of Supranational Entities.** Supranational entities are entities established through the joint participation of several governments, and include the Asian Development Bank, World Bank, African Development Bank, European Economic Community, European Investment Bank and the Nordic Investment Bank. The governmental members, or "stockholders," usually make initial capital contributions to the supranational entity and, in many cases, are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

**Investment Funds.** Some emerging countries currently prohibit direct foreign investment in the securities of their companies. Certain emerging countries, however, permit indirect foreign investment in the securities of companies listed and traded on their stock exchanges through investment funds that they have specifically authorized. Investments in these investment funds are subject to the provisions of the 1940 Act. If the Fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses (including operating expenses and the fees of the Adviser), but also will indirectly bear similar expenses of the underlying investment funds. In addition, these investment funds may trade at a premium over their NAV.

**Risks of Foreign Securities:**

Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations may involve significant risks in addition to the risks inherent in U.S. investments.

**Political and Economic Factors.** Local political, economic, regulatory, or social instability, military action or unrest, or adverse diplomatic developments may affect the value of foreign investments. Listed below are some of the more important political and economic factors that could negatively affect an investment in foreign securities:

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of foreign countries may differ from the economy of the United States in such areas as growth
 of GNP, rate of inflation, capital reinvestment, resource self-sufficiency, budget deficits and national debt;

&nbsp;&nbsp;&nbsp;&nbsp;• Foreign governments sometimes participate to a significant degree, through ownership interests or regulation,
 in their respective economies. Actions by these governments could significantly influence the market prices of securities and payment
 of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of many foreign countries are dependent on international trade and their trading partners and
 they could be severely affected if their trading partners were to enact protective trade barriers and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• The internal policies of a particular foreign country may be less stable than in the United States. Other
 countries face significant external political risks, such as possible claims of sovereignty by other countries or tense and sometimes
 hostile border clashes;

&nbsp;&nbsp;&nbsp;&nbsp;• A foreign government may act adversely to the interests of U.S. investors, including expropriation or nationalization
 of assets, confiscatory taxation and other restrictions on U.S. investment. A country may restrict or control foreign investments in its
 securities markets. These restrictions could limit the Fund's ability to invest in a particular country or make it very expensive
 for the Fund to invest in that country. Some countries require prior governmental approval or limit the types or amount of securities
 or companies in which a foreigner can invest. Other countries may restrict the ability of foreign investors to repatriate their investment
 income and capital gains; and

&nbsp;&nbsp;&nbsp;&nbsp;• Periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result
 in the Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result
 of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur
 losses.

Given the increasing interdependence among global economies and markets, conditions in one country, region or market might adversely affect financial conditions or issuers in other countries, regions or markets. For example, on January 31, 2020, the United Kingdom (the "UK") formally withdrew from the European Union (the "EU") (commonly referred to as "Brexit"). Following a transition period, the UK and the EU signed a post-Brexit trade agreement governing their future economic relationship on December 30, 2020. This agreement became effective on a provisional basis on January 1, 2021 and formally entered into force on May 1, 2021. While the full impact of Brexit is unknown, Brexit has already resulted in volatility in European and global markets. The effects of Brexit on the UK and EU economies and the broader global economy could be significant, resulting in negative impacts, such as business and trade disruptions, increased volatility and illiquidity, and potentially lower economic growth of markets in the UK, EU and globally, which could negatively impact the value of the Fund's investments. Brexit could also lead to legal uncertainty and politically divergent national laws and regulations while the new relationship between the UK and EU is further defined and the UK determines which EU laws to replace or replicate. Additionally, depreciation of the British pound sterling and/or the euro in relation to the U.S. dollar following Brexit could adversely affect Fund investments denominated in the British pound sterling and/or the euro, regardless of the performance of the investment.

In addition, on February 24, 2022, Russian military forces invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia, Ukraine, Europe, NATO, and the West. Following Russia's actions, various countries, including the U.S., Canada, the UK, Germany, and France, as well as the EU, issued broad-ranging economic sanctions against Russia. The sanctions consist of the prohibition of trading in certain Russian securities and engaging in certain private transactions, the prohibition of doing business with certain Russian corporate entities, large financial institutions, officials and oligarchs, and the freezing of Russian assets. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could have a significant adverse impact on the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund, even if the Fund does not have direct exposure to securities of Russian issuers.

Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets.

Similarly, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant market disruptions and volatility. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure to affected issuers.

**Information and Supervision.** There is generally less publicly available information about foreign companies than companies based in the United States. For example, there are often no reports and ratings published about foreign companies comparable to the ones written about U.S. companies. Foreign companies are typically not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The lack of comparable information makes investment decisions concerning foreign companies more difficult and less reliable than those concerning domestic companies.

**Stock Exchange and Market Risk.** The Adviser anticipates that in most cases an exchange or over-the-counter market located outside of the United States will be the best available market for foreign securities. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as the markets in the United States. Foreign stock markets tend to differ from those in the United States in a number of ways.

Foreign stock markets:

&nbsp;&nbsp;&nbsp;&nbsp;• are generally more volatile than, and not as developed or efficient as, those in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• have substantially less volume;

&nbsp;&nbsp;&nbsp;&nbsp;• trade securities that tend to be less liquid and experience rapid and erratic price movements;

&nbsp;&nbsp;&nbsp;&nbsp;• have generally higher commissions and are subject to set minimum rates, as opposed to negotiated rates;

&nbsp;&nbsp;&nbsp;&nbsp;• employ trading, settlement and custodial practices less developed than those in U.S. markets; and

&nbsp;&nbsp;&nbsp;&nbsp;• may have different settlement practices, which may cause delays and increase the potential for failed settlements.

Foreign markets may offer less protection to shareholders than U.S. markets because:

&nbsp;&nbsp;&nbsp;&nbsp;• foreign accounting, auditing, and financial reporting requirements may render a foreign corporate balance
 sheet more difficult to understand and interpret than one subject to U.S. law and standards;

&nbsp;&nbsp;&nbsp;&nbsp;• adequate public information on foreign issuers may not be available, and it may be difficult to secure dividends
 and information regarding corporate actions on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;• in general, there is less overall governmental supervision and regulation of securities exchanges, brokers,
 and listed companies than in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• over-the-counter markets tend to be less regulated than stock exchange markets and, in certain countries,
 may be totally unregulated;

&nbsp;&nbsp;&nbsp;&nbsp;• economic or political concerns may influence regulatory enforcement and may make it difficult for shareholders
 to enforce their legal rights; and

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on transferring securities within the United States or to U.S. persons may make a particular
 security less liquid than foreign securities of the same class that are not subject to such restrictions.

**Foreign Currency Risk.** While the Fund denominates its NAV in U.S. dollars, the securities of foreign companies are frequently denominated in foreign currencies. Thus, a change in the value of a foreign currency against the U.S. dollar will result in a corresponding change in value of securities denominated in that currency. Some of the factors that may impair the investments denominated in a foreign currency are:

&nbsp;&nbsp;&nbsp;&nbsp;• It may be expensive to convert foreign currencies into U.S. dollars and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;• Complex political and economic factors may significantly affect the values of various currencies, including
 the U.S. dollar, and their exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;• Government intervention may increase risks involved in purchasing or selling foreign currency options, forward
 contracts and futures contracts, since exchange rates may not be free to fluctuate in response to other market forces;

&nbsp;&nbsp;&nbsp;&nbsp;• There may be no systematic reporting of last sale information for foreign currencies or regulatory requirement
 that quotations available through dealers or other market sources be firm or revised on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;• Available quotation information is generally representative of very large round-lot transactions in the inter-bank
 market and thus may not reflect exchange rates for smaller odd-lot transactions (less than $1 million) where rates may be less favorable;
 and

&nbsp;&nbsp;&nbsp;&nbsp;• The inter-bank market in foreign currencies is a global, around-the-clock market. To the extent that a market
 is closed while the markets for the underlying currencies remain open, certain markets may not always reflect significant price and rate
 movements.

**Taxes.** Certain foreign governments levy withholding taxes on dividend and interest income. Although in some countries it is possible for the Fund to recover a portion of these taxes, the portion that cannot be recovered will reduce the income the Fund receives from its investments.

**Emerging Markets.** Investing in emerging markets may magnify the risks of foreign investing. Security prices in emerging markets can be significantly more volatile than those in more developed markets, reflecting the greater uncertainties of investing in less established markets and economies. In particular, countries with emerging markets may:

&nbsp;&nbsp;&nbsp;&nbsp;• Have relatively unstable governments;

&nbsp;&nbsp;&nbsp;&nbsp;• Present greater risks of nationalization of businesses, restrictions on foreign ownership and prohibitions
 on the repatriation of assets;

&nbsp;&nbsp;&nbsp;&nbsp;• Offer less protection of property rights than more developed countries; and

&nbsp;&nbsp;&nbsp;&nbsp;• Have economies that are based on only a few industries, may be highly vulnerable to changes in local or global
 trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times.

**Investments in China.** The People's Republic of 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. In addition, periodically there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order (the "November 2020 Executive Order") prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Communist Chinese military companies" or in instruments that are derivative of, or are designed to provide investment exposure to, those companies. In addition, on August 9, 2023, the President of the United States signed an Executive Order (the "August 2023 Executive Order" and, together with the November 2020 Executive Order, the "Executive Orders") directing the U.S. Department of the Treasury (the "Treasury") to promulgate regulations requiring notification of, or restricting, investments in China in certain categories of national security technologies, including semiconductors and microelectronics, quantum information, and certain artificial intelligence technologies. On October 28, 2024, the Treasury released a final rule implementing the China-focused outbound investment program introduced by the August 2023 Executive Order.

The universe of securities affected by the Executive Orders and any related rules 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 otherwise believes is attractive, the Fund may incur losses. Certain securities that are or become designated as prohibited securities may have less liquidity as a result of such designation and the market price of such prohibited securities may decline, potentially causing losses to the Fund. In addition, the market for securities of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

**<u>Investments in the China Interbank Bond Market</u>** – The Fund may invest in the China Interbank Bond Market (the "CIBM") through the Bond Connect program (the "Bond Connect") subject to any applicable regulatory limits. Bond Connect is a bond trading and settlement linked program developed by the People's Bank of China ("PBOC"), the Hong Kong Monetary Authority ("HKMA"), China Foreign Exchange Trade System & National Interbank Funding Centre ("CFETS"), China Central Depository & Clearing Co., Ltd. ("CCDC"), Shanghai Clearing House ("SHCH"), Hong Kong Exchanges and Clearing Limited ("HKEx") and Central Moneymarkets Unit ("CMU"), with the aim of achieving mutual bond market access between China and Hong Kong. For the time being, this program allows eligible Hong Kong and overseas investors to invest in the bonds traded in the CIBM through the northbound trading of Bond Connect (the "Northbound Trade Link") only.

Starting July 3, 2017, eligible Hong Kong and overseas investors may use their own sources of Renminbi in the China offshore market ("CNH") or convert foreign currencies into the Renminbi to invest in CIBM bonds under Bond Connect. The Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and Renminbi in respect of such investments. Currently, there is no investment quota for the Northbound Trade Link.

By seeking to invest in the CIBM via Bond Connect, the Fund is subject to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;**•** **General Risk.** The relevant regulations are relatively untested and subject to change. There is no certainty
 as to how they will be applied, which could adversely affect the Fund. Bond Connect requires use of new information technology systems
 which may be subject to operational risk due to Bond Connect's cross-border nature. If the relevant systems fail to function properly,
 trading in the CIBM through Bond Connect could be disrupted.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Risk.** The Fund investing in the CIBM is subject to liquidity and volatility risks. Market volatility
 and potential lack of liquidity due to possible low trading volume of certain bonds in the CIBM may result in prices of certain bonds
 traded in the CIBM fluctuating significantly. The bid and offer spreads of the prices of such bonds may be large, and the Fund may therefore
 incur significant trading and realization costs and may even suffer losses when selling such investments.

To the extent that the Fund transacts in the CIBM, the Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Fund may default in its obligation to settle the transaction by failure to deliver relevant securities or to make payment.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Third Party Agent Risk.** Under the Northbound Trading Link, CFETS or other institutions recognized by
 PBOC (as the registration agents) shall apply for registration with PBOC for the eligible Hong Kong and overseas investors. In addition,
 CMU (as the offshore custody agent recognized by the HKMA) shall open a nominee account with CCDC/SHCH (as the onshore custody agent)
 as nominee holder of the CIBM bonds purchased by Hong Kong and overseas investors through Bond Connect.

As the relevant filings, registration with PBOC, and account opening have to be carried out by an onshore settlement agent, offshore custody agent, registration agent or other third parties (as the case may be), the Fund is subject to the risks of default or errors on the part of such third parties.

Operational Risk. Bond Connect provides a new channel for investors from Hong Kong and overseas to access the CIBM directly. It is premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant authorities.

The "connectivity" in Bond Connect requires routing of orders across the border. This requires the development of new information technology systems. There is no assurance that the systems of market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to function properly, trading in the CIBM through Bond Connect could be disrupted. The Fund's ability to access the CIBM (and hence to pursue its investment strategy) will be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Regulatory Risk.** The PBOC Bond Connect rules are departmental regulations having legal effect in China.
 However, the application of such rules is untested, and there is no assurance that Chinese courts will recognize such rules.

Bond Connect is novel in nature and is subject to regulations promulgated by regulatory authorities and implementation rules made by the relevant authorities in China and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under Bond Connect.

The regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the current regulations are subject to change. There can be no assurance that Bond Connect will not be abolished. The Fund which may invest in the CIBM through Bond Connect may be adversely affected as a result of such changes.

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Legal/Beneficial Ownership Risk.** Where CIBM bonds are held in custody on a cross-border basis there
 are specific legal and beneficial ownership risks linked to the compulsory requirements of CMU and CCDC/SHCH. CIBM bonds will be held
 by CMU as a nominee holder of the bonds purchased by foreign investors through Bond Connect. The PBOC has made it clear that the ultimate
 investors are the beneficial owners of the relevant bonds and shall exercise their rights against the bond issuer through CMU as the nominee
 holder. While the distinct concepts of nominee holder and beneficial owner are referred to under PBOC rules or regulations, as well as
 other laws and regulations in China, the application of such rules is untested, and there is no assurance that Chinese courts will recognize
 such concepts. Therefore, although the Fund's ownership may be ultimately recognized, it may suffer difficulties or delays in enforcing
 its rights over CIMB bonds.

**<u>Shanghai-Hong Kong</u>**  **<u>China Stock Connect Risk</u>**

**Investments in China A-Shares.** The Fund may invest in equity securities of certain Chinese companies or exchange-traded fund ("ETF") in the People's Republic of China ("China") (such securities, collectively referred to as "China A-Shares") through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, "Stock Connect") subject to any applicable regulatory limits. Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between China and Hong Kong. This program allows foreign investors to trade certain SSE-listed or SZSE-listed China A-Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in Stock Connect will trade and settle SSE or SZSE securities in the offshore Renminbi ("CNH") only. The Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of China via Stock Connect the Fund is subject to the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;**•** **General Risks.** The relevant regulations are relatively untested and subject to change. There is no
 certainty as to how they will be applied, which could adversely affect the Fund. The program requires use of new information technology
 systems which may be subject to operational risk due to the program's cross-border nature. If the relevant systems fail to function
 properly, trading in both Hong Kong and Chinese markets through the program could be disrupted.

Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the Chinese market but Stock Connect is not trading. As a result, the Fund may be subject to the risk of price fluctuations in China A-Shares when the Fund cannot carry out any China A-Shares trading.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Shareholding Restrictions.** The trading, acquisition, disposal
 and holding of securities under Stock Connect are subject at all times to applicable law, which imposes purchasing and holding limits.
 These limitations and restrictions may have the effect of restricting an investor's ability to purchase, subscribe for or hold any
 China A-Shares or to take up any entitlements in respect of such shares, or requiring an investor to reduce its holding in any securities,
 whether generally or at a particular point of time, and whether by way of forced sale or otherwise. As such, investors may incur loss
 arising from such limitations, restrictions and/or forced sale.

&nbsp;&nbsp;&nbsp;&nbsp;• **Clearing and Settlement Risk.** HKSCC and ChinaClear have established the
 clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary
 trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants and
 on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing
 house.

In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. Regardless, the process of recovery could be delayed and the Fund may not fully recover its losses or its Stock Connect securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Legal/Beneficial Ownership.** Where securities are held in custody on a
 cross-border basis there are specific legal and beneficial ownership risks linked to the compulsory requirements of the local central
 securities depositaries, HKSCC and ChinaClear.

As in other emerging markets, the legislative framework is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. In addition, HKSCC, as nominee holder, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, the courts may consider that any nominee or custodian as registered holder of Stock Connect securities would have full ownership thereof, and that those Stock Connect securities would form part of the pool of assets of such entity available for distribution to creditors of such entities and/or that a beneficial owner may have no rights whatsoever in respect thereof. Consequently, neither the Fund nor its custodian can ensure that the Fund's ownership of these securities or title thereto is assured.

To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that the Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that the Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the event of the insolvency of HKSCC, the Fund may not have any proprietary interest in the China A-Shares traded through the Stock Connect program and may be an unsecured general creditor in respect of any claim the Fund may have in respect of them. Consequently, the value of the Fund's investment in China A-Shares and the amount of its income and gains could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• **Operational Risk.** The HKSCC provides clearing, settlement, nominee functions
 and other related services in respect of trades executed by Hong Kong market participants. Chinese regulations which include certain restrictions
 on selling and buying will apply to all market participants. In the case of a sale, pre-delivery of shares to the broker is required,
 increasing counterparty risk. As a result, the Fund may not be able to purchase and/or dispose of holdings of China A-Shares in a timely
 manner.

&nbsp;&nbsp;&nbsp;&nbsp;• **Day Trading Restrictions.** Day (turnaround) trading is not permitted through
 Stock Connect. Investors buying China A-Shares on day T can only sell the shares on and after day T+1 subject to any Stock Connect rules.

&nbsp;&nbsp;&nbsp;&nbsp;• **Quota Limitations.** The Stock Connect program is subject to daily quota
 limitations which may restrict the Fund's ability to invest in China A-Shares through the program on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;• **Investor Compensation.** The Fund will not benefit from the China Securities
 Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors
 in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy,
 and administrative takeover by the China Securities Regulatory Commission). Since the Fund is carrying out trading of China A-Shares through
 securities brokers in Hong Kong, but not mainland China brokers, therefore, it is not protected by the China Securities Investor Protection
 Fund.

That said, if the Fund suffers losses due to default matters of its securities brokers in Hong Kong in relation to the investment of China A-Shares through the Stock Connect program, it would be compensated by Hong Kong's Investor Compensation Fund.

**Tax within China.** Uncertainties in Chinese tax rules governing taxation of income and gains from investments in Chinese securities could result in unexpected tax liabilities for the Fund. The Fund's investments in securities, including A-Shares, issued by Chinese companies may cause the Fund to become subject to withholding and other taxes imposed by China.

If the Fund were considered to be a tax resident of China, it would be subject to Chinese corporate income tax at the rate of 25% on its worldwide taxable income. If the Fund were considered to be a non-resident enterprise with a "permanent establishment" in China, it would be subject to Chinese corporate income tax of 25% on the profits attributable to the permanent establishment. The Adviser intends to operate the Fund in a manner that will prevent it from being treated as a tax resident of China and from having a permanent establishment in China. It is possible, however, that China could disagree with that conclusion, or that changes in Chinese tax law could affect the Chinese corporate income tax status of the Fund.

China generally imposes withholding income tax at a rate of 10% on dividends, premiums, interest and capital gains originating in China and paid to a company that is not a resident of China for tax purposes and that has no permanent establishment in China. The withholding is in general made by the relevant Chinese tax resident company making such payments. In the event the relevant Chinese tax resident company fails to withhold the relevant Chinese withholding income tax or otherwise fails to pay the relevant withholding income tax to Chinese tax authorities, the competent tax authorities may, at their sole discretion, impose tax obligations on the Fund.

The Ministry of Finance of China, the State Administration of Taxation of China and the China Securities Regulatory Commission issued Caishui [2014] No. 81 on October 31, 2014 ("Notice 81") and Caishui [2016] No. 127 on November 5, 2016 ("Notice 127"), both of which state that the capital gain from disposal of China A-Shares by foreign investors enterprises via Stock Connect will be temporarily exempt from withholding income tax. Notice 81 and Notice 127 also state that the dividends derived from A-Shares by foreign investors enterprises is subject to a 10% withholding income tax.

There is no indication of how long the temporary exemption will remain in effect and the Fund may be subject to such withholding income tax in the future. If, in the future, China begins applying tax rules regarding the taxation of income from investments through Stock Connect and/or begins collecting capital gains taxes on such investments, the Fund could be subject to withholding income tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The Chinese tax authorities may in the future issue further guidance in this regard and with potential retrospective effect. The negative impact of any such tax liability on the Fund's return could be substantial.

In light of the uncertainty as to how gains or income that may be derived from the Fund's investments in China will be taxed, the Fund reserves the right to provide for withholding tax on such gains or income and withhold tax for the account of the Fund. Withholding tax may already be withheld at a broker/custodian level.

Any tax provision, if made, will be reflected in the NAV of the Fund at the time the provision is used to satisfy tax liabilities. If the actual applicable tax levied by the Chinese tax authorities is greater than that provided for by the Fund so that there is a shortfall in the tax provision amount, the NAV of the Fund may suffer as the Fund will have to bear additional tax liabilities. In this case, then existing and new shareholders in the Fund will be disadvantaged. If the actual applicable tax levied by Chinese tax authorities is less than that provided for by the Fund so that there is an excess in the tax provision amount, shareholders who redeemed Fund shares before the Chinese tax authorities' ruling, decision or guidance may have been disadvantaged as they would have borne any loss from the Fund's overprovision. In this case, the then existing and new shareholders in the Fund may benefit if the difference between the tax provision and the actual taxation liability can be returned to the account of the Fund as assets thereof. Any excess in the tax provision amount shall be treated as property of the Fund, and shareholders who previously transferred or redeemed their Fund shares will not be entitled or have any right to claim any part of the amount representing the excess.

Stamp duty under the Chinese laws generally applies to the execution and receipt of taxable documents, which include contracts for the sale of A-Shares traded on Chinese stock exchanges. In the case of such contracts, the stamp duty is currently imposed on the seller but not on the purchaser, at the rate of 0.05%. The sale or other transfer by the Adviser of A-Shares will accordingly be subject to Chinese stamp duty, but the Fund will not be subject to Chinese stamp duty when it acquires A-Shares. The Fund will not be required to pay stamp duty arising from the transactions of SSE-listed and SZSE-listed ETFs for Northbound Trading Link under the Stock Connect.

The Fund may also potentially be subject to Chinese value added tax at the rate of 6% on capital gains derived from trading of A-Shares and interest income (if any). Existing guidance provides a temporary value added tax exemption for Hong Kong and overseas investors in respect of their gains derived from the trading of Chinese securities through Stock Connect. Because there is no indication how long the temporary exemption will remain in effect, the Fund may be subject to such value added tax in the future. In addition, urban maintenance and construction tax (currently at rates ranging from 1% to 7%), educational surcharge (currently at the rate of 3%) and local educational surcharge (currently at the rate of 2%) (collectively, the "surtaxes") are imposed based on value added tax liabilities, so if the Fund were liable for value added tax it would also be required to pay the applicable surtaxes.

The Ministry of Finance of China and the State Administration of Taxation of China issued Caishui No. 108 on November 7, 2018 ("Notice 108"), which states that foreign institutional investors will be temporarily exempt from the withholding income tax and value added tax on their gains derived from CIBM bond interest from November 7, 2018 to November 6, 2021. Such temporary exemption is extended through December 31, 2025 according to the Announcement on Continuation of Corporate Income Tax and Value-added Tax Policies for Overseas Institutions Investing in the Domestic Bond Market (Announcement [2021] No. 34), which was jointly made by the Ministry of Finance and the State Taxation Administration on November 22, 2021. However, this temporary measure has now expired, as no new regulation has been issued to further extend the exemption as of the date.

The Chinese rules for taxation are evolving, and certain of the tax regulations to be issued by the State Administration of Taxation of China and/or Ministry of Finance of China to clarify the subject matter may apply retrospectively, even if such rules are adverse to the Fund and its shareholders. The imposition of taxes, particularly on a retrospective basis, could have a material adverse effect on the Fund's returns. Before further guidance is issued and is well established in the administrative practice of the Chinese tax authorities, the practices of the Chinese tax authorities that collect Chinese taxes relevant to the Fund may differ from, or be applied in a manner inconsistent with, the practices with respect to the analogous investments described herein or any further guidance that may be issued. The value of the Fund's investment in China and the amount of its income and gains could be adversely affected by an increase in tax rates or change in the taxation basis.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on the Fund and its shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in the Fund.

The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as the Fund.

**Money Market Securities.** Money market securities include short-term U.S. government securities; custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; commercial paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization ("NRSRO"), such as S&P Global Ratings ("S&P") or Moody's Investor Services, Inc. ("Moody's") or Fitch Ratings ("Fitch"), or determined by the Adviser to be of comparable quality at the time of purchase; short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and repurchase agreements involving such securities. Each of these money market securities are described below. For a description of ratings, see "Appendix A – Description of Ratings" to this SAI.

**U.S. Government Securities.** The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency. Additionally, some obligations are issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, which are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. Guarantees of principal by U.S. government agencies or instrumentalities may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Fund's shares.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth through the end of 2012.

On August 17, 2012, the U.S. Treasury announced that it was again amending the Agreement to terminate the requirement that Fannie Mae and Freddie Mac each pay a 10 percent annual dividend. Instead, the companies will transfer to the U.S. Treasury on a quarterly basis all profits earned during a quarter that exceed a capital reserve amount. The capital reserve amount was $3 billion in 2013, and decreased by $600 million in each subsequent year through 2017. It is believed that this amendment put Fannie Mae and Freddie Mac in a better position to service their debt because it eliminated the need for the companies to have to borrow from the U.S. Treasury to make fixed dividend payments. As part of the new terms, Fannie Mae and Freddie Mac also will be required to reduce their investment portfolios over time. On December 21, 2017, the U.S. Treasury announced that it was again amending the Agreement to reinstate the $3 billion capital reserve amount. On September 30, 2019, the U.S. Treasury announced that it was further amending the Agreement, now permitting Fannie Mae and Freddie Mac to retain earnings beyond the $3 billion capital reserves previously allowed through the 2017 amendment.

Under a letter agreement entered into in January 2021, each company is permitted to retain earnings and raise private capital to enable them to meet the minimum capital requirements under the FHFA's Enterprise Regulatory Capital Framework ("ERCF"). The letter agreement also permits each company to develop a plan to exit conservatorship, but may not do so until all litigation involving the conservatorships is resolved and each company has the minimum capital required by FHFA's rules.

Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Agreement is intended to enhance each of Fannie Mae's and Freddie Mac's ability to meet its obligations. The FHFA has indicated that the conservatorship of each company will end when the director of FHFA determines that FHFA's plan to restore the company to a safe and solvent condition has been completed. Under amendments to the ERCF, Fannie Mae and Freddie Mac have published capital disclosures which provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for Freddie Mac and Fannie Mae. Should Fannie Mae and Freddie Mac be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Agreement. It is also unclear how the capital structure of Fannie Mae and Freddie Mac would be constructed post-conservatorship, and what effects, if any, the privatization of Fannie Mae and Freddie Mac will have on their creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires Fannie Mae and Freddie Mac, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements and prescribed buffer amounts. Accordingly, should the FHFA take Fannie Mae and Freddie Mac out of conservatorship, there could be an adverse impact on the value of their securities, which could cause the Fund's investments to lose value.

• **U.S. Treasury Obligations.** U.S. Treasury obligations consist of direct obligations of the U.S. Treasury,
 including Treasury bills, notes and bonds, and separately traded interest and principal component parts of such obligations, including
 those transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities
 ("STRIPS"). The STRIPS program lets investors hold and trade the individual interest and principal components of eligible
 Treasury notes and bonds as separate securities. Under the STRIPS program, the principal and interest components are separately issued
 by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts separately.

**Municipal Securities.** Municipal securities, including municipal bonds and municipal notes, consist of: (i) debt obligations issued by or on behalf of public authorities to obtain funds to be used for various public facilities, for refunding outstanding obligations, for general operating expenses and for lending such funds to other public institutions and facilities, and (ii) certain private activity and industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated facilities.

Municipal bonds are debt obligations issued to obtain funds for various public purposes. Municipal bonds include general obligation bonds, revenue or special obligation bonds, private activity and industrial development bonds, moral obligation bonds and participation interests in municipal bonds. General obligation bonds are backed by the taxing power of the issuing municipality. Revenue or special obligation bonds are backed by the revenues of a project or facility, such as tolls from a toll bridge. Private activity or industrial development bonds are issued by or on behalf of public authorities to raise money to finance various privately-owned or -operated facilities for business and manufacturing, housing, sports and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, parking or sewage or solid waste disposal facilities and certain other facilities. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility's user to meet its financial obligations and the pledge, if any, of real and personal property financed as security for such payment. Moral obligation bonds are normally issued by special purpose authorities. Moral obligation bonds are not backed by the full faith and credit of the issuing municipality, but are generally backed by the agreement of the issuing authority to request appropriations from the municipality's legislative body. Certificates of participation represent an interest in an underlying obligation or commitment, such as an obligation issued in connection with a leasing arrangement.

Municipal notes consist of general obligation notes, tax anticipation notes (notes sold to finance working capital needs of the issuer in anticipation of receiving taxes on a future date), revenue anticipation notes (notes sold to provide needed cash prior to receipt of expected non-tax revenues from a specific source), bond anticipation notes, tax and revenue anticipation notes, certificates of indebtedness, demand notes and construction loan notes. The maturities of the instruments at the time of issue will generally range from three months to one year.

**Commercial Paper.** Commercial paper is the term used to designate unsecured short-term promissory notes issued by corporations and other entities. Maturities on these issues vary from a few to 270 days.

**Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.** The Fund may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the securities held by the Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

• **Bankers' Acceptances *.*** Bankers' acceptances are bills of exchange or time drafts
 drawn on and accepted by a commercial bank. Corporations use bankers' acceptances to finance the shipment and storage of goods and
 to furnish dollar exchange. Maturities are generally six months or less.

• **Certificates of Deposit *.*** Certificates of deposit are interest-bearing instruments with a specific
 maturity. They are issued by banks and savings and loan institutions in exchange for the deposit of funds and normally can be traded in
 the secondary market prior to maturity. Certificates of deposit with penalties for early withdrawal will be considered illiquid.

**•** **Time Deposits.** Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit
 of funds. Like a certificate of deposit, it earns a specified rate of interest over a definite period of time; however, it cannot be traded
 in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid
 investments.

**•** **Unsecured Bank Promissory Notes.** Promissory notes are generally debt obligations of the issuing entity
 and are subject to the risks of investing in the banking industry.

**Investment Grade Fixed Income Securities.** Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by an NRSRO, or, if not rated, are determined to be of comparable quality by the Adviser. See "Appendix A – Description of Ratings" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Fixed income securities rated BBB- or Baa3 lack outstanding investment characteristics, and have speculative characteristics as well. Securities rated Baa3 by Moody's or BBB- by S&P or higher are considered by those rating agencies to be "investment grade" securities, although Moody's considers securities rated in the Baa category to have speculative characteristics. While issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and principal for debt in this category than debt in higher rated categories. In the event a security owned by the Fund is downgraded below investment grade, the Adviser will review the situation and take appropriate action with regard to the security, including the actions discussed below.

**Lower Rated Securities.** Lower-rated bonds or non-investment grade bonds are commonly referred to as "junk bonds" or high-yield/high-risk securities. Lower rated securities are defined as securities rated below the fourth highest rating category by an NRSRO. Such obligations are speculative and may be in default.

Fixed income securities are subject to the risk of an issuer's ability to meet principal and interest payments on the obligation (credit risk), and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (market risk). Lower rated or unrated (*i.e.*, high yield) securities are more likely to react to developments affecting market and credit risk than are more highly rated securities, which primarily react to movements in the general level of interest rates. Yields and market values of high yield securities will fluctuate over time, reflecting not only changing interest rates but the market's perception of credit quality and the outlook for economic growth. When economic conditions appear to be deteriorating, medium to lower rated securities may decline in value due to heightened concern over credit quality, regardless of prevailing interest rates. Investors should carefully consider the relative risks of investing in high yield securities and understand that such securities are not generally meant for short-term investing.

Adverse economic developments can disrupt the market for high yield securities, and severely affect the ability of issuers, especially highly leveraged issuers, to service their debt obligations or to repay their obligations upon maturity, which may lead to a higher incidence of default on such securities. In addition, the secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities. As a result, the Adviser 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 highly liquid. Furthermore, the Fund may experience difficulty in valuing certain securities at certain times. 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. Prices for high yield securities may also be affected by legislative and regulatory developments.

Lower rated or unrated fixed income obligations also present risks based on payment expectations. If an issuer calls the obligations for redemption, the Fund may have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the Fund experiences unexpected net redemptions, it may be forced to sell its higher rated securities, resulting in a decline in the overall credit quality of the Fund's investment portfolio and increasing the exposure of the Fund to the risks of high yield securities.

**Debt Securities.** Corporations and governments use debt securities to borrow money from investors. Most debt securities promise a variable or fixed rate of return and repayment of the amount borrowed at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest and are purchased at a discount from their face value.

**Types of Debt Securities:**

**Corporate Bonds.** Corporations issue bonds and notes to raise money for working capital or for capital expenditures such as plant construction, equipment purchases and expansion. In return for the money loaned to the corporation by investors, the corporation promises to pay investors interest, and repay the principal amount of the bond or note.

**Mortgage-Backed Securities.** Mortgage-backed securities are interests in pools of mortgage loans that various governmental, government-related and private organizations assemble as securities for sale to investors. Unlike most debt securities, which pay interest periodically and repay principal at maturity or on specified call dates, mortgage-backed securities make monthly payments that consist of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Since homeowners usually have the option of paying either part or all of the loan balance before maturity, the effective maturity of a mortgage-backed security is often shorter than is stated.

Governmental entities, private insurers and mortgage poolers may insure or guarantee the timely payment of interest and principal of these pools through various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The Adviser will consider such insurance and guarantees and the creditworthiness of the issuers thereof in determining whether a mortgage-related security meets its investment quality standards. It is possible that the private insurers or guarantors will not meet their obligations under the insurance policies or guarantee arrangements.

Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable.

**Risks of Mortgage-Backed Securities.** Yield characteristics of mortgage-backed securities differ from those of traditional debt securities in a variety of ways. The most significant differences of mortgage-backed securities are: 1) payments of interest and principal are more frequent (usually monthly) and 2) falling interest rates generally cause individual borrowers to pay off their mortgage earlier than expected, which results in prepayments of principal on the securities, thus forcing the Fund to reinvest the money at a lower interest rate. In addition to risks associated with changes in interest rates described in "Factors Affecting the Value of Debt Securities," a variety of economic, geographic, social and other factors, such as the sale of the underlying property, refinancing or foreclosure, can cause investors to repay the loans underlying a mortgage-backed security sooner than expected. When prepayment occurs, the Fund may have to reinvest its principal at a rate of interest that is lower than the rate on existing mortgage-backed securities.

**Other Asset-Backed Securities.** These securities are interests in pools of a broad range of assets other than mortgages, such as automobile loans, computer leases and credit card receivables. Like mortgage-backed securities, these securities are pass-through. In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations, but may still be subject to prepayment risk.

Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

The Fund may also invest in residual interests in asset-backed securities, which consist of the excess cash flow remaining after making required payments on the securities and paying related administrative expenses. The amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets.

**Collateralized Bond Obligations, Collateralized Loan Obligations and other Collateralized Debt Obligations.** The Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage related securities, trust preferred securities and emerging market debt. 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.

For CBOs, CLOs and other CDOs, 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 which 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, CLO trust or trust of another CDO typically have higher ratings and lower yields than their 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 the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid securities, however an active dealer market may exist for CBOs, CLOs and 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, CBOs, CLOs and 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 risk that Fund 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.

**Bank Loans.** Bank loans typically are arranged through private negotiations between a borrower and several financial institutions or a group of lenders which are represented by one or more lenders acting as agent. The agent is often a commercial bank that originates the loan and invites other parties to join the lending syndicate. The agent will be primarily responsible for negotiating the loan agreement and will have responsibility for the documentation and ongoing administration of the loan on behalf of the lenders after completion of the loan transaction. The Fund can invest in a bank loan either as a direct lender or through an assignment or participation.

When the Fund acts as a direct lender, it will have a direct contractual relationship with the borrower and may participate in structuring the loan, may enforce compliance by the borrower with the terms of the loan agreement and may have voting, consent and set-off rights under the loan agreement.

Loan assignments are investments in all or a portion of certain bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by the Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities interpositioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When the Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, the Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

Direct loans, assignments and loan participations may be considered liquid, as determined by the Adviser based on criteria approved by the Board.

The Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on the Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations. To the extent that extended settlement creates short-term liquidity needs, the Fund may satisfy these needs by holding additional cash or selling other investments (potentially at an inopportune time, which could result in losses to the Fund).

Bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

The Adviser may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the Adviser may (but is not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of the Fund and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Fund (and other clients of the Adviser) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, the Adviser's abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. The Adviser may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Adviser intentionally or unintentionally comes into possession of Confidential Information, it may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

**Repurchase Agreements.** The Fund may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which the Fund acquires a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Fund follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by the Fund may provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Fund, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, the Fund will seek to liquidate such collateral. However, the exercising of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. The Fund may also enter into "tri-party" repurchase agreements. In "tri-party" repurchase agreements, an unaffiliated third party custodian maintains accounts to hold collateral for the Fund and its counterparties and, therefore, the Fund may be subject to the credit risk of those custodians. The investments of the Fund in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**Securities of Other Investment Companies.** The Fund may invest in shares of other investment companies, to the extent permitted by applicable law, subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by the Fund. The Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses.

Generally, the federal securities laws limit the extent to which the Fund can invest in securities of other investment companies, subject to certain exceptions. For example, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined, including its ETF investments.

The Fund may rely on Section 12(d)(1)(F) of the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest all of its assets in other registered funds, including ETFs, if, among other conditions, the Fund, together with its affiliates, acquires no more than 3% of the outstanding voting stock of any acquired fund. The Fund may also rely on Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions specified in the Rule including, among other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g., hold more than 25% of the outstanding voting securities of an acquired fund that is a registered open-end management investment company). In addition, the Fund may be able to rely on certain other rules under the 1940 Act to invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but subject to certain conditions.

For hedging or other purposes, the Fund may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. (See "Exchange-Traded Funds" above). The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

The Fund may invest in investment companies that are not registered with the SEC or in privately placed securities of investment companies (which may or may not be registered), such as hedge funds and offshore funds. Unregistered funds are largely exempt from the regulatory requirements that apply to registered investment companies. As a result, unregistered funds may have a greater ability to make investments, or use investment techniques, that offer a higher potential investment return (for example, leveraging), but which may carry high risk. Unregistered funds, while not regulated by the SEC like registered funds, may be indirectly supervised by the financial institutions (e.g., commercial and investment banks) that may provide them with loans or other sources of capital. Investments in unregistered funds may be difficult to sell, which could cause the Fund to lose money when selling an interest in an unregistered fund. For example, many hedge funds require their investors to hold their investments for at least one year.

**<u>Derivatives</u>**

Derivatives are financial instruments whose value is based on an underlying asset (such as a stock or a bond), an underlying economic factor (such as an interest rate) or a market benchmark. Unless otherwise stated in the Prospectus, the Fund may use derivatives for a number of purposes including managing risk, gaining exposure to various markets in a cost-efficient manner, reducing transaction costs, remaining fully invested and speculating. The Fund may also invest in derivatives with the goal of protecting itself from broad fluctuations in market prices, interest rates or foreign currency exchange rates (a practice known as "hedging"). When hedging is successful, the Fund will have offset any depreciation in the value of its portfolio securities by the appreciation in the value of the derivative position. Although techniques other than the sale and purchase of derivatives could be used to control the exposure of the Fund to market fluctuations, the use of derivatives may be a more effective means of hedging this exposure. In the future, to the extent such use is consistent with the Fund's investment objective and is legally permissible, the Fund may use instruments and techniques that are not presently contemplated, but that may be subsequently developed.

There can be no assurance that a derivative strategy, if employed, will be successful. Because many derivatives have a leverage or borrowing component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself.

**Rule 18f-4 under the 1940 Act***.* Rule 18f-4 under the 1940 Act (the "Derivatives Rule") provides a comprehensive framework for the use of derivatives by registered investment companies. The Derivatives Rule permits a registered investment company, subject to various conditions described below, to enter into derivatives transactions 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 the Fund, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Registered investment companies that don't qualify as "limited derivatives users" as defined below, are required by the Derivatives Rule to, among other things, (i) adopt and implement a derivatives risk management program ("DRMP") and new testing requirements; (ii) comply with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR"); and (iii) comply with new requirements related to Board and SEC reporting. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board and periodically reviews the DRMP and reports to the Board.

The Derivatives Rule provides an exception from the DRMP, VaR limit and certain other requirements for a registered investment company that limits its "derivatives exposure" to no more than 10% of its net assets (as calculated in accordance with the Derivatives Rule) (a "limited derivatives user"), provided that the registered investment company establishes appropriate policies and procedures reasonably designed to manage derivatives risks, including the risk of exceeding the 10% "derivatives exposure" threshold.

The requirements of the Derivatives Rule may limit the Fund's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of the 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 the Fund's risk of loss. In particular, measurements of VaR rely on historical data and may not accurately measure the degree of risk reflected in the 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.

**CFTC Regulations.** Pursuant to rules adopted under the Commodity Exchange Act ("CEA") by the Commodity Futures Trading Commission ("CFTC"), the Fund must either operate within certain guidelines and restrictions with respect to the Fund's use of futures, options on such futures, commodity options and certain swaps, or the Adviser will be subject to registration with the CFTC as a "commodity pool operator" ("CPO").

Consistent with the CFTC's regulations, the Adviser, on behalf of the Fund, has filed a notice of exclusion from the definition of the term CPO under the CEA pursuant to CFTC Rule 4.5 with respect to the Fund's operation. Therefore, the Fund is not subject to regulation as a commodity pool under the CEA and the Adviser is not subject to registration or regulation as a CPO under the CEA with respect to the Fund. As a result, the Fund will be limited in its ability to use futures, options on such futures, commodity options and certain swaps. Complying with the limitations may restrict the Adviser's ability to implement the Fund's investment strategy and may adversely affect the Fund's performance.

**Types of Derivatives:**

**Futures.** A futures contract is an agreement between two parties whereby one party agrees to sell and the other party agrees to buy a specified amount of a financial instrument at an agreed upon price and time. The financial instrument underlying the contract may be a stock, stock index, bond, bond index, interest rate, foreign exchange rate or other similar instrument. Agreeing to buy the underlying financial instrument is called buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying financial instrument is called selling a futures contract or taking a short position in the contract.

Futures contracts are traded in the United States on commodity exchanges or boards of trade (known as "contract markets") approved for such trading and regulated by the CFTC. These contract markets standardize the terms, including the maturity date and underlying financial instrument, of all futures contracts.

Unlike other securities, the parties to a futures contract do not have to pay for or deliver the underlying financial instrument until some future date (the "delivery date"). Contract markets require both the purchaser and seller to deposit "initial margin" with a futures broker, known as a futures commission merchant or custodian bank, when they enter into the contract. Initial margin deposits are typically equal to a percentage of the contract's value. Initial margin is similar to a performance bond or good faith deposit on a contract and is returned to the depositing party upon termination of the futures contract if all contractual obligations have been satisfied. After they open a futures contract, the parties to the transaction must compare the purchase price of the contract to its daily market value. If the value of the futures contract changes in such a way that a party's position declines, that party must make additional "variation margin" payments so that the margin payment is adequate. On the other hand, the value of the contract may change in such a way that there is excess margin on deposit, possibly entitling the party that has a gain to receive all or a portion of this amount. This process is known as "marking to the market." Variation margin does not represent a borrowing or loan by a party but is instead a settlement between the party and the futures broker of the amount one party would owe the other if the futures contract terminated. In computing daily NAV, each party marks to market its open futures positions.

Although the terms of a futures contract call for the actual delivery of and payment for the underlying security, in many cases the parties may close the contract early by taking an opposite position in an identical contract. If the sale price upon closing out the contract is less than the original purchase price, the party closing out the contract will realize a loss. If the sale price upon closing out the contract is more than the original purchase price, the party closing out the contract will realize a gain. Conversely, if the purchase price upon closing out the contract is more than the original sale price, the party closing out the contract will realize a loss. If the purchase price upon closing out the contract is less than the original sale price, the party closing out the contract will realize a gain.

The Fund may incur commission expenses when it opens or closes a futures position.

**Options.** An option is a contract between two parties for the purchase and sale of a financial instrument for a specified price (known as the "strike price" or "exercise price") at any time during the option period. Unlike a futures contract, an option grants a right (not an obligation) to buy or sell a financial instrument. Generally, a seller of an option can grant a buyer two kinds of rights: a "call" (the right to buy the security) or a "put" (the right to sell the security). Options have various types of underlying instruments, including specific securities, indices of securities prices, foreign currencies, interest rates and futures contracts. Options may be traded on an exchange (exchange-traded options) or may be customized agreements between the parties (over-the-counter or "OTC" options). Like futures, a financial intermediary, known as a clearing corporation, financially backs exchange-traded options. However, OTC options have no such intermediary and are subject to the risk that the counterparty will not fulfill its obligations under the contract. The principal factors affecting the market value of an option include supply and demand, interest rates, the current market value of the underlying instrument relative to the exercise price of the option, the volatility of the underlying instrument, and the time remaining until the option expires.

**▪** **Purchasing Put and Call Options** 

When the Fund purchases a put option, it buys the right to sell the instrument underlying the option at a fixed strike price. In return for this right, the Fund pays the current market price for the option (known as the "option premium"). The Fund may purchase put options to offset or hedge against a decline in the market value of its securities ("protective puts") or to benefit from a decline in the price of securities that it does not own. The Fund would ordinarily realize a gain if, during the option period, the value of the underlying securities decreased below the exercise price sufficiently to cover the premium and transaction costs. However, if the price of the underlying instrument does not fall enough to offset the cost of purchasing the option, a put buyer would lose the premium and related transaction costs.

Call options are similar to put options, except that the Fund obtains the right to purchase, rather than sell, the underlying instrument at the option's strike price. The Fund would normally purchase call options in anticipation of an increase in the market value of securities it owns or wants to buy. The Fund would ordinarily realize a gain if, during the option period, the value of the underlying instrument exceeded the exercise price plus the premium paid and related transaction costs. Otherwise, the Fund would realize either no gain or a loss on the purchase of the call option.

The purchaser of an option may terminate its position by:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Allowing it to expire and losing its entire premium;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Exercising the option and either selling (in the case of a put option) or buying
 (in the case of a call option) the underlying instrument at the strike price; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Closing it out in the secondary market at its current price.

**▪** **Selling (Writing) Put and Call Options** 

When the Fund writes a call option it assumes an obligation to sell specified securities to the holder of the option at a fixed strike price if the option is exercised at any time before the expiration date. Similarly, when the Fund writes a put option it assumes an obligation to purchase specified securities from the option holder at a fixed strike price if the option is exercised at any time before the expiration date. The Fund may terminate its position in an exchange-traded put option before exercise by buying an option identical to the one it has written. Similarly, the Fund may cancel an OTC option by entering into an offsetting transaction with the counterparty to the option.

The Fund could try to hedge against an increase in the value of securities it would like to acquire by writing a put option on those securities. If security prices rise, the Fund would expect the put option to expire and the premium it received to offset the increase in the security's value. If security prices remain the same over time, the Fund would hope to profit by closing out the put option at a lower price. If security prices fall, the Fund may lose an amount of money equal to the difference between the value of the security and the premium it received. Writing covered put options may deprive the Fund of the opportunity to profit from a decrease in the market price of the securities it would like to acquire.

The characteristics of writing call options are similar to those of writing put options, except that call writers expect to profit if prices remain the same or fall. The Fund could try to hedge against a decline in the value of securities it already owns by writing a call option. If the price of that security falls as expected, the Fund would expect the option to expire and the premium it received to offset the decline of the security's value. However, the Fund must be prepared to deliver the underlying instrument in return for the strike price, which may deprive it of the opportunity to profit from an increase in the market price of the securities it holds.

The Fund is permitted to write only "covered" options. At the time of selling a call option, the Fund may cover the option by owning, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;▪ The underlying security (or securities convertible into the underlying security
 without additional consideration), index, interest rate, foreign currency or futures contract;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A call option on the same security or index with the same or lesser exercise
 price;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Cash or liquid securities equal to at least the market value of the optioned
 securities, interest rate, foreign currency or futures contract; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ In the case of an index, the portfolio of securities that corresponds to the
 index.

At the time of selling a put option, the Fund may cover the option by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Entering into a short position in the underlying security;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing a put option on the same security, index, interest rate, foreign
 currency or futures contract with the same or greater exercise price; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintaining the entire exercise price in liquid securities.

▪ **Options on Securities Indices** 

Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash settlement payments and does not involve the actual purchase or sale of securities. In addition, securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security.

▪ **Options on Credit Default Swaps** 

An option on a credit default swap ("CDS") gives the holder the right to enter into a CDS at a specified future date and under specified terms in exchange for a purchase price or premium. The writer of the option bears the risk of any unfavorable move in the value of the CDS relative to the market value on the exercise date, while the purchaser may allow the option to expire unexercised.

▪ **Options on Futures** 

An option on a futures contract provides the holder with the right to buy a futures contract (in the case of a call option) or sell a futures contract (in the case of a put option) at a fixed time and price. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option (in the case of a call option) or a corresponding long position (in the case of a put option). If the option is exercised, the parties will be subject to the futures contracts. In addition, the writer of an option on a futures contract is subject to initial and variation margin requirements on the option position. Options on futures contracts are traded on the same contract market as the underlying futures contract.

The buyer or seller of an option on a futures contract may terminate the option early by purchasing or selling an option of the same series (i.e., the same exercise price and expiration date) as the option previously purchased or sold. The difference between the premiums paid and received represents the trader's profit or loss on the transaction.

The Fund may purchase put and call options on futures contracts instead of selling or buying futures contracts. The Fund may buy a put option on a futures contract for the same reasons it would sell a futures contract. It also may purchase such a put option in order to hedge a long position in the underlying futures contract. The Fund may buy a call option on a futures contract for the same purpose as the actual purchase of a futures contract, such as in anticipation of favorable market conditions.

The Fund may write a call option on a futures contract to hedge against a decline in the prices of the instrument underlying the futures contracts. If the price of the futures contract at expiration were below the exercise price, the Fund would retain the option premium, which would offset, in part, any decline in the value of its portfolio securities.

The writing of a put option on a futures contract is similar to the purchase of the futures contracts, except that, if the market price declines, the Fund would pay more than the market price for the underlying instrument. The premium received on the sale of the put option, less any transaction costs, would reduce the net cost to the Fund.

▪ **Options on Foreign Currencies** 

A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. The Fund may purchase or write put and call options on foreign currencies for the purpose of hedging against changes in future currency exchange rates.

The Fund may use foreign currency options given the same circumstances under which it could use forward foreign currency exchange contracts. For example, a decline in the U.S. dollar value of a foreign currency in which the Fund's securities are denominated would reduce the U.S. dollar value of the securities, even if their value in the foreign currency remained constant. In order to hedge against such a risk, the Fund may purchase a put option on the foreign currency. If the value of the currency then declined, the Fund could sell the currency for a fixed amount in U.S. dollars and thereby offset, at least partially, the negative effect on its securities that otherwise would have resulted. Conversely, if the Fund anticipates a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated, the Fund may purchase call options on the currency in order to offset, at least partially, the effects of negative movements in exchange rates. If currency exchange rates do not move in the direction or to the extent anticipated, the Fund could sustain losses on transactions in foreign currency options.

▪ **Combined Positions** 

The Fund may purchase and write options in combination with each other, or in combination with futures or forward contracts or swap agreements, to adjust the risk and return characteristics of the overall position. For example, the Fund could construct a combined position whose risk and return characteristics are similar to selling a futures contract by purchasing a put option and writing a call option on the same underlying instrument. Alternatively, the Fund could write a call option at one strike price and buy a call option at a lower price to reduce the risk of the written call option in the event of a substantial price increase. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Forward Foreign Currency Exchange Contracts.** A forward foreign currency contract involves an obligation to purchase or sell a specific amount of currency at a future date or date range at a specific price. In the case of a cancelable forward contract, the holder has the unilateral right to cancel the contract at maturity by paying a specified fee. Forward foreign currency exchange contracts differ from foreign currency futures contracts in certain respects. Unlike futures contracts, forward contracts:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not have standard maturity dates or amounts (i.e., the parties to the contract may fix the maturity date
 and the amount);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Are typically traded directly between currency traders (usually large commercial banks) and their customers
 in the inter-bank markets, as opposed to on exchanges regulated by the CFTC (note, however, that under definitions adopted by the CFTC
 and SEC, many non-deliverable foreign currency forwards will be considered swaps for certain purposes, including determination of whether
 such instruments must be traded on exchanges and centrally cleared);

&nbsp;&nbsp;&nbsp;&nbsp;▪ Do not require an initial margin deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ May be closed by entering into a closing transaction with the currency trader who is a party to the original
 forward contract, as opposed to with a commodities exchange.

▪ **Foreign Currency Hedging Strategies** 

A "settlement hedge" or "transaction hedge" is designed to protect the Fund against an adverse change in foreign currency values between the date a security is purchased or sold and the date on which payment is made or received. Entering into a forward contract for the purchase or sale of the amount of foreign currency involved in an underlying security transaction for a fixed amount of U.S. dollars "locks in" the U.S. dollar price of the security. The Fund may also use forward contracts to purchase or sell a foreign currency when it anticipates purchasing or selling securities denominated in foreign currency, even if it has not yet selected the specific investments.

The Fund may use forward contracts to hedge against a decline in the value of existing investments denominated in foreign currency. Such a hedge, sometimes referred to as a "position hedge," would tend to offset both positive and negative currency fluctuations, but would not offset changes in security values caused by other factors. The Fund could also hedge the position by selling another currency expected to perform similarly to the currency in which the Fund's investment is denominated. This type of hedge, sometimes referred to as a "proxy hedge," could offer advantages in terms of cost, yield, or efficiency, but generally would not hedge currency exposure as effectively as a direct hedge into U.S. dollars. Proxy hedges may result in losses if the currency used to hedge does not perform similarly to the currency in which the hedged securities are denominated.

Transaction and position hedging do not eliminate fluctuations in the underlying prices of the securities that the Fund owns or intends to purchase or sell. They simply establish a rate of exchange that one can achieve at some future point in time. Additionally, these techniques tend to minimize the risk of loss due to a decline in the value of the hedged currency and to limit any potential gain that might result from the increase in value of such currency.

The Fund may enter into forward contracts to shift its investment exposure from one currency into another. Such transactions may call for the delivery of one foreign currency in exchange for another foreign currency, including currencies in which its securities are not then denominated. This may include shifting exposure from U.S. dollars to a foreign currency, or from one foreign currency to another foreign currency. This type of strategy, sometimes known as a "cross-hedge," will tend to reduce or eliminate exposure to the currency that is sold, and increase exposure to the currency that is purchased. Cross-hedges may protect against losses resulting from a decline in the hedged currency but will cause the Fund to assume the risk of fluctuations in the value of the currency it purchases. Cross-hedging transactions also involve the risk of imperfect correlation between changes in the values of the currencies involved.

It is difficult to forecast with precision the market value of portfolio securities at the expiration or maturity of a forward or futures contract. Accordingly, the Fund may have to purchase additional foreign currency on the spot (cash) market if the market value of a security it is hedging is less than the amount of foreign currency it is obligated to deliver. Conversely, the Fund may have to sell on the spot market some of the foreign currency it received upon the sale of a security if the market value of such security exceeds the amount of foreign currency it is obligated to deliver.

**Equity-Linked Securities.** The Fund may invest in privately issued securities whose investment results are designed to correspond generally to the performance of a specified stock index or "basket" of securities, or sometimes a single stock (referred to as "equity-linked securities"). These securities are used for many of the same purposes as derivative instruments and share many of the same risks. Equity-linked securities may be considered illiquid and thus subject to the Fund's restrictions on investments in illiquid investments.

**Swap Agreements.** A swap agreement is a financial instrument that typically involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on agreed-upon prices, rates, indices, etc. The nominal amount on which the cash flows are calculated is called the notional amount. Swap agreements are individually negotiated and structured to include exposure to a variety of different types of investments or market factors, such as interest rates, foreign currency rates, mortgage securities, corporate borrowing rates, security prices or inflation rates.

Swap agreements may increase or decrease the overall volatility of the investments of the Fund and its share price. The performance of swap agreements may be affected by a change in the specific interest rate, currency, or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, the Fund may not be able to recover the money it expected to receive under the swap agreement. The Fund will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify the Fund's gains or losses.

**▪** **Equity Swaps** 

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index or basket of stocks in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the return on the interest rate that the Fund will be committed to pay.

**▪** **Total Return Swaps** 

Total return swaps are contracts in which one party agrees to make payments of the total return from a reference instrument—which may be a single asset, a pool of assets or an index of assets—during a specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another underlying reference instrument. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

**▪** **Interest Rate Swaps** 

Interest rate swaps are financial instruments that involve the exchange of one type of interest rate for another type of interest rate cash flow on specified dates in the future. Some of the different types of interest rate swaps are "fixed-for-floating rate swaps," "termed basis swaps" and "index amortizing swaps." Fixed-for-floating rate swaps involve the exchange of fixed interest rate cash flows for floating rate cash flows. Termed basis swaps entail cash flows to both parties based on floating interest rates, where the interest rate indices are different. Index amortizing swaps are typically fixed-for-floating rate swaps where the notional amount changes if certain conditions are met.

As with a traditional investment in a debt security, the Fund could lose money by investing in an interest rate swap if interest rates change adversely. For example, if the Fund enters into a swap where it agrees to exchange a floating rate of interest for a fixed rate of interest, the Fund may have to pay more money than it receives. Similarly, if the Fund enters into a swap where it agrees to exchange a fixed rate of interest for a floating rate of interest, the Fund may receive less money than it has agreed to pay.

▪ **Currency Swaps** 

A currency swap is an agreement between two parties in which one party agrees to make interest rate payments in one currency and the other promises to make interest rate payments in another currency. The Fund may enter into a currency swap when it has one currency and desires a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap, however, the principal amounts are exchanged at the beginning of the agreement and returned at the end of the agreement. Changes in foreign exchange rates and changes in interest rates, as described above, may negatively affect currency swaps.

▪ **Inflation Swaps** 

Inflation swaps are fixed-maturity, over-the-counter derivatives where one party pays a fixed rate in exchange for payments tied to an inflation index, such as the Consumer Price Index. The fixed rate, which is set by the parties at the initiation of the swap, is often referred to as the "breakeven inflation" rate and generally represents the current difference between treasury yields and Treasury Inflation Protected Securities yields of similar maturities at the initiation of the swap agreement. Inflation swaps are typically designated as "zero coupon," where all cash flows are exchanged at maturity. The value of an inflation swap is expected to fluctuate in response to changes in the relationship between nominal interest rates and the rate of inflation. An inflation swap can lose value if the realized rate of inflation over the life of the swap is less than the fixed market implied inflation rate (the breakeven inflation rate) the investor agreed to pay at the initiation of the swap.

▪ **Credit Default Swaps** 

A credit default swap is an agreement between a "buyer" and a "seller" for credit protection. The credit default swap agreement may have as reference obligations one or more securities that are not then held by the Fund. The protection buyer is generally obligated to pay the protection seller an upfront payment and/or a periodic stream of payments over the term of the agreement until a credit event on a reference obligation has occurred. If no default occurs, the seller would keep the stream of payments and would have no payment obligations. If a credit event occurs, the seller generally must pay the buyer the full notional amount (the "par value") of the swap.

▪ **Caps, Collars and Floors** 

Caps and floors have an effect similar to buying or writing options. In a typical cap or floor agreement, one party agrees to make payments only under specified circumstances, usually in return for payment of a fee by the other party. For example, the buyer of an interest rate cap obtains the right to receive payments to the extent that a specified interest rate exceeds an agreed-upon level. The seller of an interest rate floor is obligated to make payments to the extent that a specified interest rate falls below an agreed-upon level. An interest rate collar combines elements of buying a cap and selling a floor.

**Reverse Repurchase Agreements.** Reverse repurchase agreements are transactions in which the Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agrees to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by the Fund.

Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by the Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by the Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when the Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

The Derivatives Rule permits the Fund to enter into reverse repurchase agreements and similar financing transactions, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act. The Derivatives Rule permits the Fund to elect whether to treat a reverse repurchase agreement as a borrowing, subject to the asset coverage requirements of Section 18 of the 1940 Act, or as a derivatives transactions under the Derivatives Rule.

**Risks of Derivatives:**

While transactions in derivatives may reduce certain risks, these transactions themselves entail certain other risks. For example, unanticipated changes in interest rates, securities prices or currency exchange rates may result in a poorer overall performance of the Fund than if it had not entered into any derivatives transactions. Derivatives may magnify the Fund's gains or losses, causing it to make or lose substantially more than it invested.

When used for hedging purposes, increases in the value of the securities the Fund holds or intends to acquire should offset any losses incurred with a derivative. Purchasing derivatives for purposes other than hedging could expose the Fund to greater risks.

Use of derivatives involves transaction costs, which may be significant, and may also increase the amount of taxable income to shareholders.

**Correlation of Prices.** The Fund's ability to hedge its securities through derivatives depends on the degree to which price movements in the underlying index or instrument correlate with price movements in the relevant securities. In the case of poor correlation, the price of the securities the Fund is hedging may not move in the same amount, or even in the same direction as the hedging instrument. The Adviser will try to minimize this risk by investing in only those contracts whose behavior it expects to correlate with the behavior of the portfolio securities it is trying to hedge. However, if the Adviser's prediction of interest and currency rates, market value, volatility or other economic factors is incorrect, the Fund may lose money, or may not make as much money as it expected.

Derivative prices can diverge from the prices of their underlying instruments, even if the characteristics of the underlying instruments are very similar to the derivative. Listed below are some of the factors that may cause such a divergence:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Current and anticipated short-term interest rates, changes in volatility of the underlying instrument, and
 the time remaining until expiration of the contract;

&nbsp;&nbsp;&nbsp;&nbsp;▪ A difference between the derivatives and securities markets, including different levels of demand, how the
 instruments are traded, the imposition of daily price fluctuation limits or discontinued trading of an instrument; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ Differences between the derivatives, such as different margin requirements, different liquidity of such markets
 and the participation of speculators in such markets.

Derivatives based upon a narrower index of securities, such as those of a particular industry group, may present greater risk than derivatives based on a broad market index. Since narrower indices are made up of a smaller number of securities, they are more susceptible to rapid and extreme price fluctuations because of changes in the value of those securities.

While currency futures and options values are expected to correlate with exchange rates, they may not reflect other factors that affect the value of the investments of the Fund. A currency hedge, for example, should protect a yen-denominated security from a decline in the yen, but will not protect the Fund against a price decline resulting from deterioration in the issuer's creditworthiness. Because the value of the Fund's foreign-denominated investments changes in response to many factors other than exchange rates, it may not be possible to match the amount of currency options and futures to the value of the Fund's investments precisely over time.

**Lack of Liquidity.** Before a futures contract or option is exercised or expires, the Fund can terminate it only by entering into a closing purchase or sale transaction. Moreover, the Fund may close out a futures contract only on the exchange the contract was initially traded. Although the Fund intends to purchase options and futures only where there appears to be an active market, there is no guarantee that such a liquid market will exist. If there is no secondary market for the contract, or the market is illiquid, the Fund may not be able to close out its position. In an illiquid market, the Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Have to sell securities to meet its daily margin requirements at a time when it is disadvantageous to do so;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Have to purchase or sell the instrument underlying the contract;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Not be able to hedge its investments; and/or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Not be able to realize profits or limit its losses.

Derivatives may become illiquid (i.e., difficult to sell at a desired time and price) under a variety of market conditions. For example:

&nbsp;&nbsp;&nbsp;&nbsp;▪ An exchange may suspend or limit trading in a particular derivative instrument, an entire category of derivatives
 or all derivatives, which sometimes occurs because of increased market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Unusual or unforeseen circumstances may interrupt normal operations of an exchange;

&nbsp;&nbsp;&nbsp;&nbsp;▪ The facilities of the exchange may not be adequate to handle current trading volume;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other occurrences
 may disrupt normal trading activity; or

&nbsp;&nbsp;&nbsp;&nbsp;▪ Investors may lose interest in a particular derivative or category of derivatives.

**Management Risk.** Successful use of derivatives by the Fund is subject to the ability of the Adviser to forecast stock market and interest rate trends. If the Adviser incorrectly predicts stock market and interest rate trends, the Fund may lose money by investing in derivatives. For example, if the Fund were to write a call option based on the Adviser's expectation that the price of the underlying security would fall, but the price were to rise instead, the Fund could be required to sell the security upon exercise at a price below the current market price. Similarly, if the Fund were to write a put option based on the Adviser's expectation that the price of the underlying security would rise, but the price were to fall instead, the Fund could be required to purchase the security upon exercise at a price higher than the current market price.

**Pricing Risk.** At times, market conditions might make it hard to value some investments. For example, if the Fund has valued its securities too high, shareholders may end up paying too much for Fund shares when they buy into the Fund. If the Fund underestimates its price, shareholders may not receive the full market value for their Fund shares when they sell.

**Margin.** Because of the low margin deposits required upon the opening of a derivative position, such transactions involve an extremely high degree of leverage. Consequently, a relatively small price movement in a derivative may result in an immediate and substantial loss (as well as gain) to the Fund and it may lose more than it originally invested in the derivative.

If the price of a futures contract changes adversely, the Fund may have to sell securities at a time when it is disadvantageous to do so to meet its minimum daily margin requirement. The Fund may lose its margin deposits if a broker-dealer with whom it has an open futures contract or related option becomes insolvent or declares bankruptcy.

**Volatility and Leverage.** The Fund's use of derivatives may have a leveraging effect. Leverage generally magnifies the effect of any increase or decrease in value of an underlying asset and results in increased volatility, which means the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use derivative instruments that have a leveraging effect. The prices of derivatives are volatile (i.e., they may change rapidly, substantially and unpredictably) and are influenced by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;▪ Actual and anticipated changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;▪ Fiscal and monetary policies; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ National and international political events.

Most exchanges limit the amount by which the price of a derivative can change during a single trading day. Daily trading limits establish the maximum amount that the price of a derivative may vary from the settlement price of that derivative at the end of trading on the previous day. Once the price of a derivative reaches this value, the Fund may not trade that derivative at a price beyond that limit. The daily limit governs only price movements during a given day and does not limit potential gains or losses. Derivative prices have occasionally moved to the daily limit for several consecutive trading days, preventing prompt liquidation of the derivative.

**Government Regulation.** The regulation of derivatives markets in the U.S. is a rapidly changing area of law and is subject to modification by government and judicial action. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law in 2010, granted significant new authority to the SEC and the CFTC to impose comprehensive regulations on the over-the-counter and cleared derivatives markets. These regulations include, but are not limited to, mandatory clearing of certain derivatives and requirements relating to disclosure, margin and trade reporting. The law and regulations may negatively impact the Fund by increasing transaction and/or regulatory compliance costs, limiting the availability of certain derivatives or otherwise adversely affecting the value or performance of the derivatives the Fund trades.

In addition, the SEC adopted the Derivatives Rule on October 28, 2020. Since its compliance date of August 19, 2022, the Derivatives Rule has replaced prior SEC and staff guidance with an updated, comprehensive framework for registered funds' use of derivatives. See "Derivatives – Rule 18f-4 under the 1940 Act" above for additional information on the requirements imposed on registered funds by the Derivatives Rule. Complying with the Derivatives Rule may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors. Other potentially adverse regulatory obligations can develop suddenly and without notice.

**Commodities Investments.** The Fund may seek to provide exposure to the investment returns of physical commodities through investments in commodity-linked derivative instruments, which are designed to provide this exposure without direct investment in physical commodities. Physical commodities are assets such as oil, gas, industrial and precious metals, livestock, agricultural or meat products or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The physical commodities markets may fluctuate widely based on a variety of factors. Price movements may be influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.

The prices of commodities can also fluctuate due to supply and demand disruptions in major producing or consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be controlled by a small number of producers or groups of producers. As a result, political, economic and supply related events in such countries could have a disproportionate impact on the prices of such commodities. Factors that could lead to a decline in demand include economic recession or other adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or weather. The commodity markets are also subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions.

The prices of commodities may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. For example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase in value. Of course, there can be no guarantee that these investments will perform in the same manner in the future, and at certain times the price movements of commodities have been parallel to those of debt and equity securities. In general, commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodity prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits.

**Illiquid Investments.** Illiquid investments are investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Because of their illiquid nature, illiquid investments must be priced at fair value as determined in good faith by the Adviser, subject to Board oversight. Despite such good faith efforts to determine fair value prices, the Fund's illiquid investments are subject to the risk that the investment's fair value price may differ from the actual price which the Fund may ultimately realize upon its sale or disposition. Difficulty in selling illiquid investments may result in a loss or may be costly to the Fund. Under the oversight of the Board, the Adviser determines the liquidity of the Fund's investments. The Fund may not acquire an illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

**Securities Lending.** The Fund may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Board. These loans, if and when made, may not exceed 33 1/3% of the total asset value of the Fund (including the loan collateral). The Fund will not lend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amount equal to at least 100% of the current market value of the loaned securities by marking to market daily. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund.

The Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated third party for acting as the Fund's securities lending agent, but will bear all of any losses from the investment of collateral.

By lending its securities, the Fund may increase its income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. government securities or letters of credit are used as collateral. Investing cash collateral subjects the Fund to market risk. The Fund remains obligated to return all collateral to the borrower under the terms of its securities lending arrangements, even if the value of investments made with the collateral decline. Accordingly, if the value of a security in which the cash collateral has been invested declines, the loss would be borne by the Fund, and the Fund may be required to liquidate other investments in order to return collateral to the borrower at the end of the loan. The Fund will adhere to the following conditions whenever its portfolio securities are loaned: (i) the Fund must receive at least 100% cash collateral or equivalent securities of the type discussed above from the borrower; (ii) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (iii) the Fund must be able to terminate the loan on demand; (iv) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities and any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan (which fees may include fees payable to the lending agent, the borrower, the Fund's administrator and the custodian); and (vi) voting rights on the loaned securities may pass to the borrower, provided, however, that if a material event adversely affecting the investment occurs, the Fund must terminate the loan and regain the right to vote the securities. In such instances, the Adviser will vote the securities in accordance with its proxy voting policies and procedures. The Board has adopted procedures reasonably designed to ensure that the foregoing criteria will be met. Loan agreements involve certain risks in the event of default or insolvency of the borrower, including possible delays or restrictions upon the Fund's ability to recover the loaned securities or dispose of the collateral for the loan, which could give rise to loss because of adverse market action, expenses and/or delays in connection with the disposition of the underlying securities.

**Restricted Securities.** The Fund may purchase restricted securities. Restricted securities are securities that may not be sold freely to the public absent registration under the Securities Act of 1933, as amended (the "1933 Act") or an exemption from registration. This generally includes securities that are unregistered that can be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act or securities that are exempt from registration under the 1933 Act, such as commercial paper. Institutional markets for restricted securities have developed as a result of the promulgation of Rule 144A under the 1933 Act, which provides a "safe harbor" from 1933 Act registration requirements for qualifying sales to institutional investors. When Rule 144A restricted securities present an attractive investment opportunity and meet other selection criteria, the Fund may make such investments whether or not such securities are "illiquid" depending on the market that exists for the particular security. The Board has delegated the responsibility for determining the liquidity of Rule 144A restricted securities that the Fund may invest in to the Adviser.

**Short Sales.** The Fund may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to the Fund with respect to the securities that are sold short.

Uncovered short sales are transactions under which the Fund sells a security it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

**When-Issued, Delayed-Delivery and Forward-Delivery Transactions.** A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. In a forward-delivery transaction, the Fund contracts to purchase securities for a fixed price at a future date beyond customary settlement time. "Delayed-delivery" refers to securities transactions on the secondary market where settlement occurs in the future. In each of these transactions, the parties fix the payment obligation and the interest rate that they will receive on the securities at the time the parties enter the commitment; however, they do not pay money or deliver securities until a later date. Typically, no income accrues on securities the Fund has committed to purchase before the securities are delivered. The Fund will only enter into these types of transactions with the intention of actually acquiring the securities, but may sell them before the settlement date.

The Fund may use when-issued, delayed-delivery and forward-delivery transactions to secure what it considers an advantageous price and yield at the time of purchase. When the Fund engages in when-issued, delayed-delivery or forward-delivery transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued, delayed-delivery, or forward-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the market value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

The Derivatives Rule permits the Fund to enter into when-issued or delayed delivery basis securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. If a when-issued or delayed delivery basis security entered into by the Fund does not satisfy those requirements, the Fund would need to comply with the Derivatives Rule with respect to its when issued or delayed delivery transactions, which are considered derivatives transactions under the Derivatives Rule. See "Derivatives – Rule 18f-4 under the 1940 Act" above.

**Special Risks of Cyber-Attacks.** As with any entity that conducts business through electronic means in the modern marketplace, the Fund, and its 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 Fund and its service providers use to service the Fund's operations, ransomware, operational disruption or failures in the physical infrastructure or operating systems that support the Fund and its service providers, or various other forms of cyber security breaches. Cyber-attacks affecting the Fund or the Adviser, the Fund's distributor, custodian, 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 NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund 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 the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investments in such companies to lose value. There can be no assurance that the Fund, the Fund's service providers, or the issuers of the securities in which the Fund invests will not suffer losses relating to cyber-attacks or other information security breaches in the future.

**General Market and Geopolitical Risk.** Geopolitical events, such as war (including ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East), terrorism, social unrest, government defaults, government shutdowns, economic uncertainty, sanctions or the threat of sanctions, trade disputes with key trading partners and the imposition of tariffs, natural and environmental disasters, the spread of infectious illness, widespread disease or other public health issues such as pandemics and epidemics (including those caused by COVID-19), and/or systemic market dislocations (including due to events outside of such countries or regions) have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Whether or not the Fund invests in securities of issuers located in countries impacted by such events, these and other events could negatively affect the value and liquidity of the Fund's investments due to the interconnected nature of the global economy and capital markets, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

**INVESTMENT LIMITATIONS**

**Fundamental Policies**

The following investment limitations are fundamental, which means that the Fund cannot change them without approval by the vote of a majority of the outstanding shares of the Fund. The phrase "majority of the outstanding shares" means the vote of (i) 67% or more of the Fund's shares present at a meeting, if more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (ii) more than 50% of the Fund's outstanding shares, whichever is less.

1. The Fund may purchase securities of an issuer, except if such purchase would cause the Fund to fail to satisfy
 the diversification requirement for a diversified management company under the 1940 Act, the rules or regulations thereunder or any exemption
 therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

2. The Fund may not concentrate investments in a particular industry or group of industries, as concentration
 is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations
 may be amended or interpreted from time to time, except that the Fund may invest without limitation in securities issued or guaranteed
 by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations
 of state or municipal governments and their political subdivisions.

3. The Fund may borrow money or issue senior securities (as defined under the 1940 Act), except as prohibited
 under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended
 or interpreted from time to time.

4. The Fund may make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or
 any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. The Fund may purchase or sell commodities or real estate, except as prohibited under the 1940 Act, the rules
 and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
 time.

6. The Fund may underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules
 and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to
 time.

**Non-Fundamental Policies**

The Fund's investment objective as well as the following investment limitations of the Fund are non-fundamental and may be changed by the Board without shareholder approval.

1. The Fund may not invest in unmarketable interests in real estate limited partnerships or invest directly in
 real estate. For the avoidance of doubt, the foregoing policy does not prevent the Fund from, among other things, purchasing marketable
 securities of companies that deal in real estate or interests therein (including REITs).

2. The Fund may purchase or sell financial and physical commodities, commodity contracts based on (or relating
 to) physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or
 in part) physical commodities or financial commodities.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Diversification</u>. Under the 1940 Act and the rules, regulations and interpretations thereunder, a "diversified company," as to 75% of its total assets, may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies, or instrumentalities or securities of other investment companies) if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the fund.

<u>Concentration</u>. The SEC has defined concentration as investing 25% or more of an investment company's total assets in any particular industry or group of industries, with certain exceptions. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

<u>Borrowing</u>. The 1940 Act presently allows an investment company to borrow from any bank in an amount up to 33 1/3% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets.

<u>Lending</u>. Under the 1940 Act, an investment company may only make loans if expressly permitted by its investment policies.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although the 1940 Act does provide allowances for certain borrowings. In addition, Rule 18f-4 under the 1940 Act permits a fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the fund complies with the conditions of Rule 18f-4.

<u>Real Estate and Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate or commodities, but does require that every investment company have a fundamental investment policy governing such investments.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves an investment company purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

Except with respect to the Fund's policy concerning borrowing, if a percentage restriction is adhered to at the time of an investment, a later increase or decrease in percentage resulting from changes in values or assets will not constitute a violation of such restriction. With respect to the limitation on borrowing, in the event that a subsequent change in net assets or other circumstances cause the Fund to exceed its limitation, the Fund will take steps to bring the aggregate amount of borrowing back within the limitations within three days thereafter (not including Sundays and holidays).

**THE ADVISER**

**General.** PineBridge Investments LLC (the "Adviser" or "PineBridge"), a Delaware limited liability company, serves as the investment adviser to the Fund. The Adviser is located at Park Avenue Tower, 65 East 55th Street, New York, New York 10022. Formed in 1996, the Adviser was formerly known as AIG Global Investment Corporation. Effective December 30, 2025, PineBridge is wholly owned by MetLife, Inc., operating within its institutional asset management business, MetLife Investment Management, LLC ("MIM"). As of December 31, 2025, MIM and its affiliates, including PineBridge, had approximately $741.7 billion in assets under management ("AUM").<sup>1</sup>

The Adviser makes investment decisions for the Fund and continuously reviews, supervises and administers the Fund's investment program. The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities.

**Advisory Agreement.** The Trust and the Adviser have entered into an investment advisory agreement dated October 30, 2015 (the "Advisory Agreement") with respect to the Fund. Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for the Fund and continuously reviews, supervises and administers the investment program of the Fund, subject to the oversight of, and policies established by, the Board.

After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Trustees or by a majority of the outstanding voting securities of the Fund, on not less than 60 days' written notice to the Adviser, or, by the Adviser, on not less than 30 days' nor more than 60 days' written notice to the Trust. As used in the Advisory Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

**Advisory Fees Paid to the Adviser.** For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its fees and/or to reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, shareholder servicing fees, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, "excluded expenses")) from exceeding 0.75% of the average daily net assets of the Fund's Institutional Shares and Investor Servicing Shares until April 30, 2027.

The Adviser may receive from the Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on April 30, 2027.

<sup>1</sup> At estimated fair value. This figure excludes $13.8 billion of General Account AUM that are not managed or advised by MIM and certain of its affiliates. For additional information, please see MetLife Inc.'s MetLife Investment Management Total AUM Fact Sheet for the most recent quarter, which may be accessed through the MetLife Investor Relations web page at https://investor.metlife.com. The information contained on, or that can be accessed through, such website is not incorporated by reference into this SAI and is not a part of this registration statement.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Fund paid the Adviser the following advisory fees:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Contractual Advisory Fees** | **Fees Waived by the Adviser** | **Fees Waived by the Adviser** | **Fees Waived by the Adviser** | **Total Fees Paid to the Adviser (After Waivers)** | **Total Fees Paid to the Adviser (After Waivers)** | **Total Fees Paid to the Adviser (After Waivers)** |
| **2023** | **2024** | **2025** | **2023** | **2024** | **2025** | **2023** | **2024** | **2025** |
| $2597607 | $1062660 | $908889 | $793609 | $553744 | $588059 | $1803998 | $508916 | $320830 |

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**THE PORTFOLIO MANAGERS**

This section includes information about the Fund's portfolio managers, including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

**Compensation.** Compensation for all PineBridge portfolio managers consists of both a salary and a bonus component. The salary component is a fixed base salary, and does not vary based on a portfolio manager's performance. Generally, salary is based upon several factors, including experience and market levels of salary for such position. The bonus component is generally discretionarily determined based both on a portfolio manager's individual performance and the overall performance of PineBridge. In assessing individual performance of portfolio managers, both qualitative performance measures and also quantitative performance measures assessing the management of a portfolio manager's funds are considered. A portfolio manager may also receive a long-term compensation component, in the form of a cash-based award the ultimate value of which would depend upon the financial performance of the firm.

**Fund Shares Owned by the Portfolio Managers.** The Fund is required to show the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Fund as of the end of the most recently completed fiscal year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

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| | |
|:---|:---|
| **Name** | **Dollar Range of Fund Shares Owned<sup>1</sup>** |
| Michael J. Kelly, CFA | Over $1,000,000 |
| Peter Hu, CFA |  |
| Sunny Ng, CFA |  |
| Paul Mazzacano |  |
| Austin Strube, CFA |  |

---

<sup>1</sup> Valuation date is October 31, 2025.

 

**Other Accounts.** In addition to the Fund, the portfolio managers may also be responsible for the day-to-day management of certain other accounts, as indicated by the following table. The information below is provided as of October 31, 2025.

 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Registered** <br> **Investment Companies**  | **Registered** <br> **Investment Companies**  | **Other Pooled** <br> **Investment Vehicles** | **Other Pooled** <br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Name** | **Number of Accounts** | **Total Assets (in Millions)** | **Number of Accounts** | **Total Assets (in Millions)** | **Number of Accounts** | **Total Assets (in Millions)** |
| Michael J. Kelly, CFA | 3 | $495.26 | 46 | $3664.61 | 10<sup>1</sup> | $6229.24 |
| Peter Hu, CFA | 3 | $495.26 | 41 | $2414.93 | 7<sup>1</sup> | $5914.34 |
| Austin Strube, CFA | 2 | $340.62 | 13 | $292.30 | 2<sup>1</sup> | $215.30 |
| Paul Mazzacano | 1 | $120.17 | 9 | $145.16 | 4 | $4802.11 |
| Sunny Ng, CFA | 1 | $120.17 | 14 | $1902.08 | 5<sup>1</sup> | $4289.15 |

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<sup>1</sup> A portion of 1 account representing approximately $197.8 million is subject to a performance-based advisory fee.

 

**Conflicts of Interest.** PineBridge recognizes that it may be subject to conflicts of interest with respect to allocations of investment opportunities and transactions among the Fund and its other clients, including private funds and separately managed accounts. The Adviser may, for example, have an incentive to favor accounts with higher fees or performance-based fees in the allocation of investment opportunities and transactions. To mitigate these conflicts, PineBridge's Trade Allocation and Aggregation Policy seeks to ensure that accounts are treated fairly and equitably by providing that investment decisions are made in accordance with the fiduciary duties owed to each account 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 knowledge of transactions for a client by trading in a personal account. PineBridge has policies to address potential conflicts of interest when its employees buy or sell securities also bought or sold for clients. Under certain circumstances, conflicts may arise in cases where different clients of PineBridge invest in different parts of a single issuer's capital structure, including circumstances in which one or more PineBridge clients may own private securities or obligations of an issuer and other PineBridge clients may own public securities of the same issuer. Such conflicts of interest will be discussed and resolved on a case-by-case basis and will take into consideration the interest of the relevant clients, the circumstances giving rise to the conflict, and applicable regulations.

 

**THE ADMINISTRATOR**

**General.** SEI Investments Global Funds Services (the "Administrator"), a Delaware statutory trust, has its principal business offices at One Freedom Valley Drive, Oaks, Pennsylvania 19456. SEI Investments Management Corporation ("SIMC"), a wholly-owned subsidiary of SEI Investments Company ("SEI Investments"), is the owner of all beneficial interest in the Administrator. SEI Investments and its subsidiaries and affiliates, including the Administrator, are leading providers of funds evaluation services, trust accounting systems, and brokerage and information services to financial institutions, institutional investors, and money managers. The Administrator and its affiliates also serve as administrator or sub-administrator to other mutual funds.

**Administration Agreement with the Trust.** The Trust and the Administrator have entered into an amended and restated administration agreement, dated November 16, 2018, as amended (the "Administration Agreement"). Under the Administration Agreement, the Administrator provides the Trust with administrative services, including regulatory reporting and all necessary office space, equipment, personnel and facilities.

The Administration Agreement provides that the Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the matters to which the Administration Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties or from reckless disregard by it of its duties and obligations thereunder.

**Administration Fees Paid to the Administrator.** For its services under the Administration Agreement, the Administrator is paid a fee, which varies based on the average daily net assets of the Fund, subject to certain minimums. For the fiscal years ended October 31, 2023, 2024 and 2025, the Fund paid the following amounts for these services:

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| | | |
|:---|:---|:---|
| **Administration Fees Paid** | **Administration Fees Paid** | **Administration Fees Paid** |
| **2023** | **2024** | **2025** |
| $415503 | $174401 | $145527 |

---

**THE DISTRIBUTOR**

The Trust and SEI Investments Distribution Co. (the "Distributor"), a wholly-owned subsidiary of SEI Investments, and an affiliate of the Administrator, are parties to a distribution agreement dated February 12, 2014, as amended (the "Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Trust's shares. The principal business address of the Distributor is One Freedom Valley Drive, Oaks, Pennsylvania 19456.

The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Trust and (ii) by the vote of a majority of the Trustees who are not "interested persons" of the Trust and have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement will terminate automatically in the event of its assignment (as such term is defined in the 1940 Act), and is terminable at any time without penalty by the Board or by a majority of the outstanding voting securities of the Trust, or by the Distributor, upon not less than 60 days' written notice to the other party.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Shareholder Servicing Plan.** The Fund has adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.15% of the average daily net assets of Investor Servicing Shares of the Fund will be paid to financial intermediaries. Under the plan, financial intermediaries may perform, or may compensate other financial intermediaries for performing, certain shareholder and/or administrative services or similar non-distribution services, including: (i) maintaining shareholder accounts; (ii) arranging for bank wires; (iii) responding to shareholder inquiries relating to the services performed by the financial intermediaries; (iv) responding to inquiries from shareholders concerning their investment in the Fund; (v) assisting shareholders in changing dividend options, account designations and addresses; (vi) providing information periodically to shareholders showing their position in the Fund; (vii) forwarding shareholder communications from the Fund such as proxies, shareholder reports, annual reports, and dividend and capital gain distribution and tax notices to shareholders; (viii) processing purchase, exchange and redemption requests from shareholders and placing orders with the Fund or its service providers; (ix) providing sub-accounting services; (x) processing dividend and capital gain payments from the Fund on behalf of shareholders; (xi) preparing tax reports; and (xii) providing such other similar non-distribution services as the Fund may reasonably request to the extent that the financial intermediary is permitted to do so under applicable laws or regulations.

**Payments by the Adviser.** The Adviser and/or its affiliates, in their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Fund, its service providers or their respective affiliates, as incentives to help market and promote the Fund and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund shares or provide services to the Fund, the Distributor or shareholders of the Fund through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing the Fund in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about the Fund; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in the Fund by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

Investors should understand that some financial intermediaries may also charge their clients fees in connection with purchases of shares or the provision of shareholder services.

**THE TRANSFER AGENT**

Atlantic Shareholder Services, LLC, Three Canal Plaza, Ground Floor, Portland, Maine 04101 (the "Transfer Agent"), serves as the Fund's transfer agent.

**THE CUSTODIAN**

Brown Brothers Harriman & Co., 40 Water Street, Boston, Massachusetts 02109 (the "Custodian"), acts as the custodian of the Fund. The Custodian holds cash, securities and other assets of the Fund as required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103, serves as independent registered public accounting firm for the Fund. The financial statements and notes thereto incorporated by reference for the Fund have been audited by Cohen & Company, Ltd., as indicated in their report with respect thereto, and are incorporated by reference in reliance on the authority of their report as experts in accounting and auditing.

Ernst & Young LLP, One Commerce Square, 2005 Market Street, Suite 700, Philadelphia, Pennsylvania 19103, served as the Fund's independent registered public accounting firm for the fiscal years or periods ended on or before October 31, 2024.

**LEGAL COUNSEL**

Morgan, Lewis & Bockius LLP, 2222 Market Street, Philadelphia, Pennsylvania 19103-3007, serves as legal counsel to the Trust.

**SECURITIES LENDING**

The Fund did not engage in securities lending activities during the fiscal year ended October 31, 2025.

**FINANCIAL INDUSTRY RELATIONSHIPS**

SEI Investments, along with its subsidiaries and affiliates (including, but not limited to, the Administrator, the Distributor and SIMC) (collectively, "SEI"), provides a range of services to various financial market participants and has a broad network of relationships with financial services companies, including investment funds, asset managers, broker-dealers and other intermediaries, accounting firms, banks and transfer agents. Although SEI's various business units largely operate independently of one another, their customers and relationships may, and often will, overlap. For example, a particular asset manager might be a sub-adviser to an investment fund that is managed primarily by SIMC, may sponsor a fund that is registered on the Advisors Inner Circle platform, and/or may manage a fund in which SEI Investments is an investor (with its own capital). From time to time, one SEI business unit may introduce or refer a third-party to another SEI business unit for additional potential services. These various relationships may give rise to actual or perceived conflicts of interest. However, understanding the duties and responsibilities that SEI owes its customers under law and under contract, SEI keeps such actual or perceived conflicts of interest front-of-mind on an ongoing basis and, where appropriate, works with the compliance function, as well as internal and external counsel, to identify and mitigate or eliminate such conflicts, including through appropriate disclosure to applicable governing boards.

**TRUSTEES AND OFFICERS OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series, including the Fund described in this SAI, are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Trust.

Like most mutual funds, the day-to-day business of the Trust, including the management of risk, is performed by third party service providers, such as the Adviser, the Distributor and the Administrator. The Trustees are responsible for overseeing the Trust's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the funds. The funds and their service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (e.g., the Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of a fund, at which time certain of the fund's service providers present the Board with information concerning the investment objectives, strategies and risks of the fund as well as proposed investment limitations for the fund. Additionally, the fund's adviser provides the Board with an overview of, among other things, its investment philosophy, brokerage practices and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the adviser and other service providers, such as the fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the funds may be exposed.

The Board is responsible for overseeing the nature, extent and quality of the services provided to the funds by the adviser and receives information about those services at its regular meetings. In addition, on an annual basis, in connection with its consideration of whether to renew the advisory agreement with the adviser, the Board meets with the adviser to review such services. Among other things, the Board regularly considers the adviser's adherence to the funds' investment restrictions and compliance with various fund policies and procedures and with applicable securities regulations. The Board also reviews information about the funds' investments, including, for example, reports on the adviser's use of derivatives in managing the funds, if any, as well as reports on the funds' investments in other investment companies, if any.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and fund and adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. The Adviser makes regular reports to the Board concerning investments for which market quotations are not readily available. Annually, the independent registered public accounting firm reviews with the Audit Committee its audit of the funds' financial statements, focusing on major areas of risk encountered by the funds and noting any significant deficiencies or material weaknesses in the funds' internal controls. Additionally, in connection with its oversight function, the Board oversees fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the funds' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the funds' investment management and business affairs are carried out by or through the funds' advisers and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the funds' and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are six members of the Board, five of whom are not interested persons of the Trust, as that term is defined in the 1940 Act ("independent Trustees"). Mr. Alshefski, an interested person of the Trust, serves as Chairman of the Board. Mr. Hunt, an independent Trustee, serves as the lead independent Trustee. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the independent Trustees constitute more than three-quarters of the Board, the fact that the chairperson of each Committee of the Board is an independent Trustee, the amount of assets under management in the Trust, and the number of funds (and classes of shares) overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the independent Trustees from fund management.

The Board has two standing committees: the Audit Committee and the Governance Committee. The Audit Committee and the Governance Committee are chaired by an independent Trustee and composed of all of the independent Trustees. In addition, the Board has a lead independent Trustee.

In his role as lead independent Trustee, Mr. Hunt, among other things: (i) presides over Board meetings in the absence of the Chairman of the Board; (ii) presides over executive sessions of the independent Trustees; (iii) along with the Chairman of the Board, oversees the development of agendas for Board meetings; (iv) facilitates communication between the independent Trustees and management, and among the independent Trustees; (v) serves as a key point person for dealings between the independent Trustees and management; and (vi) has such other responsibilities as the Board or independent Trustees determine from time to time.

Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee. There is no stated term of office for the Trustees. Nevertheless, an independent Trustee must retire from the Board as of the end of the calendar year in which such independent Trustee first attains the age of seventy-five years; provided, however, that, an independent Trustee may continue to serve for one or more additional one calendar year terms after attaining the age of seventy-five years (each calendar year a "Waiver Term") if, and only if, prior to the beginning of such Waiver Term: (1) the Governance Committee (a) meets to review the performance of the independent Trustee; (b) finds that the continued service of such independent Trustee is in the best interests of the Trust; and (c) unanimously approves excepting the independent Trustee from the general retirement policy set out above; and (2) a majority of the Trustees approves excepting the independent Trustee from the general retirement policy set out above. Unless otherwise noted, the business address of each Trustee is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Principal Occupations**<br> **in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski<br> (Born: 1966)<br> Chairman of the Board of Trustees<sup>1</sup><br> (since 2025) | Senior Vice President and Head of SEI Investment Manager Services for Traditional Asset Managers, SEI Investments Company, Inc., since 2013. Head of SEI Offshore Fund Servicing Business Line, SEI Investments Company, Inc., from 1996 to 2013. Fund Accounting Director, SEI Investments Company, from 1992 to 1996. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Symmetry Panoramic Trust. |

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| | | | |
|:---|:---|:---|:---|
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt<br> (Born: 1951) | Trustee and Lead Independent Trustee<br> (since 2014) | Retired since 2013. Consultant to Management, Convergent Capital Management, LLC ("CCM") from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012. | Current Directorships: Trustee of City National Rochdale Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |
| Thomas P. Lemke<br> (Born: 1954) | Trustee<br> (since 2014) | Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, Symmetry Panoramic Trust and J.P. Morgan Funds (171 Portfolios). Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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| | | | |
|:---|:---|:---|:---|
| Nichelle Maynard-Elliott<br> (Born: 1968) | Trustee<br> (since 2021) | Independent Director since 2018. Executive Director, M&A at Praxair Inc. from 2011-2019. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman), Legal & General Commodity Strategy Fund Offshore Ltd., Xerox Holdings Corporation and Lucid Group, Inc.<br>Former Directorships: Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. Director of Element Solutions Inc. to 2024. |
| Jay C. Nadel<br> (Born: 1958) | Trustee<br> (since 2016) | Self-Employed Consultant since 2004. Executive Vice President, Bank of New York Broker Dealer from 2002 to 2004. Partner/Managing Director, Weiss Peck & Greer/Robeco from 1986 to 2001. | Current Directorships: Chairman of the Board of Trustees of City National Rochdale Funds. Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, Symmetry Panoramic Trust and Alger Funds. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd. Trustee of Alger Funds since 2024.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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| | | | |
|:---|:---|:---|:---|
| Randall S. Yanker<br> (Born: 1960) | Trustee<br> (since 2014) | Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004. | Current Directorships: Trustee of Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund and Symmetry Panoramic Trust. Independent Non-Executive Director of HFA Holdings Limited. Director of Chiron Capital Allocation Fund Ltd., FS Alternatives Fund (Cayman), FS Real Asset Fund (Cayman) and Legal & General Commodity Strategy Fund Offshore Ltd.<br>Former Directorships: Trustee of Winton Diversified Opportunities Fund (closed-end investment company) to 2018. Director of Navigator Global Investments Limited to 2020. Trustee of Schroder Global Series Trust to 2021. Trustee of Schroder Series Trust to 2022. Trustee of Wilshire Private Assets Tender Fund to 2024. |

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<sup>1</sup> Denotes Trustees who may be deemed to be "interested" persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

<u>Individual Trustee Qualifications</u>

The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Fund provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund, and to exercise their business judgment in a manner that serves the best interests of the Fund's shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

The Fund has concluded that Mr. Alshefski should serve as Trustee because of the experience he has gained in his various roles with SEI Investments Company and his knowledge of the financial services industry.

The Trust has concluded that Mr. Hunt should serve as Trustee because of the experience he gained in a variety of leadership roles with different investment management institutions, his experience in and knowledge of the financial services industry, and the experience he has gained as a board member of open-end, closed-end and private funds investing in a broad range of asset classes, including alternative asset classes.

The Trust has concluded that Mr. Lemke should serve as Trustee because of the extensive experience he gained in the financial services industry, including experience in various senior management positions with financial services firms and multiple years of service with a regulatory agency, his background in controls, including legal, compliance and risk management, and his service as general counsel for several financial services firms.

The Trust has concluded that Ms. Maynard-Elliott should serve as Trustee because of the experience she gained in a variety of leadership roles at a leading industrial company, the experience she has gained as a board member of several prominent companies, and her legal and financial management expertise.

The Trust has concluded that Mr. Nadel should serve as Trustee because of the experience he gained in a variety of leadership roles with an audit firm and various financial services firms, his experience in and knowledge of the financial services industry, and the experience he has gained serving on other mutual fund and operating company boards.

The Trust has concluded that Mr. Yanker should serve as Trustee because of the experience he gained in a variety of leadership roles with the alternative asset management divisions of various financial services firms, his experience in and knowledge of the financial services industry, and the experience he has gained advising institutions on alternative asset management.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the funds.

**Board Committees.** The Board has established the following standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;• **Audit Committee.** The Board has a standing Audit Committee that is composed of each of the independent
 Trustees. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee
 include: (i) recommending which firm to engage as each fund's independent registered public accounting firm and whether to terminate
 this relationship; (ii) reviewing the independent registered public accounting firm's compensation, the proposed scope and terms
 of its engagement, and the firm's independence; (iii) pre-approving audit and non-audit services provided by each fund's independent
 registered public accounting firm to the Trust and certain other affiliated entities; (iv) serving as a channel of communication between
 the independent registered public accounting firm and the Trustees; (v) reviewing the results of each external audit, including any qualifications
 in the independent registered public accounting firm's opinion, any related management letter, management's responses to recommendations
 made by the independent registered public accounting firm in connection with the audit, reports submitted to the Committee by the internal
 auditing department of the Administrator that are material to the Trust as a whole, if any, and management's responses to any such
 reports; (vi) reviewing each fund's audited financial statements and considering any significant disputes between the Trust's
 management and the independent registered public accounting firm that arose in connection with the preparation of those financial statements;
 (vii) considering, in consultation with the independent registered public accounting firm and the Trust's senior internal accounting
 executive, if any, the independent registered public accounting firms' reports on the adequacy of the Trust's internal financial
 controls; (viii) reviewing, in consultation with each fund's independent registered public accounting firm, major changes regarding
 auditing and accounting principles and practices to be followed when preparing each fund's financial statements; and (ix) other
 audit related matters. Mr. Hunt, Mr. Lemke, Ms. Maynard-Elliott, Mr. Nadel and Mr. Yanker currently serve as members of the Audit Committee.
 Mr. Nadel serves as Chair of the Audit Committee. The Audit Committee meets periodically, as necessary, and met four (4) times during
 the most recently completed fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Governance Committee.** The Board has a standing Governance Committee
 that is composed of each of the independent Trustees. The Governance Committee operates under a written charter approved by the Board.
 The principal responsibilities of the Governance Committee include: (i) considering and reviewing Board governance and compensation issues;
 (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating all persons to serve as independent
 Trustees and considering proposals of and making recommendations for "interested" Trustee candidates to the Board; and (iv)
 reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing
 and addressed to the Committee at the Trust's office. Mr. Hunt, Mr. Lemke, Ms. Maynard-Elliott, Mr. Nadel and Mr. Yanker currently
 serve as members of the Governance Committee. Ms. Maynard-Elliott serves as Chair of the Governance Committee. The Governance Committee
 meets periodically, as necessary, and met two (2) times during the most recently completed fiscal year.

**Fund Shares Owned by Board Members.** The following table shows the dollar amount range of each Trustee's "beneficial ownership" of shares of the Fund as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The Trustees and officers of the Trust own less than 1% of the outstanding shares of the Trust.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Fund Shares**<br> **(Fund)<sup>1</sup>** | **Aggregate Dollar Range of Shares**<br> **(All Funds in the Family of Investment Companies)<sup>1,2</sup>** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski |  |  |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt |  |  |
| Thomas P. Lemke |  |  |
| Nichelle Maynard-Elliott |  |  |
| Jay C. Nadel |  |  |
| Randall S. Yanker |  |  |

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<sup>1</sup> Valuation date is December 31, 2025.

<sup>2</sup> The Fund is the only fund in the family of investment companies.

 

**Board Compensation.** The Trust paid the following fees to the Trustees during the fiscal year ended October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Aggregate Compensation from the Trust** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated**<br> **Annual Benefits Upon Retirement** | **Total Compensation from the Trust and Fund Complex<sup>1</sup>** |
| **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** | **<u>Interested Trustee</u>** |
| John G. Alshefski | $0 | N/A | N/A | &nbsp;&nbsp;$0 for service on one (1) board |
| **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** | **<u>Independent Trustees</u>** |
| Jon C. Hunt | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Thomas P. Lemke | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Nichelle Maynard-Elliott | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Jay C. Nadel | $156951 | N/A | N/A | $156,951 for service on one (1) board |
| Randall S. Yanker | $156951 | N/A | N/A | $156,951 for service on one (1) board |

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<sup>1</sup> All funds in the Fund Complex are series of the Trust.

**Trust Officers.** Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations for the last five years of each of the persons currently serving as executive officers of the Trust. There is no stated term of office for the officers of the Trust. Unless otherwise noted, the business address of each officer is SEI Investments, One Freedom Valley Drive, Oaks, Pennsylvania 19456. The Chief Compliance Officer is the only officer who receives compensation from the Trust for his services.

Certain officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments or its affiliates act as investment manager, administrator or distributor.

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| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Trust and Length of Time Served** | **Principal Occupations**<br> **in Past 5 Years** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2014) | Managing Director, SEI Investments, since 2021. Director of Client Service, SEI Investments, from 2004 to 2021. |
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |
| Eric C. Griffith<br> (Born: 1969) | Vice President<br> (since 2020)<br>Secretary <br> (since 2025) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher<br> (Born: 1975) | Vice President and Assistant Secretary<br> (since 2018)<br>| Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and Chief Financial Officer (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017) | Account Manager, SEI Investments, since 2007. |

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| | | |
|:---|:---|:---|
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Wilshire Private Assets Master Fund, Wilshire Private Assets Fund, and Catholic Responsible Investments Funds since September 2022. Chief Compliance Officer of SEI Alternative Income Fund since May 2023. Chief Compliance Officer of Symmetry Panoramic Trust since December 2023. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
| Alexander F. Smith<br> (Born: 1977) | Vice President and Assistant Secretary<br> (since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
| Marci M. Morgan <br> (Born: 1971) | Anti-Money Laundering Compliance Officer and Privacy Officer<br>(since 2025) | Director of Anti-Money Laundering Compliance at SEI Investments since May 2025. Director of Global Due Diligence at SEI Investments from October 2023 to May 2025. Vice President of Regulatory Management at BNY Mellon Investment Servicing (formerly PNC Global Investment Servicing) from December 2001 to January 2006 and from April 2010 to February 2023. |

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**PURCHASING AND REDEEMING SHARES**

Purchases and redemptions may be made through the Transfer Agent on any day the New York Stock Exchange (the "NYSE") is open for business. Shares of the Fund are offered and redeemed on a continuous basis. Currently, the NYSE is closed for business when the following holidays are 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 and Christmas.

It is currently the Trust's policy to pay all redemptions in cash. The Trust retains the right, however, to alter this policy to provide for redemptions in whole or in part by a distribution in-kind of securities held by the Fund in lieu of cash. Shareholders may incur brokerage charges on the sale of any such securities so received in payment of redemptions.

The Trust reserves the right to suspend the right of redemption and/or to postpone the date of payment upon redemption for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, for any period on which trading on the NYSE is restricted (as determined by the SEC by rule or regulation), or during the existence of an emergency (as determined by the SEC by rule or regulation) as a result of which the disposal or valuation of the Fund's securities is not reasonably practicable, or for such other periods as the SEC has by order permitted. The Trust also reserves the right to suspend sales of shares of the Fund for any period during which the NYSE, the Adviser, the Administrator, the Transfer Agent and/or the Custodian are not open for business.

**DETERMINATION OF NET ASSET VALUE**

**General Policy.** The Fund adheres to Section 2(a)(41), and Rules 2a-4 and 2a-5 thereunder, of the 1940 Act with respect to the valuation of portfolio securities. In general, securities for which market quotations are readily available are valued at current market value, and all other securities are valued at fair value by the Adviser in good faith, and subject to the oversight of the Board. In complying with the 1940 Act, the Trust relies on guidance provided by the SEC and by the SEC staff in various interpretive letters and other guidance.

**Equity Securities.** Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Money Market Securities and other Debt Securities.** If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of the Fund's pricing time, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Foreign Securities.** The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

**Derivatives and Other Complex Securities.** Exchange-traded options on securities and indices purchased by the Fund generally are valued at their last trade price or, if there is no last trade price, the last bid price. Exchange-traded options on securities and indices written by the Fund generally are valued at their last trade price or, if there is no last trade price, the last asked price. In the case of options traded in the over-the-counter market, if the OTC option is also an exchange-traded option, the Fund will follow the rules regarding the valuation of exchange-traded options. If the OTC option is not also an exchange-traded option, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

Futures and swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are traded. The daily settlement prices for financial futures are provided by an independent source. On days when there is excessive volume or market volatility, or the future or centrally cleared swap does not end trading by the time the Fund calculates NAV, the settlement price may not be available at the time at which the Fund calculates its NAV. On such days, the best available price (which is typically the last sales price) may be used to value the Fund's futures or centrally cleared swaps position.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the thirty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.

If available, non-centrally cleared swaps, CDOs, CLOs and bank loans are priced based on valuations provided by an independent third party pricing agent. If a price is not available from an independent third party pricing agent, the security will be valued at fair value as determined in good faith by the Adviser, subject to Board oversight.

**Use of Third-Party Independent Pricing Services.** Pursuant to contracts with the Administrator, prices for most securities held by the Fund with readily available market quotations are provided by third-party independent pricing agents. The valuations for these securities are reviewed by the Administrator. In accordance with the Adviser's Valuation Procedures, the Adviser may also use third-party independent pricing agents (reviewed and approved by the Adviser) to fair value certain securities without readily available market quotations (or where market quotations are unreliable).

**Fair Value Procedures.** Securities for which market prices are not "readily available" or which cannot be valued using the methodologies described above are valued in accordance with Fair Value Procedures established by the Adviser and implemented through the Adviser's Valuation Committee. In establishing a fair value for an investment, the Adviser will use valuation methodologies established by the Adviser and may consider inputs and methodologies provided by, among others, third-party independent pricing agents, independent broker dealers and/or the Adviser's own personnel (including investment personnel).

Some of the more common reasons that may necessitate a security being valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; trading of the security is subject to local government-imposed restrictions; or a significant event with respect to a security has occurred after the close of the market or exchange on which the security principally trades and before the time the Fund calculates NAV. When a security is valued in accordance with the Fair Value Procedures, the Adviser's Valuation Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

**Fair Valuation of Foreign Securities Based on U.S. Market Movements.** A third party fair valuation vendor provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each foreign security) applied by the fair valuation vendor in the event that there are movements in the U.S. market that exceed a specific threshold that has been established by the Adviser. The Adviser has also established a "confidence interval" that is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market that is required for a particular security to be fair valued when the threshold is exceeded. In the event that the threshold established by the Adviser is exceeded on a specific day, the Adviser values the foreign securities in the Fund's portfolio that exceed the applicable "confidence interval" based upon the fair values provided by the fair valuation vendor. In the event that the Adviser believes that the fair values provided by the fair valuation vendor are not reliable, the Adviser will determine in good faith the fair value of the foreign securities, subject to Board oversight.

**TAXES**

The following is only a summary of certain additional U.S. federal income tax considerations generally affecting the Fund and its shareholders that is intended to supplement the discussion contained in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. In particular, it does not address investors subject to special rules, such as investors who hold shares through an individual retirement account ("IRA"), 401(k), or other tax-advantaged account. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

The following general discussion of certain federal income tax consequences is based on the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Qualification as a Regulated Investment Company.** The Fund has elected and intends to qualify each year to be treated as a regulated investment company ("RIC"). By following such a policy, the Fund expects to eliminate or reduce to a nominal amount the federal taxes to which it may be subject. If the Fund 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 the Fund as a RIC if it determines such course of action to be beneficial to shareholders.

In order to qualify as a RIC under the Code, the Fund must distribute annually to its shareholders at least 90% of its net investment income (which, includes dividends, taxable interest, and the excess of net short-term capital gains over net long-term capital losses, less operating expenses) and at least 90% of its net tax exempt interest income, for each tax year, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities, or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Qualifying Income Test"); and (ii) at the close of each quarter of the Fund's taxable year: (A) at least 50% of the 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, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and that does not represent more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (B) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer or the securities (other than the securities of another RIC) of two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Test").

Although the Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed.

If the Fund fails to satisfy the Qualifying Income or Asset Tests in any taxable year, the 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 the Fund fails to maintain qualification as a RIC for a tax year, and the relief provisions are not available, the Fund will be subject to federal income tax at the regular corporate rate (currently 21%) without any deduction for distributions to shareholders. In such case, its shareholders would be taxed as if they received ordinary dividends to the extent of the Fund's current and accumulated earnings and profits, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

The treatment of capital loss carryovers for the Fund is similar to the rules that apply to capital loss carryovers of individuals, which provide that such losses are carried over indefinitely. If the 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. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

**Federal Excise Tax.** Notwithstanding the Distribution Requirement described above, which generally requires the Fund to distribute at least 90% of its annual investment company taxable income and the excess of its exempt interest income (but does not require any minimum distribution of net capital gain), the Fund will be subject to a nondeductible 4% federal excise tax to the extent it fails to distribute, by the end of the calendar year at least 98% of its ordinary income and 98.2% of its capital gain net income (the excess of short- and long-term capital gains over short- and long-term capital losses) for the one-year period ending on October 31 of such year (including any retained amount from the prior calendar year on which the Fund paid no federal income tax). The Fund intends to make sufficient distributions to avoid liability for federal excise tax but can make no assurances that such tax will be completely eliminated. For example, the Fund may receive delayed or corrected tax reporting statements from its investments that cause the Fund to accrue additional income and gains after the Fund has already made its excise tax distributions for the year. In such a situation, the Fund may incur an excise tax liability resulting from such delayed receipt of such tax information statements. In addition, the Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the Adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

**Distributions to Shareholders.** The Fund 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 the Fund, constitutes the Fund's net investment income from which dividends may be paid to you. Any distributions by the Fund from such income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income, whether you take them in cash or in additional shares.

Distributions by the Fund are currently eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Fund receives qualified dividend income on the securities it holds and the Fund reports the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held the shares on which the dividend was paid for more than 60 days during the 121-day period that begins on the date that is 60 days before the date on which the shares become "ex-dividend" (which is the day on which declared distributions (dividends or capital gains) are deducted from the Fund's assets before it calculates the NAV) with respect to such dividend, (ii) the Fund has not satisfied similar holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder, (iii) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property, or (iv) the shareholder elects to treat such dividend as investment income under Section 163(d)(4)(B) of the Code. Therefore, if you lend your shares in the Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the shares are held by the borrower) as qualified dividend income. Distributions that the Fund 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. The Fund's investment strategies may limit its ability to make distributions eligible for the reduced rates for qualified dividend income.

Distributions by the Fund of its net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of the Fund's net capital gains will be taxable as long-term capital gains for individual shareholders currently set at a maximum rate of 20% regardless of how long you have held your shares in the Fund. Distributions from capital gain are generally made after applying available capital loss carryforwards.

In the case of corporate shareholders, Fund distributions (other than capital gain distributions) generally qualify for the dividends received deduction to the extent such distributions are so reported and do not exceed the gross amount of qualifying dividends received by the Fund for the year. Generally, and subject to certain limitations (including certain holding period limitations), a dividend will be treated as a qualifying dividend if it has been received from a domestic corporation. The Fund's investment strategies may limit its ability to make distributions eligible for the dividends received deduction for corporate shareholders.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j) of the Code. This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j) of the Code. In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the 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 the Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by Internal Revenue Service ("IRS").

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its current and accumulated earnings and profits for the taxable year (as calculated for federal income tax purposes), all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher reported capital gain or lower reported capital loss when those shares on which the distribution was received are sold.

A dividend or distribution received shortly after the purchase of shares reduces the NAV of the shares by the amount of the dividend or distribution and, although in effect a return of capital, will be taxable to the shareholder. If the NAV of shares were reduced below the shareholder's cost by dividends or distributions representing gains realized on sales of securities, such dividends or distributions would be a return of investment though taxable to the shareholder in the same manner as other dividends or distributions.

The Fund (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income and capital gain distributions, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Fund may designate and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

Dividends declared to shareholders of record in October, November or December and actually paid in January of the following year will be treated as having been received by shareholders on December 31 of the calendar year in which declared. Under this rule, therefore, a shareholder may be taxed in one year on dividends or distributions actually received in January of the following year.

**Sales or Redemptions.** Sales and redemptions of Fund shares may be taxable transactions for federal and state income tax purposes. Any gain or loss recognized on a sale or redemption of shares of the Fund by a shareholder who holds Fund shares as capital assets will generally be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if shares on which a shareholder has received a long-term capital gain distribution are subsequently sold or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the long-term capital gain distribution. In addition, the loss realized on a sale or other disposition of shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the shares). This loss disallowance rule will apply to shares received through the reinvestment of dividends during the 61-day period. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares acquired.

The Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for purchases of Fund shares. In addition to the requirement to report the gross proceeds from the sale of Fund shares, the Fund is also required to report the cost basis information for such shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund shares, the Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Fund will use the average cost basis method as its default cost basis method. The cost basis method elected by the Fund shareholder (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund 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 how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

**Net Investment Income Tax.** U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including any capital gains realized on the sale of shares of the Fund).

**Tax Treatment of Complex Securities.** The Fund may invest in complex securities and these investments may be subject to numerous special and complex tax rules. These rules could affect the Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses, and, in limited cases, subject the Fund to U.S. federal income tax on income from certain of its foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Fund and may require the Fund to sell securities to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC at a time when the Adviser might not otherwise have chosen to do so. To the extent the Fund invests in an underlying fund that is taxable as a RIC, the following discussion regarding the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

Certain derivative investment by the Fund, such as exchange-traded products and over-the-counter derivatives, may not produce qualifying income for purposes of the "Qualifying Income Test" described above, which must be met in order for the Fund to maintain its status as a RIC under the Code. In addition, the determination of the value and the identity of the issuer of such derivative investments are often unclear for purposes of the "Asset Test" described above. The Fund intends to carefully monitor such investments to ensure that any non-qualifying income does not exceed permissible limits and to ensure that it is adequately diversified under the Asset Test. The Fund, however, may not be able to accurately predict the non-qualifying income from these investments and there are no assurances that the IRS will agree with the Fund's determination of the "Asset Test" with respect to such derivatives.

The Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Code ("Section 1256 Contracts") as of the end of the year as well as those actually realized during the year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market will be 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to shareholders. The 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 Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so.

With respect to investments in STRIPS, treasury receipts, and other zero coupon securities which are sold at original issue discount and thus do not make periodic cash interest payments, the Fund will be required to include as part of its current income the imputed interest on such obligations even though the Fund has not received any interest payments on such obligations during that period. Because the Fund intends to distribute all of its net investment income to its shareholders, the Fund may have to sell Fund securities to distribute such imputed income which may occur at a time when the Adviser would not have chosen to sell such securities and which may result in taxable gain or loss.

Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original issue discount. Absent an election by the 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.

The Fund may invest in U.S. REITs. Investments in REIT equity securities may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make the requisite distributions, the 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. The Fund's investments in REIT equity securities may at other times result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to the 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 (as calculated for federal income tax purposes). Capital gain dividends paid by a REIT to the Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to its shareholders as a capital gain distribution. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income or qualify for the dividends received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, 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 (as calculated for federal income tax purposes).

"Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

U.S. REITs in which the Fund invests often do not provide complete and final tax information to the Fund until after the time that the Fund issues a tax reporting statement. As a result, the 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, the Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

If the Fund owns shares in certain foreign investment entities, referred to as "passive foreign investment companies" or "PFICs," the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares, even if the entire distribution or gain is paid out by the Fund as a dividend to its shareholders; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to shareholders in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to shareholders any such mark-to-market gains in accordance with the distribution requirements set forth above. The 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. Amounts included in income each year by the Fund arising from a QEF election will be "qualifying income" under the Qualifying Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies.

**Certain Foreign Currency Tax Issues.** The Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Fund intends to 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 foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Fund as a RIC and minimize the imposition of income and excise taxes.

**Foreign Taxes.** Dividends and interest received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries and U.S. possessions that would reduce the yield on the Fund's stocks or securities. Tax conventions between certain countries and the United States may reduce or eliminate these taxes. Foreign countries generally do not impose taxes on capital gains with respect to investments by foreign investors.

If more than 50% of the value of the Fund's total assets at the close of its taxable year consists of stocks or securities of foreign corporations, the Fund will be eligible to and intends to file an election with the IRS that may enable shareholders, in effect, to receive either the benefit of a foreign tax credit, or a deduction from such taxes, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations. Pursuant to the election, the Fund will treat those taxes as dividends paid to its shareholders. Each such shareholder will be required to include a proportionate share of those taxes in gross income as income received from a foreign source and must treat the amount so included as if the shareholder had paid the foreign tax directly. The shareholder may then either deduct the taxes deemed paid by him or her in computing his or her taxable income or, alternatively, use the foregoing information in calculating any foreign tax credit they may be entitled to use against the shareholders' federal income tax. If the Fund makes the election, the Fund (or its administrative agent) will report annually to its shareholders the respective amounts per share of the Fund's income from sources within, and taxes paid to, foreign countries and U.S. possessions. If the Fund does not hold sufficient foreign securities to meet the above threshold, then shareholders will not be entitled to claim a credit or further deduction with respect to foreign taxes paid by the Fund.

A shareholder's ability to claim a foreign tax credit or deduction in respect of foreign taxes paid by the Fund may be subject to certain limitations imposed by the Code, which may result in a shareholder not receiving a full credit or deduction (if any) for the amount of such taxes. In particular, shareholders must hold their Fund shares (without protection from risk of loss) on the ex-dividend date and for at least 15 additional days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a given dividend. Shareholders who do not itemize on their federal income tax returns may claim a credit (but no deduction) for such foreign taxes. Even if the Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in the Fund through tax-advantaged accounts (including those who invest through IRAs or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

The Fund'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. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Fund.

**Backup Withholding.** The Fund will be required in certain cases to withhold at a 24% withholding rate and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that such shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Non-U.S. Investors.** Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of the Fund generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described above. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Fund should consult their tax advisors in this regard.

**Tax Shelter Reporting Regulations.** Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Fund are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**State Taxes.** Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that the Fund will not be liable for any corporate excise, income or franchise tax in Delaware if it qualifies as a RIC for federal income tax purposes.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for such tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Fund.

**FUND TRANSACTIONS**

**Brokerage Transactions.** Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, the Adviser may place a combined order for two or more accounts it manages, including the Fund, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of the Adviser that the advantages of combined orders outweigh the possible disadvantages of combined orders.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Fund paid the following aggregate brokerage commissions on Fund transactions:

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| | | |
|:---|:---|:---|
| **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** | **Aggregate Dollar Amount of Brokerage Commissions Paid** |
| **2023** | **2024** | **2025** |
| $305191 | $158260 | $130147 |

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**Brokerage Selection.** The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the Adviser may select a broker based upon brokerage or research services provided to the Adviser. The Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

Section 28(e) of the 1934 Act permits the Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. In addition to agency transactions, the Adviser may receive brokerage and research services in connection with certain riskless principal transactions, in accordance with applicable SEC guidance. Brokerage and research services include: (1) furnishing advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and (3) effecting securities transactions and performing functions incidental thereto (such as clearance, settlement, and custody). In the case of research services, the Adviser believes that access to independent investment research is beneficial to its investment decision-making processes and, therefore, to the Fund.

To the extent that services may be a factor in selecting brokers, such services may be in written form or through direct contact with individuals and may include information as to particular companies and securities as well as market, economic, or institutional areas and information which assists in the valuation and pricing of investments. Examples of research-oriented services for which the Adviser might utilize Fund commissions include research reports and other information on the economy, industries, sectors, groups of securities, individual companies, statistical information, political developments, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance and other analysis. The Adviser may use research services furnished by brokers in servicing all client accounts and not all services may necessarily be used by the Adviser in connection with the Fund or any other specific client account that paid commissions to the broker providing such services. Information so received by the Adviser will be in addition to and not in lieu of the services required to be performed by the Adviser under the Advisory Agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

In some cases the Adviser may receive a service from a broker that has both a "research" and a "non-research" use. When this occurs, the Adviser makes a good faith allocation, under all the circumstances, between the research and non-research uses of the service. The percentage of the service that is used for research purposes may be paid for with client commissions, while the Adviser will use its own funds to pay for the percentage of the service that is used for non-research purposes. In making this good faith allocation, the Adviser faces a potential conflict of interest, but the Adviser believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates the anticipated use of such services to their research and non-research uses.

From time to time, the Adviser may purchase new issues of securities for clients, including the Fund, in a fixed price offering. In these situations, the seller may be a member of the selling group that will, in addition to selling securities, provide the Adviser with research services. The Financial Industry Regulatory Authority ("FINRA") has adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the seller will provide research "credits" in these situations at a rate that is higher than that which is available for typical secondary market transactions. These arrangements may not fall within the safe harbor of Section 28(e).

For the fiscal year ended October 31, 2025, the Fund paid the following commissions on brokerage transactions directed to brokers pursuant to an agreement or understanding whereby the broker provides research services to the Adviser:

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| | |
|:---|:---|
| **Total Dollar Amount of Brokerage Commissions <br> for Research Services** | **Total Dollar Amount of Transactions Involving Brokerage Commissions for Research Services** |
| $35917 | $68041978 |

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**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of either the Fund or the Adviser for a commission in conformity with the 1940 Act and rules promulgated by the SEC. The 1940 Act requires that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

For the fiscal years ended October 31, 2023, 2024 and 2025, the Fund did not pay any brokerage commissions on portfolio transactions effected by affiliated brokers.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that the Fund held during its most recent fiscal year. For the fiscal year ended October 31, 2025, the Fund held securities of its "regular brokers or dealers" as follows:

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| | | |
|:---|:---|:---|
| **Name of Broker/Dealer** | **Type of Security Held** | **Dollar Amount at FYE (in thousands)** |
| BANK OF AMERICA CORP | Equity | $1628 |
| MORGAN STANLEY | Equity | $873 |
| JPMORGAN CHASE & CO | Equity | $1745 |
| GOLDMAN SACHS GROUP INC | Equity | $834 |
| HSBC HOLDINGS PLC | Equity | $488 |
| NOMURA HOLDINGS INC | Fixed Income | $207 |

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**Portfolio Turnover Rates.** Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the fiscal year by the monthly average value of portfolio securities owned during the fiscal year. Excluded from both the numerator and denominator are amounts relating to securities whose maturities at the time of acquisition were one year or less. Instruments excluded from the calculation of portfolio turnover generally would include the futures contracts in which the Fund may invest since such contracts generally have remaining maturities of less than one year. The Fund may at times hold investments in other short-term instruments, such as repurchase agreements, which are excluded for purposes of computing portfolio turnover.

During the fiscal years ended October 31, 2024 and 2025, the Fund's portfolio turnover rates were as follows:

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| | |
|:---|:---|
| **Portfolio Turnover Rates** | **Portfolio Turnover Rates** |
| **2024** | **2025** |
| 132% | 133% |

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**PORTFOLIO HOLDINGS**

The Board has approved a policy and procedures that govern the timing and circumstances regarding the disclosure of Fund portfolio holdings information to shareholders and third parties. These policies and procedures are designed to ensure that disclosure of information regarding the Fund's portfolio securities is in the best interests of the Fund's shareholders, and include procedures to address conflicts between the interests of the Fund's shareholders, on the one hand, and those of the Adviser, principal underwriter or any affiliated person of the Fund, the Adviser, or its principal underwriter, on the other. Pursuant to such procedures, the Board has authorized the Adviser's Chief Compliance Officer (the "Authorized Person") to authorize the release of the Fund's portfolio holdings, as necessary, in conformity with the foregoing principles. The Authorized Person, either directly or through reports by the Trust's Chief Compliance Officer, reports quarterly to the Board regarding the operation and administration of such policies and procedures.

Pursuant to applicable law, the Fund is required to disclose its complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter (currently, each January 31, April 30, July 31, and October 31). The Fund files with the SEC a complete schedule of investments following the first and third fiscal quarters as exhibits to Form N-PORT, and a complete schedule of investments following the second and fourth fiscal quarters on Form N-CSR.

Complete schedules of investments filed with the SEC on Form N-CSR and as exhibits to Form N-PORT are available, free of charge, on the SEC's website at www.sec.gov. The Fund's complete schedules of investments are also posted to the Fund's website at www.pinebridge.com and are distributed to Fund shareholders upon request.

In addition to the quarterly portfolio holdings disclosure required by applicable law, the Fund will post its top 10 holdings within five days of the end of each month, and the Fund will post its complete holdings within thirty days of the end of each month, on the internet at www.pinebridge.com. The Adviser may exclude any portion of the portfolio holdings from publication when deemed in the best interest of the Fund. The portfolio holdings information placed on the Fund's website generally will remain there until such information is included in a filing on Form N-PORT or Form N-CSR as described above.

In addition to information provided to shareholders and the general public, portfolio holdings information may be disclosed as frequently as daily to the Fund's Adviser, Administrator, Custodian, Transfer Agent, financial printer, pricing vendors, liquidity analytics vendors, class action reclaim vendors and foreign tax reclaim vendors and other vendors that provide the Adviser with various middle office, back office, client reporting and portfolio analytics services in connection with their services to the Fund. 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 Fund. Similarly, institutional investors, financial planners, pension plan sponsors and/or their consultants or other third-parties may request portfolio holdings information in order to assess the risks of the Fund's portfolio along with related performance attribution statistics. The lag time for such disclosures will vary. The Fund believes that these third parties have legitimate objectives in requesting such portfolio holdings information.

The Fund's policies and procedures provide that the Authorized Person may authorize disclosure of non-public portfolio holdings information to such parties at differing times and/or with different lag times. Prior to making any disclosure to a third party, the Authorized Person must determine that such disclosure serves a reasonable business purpose, is in the best interests of the Fund's shareholders and that to the extent conflicts between the interests of the Fund's shareholders and those of the Adviser, principal underwriter, or any affiliated person of the Fund exist, such conflicts are addressed. Portfolio holdings information may be disclosed no more frequently than monthly to ratings agencies, consultants and other qualified financial professionals or individuals. The disclosures will not be made sooner than three days after the date of the information. The Trust's Chief Compliance Officer will regularly review these arrangements and will make periodic reports to the Board regarding disclosure pursuant to such arrangements.

With the exception of disclosures to rating and ranking organizations as described above, the Fund requires any third party receiving non-public holdings information to enter into a confidentiality agreement with the Adviser. The confidentiality agreement provides, among other things, that non-public portfolio holdings information will be kept confidential and that the recipient has a duty not to trade on the non-public information and will use such information solely to analyze and rank the Fund, or to perform due diligence and asset allocation, depending on the recipient of the information.

The Trust's policies and procedures prohibit any compensation or other consideration from being paid to or received by any party in connection with the disclosure of portfolio holdings information, including the Fund, the Adviser and their affiliates or recipients of the Fund's portfolio holdings information.

The Adviser may manage other accounts that are not subject to these policies and procedures with investment objectives and strategies that are substantially similar to those of the Fund. Because the portfolio holdings of such accounts may be substantially similar, and in some cases nearly identical, to those of the Fund, an investor in such an account may be able to infer the portfolio holdings of the Fund from the portfolio holdings of the account.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and shares of each fund, each of which represents an equal proportionate interest in that fund with each other share. Shares are entitled upon liquidation to a pro rata share in the net assets of the fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing shares will not be issued. The Fund's shares, when issued, are fully paid and non-assessable.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, investment adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust, and any person who is serving or has served at the Trust's request as a Trustee, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the By-Laws. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**PROXY VOTING**

The Board has delegated the responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy voting policies and procedures, which are included in Appendix B to this SAI.

The Trust is required to disclose annually the Fund's complete proxy voting record during the most recent 12-month period ended June 30 on Form N-PX. This voting record is available: (i) without charge, upon request, by calling 877-225-4164; (ii) by visiting https://www.pinebridge.com/en-us/institution/funds/pinebridge-dynamic-asset-allocation-fund/institutional; and (iii) on the SEC's website at http://www.sec.gov.

**CODES OF ETHICS**

The Board, on behalf of the Trust, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser, the Administrator and the Distributor have adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, officers and certain employees ("Access Persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. Under each Code of Ethics, Access Persons are permitted to invest in securities, including securities that may be purchased or held by the Fund, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings or private placements or are prohibited from making such investments. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

As of February 3, 2026, the following persons were record owners (or to the knowledge of the Trust, beneficial owners) of 5% or more of any class of the shares of the Fund. The Trust believes that most of the shares referred to below were held by the below persons in accounts for their fiduciary, agency or custodial customers. Persons beneficially owning more than 25% of the Fund's outstanding shares may be deemed to "control" the Fund within the meaning of the 1940 Act. Shareholders controlling the Fund may have a significant impact on any shareholder vote of the Fund.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Address** | &nbsp;&nbsp;**Class of Shares** | &nbsp;&nbsp;**% of Class** |
| INTER-AMERICAN DEVELOPMENT BANK FOR ITS STAFF RETIREMENT PLAN TAX EXEMPT<br> PUBLIC INTERNATIONAL ORGANIZATION<br> 1300 NEW YORK AVE NW<br> WASHINGTON, DC 20577 | INSTITUTIONAL | 54.75% |
| INTER-AMERICAN DEVELOPMENT BANK FOR ITS POSTRETIREMENT BENEFITS PLAN TAX EXEMPT<br> PUBLIC INTERNATIONAL ORGANIZATION<br> 1300 NEW YORK AVE NW<br> WASHINGTON, DC 20577 | INSTITUTIONAL | 27.37% |
| CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER DRIVE STE 302<br> MILWAUKEE, WI 53212 | INSTITUTIONAL | 11.03% |
| CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | INVESTOR | 94.26% |
| PINEBRIDGE INVESTMENTS LP <br> 65 E 55TH ST FL 6 <br> NEW YORK, NY 10022-3444 | INVESTOR | 5.74% |

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**APPENDIX A**

**DESCRIPTION OF RATINGS**

**Description of Ratings**

The following descriptions of securities ratings have been published by Moody's Investors Services, Inc. ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings ("Fitch"), respectively.

**Description of Moody's Global Ratings**

Ratings assigned on Moody's global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

**Description of Moody's Global Long-Term Ratings**

**Aaa** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

**Aa** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

*Note*: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Hybrid Indicator (hyb)**

The hybrid indicator (hyb) is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms. By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

**Description of Moody's Global Short-Term Ratings**

**P-1** Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

**P-2** Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

**P-3** Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligations.

**NP** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**Description of Moody's U.S. Municipal Short-Term Obligation Ratings**

The Municipal Investment Grade ("MIG") scale is used to rate U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

Moody's U.S. municipal short-term obligation ratings are as follows:

**MIG 1** This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

**MIG 2** This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

**MIG 3** This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

**SG** This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

**Description of Moody's Demand Obligation Ratings**

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the Variable Municipal Investment Grade ("VMIG") scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade. For VRDOs, Moody's typically assigns a VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

Moody's demand obligation ratings are as follows:

**VMIG 1** This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 2** This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

**VMIG 3** This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

**SG** This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural or legal protections.

**Description of S&P's Issue Credit Ratings**

An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on S&P's analysis of the following considerations:

• The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an obligation in accordance with the terms of the obligation;

• The nature and provisions of the financial obligation, and the promise S&P imputes; and

• The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

NR indicates that a rating has not been assigned or is no longer assigned.

**Description of S&P's Long-Term Issue Credit Ratings\***

**AAA** An obligation rated 'AAA' has the highest rating assigned by S&P. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC** An obligation rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the anticipated time to default.

**C** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

**Description of S&P's Short-Term Issue Credit Ratings**

**A-1** A short-term obligation rated 'A-1' is rated in the highest category by S&P. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

**B** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**Description of S&P's Municipal Short-Term Note Ratings**

An S&P U.S. municipal note rating reflects S&P's opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P's analysis will review the following considerations:

• Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

• Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

S&P's municipal short-term note ratings are as follows:

**SP-1** Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

**SP-2** Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

**SP-3** Speculative capacity to pay principal and interest.

**D** 'D' is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

**Description of Fitch's Credit Ratings**

Fitch's credit ratings relating to issuers are forward looking opinions on the relative ability of an entity or obligation to meet financial commitments. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation. Credit ratings are used as indications of the likelihood of repayment in accordance with the terms of the issuance.

Fitch's credit rating scale for issuers and issues is expressed using the categories 'AAA' to 'BBB' (investment grade) and 'BB' to 'D' (speculative grade) with an additional +/- for AA through CCC levels indicating relative differences of probability of default or recovery for issues. The terms "investment grade" and "speculative grade" are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative grade categories signal either a higher level of credit risk or that a default has already occurred.

Fitch may also disclose issues relating to a rated issuer that are not and have not been rated. Such issues are also denoted as 'NR' on its webpage.

Fitch's credit ratings do not directly address any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to pay or refinance a financial commitment. Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of the obligation to pay upon a commitment (for example, in the case of payments linked to performance of an index).

Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e. rate to a higher or lower standard than that implied in the obligation's documentation).

**Description of Fitch's Long-Term Corporate Finance Obligations Ratings**

**AAA** Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA** Very high credit quality. 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A** High credit quality. 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

**BBB** Good credit quality. 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB** Speculative. 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

**B** Highly speculative. 'B' ratings indicate that material credit risk is present.

**CCC** Substantial credit risk. 'CCC' ratings indicate that substantial credit risk is present.

**CC** Very high levels of credit risk. 'CC' ratings indicate very high levels of credit risk.

**C** Exceptionally high levels of credit risk. 'C' ratings indicate exceptionally high levels of credit risk.

Ratings in the categories of 'CCC', 'CC' and 'C' can also relate to obligations or issuers that are in default. In this case, the rating does not opine on default risk but reflects the recovery expectation only.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'CCC' to 'C' rating categories, depending on their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

**Description of Fitch's Short-Term Ratings**

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

Fitch's short-term ratings are as follows:

**F1** Highest short-term credit quality. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2** Good short-term credit quality. Good intrinsic capacity for timely payment of financial commitments.

**F3** Fair short-term credit quality. The intrinsic capacity for timely payment of financial commitments is adequate.

**B** Speculative short-term credit quality. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C** High short-term default risk. Default is a real possibility.

**RD** Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D** Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

**APPENDIX B**

**PINEBRIDGE INVESTMENTS LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

**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**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance is responsible for ensuring that the PineBridge ADV includes the appropriate language summarizing
 PineBridge's proxy voting procedures and for updating the summary in the ADV whenever the procedures are updated. Compliance is
 also responsible for consulting with Legal to ensure that PineBridge's proxy voting policy is kept up to date and in a form appropriate
 for transmission to Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Client requests access to the records of how PineBridge voted its proxies, the Client should be assured
 that this will be provided, and Operations should be consulted. Operations has access to these proxy voting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Committee conducts an annual review of the proxy voting guidelines for domestic and non-U.S. Portfolios.
 Guidelines are reviewed to ensure that the interests of PineBridge's Clients are best served.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issues not addressed in the voting guidelines are determined on a case-by-case basis with input from the Committee
 and portfolio managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PineBridge has engaged a third-party vendor to administer proxy voting on its behalf. The vendor receives,
 in a majority of cases, proxies directly from the Client's custodian and votes them based on PineBridge' s voting guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**PART C: OTHER INFORMATION**

**ITEM 28. EXHIBITS:**

[(a)(1) The Advisors' Inner Circle Fund III's (the "Registrant") Certificate of Trust, dated December 4, 2013, is incorporated herein by reference to Exhibit (a)(1) of the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the U.S. Securities and Exchange Commission (the "SEC") via EDGAR Accession No. 0001135428-13-000669 on December 13, 2013](https://www.sec.gov/Archives/edgar/data/1593547/000113542813000669/ex-a1.txt).

[(a)(2) Registrant's Agreement and Declaration of Trust, dated December 4, 2013, is incorporated herein by reference to Exhibit (a)(2) of the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-13-000669 on December 13, 2013](https://www.sec.gov/Archives/edgar/data/1593547/000113542813000669/ex-a2.txt).

[(a)(3) Amendment No. 1 to the Registrant's Agreement and Declaration of Trust, dated September 10, 2020, is incorporated herein by reference to Exhibit (a)(3) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928a3.htm).

[(b)(1) Registrant's Amended and Restated By-Laws, dated September 18, 2014, is incorporated herein by reference to Exhibit (b) of Post-Effective Amendment No. 73 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-16-001760 on September 28, 2016](https://www.sec.gov/Archives/edgar/data/1593547/000113542816001760/ex-b.txt).

[(b)(2) Amendment No. 1, dated June 25, 2020, to the Registrant's Amended and Restated By-Laws is incorporated herein by reference to Exhibit (b)(2) of Post-Effective Amendment No. 242 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-014043 on July 20, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420014043/fp0055598_ex9928b2.htm).

[(c) See Article III and Article V of the Agreement and Declaration of Trust, which has been incorporated by reference in Exhibit (a)(2) to this Registration Statement](https://www.sec.gov/Archives/edgar/data/1593547/000113542813000669/ex-a2.txt).

[(d)(1)(i) Investment Advisory Agreement, dated September 15, 2017, between the Registrant and MetLife Investment Management, LLC ("MetLife"), relating to the MetLife Core Plus Fund, MetLife Multi-Sector Fixed Income Fund, MetLife High Yield Opportunistic Fund and MetLife Small Company Equity Fund (together, the "MetLife Funds"), is incorporated herein by reference to Exhibit (d)(1)(iv) of Post-Effective Amendment No. 120 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-18-000054 on January 26, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000113542818000054/ex-d1iv.txt).

[(d)(1)(ii) Amendment, dated July 1, 2019, to the Investment Advisory Agreement, dated September 15, 2017, between the Registrant and MetLife, relating to the MetLife Funds, is incorporated herein by reference to Exhibit (d)(1)(iii) of Post-Effective Amendment No. 204 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-016580 on September 13, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419016580/fp0044940_ex9928d1iii.htm).

[(d)(1)(iii) Amended Schedule A, dated July 18, 2025, to the Investment Advisory Agreement, dated September 15, 2017, as amended July 1, 2019, between the Registrant and MetLife, is incorporated herein by reference to Exhibit (d)(1)(iii) of Post-Effective Amendment No. 382 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-018088 on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425018088/fp0095313-1_ex9928d1iii.htm)

[(d)(1)(iv) Investment Advisory Agreement, dated February 26, 2015, between the Registrant and Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors"), relating to the Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Fund and Knights of Columbus International Equity Fund, is incorporated herein by reference to Exhibit (d)(1)(v) of Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000079 on February 26, 2015](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000079/ex-d1v.txt).

[(d)(1)(v) Amended Schedule A, dated May 7, 2024, to the Investment Advisory Agreement, dated February 26, 2015, between the Registrant and Knights of Columbus Asset Advisors, relating to the Knights of Columbus Asset Advisors, relating to the Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Fund, Knights of Columbus International Equity Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus U.S. All Cap Index Fund and Knights of Columbus Real Estate Fund (formerly, Knights of Columbus Global Real Estate Fund) (the "Knights of Columbus Funds"), is incorporated herein by reference to Exhibit (d)(1)(v) of Post-Effective Amendment No. 372 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-004394 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425004394/fp0092319-1_ex9928d1v.htm)

[(d)(1)(vi) Investment Advisory Agreement, dated October 30, 2015, between the Registrant and PineBridge Investments LLC ("PineBridge"), relating to the PineBridge Dynamic Asset Allocation Fund, is incorporated herein by reference to Exhibit (d)(1)(viii) of Post-Effective Amendment No. 64 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000935 on December 23, 2015](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000935/ex-d1viii.txt).

[(d)(1)(vii) Investment Advisory Agreement, dated April 30, 2020, between the Registrant and RWC Asset Advisors (US) LLC ("RWC"), relating to the Redwheel Global Emerging Equity Fund (formerly, RWC Global Emerging Equity Fund), is incorporated herein by reference to Exhibit (d)(1)(viii) of Post-Effective Amendment No. 283 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-006410 on March 12, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421006410/fp0063501_ex9928d1viii.htm).

[(d)(1)(viii) Investment Advisory Agreement, dated December 15, 2016, between the Registrant and GQG Partners LLC ("GQG Partners"), relating to the GQG Partners Emerging Markets Equity Fund, is incorporated herein by reference to Exhibit (d)(1)(xi) of Post-Effective Amendment No. 83 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-16-001937 on December 28, 2016.](https://www.sec.gov/Archives/edgar/data/1593547/000113542816001937/ex-d1xi.txt)

[(d)(1)(ix) Amended Schedule A, dated March 31, 2020, to the Investment Advisory Agreement, dated December 15, 2016, between the Registrant and GQG Partners, relating to the GQG Partners Emerging Markets Equity Fund, GQG Partners US Select Quality Equity Fund and GQG Partners Global Quality Equity Fund, (together, the "GQG Equity Funds"), is incorporated herein by reference to Exhibit (d)(1)(xi) of Post-Effective Amendment No. 235 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-008819 on April 29, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420008819/fp0052976_ex9928d1xi.htm).

[(d)(1)(x) Investment Advisory Agreement, dated June 28, 2021, between the Registrant and GQG Partners, relating to the GQG Partners International Quality Value Fund, GQG Partners US Quality Value Fund, and GQG Partners Global Quality Value Fund (together, the "GQG Value Funds"), is incorporated herein by reference to Exhibit (d)(1)(xi) of Post-Effective Amendment No. 296 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-013690 on June 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421013690/fp0066516_ex9928d1xi.htm).

[(d)(1)(xi) Amendment, dated July 10, 2025, to the Investment Advisory Agreement, dated June 28, 2021, between the Registrant and GQG Partners relating to the GQG Value Funds and the GQG US Equity ETF, is incorporated herein by reference to Exhibit (d)(1)(x) of Post-Effective Amendment No. 381 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-014067 on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425014067/fp0094621-1_ex9928d1x.htm)

[(d)(1)(xii) Amended and Restated Schedule A, dated July 10, 2025, to the Investment Advisory Agreement, dated June 28, 2021, between the Registrant and GQG Partners relating to the GQG Value Funds and the GQG US Equity ETF, is incorporated herein by reference to Exhibit (d)(1)(xi) of Post-Effective Amendment No. 381 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-014067 on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425014067/fp0094621-1_ex9928d1xi.htm)

[(d)(1)(xiii) Investment Advisory Agreement, dated May 18, 2018, between the Registrant and Penn Mutual Asset Management, LLC ("PMAM"), relating to the Penn Mutual AM Strategic Income Fund, is incorporated herein by reference to Exhibit (d)(1)(xvii) of Post-Effective Amendment No. 130 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-007885 on May 22, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418007885/fp0033576_ex9928d1xvii.htm).

[(d)(1)(xiv) Amended Schedule A, dated July 29, 2020, to the Investment Advisory Agreement, dated May 18, 2018, between the Registrant and PMAM, relating to the Penn Mutual AM Strategic Income Fund and the Penn Mutual AM 1847 Income Fund (together, the "Penn Mutual Funds"), is incorporated herein by reference to Exhibit (d)(1)(xv) of Post-Effective Amendment No. 243 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-014613 on July 29, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420014613/fp0055663_ex9928d1xv.htm).

[(d)(1)(xv) Investment Advisory Agreement, dated September 21, 2018, between the Registrant and KBI Global Investors (North America) Ltd ("KBI"), relating to the KBI Global Investors Aquarius Fund, is incorporated herein by reference to Exhibit (d)(1)(xix) of Post-Effective Amendment No. 148 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-013996 on September 26, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418013996/fp0035991_ex9928d1xix.htm).

[(d)(1)(xvi) Investment Advisory Agreement, dated January 3, 2019, between the Registrant and Nicholas Investment Partners, L.P. ("Nicholas"), relating to the Nicholas Partners Small Cap Growth Fund, is incorporated herein by reference to Exhibit (d)(1)(xxii) of Post-Effective Amendment No. 171 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-000717 on January 16, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419000717/fp0038287_ex9928d1xxii.htm).

[(d)(1)(xvii) Amended and Restated Investment Advisory Agreement, dated December 9, 2025, between the Registrant and Rayliant Asset Management ("Rayliant"), relating to the Rayliant Wilshire NXTGEN US Large Cap Equity ETF (formerly, Rayliant Quantitative Developed Market Equity ETF), Rayliant Wilshire NXTGEN Emerging Markets Equity ETF (formerly, Rayliant Quantamental Emerging Market ex-China Equity ETF) and Rayliant SMDAM Japan Equity ETF (together, the "Rayliant ETFs"), is incorporated herein by reference to Exhibit (d)(1)(xvii) of Post-Effective Amendment No. 388 to the Registrant's Registration Statement on Form N-1A (File No, 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-022747 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425022747/fp0096538-1_ex9928d1xvii.htm)

[(d)(1)(xviii) Investment Advisory Agreement, dated September 30, 2020 between the Registrant and Chevy Chase Trust Company ("CCT"), relating to the CCT Thematic Equity Fund, is incorporated herein by reference to Exhibit (d)(1)(xxvi) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928d1xxvi.htm).

[(d)(1)(xix) Investment Advisory Agreement, dated October 30, 2020 between the Registrant and Reflection Asset Management, LLC ("Reflection"), relating to the Democratic Large Cap Core ETF (formerly, DEMZ Political Contributions ETF), is incorporated herein by reference to Exhibit (d)(1)(xxvii) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928d1xxvii.htm).

[(d)(1)(xx) Investment Advisory Agreement, dated December 15, 2020, between the Registrant and SouthernSun Asset Management, LLC ("SouthernSun"), relating to the SouthernSun Small Cap Fund and SouthernSun U.S. Equity Fund (together, the "SouthernSun Funds"), is incorporated herein by reference to Exhibit (d)(1)(xxiv) of Post-Effective Amendment No. 279 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-001613 on January 28, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421001613/fp0060992_ex9928d1xxiv.htm).

[(d)(1)(xxi) Investment Advisory Agreement, dated December 9, 2020, between the Registrant and Brookmont Capital Management, LLC ("Brookmont"), relating to the First Foundation Fixed Income Fund and First Foundation Total Return Fund (together, the "First Foundation Funds"), is incorporated herein by reference to Exhibit (d)(1)(xxvi) of Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-000893 on January 15, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928d1xxvi.htm).

[(d)(1)(xxii) Investment Advisory Agreement, dated March 29, 2021, between the Registrant and Democracy Investment Management LLC ("Democracy"), relating to the Democracy International Fund, is incorporated herein by reference to Exhibit (d)(1)(xxviii) of Post-Effective Amendment No. 284 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-007404 on March 30, 2021.](https://www.sec.gov/Archives/edgar/data/1593547/000139834421007404/fp0063803_ex9928d1xxvii.htm)

[(d)(1)(xxiii) Investment Advisory Agreement, dated April 20, 2021, between the Registrant and ARGA Investment Management, LP ("ARGA"), relating to the ARGA Emerging Markets Value Fund and ARGA International Value Fund, is incorporated herein by reference to Exhibit (d)(1)(xxx) of Post-Effective Amendment No. 288 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-009257 on April 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421009257/fp0063935_ex9928d1xxx.htm).

[(d)(1)(xxiv) Amended and Restated Schedule A, dated August 14, 2023, to the Investment Advisory Agreement, dated April 20, 2021, between the Registrant and ARGA, relating to the ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund (together, the "ARGA Funds"), is incorporated herein by reference to Exhibit (d)(1)(xxxvi) of Post-Effective Amendment No. 349 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-017131 on August 30, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423017131/fp0084899-1_ex9928d1xxxvi.htm)

[(d)(1)(xxv) Investment Advisory Agreement, dated January 19, 2022, between the Registrant and Strategas Asset Management, LLC ("Strategas"), relating to the Strategas Global Policy Opportunities ETF and Strategas Macro Thematic Opportunities ETF, is incorporated herein by reference to Exhibit (d)(1)(xxxv) of Post-Effective Amendment No. 318 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-004490 on February 28, 2022](https://www.sec.gov/Archives/edgar/data/1593547/000139834422004490/fp0073160_ex9928d1xxxv.htm).

[(d)(1)(xxvi) Investment Advisory Agreement, dated April 2, 2024, between the Registrant and Strategas, relating to the Strategas Macro Momentum ETF (together with the Strategas Global Policy Opportunities ETF and Strategas Macro Thematic Opportunities ETF, the "Strategas Funds"), is incorporated herein by reference to Exhibit (d)(1)(xl) of Post-Effective Amendment No. 356 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-006762 on April 2, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424006762/fp0087767-1_ex9928d1xl.htm)

[(d)(1)(xxvii) Investment Advisory Agreement, dated April 11, 2022, between the Registrant and FS Fund Advisor, LLC ("FS"), relating to the FS Multi-Strategy Alternatives Fund, is incorporated herein by reference to Exhibit (d)(1)(xxxvi) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928d1xxxvi.htm)

[(d)(1)(xxviii) Investment Advisory Agreement, dated April 11, 2022, between FS and FS Alternatives Fund (Cayman), relating to the FS Multi-Strategy Alternatives Fund, is incorporated herein by reference to Exhibit (d)(1)(xxxviii) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928d1xxxviii.htm)

[(d)(1)(xxix) Investment Advisory Agreement, dated September 30, 2024, between the Registrant and RWC Asset Management LLP ("RWC AM"), relating to the Redwheel Next Generation Power Infrastructure Fund, is incorporated herein by reference to Exhibit (d)(1)(xlv) of Post-Effective Amendment No. 362 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-018337 on September 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424018337/fp0090335-1_ex9928d1xlv.htm)

[(d)(1)(xxx) Investment Advisory Agreement, dated November 6, 2024, between the Registrant and Brown Advisory, LLC ("Brown Advisory"), relating to the Brown Advisory Flexible Equity ETF, is incorporated herein by reference to Exhibit (d)(1)(xlvi) of Post-Effective Amendment No. 367 to the Registrant's Registration Statement on form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001752724-24-275936 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424022352/fp0091114-1_ex9928d1xlvi.htm)

[(d)(1)(xxxi) Amended and Restated Schedule A, dated January 28, 2026, to the Investment Advisory Agreement, dated November 6, 2024, between the Registrant and Brown Advisory, relating to the Brown Advisory Flexible Equity ETF, Brown Advisory Sustainable Value ETF, Brown Advisory Sustainable Growth ETF and Brown Advisory International Value Select ETF (together, the "Brown Advisory Funds"), filed with the SEC via EDGAR Accession No. 0001398344-26-003390 on February 19, 2026.](https://www.sec.gov/Archives/edgar/data/1593547/000139834426003390/fp0097597-1_ex9928d1xxxi.htm)

[(d)(2)(i) Investment Sub-Advisory Agreement, dated September 10, 2019, between Knights of Columbus Asset Advisors and L2 Asset Management, LLC ("L2"), is incorporated herein by reference to Exhibit (d)(2)(iii) of Post-Effective Amendment No. 208 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-017246 on September 27, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419017246/fp0045829_ex9928d2iii.htm).

[(d)(2)(ii) Amended and Restated Schedule A, dated December 1, 2024, to the Investment Sub-Advisory Agreement, dated September 10, 2019, between Knights of Columbus Asset Advisors and L2, is incorporated herein by reference to Exhibit (d)(2)(ii) of Post-Effective Amendment No. 372 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-004394 on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425004394/fp0092319-1_ex9928d2ii.htm)

[(d)(2)(iii) Investment Sub-Advisory Agreement, dated October 30, 2020, between Reflection and Exchange Traded Concepts, LLC ("ETC"), is incorporated herein by reference to Exhibit (d)(2)(v) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928d2v.htm).

[(d)(2)(iv) Investment Sub-Advisory Agreement, dated January 8, 2021, between Brookmont and First Foundation Advisors ("First Foundation"), is incorporated herein by reference to Exhibit (d)(2)(iv) of Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-000893 on January 15, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928d2iv.htm).

[(d)(2)(v) Amended and Restated Schedule A, dated January 27, 2023, to the Investment Sub-Advisory Agreement, dated January 8, 2021, between Brookmont and First Foundation, is incorporated herein by reference to Exhibit (d)(2)(v) of Post-Effective Amendment No. 336 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-001241 on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423001241/fp0081571-1_ex9928d2v.htm)

[(d)(2)(vi) Investment Sub-Advisory Agreement, dated September 26, 2023, between Democracy and Vident Advisory, LLC ("Vident"), is incorporated herein by reference to Exhibit (d)(2)(vi) of Post-Effective Amendment No. 353 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-001187 on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424001187/fp0086766-1_ex9928d2vi.htm)

[(d)(2)(vii) Amended and Restated Investment Sub-Advisory Agreement, dated April 2, 2024, between Strategas and Vident, is incorporated herein by reference to Exhibit (d)(2)(ix) of Post-Effective Amendment No. 356 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-006762 on April 2, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424006762/fp0087767-1_ex9928d2ix.htm)

[(d)(2)(viii) Investment Sub-Advisory Agreement, dated April 11, 2022, between FS and Wilshire Advisors LLC (formerly, Wilshire Associates Incorporated) ("Wilshire"), is incorporated herein by reference to Exhibit (d)(2)(ix) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928d2ix.htm)

(d)(2)(ix) Amended and Restated Schedule A, dated [XX], to the Investment Sub-Advisory Agreement, dated April 11, 2022, between FS and Wilshire, to be filed by amendment.

[(d)(2)(x) Investment Sub-Advisory Agreement, dated April 11, 2022, between FS and MidOcean Credit Fund Management, L.P. ("MidOcean"), is incorporated herein by reference to Exhibit (d)(2)(xii) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928d2xii.htm)

[(d)(2)(xi) Amended and Restated Schedule A, dated June 18, 2024, to the Investment Sub-Advisory Agreement, dated April 11, 2022, between FS and MidOcean, is incorporated herein by reference to Exhibit (d)(2)(xi) of Post-Effective Amendment No. 376 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-008293 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425008293/fp0093068-1_ex9928d2xi.htm)

[(d)(2)(xii) Investment Sub-Advisory Agreement, dated October 12, 2022, between FS and Mariner Investment Group, LLC ("Mariner"), is incorporated herein by reference to Exhibit (d)(2)(xiv) of Post-Effective Amendment No. 335 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-022787 on November 28, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422022787/fp0080801-1_ex99d2xiv.htm)

[(d)(2)(xiii) Amended and Restated Schedule A, dated March 26, 2025, to the Investment Sub-Advisory Agreement, dated October 12, 2022, between FS and Mariner, is incorporated herein by reference to Exhibit (d)(2)(xiii) of Post-Effective Amendment No. 376 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-008293 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425008293/fp0093068-1_ex9928d2xiii.htm)

[(d)(2)(xiv) Investment Sub-Advisory Agreement, dated March 16, 2023, between FS and Waterfall Asset Management, LLC ("Waterfall"), is incorporated herein by reference to Exhibit (d)(2)(xvii) of Post-Effective Amendment No. 341 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-008289 on April 28, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423008289/fp0083046-1_ex9928d2xvii.htm)

[(d)(2)(xv) Amended and Restated Schedule A, dated September 12, 2024, to the Investment Sub-Advisory Agreement, dated March 16, 2023, between FS and Waterfall, is incorporated herein by reference to Exhibit (d)(2)(xv) of Post-Effective Amendment No. 376 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-008293 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425008293/fp0093068-1_ex9928d2xv.htm)

[(d)(2)(xvi) Investment Sub-Advisory Agreement, dated April 1, 2024, between Rayliant and Sumitomo Mitsui DS Asset Management Company, Ltd ("SMDAM"), is incorporated by reference to exhibit (d)(2)(xiv) of Post-Effective Amendment No. 359 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-013259 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424013259/fp0089266-1_ex9928d2xiv.htm)

[(d)(2)(xvii) Investment Sub-Advisory Agreement, dated June 24, 2024 between FS and Magnetar Asset Management LLC ("Magnetar"), is incorporated by reference to exhibit (d)(2)(xv) of Post-Effective Amendment No. 359 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-013259 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424013259/fp0089266-1_ex9928d2xv.htm)

[(d)(2)(xviii) Investment Sub-Advisory Agreement, dated November 6, 2024, between Brown Advisory and Vident, is incorporated herein by reference to Exhibit (d)(2)(xvi) of Post-Effective Amendment No. 367 to the Registrant's Registration Statement on form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001752724-24-275936 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424022352/fp0091114-1_ex9928d2xvi.htm)

[(d)(2)(xix) Amended and Restated Schedule A, dated January 28, 2026, to the Investment Sub-Advisory Agreement, dated November 6, 2024, between Brown Advisory and Vident, is filed herewith.](fp0097648-1_ex9928d2xix.htm)

[(d)(3)(i) Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and MetLife, relating to the MetLife Funds, is incorporated herein by reference to Exhibit (d)(3)(i) of Post-Effective Amendment No. 382 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-018088 on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425018088/fp0095313-1_ex9928d3i.htm)

[(d)(3)(ii) Amended and Restated Schedule A, dated July 18, 2025, to the Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and MetLife, relating to the MetLife Funds, is incorporated herein by reference to Exhibit (d)(3)(ii) of Post-Effective Amendment No. 382 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-018088 on September 12, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425018088/fp0095313-1_ex9928d3ii.htm)

[(d)(3)(iii) Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and Knights of Columbus Asset Advisors, relating to the Knights of Columbus Funds, is incorporated herein by reference to Exhibit (d)(3)(iii) of Post-Effective Amendment No. 235 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-008819 on April 29, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420008819/fp0052976_ex9928d3iii.htm).

[(d)(3)(iv) Amended and Restated Schedule A, dated October 25, 2024, to the Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and Knights of Columbus Asset Advisors, relating to the Knights of Columbus Funds, is incorporated herein by reference to Exhibit (d)(3)(iii) of Post-Effective Amendment No. 369 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-023759 on December 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424023759/fp0091508-1_ex9928d3iii.htm)

[(d)(3)(v) Expense Limitation Agreement, dated December 23, 2015, between the Registrant and PineBridge, relating to the PineBridge Dynamic Asset Allocation Fund, is incorporated herein by reference to Exhibit (d)(3)(viii) of Post-Effective Amendment No. 64 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000935 on December 23, 2015](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000935/ex-d3viii.txt).

[(d)(3)(vi) Amended Schedule A, dated April 26, 2019, to the Expense Limitation Agreement, dated December 23, 2015, between the Registrant and PineBridge, relating to the PineBridge Dynamic Asset Allocation Fund, is incorporated herein by reference to Exhibit (d)(3)(ix) of Post-Effective Amendment No. 184 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-007386 on April 30, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419007386/fp0041615_ex9928d3ix.htm).

[(d)(3)(vii) Expense Limitation Agreement, dated November 1, 2016, between the Registrant and RWC, relating to the RWC Global Emerging Equity Fund, is incorporated herein by reference to Exhibit (d)(3)(x) of Post-Effective Amendment No. 83 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-16-001937 on December 28, 2016](https://www.sec.gov/Archives/edgar/data/1593547/000113542816001937/ex-d3x.txt).

[(d)(3)(viii) Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and GQG Partners, relating to the GQG Equity Funds, is incorporated herein by reference to Exhibit (d)(3)(ix) of Post-Effective Amendment No. 334 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-014345 on July 29, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422014345/fp0078064_ex9928d3ix.htm)

[(d)(3)(ix) Amended Schedule A, dated July 21, 2022, to the Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and GQG Partners, relating to the GQG Equity Funds, is incorporated herein by reference to Exhibit (d)(3)(x) of Post-Effective Amendment No. 334 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-014345 on July 29, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422014345/fp0078064_ex9928d3x.htm)

[(d)(3)(x) Expense Limitation Agreement, dated June 28, 2021, between the Registrant and GQG Partners, relating to the GQG Value Funds, is incorporated herein by reference to Exhibit (d)(3)(xiii) of Post-Effective Amendment No. 296 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-013690 on June 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421013690/fp0066516_ex9928d3xiii.htm).

[(d)(3)(xi) Amended Schedule A, dated July 25, 2025, to the Expense Limitation Agreement, dated June 28, 2021, between the Registrant and GQG Partners, related to the GQG Value Funds and GQG US Equity ETF, is incorporated herein by reference to Exhibit (d)(3)(x) of Post-Effective Amendment No. 381 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-014067 on July 29, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425014067/fp0094621-1_ex9928d3x.htm)

[(d)(3)(xii) Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and PMAM, relating to the Penn Mutual AM Strategic Income Fund, is incorporated herein by reference to Exhibit (d)(3)(xiii) of Post-Effective Amendment No. 330 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-008418 on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422008418/fp0075133_ex9928d3xiii.htm)

[(d)(3)(xiii) Amended Schedule A, dated November 1, 2020, to the Amended and Restated Expense Limitation Agreement, dated December 31, 2019, between the Registrant and PMAM, relating to the Penn Mutual Funds, is incorporated herein by reference to Exhibit (d)(3)(xiv) of Post-Effective Amendment No. 330 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-008418 on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422008418/fp0075133_ex9928d3xiv.htm)

[(d)(3)(xiv) Expense Limitation Agreement, dated September 21, 2018, between the Registrant and KBI, relating to the KBI Global Investors Aquarius Fund, is incorporated herein by reference to Exhibit (d)(3)(xxiii) of Post-Effective Amendment No. 148 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-013996 on September 26, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418013996/fp0035991_ex9928d3xxiii.htm).

[(d)(3)(xv) Amended Schedule A, dated September 30, 2022, to the Expense Limitation Agreement, dated September 21, 2018, between the Registrant and KBI, is incorporated herein by reference to Exhibit (d)(3)(xvi) of Post-Effective Amendment No. 335 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-022787 on November 28, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422022787/fp0080801-1_ex99d3xvi.htm)

[(d)(3)(xvi) Expense Limitation Agreement, dated January 3, 2019, between the Registrant and Nicholas, relating to the Nicholas Partners Small Cap Growth Fund, is incorporated herein by reference to Exhibit (d)(3)(xxiv) of Post-Effective Amendment No. 171 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-000717 on January 16, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419000717/fp0038287_ex9928d3xxiv.htm).

[(d)(3)(xvii) Expense Limitation Agreement, dated October 10, 2023, between the Registrant and Rayliant, relating to the Rayliant ETFs, is incorporated by reference to exhibit (d)(3)(xix) of Post-Effective Amendment No. 359 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-013259 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424013259/fp0089266-1_ex9928d3xix.htm)

[(d)(3)(xviii) Amended and Restated Schedule A, dated December 9, 2025, to the Expense Limitation Agreement, dated October 10, 2023, between the Registrant and Rayliant, relating to the Rayliant SMDAM Japan Equity ETF, is incorporated herein by reference to Exhibit (d)(3)(xviii) of Post-Effective Amendment No. 388 to the Registrant's Registration Statement on Form N-1A (File No, 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-022747 on December 19, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425022747/fp0096538-1_ex9928d3xviii.htm)

[(d)(3)(xix) Expense Limitation Agreement, dated September 30, 2020, between the Registrant and CCT, relating to the CCT Thematic Equity Fund, is incorporated herein by reference to Exhibit (d)(3)(xxvi) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928d3xxvi.htm).

[(d)(3)(xx) Amended and Restated Expense Limitation Agreement, dated January 31, 2022, between the Registrant and SouthernSun, relating to the SouthernSun Small Cap Fund, is incorporated herein by reference to Exhibit (d)(3)(xxiv) of Post-Effective Amendment No. 317 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-001326 on January 28, 2022](https://www.sec.gov/Archives/edgar/data/1593547/000139834422001326/fp0072078_ex9928d3xxiv.htm).

[(d)(3)(xxi) Amended and Restated Expense Limitation Agreement, dated January 31, 2022, between the Registrant and SouthernSun, relating to the SouthernSun U.S. Equity Fund, is incorporated herein by reference to Exhibit (d)(3)(xxv) of Post-Effective Amendment No. 317 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-001326 on January 28, 2022](https://www.sec.gov/Archives/edgar/data/1593547/000139834422001326/fp0072078_ex9928d3xxv.htm).

[(d)(3)(xxii) Expense Limitation Agreement, dated December 9, 2020, between the Registrant and Brookmont, relating to the First Foundation Funds, is incorporated herein by reference to Exhibit (d)(3)(xxvi) of Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-000893 on January 15, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928d3xxvi.htm).

[(d)(3)(xxiii) Expense Limitation Agreement, dated December 16, 2021, between the Registrant and LGIMA, is incorporated herein by reference to Exhibit (d)(3)(xxvii) of Post-Effective Amendment No. 333 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-010607 on May 26, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422010607/fp0076400_ex9928d3xxvii.htm)

[(d)(3)(xxiv) Expense Limitation Agreement, dated April 20, 2021, between the Registrant and ARGA, relating to the ARGA Emerging Markets Value Fund and ARGA International Value Fund, is incorporated herein by reference to Exhibit (d)(3)(xxx) of Post-Effective Amendment No. 288 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-009257 on April 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421009257/fp0063935_ex9928d3xxx.htm).

[(d)(3)(xxv) Amended and Restated Schedule A, dated August 14, 2023, to the Expense Limitation Agreement, dated April 20, 2021, between the Registrant and ARGA, relating to the ARGA Funds, is incorporated herein by reference to Exhibit (d)(3)(xxxi) of Post-Effective Amendment No. 349 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-017131 on August 30, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423017131/fp0084899-1_ex9928d3xxxi.htm)

[(d)(3)(xxvi) Second Amended and Restated Fee Waiver and Expense Reimbursement Agreement, dated April 13, 2023, between the Registrant and Democracy, relating to the Democracy International Fund, is incorporated herein by reference to Exhibit (d)(3)(xxxiv) of Post-Effective Amendment No. 341 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-008289 on April 28, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423008289/fp0083046-1_ex9928d3xxxiv.htm)

[(d)(3)(xxvii) Expense Limitation Agreement, dated April 11, 2022, between the Registrant and FS, relating to the FS Multi-Strategy Alternatives Fund, is incorporated herein by reference to Exhibit (d)(3)(xxxiv) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928d3xxxiv.htm)

[(d)(3)(xxviii) Amended and Restated Schedule A, dated April 26, 2023, to the Expense Limitation Agreement, dated April 11, 2022, between the Registrant and FS, relating to the FS Multi-Strategy Alternatives Fund, is incorporated herein by reference to Exhibit (d)(3)(xxxv) of Post-Effective Amendment No. 357 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-008224 on April 29, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424008224/fp0088026-1_ex9928d3xxxv.htm)

[(d)(3)(xxix) Expense Limitation Agreement, dated April 2, 2024, between the Registrant and Strategas, relating to the Strategas Funds, is incorporated herein by reference to Exhibit (d)(3)(xxxvii) of Post-Effective Amendment No. 356 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-006762 on April 2, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424006762/fp0087767-1_ex9928d3xxxvii.htm)

[(d)(3)(xxx) Expense Limitation Agreement, dated September 30, 2024, between the Registrant and RWC AM, relating to the Redwheel Next Generation Power Infrastructure Fund, is incorporated herein by reference to Exhibit (d)(3)(xxxvii) of Post-Effective Amendment No. 362 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-018337 on September 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424018337/fp0090335-1_ex9928d3xxxvii.htm)

[(d)(3)(xxxi) Expense Limitation Agreement, dated November 6, 2024, between the Registrant and Brown Advisory, relating to the Brown Advisory Flexible Equity ETF, is incorporated herein by reference to Exhibit (d)(3)(xxxviii) of Post-Effective Amendment No. 367 to the Registrant's Registration Statement on form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001752724-24-275936 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424022352/fp0091114-1_ex9928d3xxxviii.htm)

[(d)(3)(xxxii) Amended and Restated Schedule A, dated February 17, 2026, to the Expense Limitation Agreement, dated November 6, 2024, between the Registrant and Brown Advisory, relating to the Brown Advisory Funds, filed with the SEC via EDGAR Accession No. 0001398344-26-003390 on February 19, 2026.](https://www.sec.gov/Archives/edgar/data/1593547/000139834426003390/fp0097597-1_ex9928d3xxxii.htm)

[(e)(1)(i) Distribution Agreement, dated February 12, 2014, between the Registrant and SEI Investments Distribution Co. ("SIDCO"), is incorporated herein by reference to Exhibit (e) of the Registrant's Pre-Effective Amendment No. 2 (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-14-000199 on March 18, 2014](https://www.sec.gov/Archives/edgar/data/1593547/000113542814000199/ex-e.txt).

[(e)(1)(ii)](https://www.sec.gov/Archives/edgar/data/1593547/000113542818000054/ex-e1ii.txt)[Amendment No. 1, dated December 7, 2017, to the Distribution Agreement, dated February 12, 2014, between the Registrant and SIDCO, is incorporated herein by reference to Exhibit (e)(1)(ii) of Post-Effective Amendment No. 120 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-18-000054 on January 26, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000113542818000054/ex-e1ii.txt).

[(e)(2) Form of Authorized Participant Agreement is incorporated herein by reference to Exhibit (e)(2) of Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-025276 on December 30, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420025276/fp0060557_9928e2.htm).

(f) Not Applicable.

[(g)(1)(i)](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000464/ex-g3.txt)[Custodian Agreement, dated November 25, 2014, between the Registrant and Brown Brothers Harriman & Co. is incorporated herein by reference to Exhibit (g)(3) of Post-Effective Amendment No. 45 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000464 on July 14, 2015](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000464/ex-g3.txt).

[(g)(1)(ii) Amendment, dated September 9, 2024 to the Custodian Agreement, dated November 25, 2014, between the Registrant and Brown Brothers Harriman & Co., is incorporated herein by reference to Exhibit (g)(1)(ii) of Post-Effective Amendment No. 362 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-018337 on September 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424018337/fp0090335-1_ex9928g1ii.htm)

[(g)(1)(iii) Joinder, dated December 16, 2020, to the Custodian Agreement, dated November 25, 2014, between the Registrant and Brown Brothers Harriman & Co. is incorporated herein by reference to Exhibit (g)(2)(iii) of Post-Effective Amendment No. 282 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-005124 on February 26, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421005124/fp0062311_ex9928g2iii.htm).

[(g)(2)(i) Custodian Agreement, dated November 16, 2018, between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Exhibit (g)(3)(i) of Post-Effective Amendment No. 171 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-000717 on January 16, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419000717/fp0038287_ex9928g3i.htm).

[(g)(2)(ii)](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928g3iv.htm) [Amended Appendix A, dated August 12, 2020, to the Custodian Agreement, dated November 16, 2018, between the Registrant and State Street Bank and Trust Company, is incorporated herein by reference to Exhibit (g)(3)(iv) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928g3iv.htm).

[(g)(3)(i) Custodian and Transfer Agent Agreement, dated October 20, 2020, between the Registrant and Brown Brothers Harriman & Co. is incorporated herein by reference to Exhibit (g)(4) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928g4.htm).

[(g)(3)(ii)](https://www.sec.gov/Archives/edgar/data/1593547/000139834422004490/fp0073160_ex9928g3ii.htm) [Amended Exhibit A, dated January 19, 2022, to the Custodian and Transfer Agent Agreement dated October 20, 2020, between the Registrant and Brown Brothers Harriman & Co., is incorporated herein by reference to Exhibit (g)(3)(ii) of Post-Effective Amendment No. 318 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-004490 on February 28, 2022](https://www.sec.gov/Archives/edgar/data/1593547/000139834422004490/fp0073160_ex9928g3ii.htm).

[(g)(3)(iii) Amended Exhibit A to the Custodian and Transfer Agent Agreement, dated October 20, 2020, between the Registrant and Brown Brothers Harriman & Co., is incorporated by reference to Exhibit (g)(3)(iii) of Post-Effective Amendment No. 359 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-013259 on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424013259/fp0089266-1_ex9928g3iii.htm)

<u>[(g)(3)(iv) Form of Amended Exhibit A, dated \[Date\], to the Custodian and Transfer Agent Agreement, dated October 20, 2020, between the Registrant and Brown Brothers Harriman & Co., is incorporated herein by reference to Exhibit (g)(3)(iv) of Post-Effective Amendment No. 377 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-010941 on May 30, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425010941/fp0093730-1_ex9928g3iv.htm)</u>

[(g)(3)(v) Form of Amended Exhibit A, dated February 1, 2026, to the Custodian and Transfer Agent Agreement, dated October 20, 2020, between the Registrant and Brown Brothers Harriman & Co., is filed herewith.](fp0097648-1_ex9928g3v.htm)

[(h)(1)(i) Amended and Restated Administration Agreement, dated November 16, 2018, between the Registrant and SEI Investments Global Funds Services ("SEI GFS"), is incorporated herein by reference to Exhibit (h)(1)(i) of Post-Effective Amendment No. 160 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-017157 on November 28, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017157/fp0037015_ex9928h1i.htm).

[(h)(1)(ii) Amendment No. 2, dated June 22, 2023, to the Amended and Restated Administration Agreement, dated November 16, 2018, between the Registrant and SEI GFS, is incorporated herein by reference to Exhibit (h)(1)(ii) of Post-Effective Amendment No. 349 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-017131 on August 30, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423017131/fp0084899-1_ex9928h1ii.htm)

[(h)(2)(i) Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(4) of the Registrant's Pre-Effective Amendment No. 2 (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-14-000199 on March 18, 2014.](https://www.sec.gov/Archives/edgar/data/1593547/000113542814000199/ex-h4.txt)

[(h)(2)(i)(a)](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017157/fp0037015_ex9928h2ia.htm) [Amendment No. 1, dated April 30, 2018, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(a) of Post-Effective Amendment No. 160 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-017157 on November 28, 2018.](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017157/fp0037015_ex9928h2ia.htm)

[(h)(2)(i)(b) Amendment, dated June 19, 2018, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(b) of Post-Effective Amendment No. 160 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-017157 on November 28, 2018.](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017157/fp0037015_ex9928h2ib.htm)

[(h)(2)(i)(c)](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017157/fp0037015_ex9928h2ic.htm) [Amendment, dated June 26, 2018, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(c) of Post-Effective Amendment No. 160 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-017157 on November 28, 2018.](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017157/fp0037015_ex9928h2ic.htm)

[(h)(2)(i)(d) Amendment, dated July 16, 2019, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), incorporated herein by reference to Exhibit (h)(2)(i)(d) of Post-Effective Amendment No. 330 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-008418 on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422008418/fp0075133_ex9928h2id.htm)

[(h)(2)(i)(e) Amendment No. 3, dated December 15, 2023, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(r) of Post-Effective Amendment No. 353 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-001187 on January 26, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424001187/fp0086766-1_ex9928h2ir.htm)

[(h)(2)(i)(f) Advisor Complex Schedule relating to the MetLife Funds, dated December 18, 2014, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(d) of Post-Effective Amendment No. 53 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000574 on August 26, 2015.](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000574/ex-h2id.txt)

[(h)(2)(i)(g)](https://www.sec.gov/Archives/edgar/data/1593547/000113542817000150/ex-h2ie.txt) [Advisor Complex Schedule relating to the Knights of Columbus Funds, dated January 21, 2015, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(e) of Post-Effective Amendment No. 88 to the Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 001135428-17-000150 on February 28, 2017.](https://www.sec.gov/Archives/edgar/data/1593547/000113542817000150/ex-h2ie.txt)

[(h)(2)(i)(h)](https://www.sec.gov/Archives/edgar/data/1593547/000113542817000062/ex-h2ig.txt) [Advisor Complex Schedule relating to the Redwheel Global Emerging Equity Fund and Redwheel Next Generation Power Infrastructure Fund, dated December 30, 2016, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(g) of Post-Effective Amendment No. 85 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-17-000062 on January 27, 2017](https://www.sec.gov/Archives/edgar/data/1593547/000113542817000062/ex-h2ig.txt).

[(h)(2)(i)(i) Advisor Complex Schedule relating to the GQG Partners Emerging Markets Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners International Quality Value Fund, GQG Partners US Quality Value Fund and GQG Partners Global Quality Value Fund (together, the "GQG Funds"), dated December 28, 2016, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(h) of Post-Effective Amendment No. 85 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-17-000062 on January 27, 2017.](https://www.sec.gov/Archives/edgar/data/1593547/000113542817000062/ex-h2ih.txt)

[(h)(2)(i)(j) Advisor Complex Schedule relating to the Penn Mutual Funds, dated July 2, 2018, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(l) of Post-Effective Amendment No. 243 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-014613 on July 29, 2020.](https://www.sec.gov/Archives/edgar/data/1593547/000139834420014613/fp0055663_ex9928h2i1.htm)

[(h)(2)(i)(k) Advisor Complex Schedule relating to the MetLife High Yield Opportunistic Fund (f/k/a Mesirow High Yield Fund) and MetLife Small Company Equity Fund (f/k/a Mesirow Small Company Fund), dated December 3, 2018, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(m) of Post-Effective Amendment No. 171 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-000717 on January 16, 2019.](https://www.sec.gov/Archives/edgar/data/1593547/000139834419000717/fp0038287_ex9928h2im.htm)

[(h)(2)(i)(l)](https://www.sec.gov/Archives/edgar/data/1593547/000139834419007372/fp0041601_ex9928h2io.htm) [Advisor Complex Schedule relating to the Nicholas Partners Small Cap Growth Fund, dated January 16, 2019, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(o) of Post-Effective Amendment No. 183 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-007372 on April 30, 2019.](https://www.sec.gov/Archives/edgar/data/1593547/000139834419007372/fp0041601_ex9928h2io.htm)

[(h)(2)(i)(m) Advisor Complex Schedule relating to the LGIMA Funds, dated May 27, 2021, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(n) of Post-Effective Amendment No. 308 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-020413 on October 26, 2021.](https://www.sec.gov/Archives/edgar/data/1593547/000139834421020413/fp0069154_ex9928h2in.htm)

[(h)(2)(i)(n) Advisor Complex Schedule relating to the First Foundation Funds, dated January 11, 2021, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(r) of Post-Effective Amendment No. 282 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-005124 on February 26, 2021.](https://www.sec.gov/Archives/edgar/data/1593547/000139834421005124/fp0062311_ex9928h2ir.htm)

[(h)(2)(i)(o) Advisor Complex Schedule relating to the FS Multi-Strategy Alternatives Fund, dated April 11, 2022, to the Agency Agreement, dated March 12, 2014, between the Registrant and SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Systems, Inc.), is incorporated herein by reference to Exhibit (h)(2)(i)(q) of Post-Effective Amendment No. 336 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-001241 on January 27, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423001241/fp0081571-1_ex9928h2iq.htm)

[(h)(2)(ii)(a) Second Amended and Restated Transfer Agency Services Agreement, dated May 31, 2021, between the Registrant and Atlantic Shareholder Services, LLC, is incorporated herein by reference to Exhibit (h)(2)(ii)(a) of Post-Effective Amendment No. 310 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-022453 on November 24, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421022453/fp0070376_ex9928h2iia.htm).

[(h)(2)(ii)(b) Amendment, dated August 30, 2023, to the Second Amended and Restated Transfer Agency Services Agreement, dated May 31, 2021, between the Registrant and Atlantic Shareholder Services, LLC, is incorporated herein by reference to Exhibit (h)(2)(ii)(b) of Post-Effective Amendment No. 349 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-017131 on August 30, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423017131/fp0084899-1_ex9928h2iib.htm)

[(h)(3)(i)](https://www.sec.gov/Archives/edgar/data/1593547/000113542816001068/ex-h3i.txt) [Amended and Restated Shareholder Services Plan, dated December 10, 2015, is incorporated herein by reference to Exhibit (h)(3) of Post-Effective Amendment No. 68 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-16-001068 on February 26, 2016](https://www.sec.gov/Archives/edgar/data/1593547/000113542816001068/ex-h3i.txt).

[(h)(3)(ii) Amended Exhibit A, dated June 22, 2023, to the Amended and Restated Shareholder Services Plan, dated December 10, 2015, is incorporated herein by reference to Exhibit (h)(3)(ii) of Post-Effective Amendment No. 349 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-017131 on August 30, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423017131/fp0084899-1_ex9928h3ii.htm)

[(h)(4) License Agreement, dated December 5, 2019, between the Registrant and Knights of Columbus Asset Advisors, relating to the Knights of Columbus U.S. All Cap Index Fund, is incorporated herein by reference to Exhibit (h)(4) of Post-Effective Amendment No. 231 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-004731 on February 28, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420004731/fp0050674_ex9928h4.htm).

[(i) Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP, is filed herewith.](fp0097648-1_ex9928i.htm)

[(j)(1) Consent of Independent Registered Public Accounting firm, PricewaterhouseCoopers LLP, relating to the Knights of Columbus Funds, is filed herewith.](fp0097648-1_ex9928j1.htm)

[(j)(2) Consent of Independent Registered Public Accounting firm, Cohen & Company Ltd., relating to the MetLife Funds, is filed herewith.](fp0097648-1_ex9928j2.htm)

[(j)(3) Consent of Independent Registered Public Accounting firm, Cohen & Company Ltd., relating to the PineBridge Dynamic Asset Allocation Fund, is filed herewith.](fp0097648-1_ex9928j3.htm)

[(j)(4) Consent of Independent Registered Public Accounting firm, Deloitte & Touche LLP, relating to the MetLife Funds, is filed herewith.](fp0097648-1_ex9928j4.htm)

[(j)(5) Consent of Independent Registered Public Accounting firm, Ernst & Young LLP, relating to the PineBridge Dynamic Asset Allocation Fund, is filed herewith.](fp0097648-1_ex9928j5.htm)

(k) Not Applicable.

[(l) Initial Capital Agreement, dated March 4, 2014, is incorporated herein by reference to Exhibit (l) of the Registrant's Pre-Effective Amendment No. 2 (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-14-000199 on March 18, 2014](https://www.sec.gov/Archives/edgar/data/1593547/000113542814000199/ex-l.txt).

[(m)(1) Amended and Restated Distribution Plan, dated March 3, 2015, is incorporated herein by reference to Exhibit (m)(1) of Post-Effective Amendment No. 45 (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000464 on July 14, 2015](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000464/ex-m1.txt).

[(m)(2) Amended Schedule A, dated June 18, 2024, to the Amended and Restated Distribution Plan, dated March 3, 2015, is incorporated herein by reference to Exhibit (m)(2) of Post-Effective Amendment No. 362 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-018337 on September 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424018337/fp0090335-1_ex9928m2.htm)

[(m)(3) ETF Distribution Plan, dated October 15, 2020, is incorporated herein by reference to Exhibit (m)(5) of Post-Effective Amendment No. 270 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-025276 on December 30, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420025276/fp0060557_9928m5.htm).

[(m)(4) Amended Schedule A, dated September 11, 2024, to the ETF Distribution Plan, dated October 15, 2020, is incorporated herein by reference to Exhibit (m)(4) of Post-Effective Amendment No. 366 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-020241 on November 7, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424020241/fp0090912-1_ex9928m4.htm)

[(m)(5) Amended Schedule A, dated June 18, 2025, to the ETF Distribution Plan, dated October 15, 2020, is incorporated herein by reference to Exhibit (m)(5) of Post-Effective Amendment 380 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-012834 on July 7, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425012834/fp0094052-1_ex9928m5.htm)

[(m)(6) Amended Schedule A, dated December 3, 2025, to the ETF Distribution Plan, dated October 15, 2020, is filed herewith.](fp0097648-1_ex9928m6.htm)

[(n)(1) Registrant's Amended and Restated Rule 18f-3 Multiple Class Plan, dated February 12, 2014, including Schedules and Certificates of Class Designation thereto, is incorporated herein by reference to Exhibit (n) of Post-Effective Amendment No. 12 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-14-000655 on October 7, 2014](https://www.sec.gov/Archives/edgar/data/1593547/000113542814000655/ex-n.txt).

[(n)(2) Amended and Restated Schedule D and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the Knights of Columbus Funds, is incorporated herein by reference to Exhibit (n)(3) of Post-Effective Amendment No. 208 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-017246 on September 27, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419017246/fp0045829_ex9928n3.htm).

[(n)(3) Schedule F and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the PineBridge Dynamic Asset Allocation Fund, is incorporated herein by reference to Exhibit (n)(4) of Post-Effective Amendment No. 64 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-15-000935 on December 23, 2015](https://www.sec.gov/Archives/edgar/data/1593547/000113542815000935/ex-n4.txt).

[(n)(4) Schedule H and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the RWC Global Emerging Equity Fund, is incorporated herein by reference to Exhibit (n)(5) of Post-Effective Amendment No. 76 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-16-001783 on October 21, 2016](https://www.sec.gov/Archives/edgar/data/1593547/000113542816001783/ex-n5.txt).

[(n)(5)](https://www.sec.gov/Archives/edgar/data/1593547/000139834421013690/fp0066516_ex9928n6.htm) [Amended and Restated Schedule I and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated June 24, 2021, relating to the GQG Funds, is incorporated herein by reference to Exhibit (n)(6) of Post-Effective Amendment No. 296 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-013690 on June 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421013690/fp0066516_ex9928n6.htm).

[(n)(6) Schedule M and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the KBI Global Investors Aquarius Fund, is incorporated herein by reference to Exhibit (n)(10) of Post-Effective Amendment No. 148 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-013996 on September 26, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418013996/fp0035991_ex9928n10.htm).

[(n)(7) Schedule N and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the MetLife High Yield Opportunistic Fund (f/k/a Mesirow High Yield Fund) and MetLife Small Company Equity Fund (f/k/a Mesirow Small Company Fund), is incorporated herein by reference to Exhibit (n)(12) of Post-Effective Amendment No. 159 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-017044 on November 27, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418017044/fp0037213_ex9928n12.htm).

[(n)(8) Schedule O and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the Nicholas Partners Small Cap Growth Fund, is incorporated herein by reference to Exhibit (n)(13) of Post-Effective Amendment No. 171 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-000717 on January 16, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419000717/fp0038287_ex9928n13.htm).

[(n)(9) Amended and Restated Schedule T and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the LGIMA Funds, is incorporated herein by reference to Exhibit (n)(11) of Post-Effective Amendment No. 346 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-012004 on June 13, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423012004/fp0083780-1_ex9928n11.htm)

[(n)(10) Schedule U and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the SouthernSun Funds, is incorporated herein by reference to Exhibit (n)(15) of Post-Effective Amendment No. 279 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-001613 on January 28, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421001613/fp0060992_ex9928n15.htm).

[(n)(11) Schedule V and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the First Foundation Funds, is incorporated herein by reference to Exhibit (n)(17) of Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-000893 on January 15, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928n17.htm).

[(n)(12) Amended and Restated Schedule W and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the ARGA Funds, is incorporated herein by reference to Exhibit (n)(14) of Post-Effective Amendment No. 349 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-017131 on August 30, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423017131/fp0084899-1_ex9928n14.htm)

[(n)(13) Amended and Restated Schedule X and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the FS Multi-Strategy Alternatives Fund, is incorporated herein by reference to Exhibit (n)(16) of Post-Effective Amendment No. 335 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-022787 on November 28, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422022787/fp0080801-1_ex99n16.htm)

[(n)(14) Schedule Z and Certificates of Class Designation to the Registrant's Amended and Restated Rule 18f-3 Plan, dated February 12, 2014, relating to the Redwheel Next Generation Power Infrastructure Fund, is incorporated herein by reference to Exhibit (n)(16) of Post-Effective Amendment No. 362 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-018337 on September 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424018337/fp0090335-1_ex9928n16.htm)

(o) Not Applicable.

[(p)(1) Registrant's Code of Ethics is incorporated herein by reference to Exhibit (p)(1) of the Registrant's Pre-Effective Amendment No. 1 (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-14-000079 on February 20, 2014](https://www.sec.gov/Archives/edgar/data/1593547/000113542814000079/ex-p1.txt).

[(p)(2) SIDCO Code of Ethics, is incorporated herein by reference to Exhibit (p)(2) of Post-Effective Amendment No. 367 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001752724-24-275936 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424022352/fp0091114-1_ex9928p2.htm)

[(p)(3) SEI GFS Code of Ethics, is incorporated herein by reference to Exhibit (p)(3) of Post-Effective Amendment No. 367 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001752724-24-275936 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424022352/fp0091114-1_ex9928p3.htm)

[(p)(4) MetLife Code of Ethics, dated April 30, 2007, as amended October 1, 2025, is filed herewith.](fp0097648-1_ex9928p4.htm)

[(p)(5) Knights of Columbus Asset Advisors Code of Ethics, dated October 1, 2019, is incorporated herein by reference to Exhibit (p)(6) of Post-Effective Amendment No. 235 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-008819 on April 29, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420008819/fp0052976_ex9928p6.htm).

[(p)(6) PineBridge Code of Ethics, dated July 2017, is incorporated herein by reference to Exhibit (p)(14) of Post-Effective Amendment No. 114 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001135428-17-000992 on September 29, 2017](https://www.sec.gov/Archives/edgar/data/1593547/000113542817000992/ex-p14.txt).

[(p)(7) RWC Code of Ethics, dated August 2016, is incorporated herein by reference to Exhibit (p)(11) of Post-Effective Amendment No. 228 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-001402 on January 28, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420001402/fp0049661_ex9928p11.htm).

[(p)(8) GQG Partners Code of Ethics, is incorporated herein by reference to Exhibit (p)(9) of Post-Effective Amendment No. 348 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-013753 on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423013753/fp0084330-1_ex9928p9.htm)

[(p)(9) PMAM Code of Ethics, dated February 22, 2017, is incorporated herein by reference to Exhibit (p)(22) of Post-Effective Amendment No. 130 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-007885 on May 22, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418007885/fp0033576_ex9928p22.htm).

[(p)(10) KBI Code of Ethics, dated November 2017, is incorporated herein by reference to Exhibit (p)(22) of Post-Effective Amendment No. 148 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-18-013996 on September 26, 2018](https://www.sec.gov/Archives/edgar/data/1593547/000139834418013996/fp0035991_ex9928p22.htm).

[(p)(11) Nicholas Code of Ethics, dated August 1, 2019, is incorporated herein by reference to Exhibit (p)(18) of Post-Effective Amendment No. 225 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-19-022972 on December 23, 2019](https://www.sec.gov/Archives/edgar/data/1593547/000139834419022972/fp0048629_ex9928p18.htm).

[(p)(12) L2 Code of Ethics is filed herewith.](fp0097648-1_ex9928p12.htm)

[(p)(13) Rayliant Code of Ethics is incorporated herein by reference to Exhibit (p)(24) of Post-Effective Amendment No. 249 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-017803 on August 31, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420017803/fp0057016_ex9928p24.htm).

[(p)(14) CCT Code of Ethics is incorporated herein by reference to Exhibit (p)(19) of Post-Effective Amendment No. 335 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-022787 on November 28, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422022787/fp0080801-1_ex99p19.htm)

[(p)(15) Reflection Code of Ethics is incorporated herein by reference to Exhibit (p)(26) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928p26.htm).

[(p)(16) ETC Code of Ethics is incorporated herein by reference to Exhibit (p)(27) of Post-Effective Amendment No. 260 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-021223 on November 2, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420021223/fp0058919_ex9928p27.htm).

[(p)(17) SouthernSun Code of Ethics is incorporated herein by reference to Exhibit (p)(24) of Post-Effective Amendment No. 279 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-001613 on January 28, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421001613/fp0060992_ex9928p24.htm).

[(p)(18) Brookmont Code of Ethics is incorporated herein by reference to Exhibit (p)(25) of Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-000893 on January 15, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928p25.htm).

[(p)(19)](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928p26.htm) [First Foundation Code of Ethics is incorporated herein by reference to Exhibit (p)(26) of Post-Effective Amendment No. 276 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-000893 on January 15, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421000893/fp0061072_ex9928p26.htm).

[(p)(20) LGIMA Code of Ethics incorporated herein by reference to Exhibit (p)(25) of Post-Effective Amendment No. 330 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-008418 on April 29, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422008418/fp0075133_ex9928p25.htm)

[(p)(21) Democracy Code of Ethics is incorporated herein by reference to Exhibit (p)(28) of Post-Effective Amendment No. 284 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-007404 on March 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421007404/fp0063803_ex9928p28.htm).

[(p)(22) Vident Code of Ethics, is incorporated herein by reference to Exhibit (p)(26) of Post-Effective Amendment No. 367 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001752724-24-275936 on November 27, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424022352/fp0091114-1_ex9928p26.htm)

[(p)(23) ARGA Code of Ethics, dated December 2024, is incorporated herein by reference to Exhibit (p)(24) of Post-Effective Amendment No. 376 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-008293 on April 30, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425008293/fp0093068-1_ex9928p24.htm)

[(p)(24) Strategas Code of Ethics, is incorporated herein by reference to Exhibit (p)(32) of Post-Effective Amendment No. 315 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-000786 on January 19, 2022](https://www.sec.gov/Archives/edgar/data/1593547/000139834422000786/fp0072115_ex9928p32.htm).

[(p)(25) FS Code of Ethics, is incorporated herein by reference to Exhibit (p)(33) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928p33.htm)

[(p)(26) Wilshire Code of Ethics, is incorporated herein by reference to Exhibit (p)(34) of Post-Effective Amendment No. 348 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-013753 on July 28, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423013753/fp0084330-1_ex9928p34.htm)

[(p)(27) MidOcean Code of Ethics, is incorporated herein by reference to Exhibit (p)(37) of Post-Effective Amendment No. 327 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-007321 on April 12, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422007321/fp0074779_ex9928p37.htm)

[(p)(28) Mariner Code of Ethics is incorporated herein by reference to Exhibit (p)(38) of Post-Effective Amendment No. 335 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-22-022787 on November 28, 2022.](https://www.sec.gov/Archives/edgar/data/1593547/000139834422022787/fp0080801-1_ex99p38.htm)

[(p)(29) Waterfall Code of Ethics, is incorporated herein by reference to Exhibit (p)(40) of Post-Effective Amendment No. 341 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-23-008289 on April 28, 2023.](https://www.sec.gov/Archives/edgar/data/1593547/000139834423008289/fp0083046-1_ex9928p40.htm)

[(p)(30) SMDAM Code of Ethics, is incorporated herein by reference to Exhibit (p)(38) of Post-Effective Amendment No. 355 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-006703 on April 1, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424006703/fp0087660-1_ex9928p38.htm)

[(p)(31) RWC AM Code of Ethics, is incorporated herein by reference to Exhibit (p)(37) of Post-Effective Amendment No. 362 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-018337 on September 30, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424018337/fp0090335-1_ex9928p37.htm)

[(p)(32) Magnetar Code of Ethics is incorporated herein by reference to Exhibit (p)(35) of Post-Effective Amendment No. 370 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-001295 on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1593547/000139834425001295/fp0091915-1_ex9928p35.htm)

[(p)(33) Brown Advisory Code of Ethics, is incorporated herein by reference to Exhibit (p)(39) of Post-Effective Amendment No. 366 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-24-020241 on November 7, 2024.](https://www.sec.gov/Archives/edgar/data/1593547/000139834424020241/fp0090912-1_ex9928p39.htm)

[(q)(1) Powers of Attorney for Messrs. Michael Beattie, Jon C. Hunt, Thomas P. Lemke, Jay C. Nadel and Randall S. Yanker are incorporated herein by reference to Exhibit (q)(1) of Post-Effective Amendment No. 262 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-023523 on November 25, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420023523/fp0059489_ex9928q1.htm).

[(q)(2) Resolution adopted by the Board of Trustees of the Registrant on October 15, 2020 is incorporated herein by reference to Exhibit (q)(2) of Post-Effective Amendment No. 262 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-20-023523 on November 25, 2020](https://www.sec.gov/Archives/edgar/data/1593547/000139834420023523/fp0059489_ex9928q2.htm).

[(q)(3) Power of Attorney for Mr. Andrew Metzger is incorporated herein by reference to Exhibit (q)(3) of Post-Effective Amendment No. 284 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-007404 on March 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421007404/fp0063803_ex9928q3.htm).

[(q)(4)](https://www.sec.gov/Archives/edgar/data/1593547/000139834421013690/fp0066516_ex9928q4.htm) [Power of Attorney for Ms. Nichelle Maynard-Elliott, is incorporated herein by reference to Exhibit (q)(4) of Post-Effective Amendment No. 296 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-21-013690 on June 30, 2021](https://www.sec.gov/Archives/edgar/data/1593547/000139834421013690/fp0066516_ex9928q4.htm).

[(q)(5) Power of Attorney for Mr. John Alshefski, is incorporated herein by reference to Exhibit (q)(5) of Post-Effective Amendment 380 to the Registrant's Registration Statement on Form N-1A (File No. 333-192858), filed with the SEC via EDGAR Accession No. 0001398344-25-012834 on July 7, 2025](https://www.sec.gov/Archives/edgar/data/1593547/000139834425012834/fp0094052-1_ex9928q5.htm).

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT:**

FS Alternatives Fund (Cayman) is a wholly owned subsidiary of FS Multi-Strategy Alternatives Fund, a series of the Registrant.

**ITEM 30. INDEMNIFICATION:**

A Trustee, when acting in such capacity, shall not be personally liable to any Person, other than the Trust or a Shareholder to the extent provided in Article VII of the Trust's Agreement and Declaration of Trust, for any act, omission or obligation of the Trust, of such Trustee, or of any other Trustee. A Trustee shall be liable to the Trust and to any Shareholder solely for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, investment adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Trust shall indemnify each Person who is, or has been, a Trustee, officer, employee or agent of the Trust and any Person who is serving or has served at the Trust's request as a trustee, officer, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the Trust's By-Laws.

All persons extending credit to, contracting with or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series, or, if the Trustees have yet to establish Series, of the Trust for payment under such credit, contract or claim; and neither the Trustees nor the Shareholders, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or Trustees by any of them in connection with the Trust shall conclusively be deemed to have been executed or done only in or with respect to his or their capacity as Trustee or Trustees, and such Trustee or Trustees shall not be personally liable thereon. At the Trustees' discretion, any note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officer or officers may give notice that the Certificate of Trust is on file in the Office of the Secretary of State of the State of Delaware and that a limitation on the liability of each Series exists and such note, bond, contract, instrument, certificate or undertaking may, if the Trustees so determine, recite that the same was executed or made on behalf of the Trust or by a Trustee or Trustees in such capacity and not individually or by an officer or officers in such capacity and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only on the assets and property of the Trust or a Series thereof, and may contain such further recital as such Person or Persons may deem appropriate. The omission of any such notice or recital shall in no way operate to bind any Trustees, officers or Shareholders individually.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "1933 Act") may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISERS:**

The following lists any other business, profession, vocation or employment of a substantial nature in which each investment adviser (including sub-advisers), and each director, officer or partner of that investment adviser (or sub-adviser), is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, officer, employee, partner, or trustee. Unless noted below, none of the investment advisers (or sub-advisers) and/or directors, officers or partners of each investment adviser (or sub-adviser) is or has been engaged within the last two fiscal years in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

**ARGA INVESTMENT MANAGEMENT, LP**

ARGA Investment Management, LP ("ARGA") serves as the investment adviser for the Registrant's ARGA Emerging Markets Value Fund, ARGA International Value Fund and ARGA Value Fund. The principal address of ARGA is 1010 Washington Boulevard, 6th Floor, Stamford, Connecticut 06901. ARGA is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended December 31, 2023 and 2024.

---

| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| A. Rama Krishna, CFA<br> Chief Investment Officer<br>| Grip Charitable Foundation<br> c/o A. Rama Krishna<br> 18 Sidney Lanier Lane<br> Greenwich, CT 06831 | Vice President |
|  | RSG Media Systems, LLC<br> RSG Media Systems, LLC<br> 450 Lexington Ave., 4th Floor<br> New York, NY 10017 | Advisory Board Member |
|  | 555 Apartment Holdings LLC<br> c/o A. Rama Krishna<br> 18 Sidney Lanier Lane<br> Greenwich, CT 06831 | Manager |
|  | 888 Pacific Holdings LLC<br> c/o A. Rama Krishna<br> 18 Sidney Lanier Lane<br> Greenwich, CT 06831 | Manager |

---

<u> Takashi Ito, CFA Global Business Analyst</u> <u> CFA Society Stamford 1127 High Ridge Road #307 Stamford, Connecticut 06905</u> <u>Board Member</u> <br> <u> John DeTore Director of Strategic R&D</u> <u> Segall Bryant & Hamill Funds 540 West Madison Street Suite 1900 Chicago, IL 60661</u> <u>Trustee, Chairman of the Nominating and Governance Committee</u>

**Brookmont capital management, LLC**

Brookmont Capital Management, LLC ("Brookmont") serves as the investment adviser for the Registrant's First Foundation Fixed Income Fund and First Foundation Total Return Fund. The principal address of Brookmont is 5950 Berkshire Lane, Suite 1420, Dallas, TX 75225. Brookmont is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors and officers of Brookmont is set forth in its Form ADV, on file with the SEC (801-68533), and is incorporated herein by reference.

**BROWN ADVISORY, LLC**

Brown Advisory LLC ("Brown Advisory") serves as the investment adviser for the Registrant's Brown Advisory Flexible Equity ETF, Brown Advisory Sustainable Growth ETF, Brown Advisory Sustainable Value ETF and Brown Advisory International Value Select ETF. The principal address of Brown Advisory is 901 South Bond Street, Suite 400, Baltimore, Maryland 21231. Brown Advisory is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors and officers of Brown Advisory is set forth in its Form ADV, on file with the SEC (801-38826), and is incorporated herein by reference.

**CHEVY CHASE TRUST COMPANY**

Chevy Chase Trust Company ("CCT") serves as the investment adviser for the Registrant's CCT Thematic Equity Fund. The principal address of CCT is 7501 Wisconsin Avenue, 1500W, Bethesda, MD 20814. CCT is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is provided for the fiscal years ended July 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | **Connection with Other Company** |
| B.F. Saul II<br> Chairman of the Board of Directors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevy Chase Holdings, Inc.<br> and subsidiaries<br> Saul Centers, Inc.<br> B. F. Saul Real Estate Investment Trust<br> and related investment vehicles<br> and subsidiaries<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | CEO<br>Chairman<br> Chairman |
| John J. Whitaker<br> President and CEO | ASB Capital Management LLC<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Director |
| Paul R. Duncan<br> Chief Compliance Officer | ASB Capital Management LLC<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Chief Compliance Officer |
| Kevin M. Heilenday<br> General Counsel | ASB Capital Management LLC<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | General Counsel, Investment Management Division |
| George P. Clancy<br> Director | ASB Capital Management LLC<br> Saul Centers, Inc.<br> 7501 Wisconsin Ave. 15<sup>th</sup> W<br> Bethesda, MD 20814 | Director<br> Director |
| Gilbert M. Grosvenor<br> Director | ASB Capital Management LLC<br> B.F. Saul Real Estate Investment Trust<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Director<br> Trustee |
| Patricia Saul<br> Vice Chair | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevy Chase Holdings, Inc.<br> and subsidiaries<br> Saul Centers, Inc.<br> B. F. Saul Real Estate Investment Trust<br> and related investment vehicles<br> and subsidiaries<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Vice Chair<br>Vice Chair<br> Vice Chair |
| William F. McSweeny<br> Director | ASB Capital Management LLC<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Director |
| Earl A. Powell III<br> Director | ASB Capital Management LLC<br> Saul Centers, Inc.<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Director<br> Director |

---

---

| | | |
|:---|:---|:---|
| H. Gregory Platts<br> Director | ASB Capital Management LLC<br> Saul Centers, Inc.<br> B.F. Saul Real Estate Investment Trust<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Director<br> Director<br> Trustee |
| Wendelin A. White<br> Director | Goulston & Storrs<br> 1999 K Street, NW Suite 500<br> Washington, D.C. 20006 | Of Counsel |
| Joel A. Friedman<br> Chief Financial Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASB Capital Management LLC<br> Saul Centers, Inc.<br> B. F. Saul Real Estate Investment Trust<br> and related investment<br> vehicles and subsidiaries<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Chief Financial Officer<br> Chief Accounting Officer<br> Chief Accounting Officer<br>|
| Thomas McLaughlin<br> Accounting Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASB Capital Management LLC<br> Saul Centers, Inc.<br> B. F. Saul Real Estate Investment Trust<br> and related investment vehicles <br> and subsidiaries<br> 7501 Wisconsin Ave. 15th W<br> Bethesda, MD 20814 | Accounting Officer<br> Accounting Officer<br> Accounting Officer |

---

**DEMOCRACY INVESTMENT MANAGEMENT LLC**

Democracy Investment Management LLC ("Democracy") serves as the investment adviser for the Registrant's Democracy International Fund. The principal address of Democracy is 1480 Moraga Road, Suite C #378, Moraga, California 94556. Democracy is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended December 31, 2023 and 2024.

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| | | |
|:---|:---|:---|
| **Name and Position <br> with Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| Julie Cane, CEO<br> Managing Partner<br>| Wells Fargo Bank<br> 420 Montgomery Street<br> San Francisco CA 94194 | Employee from Nov 2012 to Sept 2020 |
|  | California State Guard<br> Moffett Field<br> Mountain View, CA 94089 | Captain in the 129<sup>th</sup> Air Support Unit, July 2020 to December 2021 |

---

<u> Christopher Browne, CFA Chief Investment Officer, Partner </u> <u> Autana International Services, Inc 1083 Vine St. #222 Healdsburg, CA 95448</u> <u>Consultant</u> <br> <u> Richard Rikoski, Chief Economist </u> <u> Hadal 1907 Dennison Street Oakland, CA 94606</u> <u>Chief Executive Officer/Chief Scientist</u>

**Exchange Traded Concepts, LLC**

Exchange Traded Concepts, LLC ("ETC"), serves as the investment sub-adviser for the Registrant's Democratic Large Cap Core ETF (formerly, DEMZ Political Contributions ETF). The principal address of at 10900 Hefner Pointe Drive, Suite 400, Oklahoma City, Oklahoma 73120. ETC is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is provided as of September 30, 2023 and 2024.

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| J. Garrett Stevens<br> Chief Executive Officer | T.S. Phillips Investments, Inc. | Vice President |
| | Phillips Capital Advisors, Inc. | Vice President |

---

**First Foundation Advisors**

First Foundation Advisors ("First Foundation"), serves as the investment sub-adviser for the Registrant's First Foundation Fixed Income Fund and First Foundation Total Return Fund. The principal address of First Foundation is 18101 Von Karman Avenue, Suite 700, Irvine, California 92612. First Foundation is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended September 30, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser** | **Name and Principal Business** <br> **Address of Other Company** | **Connection with Other Company** |
| Scott F. Kavanaugh,<br> Director | First Foundation Inc.<br> 200 Crescent Court<br> Suite 1400<br> Dallas, TX 75201 | Chief Executive Officer and Vice Chairman |
| Gabriel Vazquez,<br> Director<sup>2</sup> | Vistra Corp.<br> 6555 Sierra Drive<br> Irving, TX 75039 | Associate General Counsel |
| Gary Tice,<br> Director | First Foundation Inc.<br> 200 Crescent Court<br> Suite 1400<br> Dallas, TX 75201 | Director<sup>1</sup> |

---

---

| | | |
|:---|:---|:---|
| Diane Rubin,<br> Director<sup>2</sup> | Diane M. Rubin, CPA, a sole proprietorship<br> 40380 Desert Creek Lane<br> Rancho Mirage, CA 92270 | Sole proprietor |
| Elizabeth Pagliarini,<br> Director | Summit Healthcare REIT, Inc.<br> 2 South Pointe Drive<br> Suite 100<br> Lake Forest, CA 92630 | Chief Operating Officer and Chief Financial Officer |
| Max Briggs,<br> Director | FLC Capital Advisors<br> 44-750 Village Court<br> Palm Desert, CA 92260 | President and Chief Executive Advisors |
| Mitchell Rosenberg, Ph.D.,<br> Director | M. M. Rosenberg & Associates<br> 25811 Pecos Road<br> Laguna Hills, CA 92653 | President and Founder |
| Jacob Sonenshine,<br> Director | Prell Restaurant Group<br> 1675 Scenic Avenue<br> #150<br> Costa Mesa, CA 92626 | President |
| David Lake,<br> Director<sup>2</sup> | 4 Earth Farms LLC<br> 555 E. Olympic Blvd.<br> Los Angeles, CA 90022 | Chief Executive Officer and Co-Founder |
| Ulrich E. Keller Jr.,<br> Director | First Foundation Inc.<br> 200 Crescent Court<br> Suite 1400<br> Dallas, TX 75201 | Chairman |

---

<u> John A. Hakopian, President, Director</u> <u> First Foundation Inc. 200 Crescent Court Suite 1400 Dallas, TX 75201</u> <u>Director</u>

<sup>1</sup> Mr. Tice resigned from his position on March 7, 2023.

<sup>2</sup> Ms. Rubin and Messrs. Vazquez and Lake resigned from their respective positions on September 4, 2024.

**FS Fund Advisor, LLC**

FS Fund Advisor, LLC ("FS") serves as the investment adviser for the Registrant's FS Multi-Strategy Alternatives Fund. The principal address of FS is 201 Rouse Boulevard, Philadelphia, Pennsylvania 19112. FS is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of FS is set forth in its Form ADV, on file with the SEC (CRD No. 286673, SEC No. 801-110117), and is incorporated herein by reference.

**GQG PARTNERS LLC**

GQG Partners LLC ("GQG Partners") serves as investment adviser for the Registrant's GQG Partners Emerging Markets Equity Fund, GQG Partners US Select Quality Equity Fund, GQG Partners Global Quality Equity Fund, GQG Partners International Quality Value Fund, GQG Partners US Quality Value Fund, GQG Partners Global Quality Value Fund and GQG US Equity ETF. The principal address of GQG Partners is 350 East Las Olas Boulevard, 18<sup>th</sup> Floor, Fort Lauderdale, Florida 33301. GQG Partners is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended March 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | **Connection with Other Company** |
| Rajiv Jain,<br> Chairman, Chief Investment Officer and Manager | GQG Partners Community Empowerment Foundation\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301 | Sole Member |
|  | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301 | Executive Chairman, Chief Investment Officer |
| Tim Carver,<br> Chief Executive Officer and Manager<br>| GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301 | Chief Executive Officer, Executive Director |
|  | GQG Private Capital Solutions LLC \*<br> 909 A St, Suite 810<br> Tacoma, WA 98402 | Manager (as of April 2024) |

---

---

| | | |
|:---|:---|:---|
| Melodie Zakaluk,<br> Chief Financial Officer and Manager | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301 | Chief Financial Officer |
|  | GQG Partners (Australia) Pty Ltd\*<br> Level 15.03 Chifley Tower<br> 2 Chifley Square<br> Sydney NSW 2000<br> Australia | Director |
|  | GQG Private Capital Solutions LLC \*<br> 909 A St., Suite 810<br> Tacoma, WA 98402 | Manager (as of April 2024) |
| Charles Falck,<br> Chief Operating Officer | GQG Partners Inc.\*<br> 350 East Las Olas Blvd, 18<sup>th</sup> Floor<br> Fort Lauderdale, FL 33301 | Chief Operating Officer |
|  | GQG Global UCITS ICAV<br> 2<sup>nd</sup> Floor, 5 Earlsfort Terrace<br> Dublin D2<br> Ireland | Director |
|  | GQG Partners Ltd<br> Unit No. 1 and 2<br> 14<sup>th</sup> Floor, Al Maryah Tower<br> ADGM<br> Abu Dhabi, Al Maryah Island United Arab Emirates | Director |
| Sal DiGangi,<br> Global Chief Compliance Officer | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | Global Chief Compliance Officer |
| Frederick H. Sherley,<br> General Counsel and Secretary | GQG Partners Inc.\*<br> 450 East Las Olas Blvd, Suite 750<br> Fort Lauderdale, FL 33301 | General Counsel and Corporate Secretary |

---

*\** *Affiliated entity*

**KBI GLOBAL INVESTORS (NORTH AMERICA) LTD**

KBI Global Investors (North America) Ltd ("KBI"), serves as investment adviser for the Registrant's KBI Global Investors Aquarius Fund. The principal address of KBI is 3rd Floor, 2 Harbourmaster Place, IFSC Dublin 1, Ireland. KBI is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended July 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position**<br> **With Investment Adviser** | **Name and Principal Business**<br> **Address of Other Company** | **Connection With Other Company** |
| Geoff Blake,<br> President, Chief Executive Officer and Director | KBI Global Investors Ltd.<br> 3rd Floor, 2 Harbourmaster<br> Place, IFSC, Dublin 1, D01<br> X5P3 Ireland. | Deputy CEO, Head of Business Development and Client Services<br> Director |
| Eve Finn,<br> Non-Executive Director<br>| KBI Global Investors Ltd.<br> 3rd Floor, 2 Harbourmaster<br> Place, IFSC, Dublin 1, D01<br> X5P3, Ireland. | KBIGI - Non-Executive Director |

---

**Knights of Columbus Asset Advisors LLC**

Knights of Columbus Asset Advisors LLC ("Knights of Columbus Asset Advisors") serves as investment adviser for the Registrant's Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Fund, Knights of Columbus International Equity Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus U.S. All Cap Index Fund and Knights of Columbus Real Estate Fund (formerly, Knights of Columbus Global Real Estate Fund). The principal address of Knights of Columbus Asset Advisors is One Columbus Plaza, New Haven, Connecticut 06510. Knights of Columbus Asset Advisors is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended October 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | **Connection with Other Company** |
| Anthony .V. Minopoli,<br> President and Chief Investment Officer | Knights of Columbus<br> 1 Columbus Plaza<br> New Haven, CT 06510 | Executive Vice President, Chief Investment Officer and Supreme Director of the Board of Directors |
| Michael P. Votto,<br> Vice President and General Counsel | Knights of Columbus<br> 1 Columbus Plaza<br> New Haven, CT 06510 | General Counsel |
| Richard D. Shea,<br> Chief Financial Officer | Knights of Columbus<br> Charitable Fund<br> 1 Columbus Plaza<br> New Haven, CT 06510 | Treasurer |

---

**L2 ASSET MANAGEMENT, LLC**

L2 Asset Management, LLC ("L2") serves as investment sub-adviser for the Registrant's Knights of Columbus Long/Short Equity Fund and Knights of Columbus U.S. All Cap Index Fund. The principal address of L2 is 66 Glezen Lane, Wayland, Massachusetts 01778. L2 is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended October 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | **Connection with Other Company** |
| Matthew Malgari<br> Managing Member, Portfolio Manager | Kailash Capital, LLC<br> 66 Glezen Lane<br> Wayland, MA 01778 | Managing Member |
| Sanjeev Bhohjraj<br> Portfolio Manager | Kailash Capital, LLC<br> 66 Glezen Lane<br> Wayland, MA 01778 | Managing Member |
| Sanjeev Bhohjraj<br> Portfolio Manager | Samuel Curtis Johnson<br> Graduate School of Management<br> Cornell SC Johnson College of Business<br> Sage Hall, 106 East Avenue<br> Ithaca, New York 14853 | Professor |
| Nathan Przybylo<br> Programmer, Portfolio Manager | Kailash Capital, LLC<br> 66 Glezen Lane<br> Wayland, MA 01778 | Programmer, Member |
| Tyson Arnedt<br> General Counsel<br>| Kailash Capital, LLC<br> 66 Glezen Lane<br> Wayland, MA 01778 | General Counsel |
|  | Casata Group, LLC<br> P.O. Box 1013<br> Milford, PA 18337 | Founder & Principal |
| John Durkin<br> Chief Operating Officer | Kailash Capital, LLC<br> 66 Glezen Lane<br> Wayland, MA 01778 | Employee |
| Giselle Casella<br> Chief Compliance Officer<br>| Adviser Compliance Consultants <br> 5082 Escalante Dr.<br> North Port, Florida 34287 | Founder & CEO |
|  | Kailash Capital, LLC <br> 66 Glezen Lane<br> Wayland, MA 01778 | Chief Compliance Officer |

---

**MAGNETAR ASSET MANAGEMENT LLC**

Magnetar Asset Management LLC ("Magnetar") serves as an investment sub-adviser for the Registrant's FS Multi-Strategy Alternatives Fund. The principal address of Magnetar is 1603 Orrington Ave, 13th Floor, Evanston, Illinois 60201. Magnetar is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of Magnetar is set forth in its Form ADV, on file with the SEC (CRD No. 285287, SEC No. 801-108902), and is incorporated herein by reference.

**MARINER INVESTMENT GROUP, LLC**

Mariner Investment Group, LLC ("Mariner") serves as an investment sub-adviser for the Registrant's FS Multi-Strategy Alternatives Fund. The principal address of Mariner is 500 Mamaroneck Avenue, Suite 405, Harrison, NY 10528. Mariner is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of Mariner is set forth in its Form ADV, on file with the SEC (CRD No. 124744, SEC No. 801-62016), and is incorporated herein by reference.

**METLIFE INVESTMENT MANAGEMENT, LLC**

MetLife Investment Management, LLC ("MetLife") serves as investment adviser for the Registrant's MetLife Core Plus Fund, MetLife Multi-Sector Fixed Income Fund, MetLife High Yield Opportunistic Fund and MetLife Small Company Equity Fund. The principal address of MetLife is One MetLife Way, Whippany, New Jersey 07981. MetLife is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended October 31, 2024 and 2025.

---

| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name and Principal Business Address of Other Company** | **Connection with Other Company** |
| Brian Funk<br> President | MetLife Investment Management Holdings, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | President and Director |
| Brian Funk<br> President | Pinebridge Investments LLC<br> 65 East 55<sup>th</sup> Street<br> Park Avenue Tower<br> New York, NY 10022 | President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Securities, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | President and Chief Executive Officer |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Limited<br> Level 34<br> One Canada Square<br> London E14 5AA<br> United Kingdom | Chief Operating Officer<br> Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Japan, Ltd.<br> Tokyo Garden Terrace Kioicho Kioi Tower 25F<br> 1-3, Kioicho, Chiyoda-ku, Tokyo<br> Japan | Chief Operating Officer<br> Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investments Asia Limited<br> 9<sup>th</sup> Floor, One Taikoo Place<br> 979 King's Road, Quarry Bay<br> Hong Kong S.A.R. | Chief Operating Officer<br> Director<br>|
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Holdings (Ireland) Limited<br> 20 on Hatch<br> Lower Hatch Street<br> Dublin 2, Ireland | Director |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investment Management Holdings, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Board of Managers<br> Executive Vice President |
| Joseph Pollaro<br> Chief Operating Officer | MetLife Investors Group, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Board of Managers<br> Executive Vice President |

---

---

| | | |
|:---|:---|:---|
| | MIM I, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Chief Operating Officer |
| | MetLife Services and Solutions, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Executive Vice President |
| | MetLife Group, Inc.<br> 200 Park Avenue<br> New York, NY 10166 | Executive Vice President<br>|
| | Metropolitan Life Insurance Company<br> 200 Park Avenue<br> New York, NY 10166 | Executive Vice President |
| | MetLife Investment Management Europe Limited<br> 20 on Hatch<br> Lower Hatch Street<br> Dublin 2, Ireland | Director |
| | Affirmative Investment Management Partners Limited<br> 55 Baker Street<br> London W1U 7EU United Kingdom | Director |
| | Affirmative Investment Management Australia Pty Ltd | Director |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investments Securities, LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer and Chief Financial Officer |
| Michael Yick<br> Treasurer and Chief Financial Officer | MetLife Investment Management Holdings LLC<br> One MetLife Way<br> Whippany, NJ 07981 | Treasurer |

---

<u> MIM I, LLC One MetLife Way Whippany, NJ 07981</u> <u>Treasurer and Chief Financial Officer</u> <br>   <u> MetLife Investors Distribution Company One MetLife Way Whippany, NJ 07981</u> <u>Treasurer</u>

**MidOcean Credit Fund Management, L.P.**

MidOcean Credit Fund Management, L.P. ("MidOcean") serves as an investment sub-adviser for the Registrant's FS Multi-Strategy Alternatives Fund. The principal address of MidOcean is 320 Park Avenue, Suite 1600, New York, New York 10022. MidOcean is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of MidOcean is set forth in its Form ADV, on file with the SEC (CRD No. 151578, SEC No. 801-70672), and is incorporated herein by reference.

**NICHOLAS INVESTMENT PARTNERS, L.P.**

Nicholas Investment Partners, L.P. ("Nicholas"), serves as investment adviser for the Registrant's Nicholas Partners Small Cap Growth Fund. The principal address of Nicholas is 6451 El Sicomoro Street, Rancho Santa Fe, California 92067. Nicholas is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended September 30, 2023 and 2024.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| Arthur Nicholas,<br> Co-Founder/Adviser | Wagonhound Land & Livestock, LLC<br> 1061 Poison Lake Drive<br> Douglas, WY 82633 | Sole Owner |

---

**PENN MUTUAL ASSET MANAGEMENT, LLC**

Penn Mutual Asset Management, LLC ("PMAM") serves as investment adviser for the Registrant's Penn Mutual AM Strategic Income Fund and Penn Mutual AM 1847 Income Fund. The principal address of PMAM is Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, Pennsylvania, 19428. PMAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information listed below is for the fiscal years ended December 31, 2023 and 2024.

---

| | | |
|:---|:---|:---|
| **Name and Position with <br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| David M. O'Malley,<br> Chairman of the Board | Penn Series Funds, Inc.<br> Baltimore, MD | Chairman of the Board |
|  | Penn Mutual Asset Management, LLC<br> Conshohocken, PA | Chairman of the Board |
|  | The Penn Mutual Life Insurance Company<br> Philadelphia, PA | Chairman, President and Chief Executive Officer |
|  | The Penn Insurance and Annuity Company<br> Wilmington, DE | Chairman and Chief Executive Officer |
|  | PIA Reinsurance Company of Delaware I<br> Conshohocken, PA | Chairman and Chief Executive Officer |
|  | Vantis Life Insurance Company<br> Windsor, Connecticut | Chairman and Chief Executive Officer |
|  | The Penn Insurance and Annuity Company of New York<br> Brewster, NY | Chairman and Chief Executive Officer |
|  | Hornor, Townsend & Kent, LLC<br> Conshohocken, PA | Chairman |
|  | 1847 Financial, LLC<br> Conshohocken, PA | Chairman |
|  | 1847 Insurance Captive, LLC<br> Conshohocken, PA | Chairman |
|  | 1847 Select Ventures, LLC<br> Conshohocken, PA | Chairman<br>|
| Keith G. Huckerby,<br> Senior Managing Director and Chief Operating Officer, Manager of the Board | Penn Series Funds, Inc.<br> Baltimore, MD | President |
|  | Penn Mutual Asset Management, LLC<br> Conshohocken, PA | Manager (Board); Senior Managing Director and Chief Operating Officer |
|  | Hornor, Townsend & Kent, LLC<br> Conshohocken, PA | Manager (Board) |

---

---

| | | |
|:---|:---|:---|
| Mark Heppenstall,<br> President and Chief Investment Officer,<br> Manager of the Board | Penn Mutual Asset Management, LLC<br> Conshohocken, PA | Manager (Board); President and Chief Investment Officer |
| Victoria Robinson,<br> Chief Ethics and Compliance Officer,<br> Manager of the Board | Penn Series Funds, Inc.<br> Baltimore, MD | Chief Compliance Officer and Secretary |
|  | The Penn Mutual Life Insurance Company<br> Philadelphia, PA | Chief Ethics and Compliance Officer |
|  | The Penn Insurance and Annuity Company<br> Wilmington, DE | Director and Secretary |
|  | PIA Reinsurance Company of Delaware I<br> Conshohocken, PA | Secretary |
|  | Vantis Life Insurance Company<br> Windsor, Connecticut | Director and Secretary |
|  | The Penn Insurance and Annuity Company of New York<br> Brewster, NY | Director and Secretary |
|  | Hornor, Townsend & Kent, LLC<br> Conshohocken, PA | Manager (Board) and Chief Compliance Officer |
| | Penn Mutual Asset Management, LLC<br> Conshohocken, PA | Manager (Board) and Chief Compliance Officer |

---

---

| | | |
|:---|:---|:---|
| David M. Raszeja,<br> Manager of the Board | The Penn Mutual Life Insurance Company Philadelphia, PA | Chief Financial Officer, Treasurer |
|  | The Penn Insurance and Annuity Company<br> Wilmington, DE | Director |
|  | PIA Reinsurance Company of Delaware I<br> Conshohocken, PA | Director |
|  | Vantis Life Insurance Company<br> Windsor, Connecticut | Director |
|  | The Penn Insurance and Annuity Company of New York<br> Brewster, NY | Director |
| | Penn Mutual Asset Management, LLC<br> Conshohocken, PA | Manager (Board) |

---

---

| | | |
|:---|:---|:---|
| Karthick Dalawai,<br> Chief Risk Officer | The Penn Mutual Life Insurance Company<br> Philadelphia, PA | Chief Risk Officer |
|  | The Penn Insurance and Annuity Company<br> Wilmington, DE | Director and Chief Risk Officer |
|  | Vantis Life Insurance Company<br> Windsor, Connecticut | Director and Chief Risk Officer |
|  | The Penn Insurance and Annuity Company of New York<br> Brewster, NY | Director and Chief Risk Officer |
|  | Hornor, Townsend & Kent, LLC<br> Conshohocken, PA | Manager (Board) |
| Ann-Marie Mason<br> Chief Legal Officer and Secretary | The Penn Mutual Life Insurance Company<br> Philadelphia, PA | Chief Legal Officer and Corporate Secretary |
|  | The Penn Insurance and Annuity Company<br> Wilmington, DE | Chief Legal Officer and Corporate Secretary |
|  | PIA Reinsurance Company of Delaware I<br> Conshohocken, PA | Chief Legal Officer and Corporate Secretary |
|  | Vantis Life Insurance Company<br> Windsor, Connecticut | Chief Legal Officer and Corporate Secretary |
|  | The Penn Insurance and Annuity Company of New York<br> Brewster, NY | Chief Legal Officer and Corporate Secretary |
|  | Hornor, Townsend & Kent, LLC<br> Conshohocken, PA | Chief Legal Officer and Corporate Secretary |
|  | Penn Mutual Asset Management, LLC<br> Conshohocken, PA | Chief Legal Officer and Corporate Secretary |
|  | 1847 Financial, LLC<br> Conshohocken, PA | Chief Legal Officer and Corporate Secretary |
|  | 1847 Insurance Captive, LLC<br> Conshohocken, PA | Chief Legal Officer and Corporate Secretary |
|  | 1847 Select Ventures, LLC<br> Conshohocken, PA | Chief Legal Officer and Corporate Secretary |

---

<u> Tyler Thur, Chief Financial Officer</u> <u> Penn Series Funds, Inc. Baltimore, MD</u> <u>Assistant Treasurer</u> <br> <u> Steven Viola, Assistant Treasurer</u> <u> Penn Series Funds, Inc. Baltimore, MD</u> <u>Treasurer (Principal Financial Officer and Principal Accounting Officer)</u>

**PINEBRIDGE INVESTMENTS LLC**

PineBridge Investments LLC ("PineBridge") serves as investment adviser for the Registrant's PineBridge Dynamic Asset Allocation Fund. The principal address of PineBridge is Park Avenue Tower, 65 East 55th Street, New York, New York 10022. PineBridge is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is provided as of October 31, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position<br> with Investment Adviser** | **Name and Principal Business<br> Address of Other Company** | **Connection with Other Company** |
| Michael Karpik<br> Chief Operating Officer | MetLife Investment Management Holdings, LLC <br> One MetLife Way <br> Whippany, NJ 07981  | Chief Operating Officer |
| Michael Karpik<br> Chief Operating Officer | MetLife Investment Management, LLC <br> One MetLife Way <br> Whippany, NJ 07981  | Chief Operating Officer |
| Michael Karpik<br> Chief Operating Officer | MetLife Investors Group, LLC <br> One MetLife Way <br> Whippany, NJ 07981  | Chief Operating Officer |

---

**Rayliant Asset Management**

Rayliant Investment Research, doing business as Rayliant Asset Management ("Rayliant"), serves as the investment adviser for the Registrant's Rayliant Wilshire NxtGen US Large Cap Equity ETF, Rayliant Wilshire NxtGen Emerging Markets Equity ETF and Rayliant SMDAM Japan Equity ETF. The principal address of Rayliant is 5140 Birch Street, Suite 300, Newport Beach, CA 92660. Rayliant is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is provided as of September 30, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with**<br> **Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| Jason Hsu,<br> Chairman<br> and<br> Chief Investment Officer | Rayliant Global Advisors Limited<br> Room No. 1818, 18/F, Radio City<br> 505-511 Hennessy Road<br> Causeway Bay, Hong Kong | Director / Shareholder |
|  | Rayliant Asset Management Limited<br> Unit 1102, 43 Lyndhurst Terrace, Central, Hong Kong | Director, Responsible Officer |
|  | Henderson Rowe Limited<br> 8<sup>th</sup> Floor, Berkeley Square House, Berkeley Square,<br> London, W1J 6BR | Director<br>|
|  | Yayati,<br> 4199 Campus Drive<br> Irvine, CA 92612 USA | Director |
|  | IHSV, Inc.<br> 11 Zephyr, Irvine, CA 92602, USA | Shareholder |
|  | Signature Collection Properties, LLC<br> 11 Zephyr, Irvine, CA 92602, USA | Shareholder |
|  | Veritas Liberabit Vos, LLC<br> 11 Zephyr, Irvine, CA 92602, USA | Shareholder |

---

---

| | | |
|:---|:---|:---|
| Michael J Bowers,<br> Chief Executive Officer<br>| Rayliant Global Advisors Limited<br> Room No. 1818, 18/F, Radio City<br> 505-511 Hennessy Road<br> Causeway Bay, Hong Kong | Shareholder |
| Phillip Wool<br> Chief Research Officer | Rayliant Global Advisors Limited<br> Room No. 1818, 18/F, Radio City<br> 505-511 Hennessy Road Causeway Bay, Hong Kong | Shareholder |
| David Scott<br> Chief Financial Officer | Rayliant Global Advisors Limited<br> Room No. 1818, 18/F, Radio City<br> 505-511 Hennessy Road<br> Causeway Bay, Hong Kong | Shareholder |

---

**REFLECTION ASSET MANAGEMENT, LLC**

Reflection Asset Management, LLC ("Reflection"), serves as the investment adviser for the Registrant's Democratic Large Cap Core ETF (formerly, DEMZ Political Contributions ETF). The principal address of Reflection is 7 Seagrass Lane, Isle of Palms, South Carolina 29451. Reflection is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is provided as of September 30, 2024 and 2025.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| Jason Britton,<br> CEO, President and CIO | Reflection Analytics<br> 7 Seagrass Lane <br> Isle of Palms, SC 29451 | Chief Executive Officer |
|  | Reflection.IO <br> 7 Seagrass Lane<br> Isle of Palms, SC 29451 | CEO |
|  | Reflection Advisors<br> 7 Seagrass Lane<br> Isle of Palms, SC 29451 | Principal |
|  | Reflection Capital Partners<br> 7 Seagrass Lane<br> Isle of Palms, SC 29451 | Principal |

---

**RWC ASSET ADVISORS (US) LLC**

RWC Asset Advisors (US) LLC ("RWC") serves as investment adviser for the Registrant's Redwheel Global Emerging Equity Fund (formerly, RWC Global Emerging Equity Fund). The principal address of RWC is 2640 South Bayshore Drive, Suite 201, Miami, Florida 33133. RWC is an investment adviser registered under the Investment Advisers Act of 1940, as amended. During the fiscal years ended September 30, 2024 and 2025, no director, officer or partner of RWC engaged in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

**RWC ASSET MANAGEMENT LLP**

RWC Asset Management LLP ("RWC AM") serves as investment adviser for the Registrant's Redwheel Next Generation Power Infrastructure Fund. The principal address of RWC AM is Verde 4th Floor, 10 Bressenden Place, London, United Kingdom SW1E 5DH. RWC AM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. During the fiscal years ended September 30, 2024 and 2025, no director, officer or partner of RWC AM engaged in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

**SUMITOMO MITSUI DS ASSET MANAGEMENT COMPANY, LTD**

Sumitomo Mitsui DS Asset Management Company, Ltd, doing business as SMDAM ("SMDAM") serves as the investment sub-adviser for the Registrant's Rayliant SMDAM Japan Equity ETF. The principal address of SMDAM is Toranomon Hills Business Tower 26F, 17-1, Toranomon 1-chome, Minato-ku, Tokyo, Japan, 105-6426. SMDAM is an investment adviser registered under the Investment Advisers Act of 1940, as amended. During the fiscal years ended September 30, 2024 and 2025, no director, officer or partner of SMDAM engaged in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

**SouthernSun Asset Management, LLC**

SouthernSun Asset Management, LLC ("SouthernSun") serves as the investment adviser for the Registrant's SouthernSun Small Cap Fund and SouthernSun U.S. Equity Fund. The principal address of SouthernSun is 240 Madison Avenue, Suite 800 Memphis, Tennessee 38103. SouthernSun is an investment adviser registered under the Investment Advisers Act of 1940, as amended. During the fiscal years ended September 30, 2024 and 2025, no director, officer or partner of SouthernSun engaged in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

**Strategas Asset Management, LLC**

Strategas Asset Management, LLC ("Strategas") serves as the investment adviser for the Registrant's Strategas Global Policy Opportunities ETF, Strategas Macro Thematic Opportunities ETF and Strategas Macro Momentum ETF. The principal address of Strategas is 52 Vanderbilt Ave., 19<sup>th</sup> Floor, New York, New York 10017. Strategas is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information below is provided as of December 31, 2023 and 2024.

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| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser** | **Name and Principal Business <br> Address of Other Company** | **Connection with Other Company** |
| Nicholas Bohnsack<br> Chief Executive Officer, Director | Wychmere Partners, LLC<br> 81 Newtown Ln #304<br> East Hampton, NY 11937 | LLC General Partner, CEO |
|  | Direct Notice, LLC d/b/a DiretoTech, LLC<br> 1330 Kinnear Road, Suite 100<br> Columbus, Ohio 43212 | Board Member |
|  | Analogue Lounge<br> 19 West 8<sup>th</sup> Street<br> New York, NY 10011 | LLC Member, Investor |
| Jason Trennert<br> Chief Investment Officer, Director | Moltz Family Trust<br> c/o Brandywine Asset Management<br> Hockesson, Delaware 19727 | Advisor, Consultant |
| Dannell Anthony<br> Director of Finance | DWA Consulting LLC<br> 850 Pacific St.<br> Stamford, CT 06902 | LLC Member, Owner |

---

**VIDENT ADVISORY, LLC**

Vident Advisory, LLC ("Vident") serves as the investment sub-adviser for the Registrant's Brown Advisory Flexible Equity ETF, Brown Advisory Sustainable Growth ETF, Brown Advisory Sustainable Value ETF, Brown Advisory International Value Select ETF, Democracy International Fund, Strategas Global Policy Opportunities ETF, Strategas Macro Thematic Opportunities ETF and Strategas Macro Momentum ETF. The principal address of Vident is 1125 Sanctuary Pkwy., Suite 515, Alpharetta, Georgia 30009. Vident is an investment adviser registered under the Investment Advisers Act of 1940, as amended. During the fiscal years ended December 31, 2024 and 2025, no director, officer, or partner of Vident engaged in any other business, profession, vocation or employment of a substantial nature for his or her own account or in the capacity of director, officer, employee, partner or trustee.

**WATERFALL ASSET MANAGEMENT, LLC**

Waterfall Asset Management, LLC ("Waterfall") serves as an investment sub-adviser for the Registrant's FS Multi-Strategy Alternatives Fund. The principal address of Waterfall is 1251 Avenue of the Americas, 50<sup>th</sup> Floor, New York, New York 10020. Waterfall is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of Waterfall is set forth in its Form ADV, on file with the SEC (CRD No. 137746, SEC No. 801-65087), and is incorporated herein by reference.

**Wilshire ADVISORS LLC**

Wilshire Advisors LLC ("Wilshire") serves as an investment sub-adviser for the Registrant's FS Multi-Strategy Alternatives Fund. The principal address of Wilshire is 1299 Ocean Avenue, 7<sup>th</sup> Floor, Santa Monica, California 90401. Wilshire is an investment adviser registered under the Investment Advisers Act of 1940, as amended. The information as to other business, if any, and the directors, officers and partners of Wilshire is set forth in its Form ADV, on file with the SEC (CRD No. 6210, SEC No. 8-23852, 801-36233) and is incorporated herein by reference.

**ITEM 32. PRINCIPAL UNDERWRITERS**

(a) Furnish the name of each investment company (other than the Registrant) for which each principal underwriter currently distributing the securities of the Registrant also acts as a principal underwriter, distributor or investment adviser.

The Registrant's distributor, SEI Investments Distribution Co. (the "Distributor"), acts as distributor for:

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| | |
|:---|:---|
| SEI Daily Income Trust | July 15, 1982 |
| SEI Tax Exempt Trust | December 3, 1982 |
| SEI Institutional Managed Trust | January 22, 1987 |
| SEI Institutional International Trust | August 30, 1988 |
| The Advisors' Inner Circle Fund | November 14, 1991 |
| The Advisors' Inner Circle Fund II | January 28, 1993 |
| Bishop Street Funds | January 27, 1995 |
| SEI Asset Allocation Trust | April 1, 1996 |
| SEI Institutional Investments Trust | June 14, 1996 |
| City National Rochdale Funds (f/k/a CNI Charter Funds) | April 1, 1999 |
| Causeway Capital Management Trust | September 20, 2001 |
| SEI Offshore Opportunity Fund II, Ltd. | September 1, 2005 |
| ProShares Trust | November 14, 2005 |
| Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund) | January 8, 2007 |
| SEI Offshore Advanced Strategy Series SPC | July 31, 2007 |
| SEI Structured Credit Fund, LP | July 31, 2007 |
| Global X Funds | October 24, 2008 |
| ProShares Trust II | November 17, 2008 |
| SEI Special Situations Fund, Ltd. | July 1, 2009 |
| Exchange Traded Concepts Trust (f/k/a FaithShares Trust) | August 7, 2009 |
| Schwab Strategic Trust | October 12, 2009 |

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---

| | |
|:---|:---|
| RiverPark Funds Trust | September 8, 2010 |
| Adviser Managed Trust | December 10, 2010 |
| SEI Core Property Fund, LP | January 1, 2011 |
| New Covenant Funds | March 23, 2012 |
| KraneShares Trust | December 18, 2012 |
| SEI Catholic Values Trust | March 24, 2015 |
| SEI Hedge Fund SPC | June 26, 2015 |
| SEI Energy Debt Fund, LP | June 30, 2015 |
| Gallery Trust | January 8, 2016 |
| City National Rochdale Select Strategies Fund | March 1, 2017 |
| City National Rochdale Strategic Credit Fund | May 16, 2018 |
| Symmetry Panoramic Trust | July 23, 2018 |
| Frost Family of Funds | May 31, 2019 |
| SEI Vista Fund, Ltd. | January 20, 2021 |
| Wilshire Private Assets Fund | March 22, 2021 |
| Catholic Responsible Investments Funds | November 17, 2021 |
| SEI Exchange Traded Funds | May 18, 2022 |
| SEI Global Private Assets VI, L.P. | July 29, 2022 |
| Quaker Investment Trust | June 8, 2023 |
| SEI Alternative Income Fund | September 1, 2023 |
| Global X Venture Fund | March 12, 2025 |

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The Distributor provides numerous financial services to investment managers, pension plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services ("Funds Evaluation") and automated execution, clearing and settlement of securities transactions ("MarketLink").

(b) Furnish the Information required by the following table with respect to each director, officer or partner of each principal underwriter named in the answer to Item 25 of Part B. Unless otherwise noted, the business address of each director or officer is One Freedom Valley Drive, Oaks, PA 19456.

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| | | |
|:---|:---|:---|
| Name | Position and Office<br> with Underwriter | Positions and Offices<br> with Registrant |
| Robert Hum | President, Chief Executive Officer & Director | -- |
| Heather Corkery | Director |  |
| Gabriel Garcia | Director |  |
| John C. Munch | General Counsel & Secretary | -- |
| Jason McGhin | Chief Operations Officer | -- |
| John P. Coary | Chief Financial Officer & Treasurer | -- |

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| | | |
|:---|:---|:---|
| Jennifer H. Campisi | Chief Compliance Officer, Assistant Secretary & Anti-Money Laundering Officer | -- |
| William M. Martin | Vice President | -- |
| Christopher Rowan | Vice President | -- |
| Judith Rager | Vice President | -- |
| Gary Michael Reese | Vice President | -- |
| Robert M. Silvestri | Vice President | -- |

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(c) Not Applicable.

**ITEM 33. LOCATION OF ACCOUNTS AND RECORDS:**

Books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder, are maintained as follows:

(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3); (6); (8); (12); and 31a-1(d), the required books and records are maintained at the offices of the Registrant's custodians:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110

State Street Bank and Trust Company

State Street Financial Center

One Lincoln Street

Boston, Massachusetts 02111

(b) With respect to Rules 31a-1(a); 31a-1(b)(1), (4); (2)(C) and (D); (4); (5); (6); (8); (9); (10); (11); and 31a-1(f), the required books and records are maintained at the offices of the Registrant's administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f), the required books and records are maintained at the principal offices of the Registrant's advisers:

ARGA Investment Management, LP

1010 Washington Boulevard, 6th Floor

Stamford, Connecticut 06901

Brookmont Capital Management, LLC

5950 Berkshire Lane, Suite 1420

Dallas, Texas 75225

Brown Advisory, LLC

901 South Bond Street, Suite 400

Baltimore, Maryland 21231

Chevy Chase Trust Company

7501 Wisconsin Avenue, 1500W

Bethesda, Maryland 20814

Democracy Investment Management LLC

1480 Moraga Road

Suite C #378

Moraga, California 94556

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive

Suite 400

Oklahoma City, Oklahoma 73120

First Foundation Advisors

18101 Von Karman Avenue

Suite 700

Irvine, California 92612

FS Fund Advisor, LLC

201 Rouse Boulevard

Philadelphia, Pennsylvania 19112

GQG Partners LLC

350 East Las Olas Boulevard

18<sup>th</sup> Floor

Fort Lauderdale, Florida 33301

KBI Global Investors (North America) Ltd

3rd Floor, 2 Harbourmaster Place

IFSC Dublin 1

Ireland

Knights of Columbus Asset Advisors LLC

One Columbus Plaza

New Haven, Connecticut 06510

L2 Asset Management, LLC

66 Glezen Lane

Wayland, Massachusetts 01778

Magnetar Asset Management LLC

1603 Orrington Ave, 13th Floor

Evanston, Illinois 60201

Mariner Investment Group, LLC

500 Mamaroneck Avenue, Suite 405

Harrison, NY 10528

MetLife Investment Management, LLC

One MetLife Way

Whippany, New Jersey 07981

MidOcean Credit Fund Management, L.P.

320 Park Avenue

Suite 1600

New York, New York 10022

Nicholas Investment Partners, L.P.

6451 El Sicomoro Street

Rancho Santa Fe, California 92067

Penn Mutual Asset Management, LLC

Eight Tower Bridge, 161 Washington Street, Suite 1111

Conshohocken, Pennsylvania 19428

PineBridge Investments LLC

Park Avenue Tower

65 East 55th Street

New York, New York 10022

Rayliant Investment Research, doing business as Rayliant Asset Management

5140 Birch Street, Suite 300

Newport Beach, CA 92660

Reflection Asset Management, LLC

7 Seagrass Lane

Isle of Palms, South Carolina 29451

RWC Asset Advisors (US) LLC

2640 South Bayshore Drive, Suite 201

Miami, Florida 33133

RWC Asset Management LLP

Verde 4th Floor, 10 Bressenden Place

London, United Kingdom SW1E 5DH

SouthernSun Asset Management, LLC

240 Madison Avenue, Suite 800

Memphis, Tennessee 38103

Strategas Asset Management, LLC

52 Vanderbilt Avenue

19<sup>th</sup> Floor

New York, New York 10017

Sumitomo Mitsui DS Asset Management Company, Ltd, doing business as SMDAM

Toranomon Hills Business Tower 26F

17-1, Toranomon 1-chome, Minato-ku

Tokyo, Japan, 105-6426

Vident Advisory, LLC

1125 Sanctuary Pkwy.

Suite 515

Alpharetta, Georgia 30009

Waterfall Asset Management, LLC

1251 Avenue of the Americas

50th Floor

New York, New York 10020

Wilshire Advisors LLC

1299 Ocean Avenue

7th Floor

Santa Monica, California 90401

**ITEM 34. MANAGEMENT SERVICES:**

None.

**ITEM 35. UNDERTAKINGS:**

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Post-Effective Amendment No. 392 to Registration Statement No. 333-192858 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Oaks, Commonwealth of Pennsylvania on the 27<sup>th</sup> day of February, 2026.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **THE ADVISORS' INNER CIRCLE FUND III** |
| By: | \* |
|  | Michael Beattie |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date(s) indicated.

---

| | | |
|:---|:---|:---|
| \* | Trustee | February 27, 2026 |
| John G. Alshefski |  |  |
| \* | Trustee | February 27, 2026 |
| Jon C. Hunt |  |  |
| \* | Trustee | February 27, 2026 |
| Thomas P. Lemke |  |  |
| \* | Trustee | February 27, 2026 |
| Nichelle Maynard-Elliott |  |  |
| \* | Trustee | February 27, 2026 |
| Jay C. Nadel |  |  |
| \* | Trustee | February 27, 2026 |
| Randall S. Yanker |  |  |
| \* | President | February 27, 2026 |
| Michael Beattie |  |  |
| \* | Treasurer, Controller & | February 27, 2026 |
| Andrew Metzger | Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Alexander F. Smith |
|  | Alexander F. Smith |
|  | Attorney-in-Fact |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(d)(2)(xix)](fp0097648-1_ex9928d2xix.htm) | [Amended and Restated Schedule A, dated January 28, 2026, to the Investment Sub-Advisory Agreement, dated November 6, 2024, between Brown Advisory and Vident](fp0097648-1_ex9928d2xix.htm) |
| [(g)(3)(v)](fp0097648-1_ex9928g3v.htm) | [Form of Amended Exhibit A, dated February 1, 2026, to the Custodian and Transfer Agent Agreement, dated October 20, 2020, between the Registrant and Brown Brothers Harriman & Co.](fp0097648-1_ex9928g3v.htm) |
| [(i)](fp0097648-1_ex9928i.htm) | [Opinion and Consent of Counsel, Morgan, Lewis & Bockius LLP](fp0097648-1_ex9928i.htm) |
| [(j)(1)](fp0097648-1_ex9928j1.htm) | [Consent of Independent Registered Public Accounting firm, PricewaterhouseCoopers LLP, relating to the Knights of Columbus Funds](fp0097648-1_ex9928j1.htm) |
| [(j)(2)](fp0097648-1_ex9928j2.htm) | [Consent of Independent Registered Public Accounting firm, Cohen & Company Ltd., relating to the MetLife Funds](fp0097648-1_ex9928j2.htm) |
| [(j)(3)](fp0097648-1_ex9928j3.htm) | [Consent of Independent Registered Public Accounting firm, Cohen & Company Ltd., relating to the PineBridge Dynamic Asset Allocation Fund](fp0097648-1_ex9928j3.htm) |
| [(j)(4)](fp0097648-1_ex9928j4.htm) | [Consent of Independent Registered Public Accounting firm, Deloitte & Touche LLP, relating to the MetLife Funds](fp0097648-1_ex9928j4.htm) |
| [(j)(5)](fp0097648-1_ex9928j5.htm) | [Consent of Independent Registered Public Accounting firm, Ernst & Young LLP, relating to the PineBridge Dynamic Asset Allocation Fund](fp0097648-1_ex9928j5.htm) |
| [(m)(6)](fp0097648-1_ex9928m6.htm) | [Amended Schedule A, dated December 3, 2025, to the ETF Distribution Plan, dated October 15, 2020](fp0097648-1_ex9928m6.htm) |
| [(p)(4)](fp0097648-1_ex9928p4.htm) | [MetLife Code of Ethics, dated April 30, 2007, as amended October 1, 2025](fp0097648-1_ex9928p4.htm) |
| [(p)(12)](fp0097648-1_ex9928p12.htm) | [L2 Code of Ethics](fp0097648-1_ex9928p12.htm) |

---

## Exhibit 99.28

**AMENDED AND RESTATED SCHEDULE A**

**Dated January 28, 2026**

**to the**

**INVESTMENT SUBADVISORY AGREEMENT**

**dated November 6, 2024, between**

**BROWN ADVISORY LLC**

**and**

**VIDENT ASSET MANAGEMENT**

The Adviser shall pay to the Subadviser as compensation for the Subadviser's services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund as may be allocated by the Adviser to the Subadviser from time to time in accordance with the following fee schedule:

---

| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** |
| Brown Advisory Flexible Equity ETF | The greater of 0.05% on the first $250 million, 0.04% on the next $250 million, and 0.01% on the next $1 billion in assets, or $30,000 annually, on a per fund basis. |
| Brown Advisory Sustainable Value ETF | The greater of 0.05% on the first $250 million, 0.04% on the next $250 million, and 0.01% on the next $1 billion in assets, or $30,000 annually, on a per fund basis. |
| Brown Advisory Sustainable Growth ETF | The greater of 0.05% on the first $250 million, 0.04% on the next $250 million, and 0.01% on the next $1 billion in assets, or $30,000 annually, on a per fund basis. |
| Brown Advisory International Value Select ETF | The greater of 0.05% on the first $250 million, 0.04% on the next $250 million, and 0.01% on the next $1 billion in assets, or $30,000 annually, on a per fund basis. |

---

Once a fund exceeds $1.5 billion in assets, the total fee for that fund will be subject to an annual escalator defined as the greater of 3% or the prior year's cumulative percentage increase of the United States Consumer Price Index - All Urban Consumers, U.S. City Average (not Seasonally-Adjusted, as of the Effective Date, identified by Series ID CUUR0000SA0), published by the Bureau of Labor Statistics, United States Department of Labor (or its successor index) (the "CPI") during the period beginning on the date of the prior increase.

The Subadviser agrees to cap the invoiced amount to the Adviser as follows: $500,000 on all equity funds managed by the Subadviser on an annual basis, and $500,000 on all fixed income funds managed by the Subadviser on an annual (calendar year) basis.

The Adviser shall pay to the Subadviser the amount payable pursuant to any said statement not later than the later of: (i) ten (10) days after the last day of the month during which the services for the payment of which the fee is payable were rendered; or (ii) ten (10) days after receipt by the Adviser of Subadviser's statement with respect to said month.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **BROWN ADVISORY LLC** | **BROWN ADVISORY LLC** |
| By: | /s/ Brett D. Rodgers |
|  | Name: Brett D. Rodgers |
|  | Title: General Counsel |

---

---

| | |
|:---|:---|
| **VIDENT ASSET MANAGEMENT** | **VIDENT ASSET MANAGEMENT** |
| By: | /s/ Amrita Nandakumar |
|  | Name: Amrita Nandakumar |
|  | Title: President |

---

**ACKNOWLEDGED & ACCEPTED BY:**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND III** | **THE ADVISORS' INNER CIRCLE FUND III** |
| By: | /s/ Michael Beattie |
|  | Name: Michael Beattie |
|  | Title: President |

---

## Exhibit 99.28

**AMENDMENT**

**TO**

**CUSTODIAN AGREEMENT**

THIS AMENDMENT TO CUSTODIAN AGREEMENT (this "**Amendment**") is made as of February 1, 2026 by and between **THE ADVISORS' INNER CIRCLE FUND III** (the **Fund**, including on behalf of each of its separate series listed on Exhibit A hereto, the **Portfolios**), a management investment company organized under the laws of the State of Delaware and registered with the Commission under the Investment Company Act of 1940 (the **1940 Act**), and **BROWN BROTHERS HARRIMAN & CO.**, a limited partnership formed under the laws of the State of New York ("**BBH")**.

 ****

WHEREAS, the Fund and BBH entered into a custodian agreement dated as of October 20, 2020 as amended, modified and/or supplemented (the "Agreement");

WHEREAS, in accordance with Section 13.2 of the Agreement, the Fund and BBH desire to amend the Agreement as set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, the parties hereby agree as follows:

1. The Agreement is hereby amended by deleting Exhibit A in its entirety and replacing with Exhibit A, attached hereto, with the addition of the below new Funds:

**Brown Advisory International Value Select ETF**

2. This Amendment may be executed in any number of counterparts each of which shall be deemed to be an original, but all of which together shall constitute one and the same Amendment. A facsimile transmission or other electronic mail transmission (e.g. ".pdf" or ".tif") of the Amendment shall be acceptable evidence of the existence of the Amendment and the Custodian shall be protected in relying on the facsimile or electronic mail transmission of a .pdf or .tif until the Custodian has received the original of the Amendment.

3. This Amendment, together with the Agreement, constitutes the entire agreement of the parties with respect to its subject matter and supersedes all oral communications and prior writings with respect hereto. Except as expressly modified hereby, the Agreement shall continue in full force and effect in accordance with its terms and conditions.

4. This Amendment shall be construed in accordance the governing law and exclusive jurisdiction provisions of the Agreement.

IN WITNESS WHEREOF, each of the undersigned parties has executed this Amendment to Custodian Agreement effective as of the date first above written.

**BROWN BROTHERS HARRIMAN & CO.**

---

| |
|:---|
| **By:** |
| Name: |
| Title: |
| **Date:** |

---

**THE ADVISORS' INNER CIRCLE FUND III**

---

| | |
|:---|:---|
| **By:** | **/s/Alexander F. Smith** |
| Name: | Alexander F. Smith |
| Title: | Vice President & Assistant Secretary |
| **Date:** | **February 1, 2026** |

---

**Exhibit A**

**To**

**Custodian Agreement**

**between The Advisors' Inner Circle Fund III and Brown Brothers Harriman & Co.**

**dated as of October 20, 2020**

**(Updated as of February 1, 2026)**

Democratic Large Cap Core ETF (formerly DEMZ Political Contributions ETF)

Democracy International ETF

Rayliant Wilshire NxtGen US Large Cap Equity ETF (effective October 18, 2021)

Rayliant Wilshire NxtGen Emerging Markets Equity ETF (effective October 26, 2021)

Strategas Global Policy Opportunities ETF (effective January 5, 2022)

Strategas Macro Thematic Opportunities ETF (effective January 11, 2022)

Strategas Macro Momentum ETF

Rayliant SMDAM Japan Equity ETF

Brown Advisory Flexible Equity ETF

Brown Advisory Sustainable Value ETF

Brown Advisory Sustainable Growth ETF

GQG US Equity ETF

**Brown Advisory International Value Select ETF**

## Exhibit 99.28

![](ml_logo.jpg)

February 27, 2026

The Advisors' Inner Circle Fund III

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Re: <u>Opinion of Counsel regarding Post-Effective Amendment No. 392 to the Registration Statement filed on Form N-1A under the Securities Act of 1933 (File No. 333-192858)</u>

Ladies and Gentlemen:

We have acted as counsel to The Advisors' Inner Circle Fund III (the "Trust"), a Delaware statutory 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 per share (collectively, the "Shares"), of the following portfolios of the Trust: MetLife Core Plus Fund, MetLife Multi-Sector Fixed Income Fund, Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Fund, Knights of Columbus International Equity Fund, Knights of Columbus Long/Short Equity Fund, Knights of Columbus U.S. All Cap Index Fund, Knights of Columbus Real Estate Fund, and PineBridge Dynamic Asset Allocation Fund (the "Funds"). This opinion is being delivered to you in connection with the Trust's filing of Post-Effective Amendment No. 392 to the Registration Statement (the "Amendment") 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, copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of the State of Delaware certifying that the Trust is validly existing under the laws of
the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trust's Agreement and Declaration of Trust dated December 4, 2013, as amended September 10,
2020 (the "Declaration of Trust"), and Amended and Restated By-Laws dated September 18, 2014, as amended June 25, 2020 (the
"By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate executed by Alexander Smith, the Secretary of the Trust, certifying as to, and attaching
copies of, the Declaration of Trust and By-Laws and certain resolutions adopted by the Board of Trustees of the Trust authorizing the
issuance of the Shares of the Funds; and

---

| | |
|:---|:---|
| **Morgan, Lewis & Bockius llp**<br>2222 Market Street<br> Philadelphia, PA 19103-3007<br> United States | ![](ml_t.jpg) +1.215.963.5000<br> ![](ml_f.jpg) +1.215.963.5001 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 State of Delaware.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the 1933 Act.

---

| |
|:---|
| Very truly yours, |
| /s/ Morgan, Lewis & Bockius LLP |

---

## Exhibit 99.28

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of The Advisors' Inner Circle Fund III of our report dated December 29, 2025, relating to the financial statements and financial highlights of Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Fund, Knights of Columbus International Equity Fund, Knights of Columbus Real Estate Fund, Knights of Columbus Long/Short Equity Fund and Knights of Columbus U.S. All Cap Index Fund, which appears in The Advisors' Inner Circle Fund III's Certified Shareholder Report on Form N-CSR for the year ended October 31, 2025. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 26, 2026

## Exhibit 99.28

![](cohen_header.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated December 23, 2025, relating to the financial statements and financial highlights of MetLife Core Plus Fund, a series of The Advisors' Inner Circle Fund III, which are included in Form N-CSR for the year ended October 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 25, 2026

![](cohen_footer.jpg)

## Exhibit 99.28

![](cohen_header.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated December 23, 2025, relating to the financial statements and financial highlights of PineBridge Dynamic Asset Allocation Fund, a series of Advisors' Inner Circle Fund III, which are included in Form N-CSR for the year ended October 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 25, 2026

![](cohen_footer.jpg)

## Exhibit 99.28

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to us under the headings "Financial Highlights" in the Prospectus for the audited information of prior periods and "Independent Registered Public Accounting Firm" in the Statement of Additional Information for the fiscal years ended on or before October 31, 2024, both of which are part of this Post-Effective Amendment to the Registration Statement No. 333-192858 on Form N-1A.

![](image_001.jpg)

New York, New York

February 27, 2026

## Exhibit 99.28

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the references to our firm under the caption "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated March 1, 2026, and each included in this Post-Effective Amendment No. 392 to the Registration Statement (Form N-1A, File No. 333-192858) of The Advisors' Inner Circle Fund III (the "Registration Statement").

We also consent to the incorporation by reference of our report dated December 23, 2024, with respect to the financial statements and financial highlights of PineBridge Dynamic Asset Allocation Fund (one of the funds constituting The Advisors' Inner Circle Fund III) included in the Annual Report to Shareholders (Form N-CSR) for the year ended October 31, 2024, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/Ernst & Young LLP

Philadelphia, Pennsylvania

February 27, 2026

## Exhibit 99.28

**AMENDED SCHEDULE A**

**DATED DECEMBER 3, 2025**

**TO THE ADVISORS' INNER CIRCLE FUND III**

**ETF DISTRIBUTION PLAN**

**DATED OCTOBER 15, 2020**

Pursuant to Section 1 of the Plan and subject to any limitations imposed by FINRA Rule 2341, distribution fees for the following Fund(s), and/or classes thereof, if applicable, shall not exceed the amounts listed below:

---

| | |
|:---|:---|
| **Fund** | **Fee** |
| Democratic Large Cap Core ETF | 0.25% |
| Rayliant Quantamental China Equity ETF | 0.25% |
| Rayliant Wilshire NxtGen US Large Cap Equity ETF | 0.25% |
| Rayliant Wilshire NxtGen Emerging Markets Equity ETF | 0.25% |
| Rayliant SMDAM Japan Equity ETF | 0.25% |
| Democracy International Fund | 0.25% |
| Strategas Global Policy Opportunities ETF | 0.25% |
| Strategas Macro Thematic Opportunities ETF | 0.25% |
| Strategas Macro Momentum ETF | 0.25% |
| Brown Advisory Flexible Equity ETF | 0.25% |
| Brown Advisory Sustainable Value ETF | 0.25% |
| Brown Advisory Sustainable Growth ETF | 0.25% |
| Brown Advisory International Value Select ETF | 0.25% |
| GQG US Equity ETF | 0.25% |

---

## Exhibit 99.28

![](metlife_01.jpg)

**MIM Code of Ethics**

**Policy** **Owner:** Head of Investments Compliance

![](metlife_01.jpg)

**Contents**

---

| | | |
|:---|:---|:---|
| **1** | **Introduction** | **3** |
| 1.1 | Purpose | 3 |
| 1.2 | Scope | 3 |
| 1.3 | Policy Ownership | 4 |
| 1.4 | Exceptions and Escalation | 4 |
| 1.5 | Resources | 4 |
| **2** | **Code Requirements** | **5** |
| 2.1 | Code of Ethics Requirements | 5 |
| 2.2 | Violations and Related Disciplinary Action | 6 |
| **3** | **Reportable Accounts, Securities and Funds** | ***7*** |
| 3.1 | Reportable Accounts Definition | 7 |
| 3.2 | Reportable Accounts Disclosure Requirements | 7 |
| 3.3 | Managed Accounts | 8 |
| 3.4 | Approved Broker-Dealer Policy (US Only) | 8 |
| 3.5 | Reportable Securities | 8 |
| 3.6 | Reportable Funds | 9 |
| **4** | **Pre-Clearance Requirement** | **10** |
| 4.1 | Pre-Clearance | 10 |
| 4.2 | Pre-Clearance Exemptions | 11 |
| **5** | **Holding Period** | **12** |
| 5.1 | Holding Period Requirement | 12 |
| 5.2 | Holding Period Exemptions | 12 |
| **6** | **Blackout Period Restrictions** | **12** |
| 7 | Requirements for MetLife, Inc. Securities | 13 |
| 7.1 | Disclosure, Pre-Clearance, and Holding Period Requirements for MetLife Securities | 13 |
| 7.2 | Restrictions related to MetLife Securities | 13 |
| **8** | **Transactions in Options** | **13** |
| **9** | **Additional Personal Trading Restrictions** | **14** |
| 9.1 | lnnial Currency Options | 14 |
| 9.2 | Investment Clubs | 14 |
| 9.3 | Private Placements | 14 |
| **10** | **Material Non-Public Information (MNPI)** | **14** |
| 10.1 | MNPI Definition | 14 |
| 10.2 | Prohibitions | 14 |
| 10.3 | Reporting MNPI | 15 |
| 10.4 | MNPI Restricted List(s) and Watch List | 15 |
| 10.5 | Sharing MNPI wnh Clients | 15 |
| 10.6 | Information Barriers | 15 |
| **11** | **Recordkeeping and Data Sheet** | **16** |
| **12** | **Appendix A: List of Approved Broker-Dealers** | **17** |

---

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

1 Introduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Purpose

MetLife Investment Management (MIM)' holds its employees to a high standard of integrity and business practice and has an obligation to act in the best interests of its clients. Accordingly, MIM strives to disclose, mitigate, or otherwise avoid activities which may present conflicts of interest.

The Code of Ethics (the Code) is intended to address fundamental principles that must guide the personal investment activities of Access Persons (as defined in Section 1.2 below) in light of their fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Place
 the Interest of MIM's client first. As fiduciaries, Access Persons must avoid serving personal
 interests ahead of the interest of MlM's clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conduct
 personal investing activities in such a way as to avoid even the appearance of a conflict
 of interest with investment activities undertaken for MIM's client.

Conflicts identified may be subject to review by the MIM Ethics Committee and disciplinary action in accordance with the Code and the MIM Policy on Policy Violations.

This Code should be read in conjunction with other MetLife, Inc. and MetLife Investments policies including but not limited to the (i) MetLife Code of Business Ethics; (ii) MetLife Global Insider Trading Policy; (iii) MIM Information Barrier Policy; and (iv) MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Scope

The Code applies to all Access Persons, which includes all persons in the groups below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIM
 and MII Personnel: All personnel who report, directly or indirectly to the Head of MIM or
 the Chief Investment Officer of MetLife Insurance Investments (Mll)2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MIM
 Functional Partners: All personnel in functions who are primarily dedicated to MIM, including
 those who report, directly or indirectly, to MIM's Chief Compliance Officer (CCO), Chief
 Risk Officer (CRO), Chief Counsel, Chief Financial Officer (CFO), and Heads of Human Resources,
 Internal Audit, Marketing, Communications, and Information Technology (IT)'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personnel
 withAccess to MIM Systems: All personnel who have access to holdings and/or trade information
 of any account owned, managed, or controlled by MIM Investments (collectively,"MIM Accounts"),
 including through MetLife Investments systems.

<sup>1</sup> For purposes of this policy, MIM includes MetLife Investment Management LLC (MIM, LLC), MIM I, LLC, MetLife Investment Management Limited (MIML). MetLifeInvestment Management Europe Limrted (MIMELJ, MetLife Investment Management Japan, Ltd (MIM Japan), MetLife Investments Asia Limited (MIAL), MetLife Investments Securities, LLC (MISL), MetLife Real Estate Lending (MREL), and MetLife Lam America Asesorias e lnversiones Limitada (MILA). It also indudes MetLife Insurance Investments (MIi).

<sup>2</sup> For theavoidance ofdoubt. theHead of MIM and theCto ofMIi are Access Persons

<sup>3</sup> For theavoidance of doubt. theHeadsof theMIM support functions are Access Persons

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Policy
 Ownership

This Policy is ownedby the Head of Investments Compliance and will be reviewed at least every other year. Material changes must be approved by Investments Legal, Investments Compliance, and the MIM Risk Committee or its designee. Investments Compliance will promptly communicate material amendments to all Access Persons.

Any questions regarding this Policy should be directed to Investments Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Exceptions
 and Escalation

This Code is to be adhered lo in all circumstances.Investments Compliance, in consultation with the Ethics Committee as applicable, may grant case-by-case exceptions to any of the requirements, restrictions, or prohibitions in this Code that do not violate its general

principles or applicable regulatory requirements. Requests for exceptions must be made in writing to Investments Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Resources

For any questions regarding this Code, please contact Investments Compliance at <u>personaltradinghelp@metlife.com.</u>

Resources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Personal Trading System</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>MIM Information Barrier Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>MetLife Insider Trading Policy</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>MetLife Code of Business Ethics</u> 

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

2 Code Requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Code
 of Ethics Requirements All Access Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct
 business and personal trading activities in accordance with the requirements of the Code
 and consistent with MlM's duty to its clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply
 with the Code with respect to disclosure, certification,pre-clearance, and other restrictions
 related to securities transactions in personal brokerage accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Note: obtaining pre-clearance for a securities transaction does not relieve an Access Person of their responsibilities to comply with requirements in the Code (including, but not limited to, holding period and blackout period restrictions and prohibitions on trading while in possession of material non-public information).* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply
 with applicable securities laws and regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly
 notify Investments Compliance upon receipt of Material Non-public Information (MNPI)•;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly
 report any violations of the Code to Investments Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acknowledge
 that they have received, read, and understand the Code

**All managers of Access Persons are required to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serve
 as a **  role model for the highest ethical standards and create and sustain a culture
 of trust, honesty, integrity and respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be
 a resource for Access Persons. Ensure that they are aware of, understand, and know how to
 apply this Code and the MIM's policies, applicable laws and regulations in their daily work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seek
 assistance from other managers, Investments Compliance, Legal or Human Resources when unsure
 of the best response to any given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be
 proactive. Take reasonable actions to prevent and identify misconduct. Report situations
 that might impact the ability of Access Persons to act ethically on behalf of MIM **.** 

**In addition to the obligations set forth in the Code, MIM Personnel and Functional Partners are also required to:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose
 and request approval for outside business activities in accordance with the

MIM and MetLife Conflicts of Interest Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 and request approval for gifts and entertainment both given and received as required by the
 MIM Gifts and Entertainment / Anti-Bribery and Corruption Standard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere
 to the MIM Information Barrier Policy with respect to sharing information between public
 and private asset classes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 in-scope employees, report and request approval for certain political contributions as required
 by the MIM Political Contributions and Pay to Play Policy

<sup>4</sup> For transactions or deals where a non...disclosure agreement (NOA)or confidentiality agreement has been signed: the project lead is responsible for reporting to Compliance.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Violations
 and Related Disciplinary Action

**Violations of the Code by Access Persons or their Family Members are serious and may result in discipline, up to and including termination of employment.**

Violations are reported to senior leadership on a routine basis. Material violations and repeat violations are reviewed by the MIM Ethics Committee.

<u>Violations</u> include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to disclose a Reportable Account owned by (or for the benefit of} an Access Person of their
 Family Member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to obtain pre-clearance approval for a transaction in Reportable Securities (including pre-clearance
 of the wrong symbol or wrong transaction type (buy/sell))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction
 in a security on the Restricted List

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violation
 of the 30-day Holding Period (or other relevant holding period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violation
 of the Blackout Period restriction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to complete a required certification or disclosure within the required time period

Violations are reviewed in light of the fads and circumstances of each individual violation and may result in <u>disciplinary action</u> pursuant to the MIM Policy on Policy Violations, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warning
 letters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension
 of personal trading privileges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement
 of profits (required for any restricted list or holding period violations that result in
 a financial gain)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact
 to performance rating, compensation, or promotion eligibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination
 of employment

In accordance with the MIM Policy on Policy Violations, the severity and number of violations will be considered when recommending consequences to management. A willful violation of a policy may have more severe and immediate consequences. Sanctions issued will be subject to local laws. Disciplinary action will generally follow the framework below but may differ given the facts and circumstances of each violation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **First Violation:** Compliance will issue a formal policy violation and warning letter to the
 employee, with a copy sent to his or her direct manager. The employee may be required to
 meet with Compliance for additional training on the relevant policy requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Second Violation:** Compliance will issue a formal policy violation and final warning letter to
 the employee, with a copy sent to his or her direct manager, the senior manager of his or
 her line of business, and the MIM Chief Compliance Officer. The employee may be subject to
 additional disciplinary action such as impact to compensation, performance rating, promotion
 eligibility, or suspension of trading privileges at the discretion of MIM senior management
 and the Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Third Violation:** In addition to the disciplinary actions noted above, the employee may be subject
 to additional disciplinary actions and/or termination of employment, at the discretion of
 MIM senior management and the Ethics Committee

Any transact1ons that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to MIM's Clients will be subject to scrutiny regardless of technical compliance with the Code.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

3 Reportable Accounts, Securities and Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Reportable
 Accounts Definition

Reportable Accounts are any accounts that (i) are owned by, or for the benefit of,<sup>5</sup> an Access Person or their Family Member(s) and (ii) are able to transact in Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Family
 Member includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any
 family member (e.g., spouse, domestic partner, child, dependent, stepchild, sibling, etc.)
 that (i) is living in the Access Person's household or (ii) is economically dependent on
 the Access Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Any
 other person whose investments are directly or indirectly controlled by the Access Person

Exemptions: The following types of accounts are non-reportable and exempt from disclosure and reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401k
 accounts (if administered by employer and not able to purchase securities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529
 College Saving Plans (if unable to allocate investments)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other
 retirement accounts, savings accounts, or any bank account so long as the account is unable
 to purchase reportable securities or allocate investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annuities
 and Variable Annuities (unless MetLife)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Directly
 held mutual fund accounts

Dividend Reinvestment Plans (DRIPs) and Systematic Investment Plans (SIPs) must be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Reportable
 Accounts Disclosure Requirements

Access Persons are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Disclose
 all Reportable Accounts and Reportable Securities (as defined in 3.4 below) in the personal
 trading system within 10 days of being hired (or becoming an Access Person)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclose
 any new Reportable Accounts immediately

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attest
 to the accuracy of their Reportable Accounts on an annual basis{by January 31 of each year)

**Failure to disclose a Reportable Account within the required time period is considered a violation of the Code and is subject to disciplinary action.**

<sup>5</sup> This includes the ownership of a security, by a person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a Direct Pecuniary Interest or an Indirect Pecuniary Interest in such security. Pecuniary Interest means the opportunity, directly or indirectly, to profit or share in any profit derived from a security or transaction affecting a security. A person has a Direct Pecuniary Interest in each security (a) held in that person's name or in the name or any nominee for, or Personal Account or, that person, or (b) as lo which a person, by contract, arrangement, power or attorney, understanding, relationship or otherwise has Control.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Managed
 Accounts

Managed Accounts are accounts in which neither the Access Person nor their Family Member has discretion over the transactions in the accounts.<sup>6</sup> Access Persons must provide a Managed Account Letter to Investments Compliance in order for an account to be classified as a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Managed
 Accounts must be disclosed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions
 and holdings in Managed Accounts are not reportable and do not require pre-clearance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Approved
 Broker-Dealer Policy (US Only)

**Access Persons based in the United States must hold Reportable Accounts with an approved broker-dealer.** The full list of approved broker-dealers is available in Appendix A.

If an Access Person holds Reportable Account(s) at a non-approved broker-dealer prior to becoming an Access Person, the account(s) must be transferred to an approver-broker dealer within 90 days of becoming an Access Person.

The following Reportable Accounts are exempt from the approver broker-dealer requirement; however, a formal exemption request must be submitted in writing to Investments Compliance for review and approval.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Managed Accounts** where the Access Person (or their Family Member), does not have discretion over
 the transactions in that account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts
 where a Family Member is required to hold their account with their employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional
 exceptions that may be evaluated on a case-by-case basis by Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Reportable
 Securities

**Reportable Securities** must be disclosed and are subject to additional requirements as described in the Code, including pre-clearance and holding periods.

**Reporting transactions in Reportable Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 Reportable Accounts held with an approved broker-dealer, completed transactions in Reportable
 Securities will feed into the personal trading system automatically

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 Reportable Accounts not with an approved broker-dealer, Access Persons must upload each transaction
 confirmation in Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 all accounts (regardless of type of broker), Access Persons must satisfy pre-clearance and
 other requirements in the Code

**Certifying transactions in Reportable Securities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On
 a quarterly basis (within 30 days after the end of each quarter), Access Persons must certify
 that all transactions in Reportable Securities are reflected in the personal trading system.
 This includes confirming that all transactions have correctly fed into the system from an
 approved broker.

**Failure to complete required certifications within the required time period is considered a violation of the Code and is subject to disciplinary action.**

<sup>6</sup> Robo-advisors in which the Access Person selects allocation percentages but does not have control over the individual investments are also considered Managed Accounts.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Reportable Securities** | &nbsp;&nbsp;**Non-Reportable** **Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • American Depository Receipts (ADRs)<br>• Bonds, including Corporate and Municipal Bonds<br>• Closed-i!nd funds<br>• Convertible Bonds<br>• Currency Options<br>• Equity Linked Notes (ELNs)<br>• ETFs not listed on the ETF Exclusion List<br>• Hedge Funds<br>• MetLife investment-linked insurance products (e.g., Group Variable Universal Life)<br>• Options<br>• Real Estate Investment Trusts (REITs)<br>• Stocks<br>• Unlisted, private, or unformed companies | &nbsp;&nbsp;&nbsp;• Bankers' Acceptance (BA)<br>• Certificates of Deposit (CDs)<br>• Commercial Paper<br>• Commodities<br>• Currencies, including Cryptocurrencies<br>• Exchange Offers<br>• Forward Contracts<br>• Futures Contracts (unless Secumies Future)<br>• Money Market Funds<br>• Non-affiliated investment-linked insurance products<br>• Open-i!nd Mutual Funds<br>• Sovereign Investment Funds<br>• Spot Contracts<br>• Swap Agreements<br>• Unit Investment Funds<br>• US Treasury Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Reportable Funds

**A** **Reportable** Fund is any fund in which MIM or another MetLife entity serves as an investment adviser or sub-adviser. This includes any funds advised or sub-advised by PineBridge Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of Reportable Funds is available in the
personal trading system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons are required to report
any holdings and pre-clear transact i ons in Reportable Funds in accordance
with Section 4 below

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

4 Pre-Clearance Requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Pre-Clearance

**Generally, all transactions in Reportable Securities must be pre-cleared in the personal trading system<sup>7</sup>. Access Persons must receive pre-clearance approval prior to making a transaction in Reportable Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are responsible for ensuring that all information required in the pre-clearance request
 (e.g., brokerage accounts, transaction type, symbol, amount) is accurate and complete

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Once received, all pre-clearance approvals are valid for the same day and the next trading day through market close where the security is being traded (the Approval Period).** If an
 approved transaction is not fully executed within the Approval Period, Access Persons must
 obtain a new pre-clearance approval the following day before executing the transaction.

For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange on Friday that approval is valid for Friday and Monday, up until the Hong Kong market close on Monday. If an approval is received after trading hours, the approval remains valid only for the next trading day. For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange after the Hong Kong market close on a Friday, the approval is still only valid for Friday and through Monday's market close.

When determining the length of the approval period for securities traded on a foreign market, employees must look to the local market time in which the security is being traded and then apply the pre-approval rules. For the avoidance of doubt, an approval received by an Access Person in Asia relating to any transactions in US Securities is dependent on the US market in which the security is being traded. For example, if a Hong Kong employee receives trading approval for a security traded on a US exchange on Monday 10:00am (CHST), then the approval expires on Monday 4:30pm (EST), which is Tuesday 4:30am (CHST). Looking to the US Market, the trade was approved on Sunday at 10:00pm (EST) (the day the approval is granted} and is valid through Monday's market close local time.

- Access Persons are ultimately responsible for knowing in which market they are trading and for complying with the pre-clearance requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limit
 orders beyond one day (e.g., Good-Till-Cancelled orders) are prohibited

<sup>7</sup> If an Access Person is unable to access the personal trading system, they may request off-line approval from Investments Compliance via email.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

Access Persons will receive an automatic approval or denial in the personal trading system and via email:

*Approval:*

 

![](metlife_02.jpg)

 

*Denial :*

 

![](metlife_03.jpg)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Pre-Clearance
 Exemptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions
 in Managed Accounts are exempt from pre-clearance requirements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs
 on the ETF exclusion list, or options on these ETFs, and municipal bonds are exempt from
 pre-clearance requirements

***Obtaining pre-clearance does not relieve Access Persons of responsibilities to comply with other provisions of the Code (incl. holding period and blackout period restrictions and prohibitions on trading while*** *in **possession of material non-public information).***

 

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

 

![](metlife_01.jpg)

 ****

5 Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Holding
 Period Requirement

Reportable Securities may not be (i) purchased and sold *or* (ii) sold and then repurchased within 30 calendar days (the "Holding Period").<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 purchases and sales of MetLife, Inc. securities<sup>9</sup> acquired in the market, the Holding
 Period is 60 days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 Access Persons that are part of MIM Japan, the Holding Period is 6 months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Holding
 Period Exemptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales
 of MetLife, Inc. securities that are received as part of a performance award or restricted
 stock grant are not subject to the holding period requirement, but the transaction must be
 pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions
 in ETFs on the ETF exclusion list, or options on these ETFs, are not subject to the holding
 period requirement

6 Blackout Period Restrictions

**Access Persons that are involved** in **portfolio management, trading, or research** (e.g., recommending securities or transactions) are prohibited from trading a security in a Reportable Account on the same day or within 7 calendar days before or after an account managed by MIM or PineBridge Investments transacts in the same security. This restriction does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases
 or sales or issuers or securities that have a market capitalization of $5 billion or more

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions
 in issues or securities executed in a MIM-managed account that replicates a broad-based securities
 market index

**All Access Persons who are part of the MIM Equity Management Team** are prohibited from trading a security in a Reportable Account if that security is held in any account managed by MIM Equity Management.

<sup>8</sup> Access Persons may reach out to Compliance requesting a written exception to the Holding Period requirement; exceptions will be reviewed and may be approved on a case-by-case basis.

<sup>9</sup> See section 7.2 for additional information on restrictions related to MetLife, Inc. securities

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

7 Requirements for MetLife, Inc. Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Disclosure,
 Pre-Clearance, and Holding Period Requirements for MetLife Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All
 transactions in MetLife, Inc. securities must receive pre-clearance approval, regardless
 of whether the securities were acquired in the market or as part of a performance award /
 restricted stock grant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For
 purchases and sales of MetLife, Inc. securities acquired in the market, the Holding Period
 is 60 days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales
 of MetLife, Inc. securities that are received as part of a performance award or restricted
 stock grant are not subject to the holding period requirement, but the transaction must be
 pre-cleared

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 MetLife opens a Fidelity account on behalf of an Access Person for purposes of a performance
 award / restricted stock grant, the Access Person must disclose the account in the personal
 trading system as a Reportable Account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allocations
 to the MetLife Company Stock Fund in a SIP or Auxiliary SIP Account are not reportable in
 PTA and are not subject to the 60-day holding period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Restrictions
 related to MetLife Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons that are also deemed Restricted Persons under MetUfe's Insider Trading Policy are
 prohibited from transacted in MetLife, Inc. securities during MetLife enterprise blackout
 periods

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons that file Section 16 filings for the purchase and sale of MetLife, Inc. securities
 must pre-clear transactions through the MetLife Corporate Secretary's Office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are prohibited from engaging in speculative transactions in MetLife, Inc. securities,
 including purchases and sales of options in the market

8 Transactions in Options

Access Persons are permitted to transact in options pursuant to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 expiration of the option must be greater than 30 days from the trade date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance
 approval must be obtained for both (i) the initial purchase of the option and (ii) the underlying
 transaction if the Access Person elects to take the option (on the transaction date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 option may not be closed out within 30 days of the initial trade date

Access Persons are prohibited from transacting in options whereby they are effectively causing a purchase and sale in the same security within 30 days, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buying
 a call and a put in the same security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling
 a call and buying a call with different strike prices

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

9 Additional Personal Trading Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Initial Currency Options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are prohibited from investing in Initial Currency Options (ICOs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Investment
 Clubs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are prohibited from forming or participating in an Investment Club without prior
 approval from Investments Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Private Placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are prohibited from investing in Private Placements without prior approval from Investments
 Compliance. Such approval may only be granted if the investment doesnot present a conflict
 of interest.

10 Material Non-Public Information (MNPI)

**Access Persons are expressly prohibited from transaction in securities about which the Access Person, MIM, or MetLife, has MNP**I**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **MNPI** Definition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information
 is considered **material** if it would likely affect the market price of a security or
 if a reasonable investor would consider the information important in deciding whether to
 buy or sell the security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information
 is considered **non-public** if it has not been widely disseminated and investors have
 not had time to absorb the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Examples
 of MNPI may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Financial
 plans, projections, or results

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Mergers
 or acquisitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchases
 or sales of a business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o New
 products or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Changes
 in executive management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Potential
 or ongoing contractual negotiations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Prohibitions

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Insider Trading** - transacting in securities while aware of MNPI related to the securities issuer
 or its securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Tipping** - providing MNPI to others who act on the information by transacting those securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Gifting** - giving securities to others as gifts while aware of MNPI related to the securities
 issuer or its securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Advising** - advising others to transact in securities while aware of MNPI related to the securities
 issuer or its securities, even if the MNPI is not shared

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Reporting **MNPI** 

Any Access Persons who become aware of MNPI are required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly
 report the MNPI to Compliance by <u>completing the request form</u> or emailing <u>lnvestmentsCompliance@metJife.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Refrain
 from sharing MNPI with (i) anyone within MetLife / MIM without a valid business purpose and
 (ii) anyone outside of MetLife / MIM

When the information is no longer material or non-pubic, Access Persons should notify Investments Compliance immediately to remove it from the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **MNPI** Restricted List(s) and Watch List

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 MIM **,** or any Access Person, has MNPI about a securities issuer, the issuer may be added
 to the applicable restricted list or watch list

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access
 Persons are generally prohibited from transacting in issuers on the Restricted List and pre-clearance
 requests will result in a denial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Watch List contains issuers about which a select group of Access Persons may have access
 to MNPI (such as during a confidential project or transaction)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o While
 an issuer is on the Watch List, that select group of Access Persons are restricted from transacting
 in the issuer or its securities

If any Access Person acquires MNPI outside of the course of their employment at MIM / MetLife, they should not disclose it to anyone, including their manager and Investments Compliance. They are still prohibited from transacting in the relevant security issuer on behalf of themselves or in any MIM accounts and from making any investment recommendations to advisory clients on the basis of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Sharing **MNPI** with Clients

There may be certain circumstances under which MIM shares MNPI with client for a valid business reason. Prior to sharing any MNPI with any client, Access Persons must contact Investments Compliance <u>(lnvestmentsCompliance@metlife.com)</u> for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Information Barriers

There is an Information Barrier in place separating MIM's asset classes that primarily trade in public securities and those that trade in private securities. Additional Information can be found in the MIM Information Barrier Policy.

In addition, there is an Information Barrier in place between MIM and MII see the policy for additional details.

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

11 Record.keeping and Data Sheet

---

| | |
|:---|:---|
| **Policy Data Sheet** | **Policy Data Sheet** |
| Policy Author | Head of Investments Core Compliance |
| Policy Owner | Investments Chief Compliance Officer |
| Policy Approval Committee | MIM Policy Working Group (September 2025)<br> MIM Risk Committee (August 2025) |
| Policy Approval Date | September 2025 |
| Last Review Date | September 2025 |
| Next Review Date | September 2027 |
| Applicable Laws, Rules, and Regulations | Investment Advisors Act of 1940 (Advisors Act) Rule 204A-1<br> Investment Company Ad of 1940 (1940 Ad) Rule 17J-1<br> All Requirements of other Applicable Foreign Jurisdictions |
| Related Policies/Standards | MetLife Code of Business Ethics<br> MetLife Global Insider Trading Policy<br> MIM lnformaUon Barrier Policy<br> MetLife Insurance Investments Confidential Transaction Information Process and Information Barrier Policy |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Revision History** | &nbsp;&nbsp;**Revision History** | &nbsp;&nbsp;**Revision History** | &nbsp;&nbsp;**Revision History** |
| &nbsp;&nbsp;Version# | &nbsp;&nbsp;Effective Date | &nbsp;&nbsp;Summary of Changes | &nbsp;&nbsp;Approver |
| &nbsp;&nbsp;2.0 | &nbsp;&nbsp;October 2023 | &nbsp;&nbsp;*Policy refresh; clarified various requirements and aligned to MIM Policy Template* | &nbsp;&nbsp;MIM Policy Working Group |
| &nbsp;&nbsp;3.0 | &nbsp;&nbsp;January 2025 | &nbsp;&nbsp;*Policy refresh; update to policy structure and order of* sections; *addition of violations examples and framework no material changes to any policy requirements.* | &nbsp;&nbsp;MIM Policy Working Group |
| &nbsp;&nbsp;4.0 | &nbsp;&nbsp;October 2025 | &nbsp;&nbsp;*Updated certain policy requirements for alignment with PineBridge Investments including addition of key principles, Access* Persons *obligations, and violations information, change to pre-clearance approval period, requirements for Reportable Funds* | &nbsp;&nbsp;MIM Policy Working Group |

---

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

![](metlife_01.jpg)

13 Appendix A: List of Approved Broker-Dealers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ameriprise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank
 of America / Merrill Lynch / Merrill Edge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles
 Schwab (including transitioned TD Ameritrade accounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chase
 Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Citigroup

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Davenport

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Edward
 Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goldman
 Sachs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IG
 Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hargreaves
 London

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interactive
 Brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Janney
 Montgomery Scott

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JP
 Morgan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• LPL
 Financial

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan
 Stanley(including transitioned E-Trade accounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pershing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raymond
 James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robinhood

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stifel
 Nicolaus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• T.
 Rowe Price

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• USAA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells
 Fargo

Important note: always refer to the Investments Policies site for the most up-to-date version of the Code of Ethics

## Exhibit 99.28

**EXHIBIT A-CODE OF ETHICS**

Introduction

This Code of Ethics (the "Code of Et:hics") has been adopted by L2 Asset Management, LLC (the "Firm") to compIy with Rule 204A-1 under the Investment Advisers Act of 1940("Advisers Act"). The Firm has a strong commitment to conduct business in an ethical manner and in full compliance with applicable laws and regulations. The Firm expects the very same commitment from its Employees.

Summary of Principles

The Firn has a fiduciary duty in managing Fund assets and must place the interest of *its* Funds first. Any actual or potential conflicts of interest must be avoided, and those that are present must be adequately disclosed. The Firm's Employees are expected to comply with all applicable laws and regulations, including federal securities laws as well as other federal, slate and local laws. Employees are expected to act with integrity, competence and an ethical manner in all business dealing and to avoid actual and potential conflicts. In conducting investment analysis, making investment recommendations and taking investment actions, Employees must exercise and due care and professional judgment. In addition, Employees are expected to adhere to all confidentiality provisions related to personal and business information (See Section 6).

This Code of Ethics is a summary of principles which guide the Firm's business practices. These principles may not address every situation; therefore, it may be appropriate to consull with the CCO even when the Employee may consider the activity to be within the Firm's guidelines.

This Code of Ethics applies to every Firm Employee, as defined in Section 1 of the Manual.

Anti-Fraud Obligations

As noted above, Employees are required to act with the highest standard of care, holnesty and good faith in executing their fiduciary duties to clients.

Specifically, all Employees are subject to Section 206 of the Advisers Act that makes it unlawful to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To employ any device, scheme, (lr artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To, engage in any transaction, practice, or course of business that operates as a fraud or deceit upon
any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting as a principal for its own account, knowingly to sell any security to or purchase any security
from a client, or acting as broker for a person other than such client, knowingly to effect any sale or purchase of any security for the
account of any such client, without disclosing to such client in writing before the completion of such transaction the capacity in which
the adviser is acting and obtaining consent of the client to such transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To engage in any act, practice, or course of business that is fraudulent, deceptive, or manipulative.

There are many types of activities that advisers such as the Firm have engaged in that have been found to fall within thes cope of Section 206 of the Advisers Act. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appropriating investment opportunities that should be made available
to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining undisclosed brokerage or commission-splitting arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failing to disclose any financial interest of the Firm or its affiliates in portfolio companies or potential portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misappropriating funds under management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Signing documents on behalf of an investor;

The conduct described above is not exclusive. If an Employee engages in any dishonest or unethical practices, as determined in its sole discretion, the Firm may terminate the Employee for cause, and/or fine, suspend, or terminate the individual for his/her actions.

The purpose of the Code is to preclude activities which may lead to or give the appearance of conflicts of interest, insider trading and other forms of prohibited or unethical business conduct. When in doubt about the advisability or propriety of a particular practice or matter, please speak to the CCO.

Section I: Personal Account Trading

Definitions

Although the Code of Ethics applies to all Employees, certain provisions of this Section I apply only to the Firm's "Access Persons". The <u>Addendum</u> contains a current list of the Firm's"Access Persons."

The term **"Access Person"** means supervised persons of the Firm who have access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, or who are involved in making securities recommendations to clients, or who have access to such recommendations that are nonpublic. All of the firm's directors, officers and partners are presumed to be Access Persons, but may not be, in the discretion of the CCO, depending on their level of involvement with the Firm's investment advisory process.

In general,**"Covered Accounts"** include all accounts held by an Employee, as well as all accounts held by members of the Employee's immediate household sharing the same household (i.e. spouse, children and parents). A "Covered Account" also includes accounts for which the Employee has control over investment decisions ("direct or indirect influence or control over trading", i.e. an account where the Employee is trustee), or in which the Employee has a beneficial interest (i.e. beneficiary of a trust). Please consult the CCO for any questions about whether an account is a "Covered Account".

For example, all of these types of accounts would be considered "Covered Accounts":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A brokerage account in which Covered Securities are currently
traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A brokerage account in which a spouse or other member of the immediate household trades Covered
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A brokerage account in which Covered Securities can be traded. Note: even if Covered Securities are NOT
currently traded in this account, if it is possible to trade them in the account, then the account must be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A brokerage account in which an Access Person can direct the trading of Covered Securities even if
 such an account is not titled in the Access Person's name, i.e., an account for a child.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Investments in hedge funds or private equity funds.

**"Covered Securities"** include debt and equity securities, options, futures, commodities, derivatives, limited partnership and limited liability company interests, hedge fund interests, foreign unit trusts, foreign mutual funds, privately placed securities, and certain ETFs that are not organized as unit investment trusts or as open-end mutual funds.

The term "Covered Securities" does **not** include:

- Transactions and holdings in direct obligations of the Government of the United States.

- Money market instruments - bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments.

- Shares of money market funds.

- Transactions and holdings in shares of other types of mutual funds, unless the Firm or a control affiliate acts as the investment adviser or principal underwriter for the fund.

- Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.

- Transactions effected pursuant to an automatic investment plan, i.e. reinvestment of cash dividends.

**ETFs do not require pre-approval of the CCO but do need to be reported.**

The term **"Managed Account"** means an account held by an Access Person, and/or an account held by members of the Access Person's immediate family sharing the same household, over which the Access Person does ***not*** exercise any direct or indirect influence or control over trading<sup>1</sup> and that is not a Covered Account. An example of a Managed Account would be a blind trust. ff the Access Person can engage in any one or more of the following actions, the account is a Covered Account and ***cannot*** be deemed to be a Managed Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Suggesting purchases or sales of investments to a trustee
or third-party discretionary manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Directing purchases or sales of investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Consulting with a trustee or third-party discretionary manager as to the particular allocation of investments
to be made.

<sup>1</sup> See SEC Investment Management Guidance Updated dated June 2015, No. 2015-03. http://www.sec.gov/investment/im-guidance-2015-03.pdf

The CCO will make the determination, in his or her sole discretion, as to whether an account is a "Managed Account". The CCO will collect account opening documents and/or additional information regarding the nature of such account in order to make this determination.

Securities Reports by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Holdings Reporting

No later than IO days after first becoming an Access Person, each Access Person reports to the CCO via the ACS (i) all Covered Accounts and Managed Accounts, and (ii) all Covered Securities held in all Covered Accounts, with information 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;1. Quarterly Transaction Reporting

Each quarter, Access Persons must report all Covered Securities transactions in accounts in which they have a beneficial interest via the ACS. Access Persons must also report any accounts opened during the quarter that hold any Securities (including Securities excluded from the definition of a Covered Security) via the ACS. Reports regarding Securities transactions and newly opened accounts must be submitted to the CCO withjn 30 days of the end of each calendar quarter via the ACS.

If an Access Person did not have any transactions or account openings to report, this should be indicated n the quarterly transaction report via the ACS within 30 days of the end of each calendar quarter.

Transactions made pursuant to an automatic investment plan, i.e., reinvestment of dividends, do not need to be reported hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Annual Holdings Report

Employees will be required to certify annually via the ACS as to their Covered Accounts and Managed Accounts, and must report all new Covered Accounts and all Managed Accounts immediately via the ACS.

All Access Persons shall provide annual holdings reports via the ACS on or before February 14<sup>th</sup> including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all Covered Accounts currently open, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 Covered Securities owned in the Access Person's Covered Accounts with information current
 as of December 31<sup>st</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Summary of Covered Account and Managed Account Requirements

Set forth in an Addendum to this Code of Ethics is a summary chart of requirements related to each account type discussed above.

Pre-Approval (Pre-clearance), Minimum Holding Period and Prohibited Transactions

"Access Persons" may not buy or sell in a Covered Account any Covered Security if the issuer is named on the Firm's Restricted List.

Access Persons *must obtain prior approval ("pre-clearance")* from the CCO via the ACS for a transaction in any Covered Securities, excluding fixed income securities, mutual funds and ETFs not specifically prohibited above and securities which trade pari passu to other client accounts. Unless specifically noted, such prior approval for a ,specified securities transaction shall expire 24 hours after such approval is given. Trades by the CCO that require pre-clearance must be pre-cleared by the GC.

Note that Access Persons must obtain pre-clearance prior to investing in an initial public offering or a limited (private) offering (such as a hedge fund) via the ACS. (Also see "Employment Conflicts of Interest", below).

All Employees are prohibited from trading in shares of mutual funds ina manner inconsistent with a mutual fund's prospectus.

Any Employee 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("JCO"), 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 Reportable 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.

The Firm recognizes that some Employees may hold positions that are not otherwise permissible under this policy al the time of its implementation or on the start date of their employment. Prior to selling or trading out of such positions, Employees must first request approval from the CCO (or the Managing Member in the case of the CCO) via the ACS.

The CCO shall review all transaction and holdings reports submitted by Access Persons and document this review for violations of the policies set forth above, including maintaining a record of any violations of the policies contained herein. All related documentation shall be maintained in the ACS.

Section II: Employment Conflicts of Interest

Employees shall not be involved in any activity, including personal investments, which is or gives the appearance of a conflict of interest with the Firm's business.

**Employees are required to obtain the prior written consent of the CCO prior via the ACS to engaging in any outside business activity.** Charitable activities are not included in this requirement unless the Employee is being compensated for such activity or unless the Employee is assisting in investing on behalf of a charity. Outside business activities may include a wide range of activities including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employment with an outside entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acting as an independent contractor to an outside party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving as a board member, officer, director or partner for any company besides the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having an ownership interest in a business other than the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• running for public office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acting as a solicitor, placement agent, or finder, including in any capacity where the Employee would receive a referral or solicitation
fee; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving other compensation for services rendered outside the scope of employment with the Firm.

Employee outside activities may present a conflict of interest with the Firm or the Funds, as well as potential for insider trading concerns. They therefore need to be pre-cleared by the CCO, who will examine each request closely to assess whether the Employee's proposed outside activity would be in the best interest of the Firm and the Funds, as well as the extent lo which a conflict of interest, or insider trading issues, would arise.

If an Employee is associated with an outside business, such as by serving as an officer or director, the Employee should recuse himself or herself from any decisions regarding that entity's political contributions. If the Employee believes that the outside business' political contributions could give even the appearance of being related to the Firm's advisory activities or marketing initiatives, the Employee must discuss the matter with the CCO. Any outside business activities by the CCO will be reviewed by the COO.

No Employee may utilize property of the Firm or utilize the services of the Firm or its Employees, for his or her personal benefit or the benefit of another person or entity, without approval of the CCO. For this purpose, "property" means both tangible and intangible properly, including funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property, proprietary processes, and ideas for new research or services.

An Employee may not participate in any business opportunity that comes to his or her attention as a result of his or her association with the Firm and in which he or she knows that the Firm might be expected to participate or have an interest, without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosing in writing all necessary facts to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering the particular opportunity to the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining written authorization to participate from the CCO.

Any personal or family interest in any of the Firm's business activities or transactions must be immediately disclosed to the CCO. For example, if a transaction by the Firm may benefit that Employee or a family member, either directly or indirectly, then the Employee must immediately disclose this possibility to the CCO.

No Employee may borrow from or become indebted to any person, business or company having business dealings or a relationship with the Firm, except with respect to customary personal loans (such as home mortgage loans, automobile loans, and lines of credit), unless the arrangement is disclosed in writing and receives prior approval from the CCO. No Employee may use the Firm's name, position in a particular market, or goodwill to receive any benefit on loan transactions without the prior express written consent of the CCO.

An Employee who is granted approval to engage in an outside business activity must not transmit MNPJ between the Firm and the outside entity. lf participation in the outside business activity results in the Employee's receipt of MNPJ that could reasonably be viewed as relevant to the Firm's business activities, the Employee must discuss the scope and nature of the information flow with the CCO. Similarly, if an Employee receives approval to engage in an outside business activity and subsequently becomes aware of any conflict of interest that was not disclosed when the approval was granted, the conflict must be promptly brought to the attention of the CCO.

**Prior Employment Arrangements**

Employees are expected to act with professionalism, to avoid any improper disclosure of proprietary information, and to satisfy all other obligations owed to the Firm and to any prior employers. Employees should discuss any concerns regarding their prior employment with the CCO. Such concerns may include, but are not limited to, possession of MNPI from a prior employer, a non-solicitation and/or non-compete clause in the Employee's previous employment agreement, and any prior political contributions made by the Employee.

Section III:Gifts and Entertainment; Idea Dinners: Charitable Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Gifts and Entertainment** 

The giving or receiving of gifts or other items of value to or from persons doing business or seeking to do business with the Firm could call into question the independence of its judgment as a fiduciary of its clients. Accordingly, it is the policy of the Firm to permit such conduct only in accordance with the limitations stated herein.

The Firm's policies on gifts and entertainment are derived from industry practices. Employees should be aware that there are other federal laws and regulations that prohibit firms and their employees 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 gift, Employees should consult the CCO. Under no circumstances may a gift to the Firm or any Employee be received as any form of compensation for services provided by the Firm or Employee. Cash, or cash equivalent, gifts are not permitted.

*Accepting Gifts and Entertainment*

On occasion, because of an Employee's position with the Firm, the Employee may be offered, or may receive, gifts or (other forms of non-cash compensation from clients, brokers, vendors, or other persons affiliated with the Firm. Under no circumstances may a gift to the Firm or any Employee be received as any form of compensation for services provided by the Firm or Employee. Extraordinary or extravagant gifts are not permissible and must be declined or returned, absent approval by the CCO. Gifts of a nominal value (i.e., single or multiple gifts whose reasonable aggregate value is no more than $500 annually from a single giver), customary business lunches, dinners, entertainment at which both the Employee and the giver are present (e.g., sporting or cultural events), and promotional items (e.g., pens, mug) with an aggregate annual value that does not exceed

$500 may be accepted.

*Giving Gifts and Providing Entertainment*

Gifts to any client, broker-dealer, vendor or other person may not be used to effect a rebate or refund of fees, to correct a trade error or to offset any amount otherwise due to the recipient. Employees may not give any gift with an aggregate value more than $100 per year to any person associated with a securities or financial organization, including an exchange, broker-dealer or other investment management firm, to a member of the news media, or to any client or prospective client or any person associated with a client or prospective client. Employees may provide reasonable entertainment to persons associated with securities or financial organizations or clients or prospective clients if both the Employee and the recipient are present and there is a business purpose for the entertainment. Given that the Firm's business is highly relationship-driven, it is anticipated that Employees may entertain the same person multiple times per year. However, Employees should not spend more than $500 per person/per event on business meals on such occasions.

No gifts to investors are permitted without prior written approval of the CCO via the ACS.

There is a general exclusion for personal gifts (such as a wedding gift or a congratulatory gift for the birth of a child), provided that the gift is not "in relation to the business of the employer of the recipient."<sup>2</sup> To determine whether this exclusion applies, Employees should consider a number of factors, including the nature of any pre-existing personal or family relationship between the person giving the gift and the recipient, and whether the giver personally paid for the gift. When a firm bears the cost of a gift (either directly or by reimbursing an employee), there is the presumption that such gift is in relation to the business of the employer of the recipient.

There is a general exclusion for any Firm branded merchandise, such as apparel, golf balls, pencils, baseball caps, etc.

The Foreign Corrupt Practices Act ("FCPA") prohibits the bribery of foreign government officials. Therefore, notwithstanding the foregoing, Employees are prohibited from giving gifts to foreign government officials and their immediate families.

<sup>2</sup> *See* NASO Notice to Members 06-69 - December 2006.

*Gifts and Entertainment Given to Union OjficiaL,*

Any gift or entertainment provided by to a labor union or a union official in excess of$250 per fiscal year must be reported on Department Labor Form LM-10 within 90 days following the end of the Firm's fiscal year. Consequently, Employees must obtain approval via the ACS before giving any gifts or entertainment to labor unions or union officials.

*Gifts and Entertainment Given to ERISA Plan Fiduciaries*

The Firm is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, Employees must obtain approval via the ACS before giving any gifts or entertainment to ERJSA plan fiduciaries from the CCO.

*Gifts and Entertainment Given to State and Local Pension Official,*

The Firm must be mindful that myriad state and municipal regulations exist around the exchange of gifts and entertainment with such officials. Accordingly, Employees must consult with the CCO before providing any gifts or entertainment in connection with the solicitation of state and municipal pension, and similar plans.

*Solicitation of Gifts*

All solicitation of entertainment, gifts or gratuities from any client, broker-dealer, vendor or another person is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Idea Dinners.

Attendance at "Idea Dinners" and similar industry events must be approved in advance by the CCO. After attending the event, Employees must promptly log their attendance. The form of attendance log is provided by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Charitable Donations.

Donations made by the Firm or Employees to charitable organizations with the intention of influencing such charities to become clients are strictly prohibited. Employees must notify the CCO if there is a perceived actual or apparent conflict of interest in connection with any charitable contribution.

Section IV: Political Contributions and Lobbying; Improper Payments

The Firm will not make direct contributions to any candidates for federal, state or local offices and it will not participate in, or set up, a Political Action Committee (PAC).

No contributions to a political campaign will be reimbursed with t:he Firm's funds. No resources of the Firm (such as office supplies, conference room, letterhead, phone, fax or computer systems) shall be used for the purpose of supporting a political campaign.

Employees may not directly or indirectly offer or solicit any kind of payment or contribution for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• influencing customers, vendors or public sector Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining, giving or keeping business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persuading any public sector Employee or any Employee of another company to fail to perform, or to improperly perform, his or her
duties.

The Firm will immediately terminate any Employee who is found to have dealt illicitly with anyone - vendor, customer, client, public sector Employee, etc. -- for personal gain. In serious cases, the Firm may take legal steps to recover losses. Employees should immediately report to the CCO any attempted bribe or other improper proposal.

No commercial bribes or other similar payments or benefits shall be, directly or indirectly, paid to Employees of suppliers or clients/investors. Commercial bribery includes any payment, or giving anything of value, direct or indirect, to any director, officer, Employee, or representative of a client/investor or supplier of the Firm made for the purpose of influencing or affecting such person's business judgment or action.

SEC Rule 206(4)-5, the"Pay-to-Play" Rule, is designed to prevent political contributions to certain candidates who, if elected, may improperly influence investment selection decisions of public pension funds and other government entities. Under this Rule, for example, a pension fund would be prohibited from investing in a Fund if a "covered associate" within the Firm had contributed more than a de minimus amount to an elected official controlling that pension fund during the past two years.

Specifically, the Rule prohibits an investment adviser from providing advisory services for compensation to a government entity within two years following a more than de minimus contribution to an official of the government entity by the adviser or its "covered associates". The de minimus amount is $350 per election to an official for whom the covered associate is entitled to vote, and $150 per election Lo an official for whom the covered associate is not entitled to vote.

For purposes of Rule 206(4)-5, at the present time, all Employees and partners of the Firm are "covered associates" as set forth in the <u>Addendum</u> to this Manual. The CCO will make a determination as to which Employees are "covered associates" and shall notify Employees of their status at the beginning of each year.

All Employees must pre-clear with the CCO via the ACS all contributions to stale or local government entity, official, candidate, political party, or political action committee, except those that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** below $350 (in aggregate, per election), and for candidates
or office-holders for which the Employee is entitled to vote, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** below $150 (in aggregate, per election), and for candidates
for which the covered associate is not entitled to vote, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** contributions (of any amount) Lo a national election campaign, national political party, political
 action committee for a candidate for national office such as President of the US or members of the US Senate or House of
 Representatives. However, note that if a national candidate currently holds a local or state office, contributions to him/her
 will be subject to the pre-clearance requirements.

Note that state or municipal laws may contain differing minimum contribution levels than Rule 206(4)-5.

Employees must pre-clear all other contributions as well as any contribution that they wish to make to a government official who controls an entity to which the Firm currently provides investment advice or is contemplating providing investment advice. Contact with state or municipal officials may also require the Firm and/or Employee to register as a lobbyist in that jurisdiction. Extreme care must be taken with any such contacts and Employees must get approval of the CCO prior to any such communication.

In addition, pursuant to the provisions of the Rule, the Firm and its Employees are prohibited from coordinating, or soliciting any person or political action committee to make, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) Contribution to an official of a government entity to which the Firm is providing or seeking to provide investment advisory services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) Payment to a political party of a state or locality where the Firm is providing or seeking to provide investment advisory services to a government entity.

Note that the Rule also applies in situations where the Firm acts in a sub-advisory relationship to an entity that is providing investment adviser to a governmental entity.

While the Rule appears straightforward, it may raise complicated personal and Firm issues. All Employees must keep careful records of their own political contributions and those of their immediate families. The CCO may inquire from time to time about political contributions to government officials and will check publicly available records of those from time to time. The Firm does not espouse any particular political philosophy.

*Note that at the present time the Firm is 110/ requiring pre-clearance of immediate family member contribution, however Employees must be aware that the requirements of Rule 206(4)-5 may not he circumvented by contributions being made "indirectly" and the CCO may from time to time inquire about such contributions. Employees will be required to certify as to political contributions in an annual certification.*

 

Section V: Manipulation of Firm Audit

Employees must not, and must not direct others to, take any action to fraudulently influence, coerce, manipulate, or mislead any public or certified public accountant engaged in the audit or review of the Firm's financial statements for the purpose of rendering those financial statements materially misleading; nor may they take any such action at the direction of any Employee. Examples of actions that could result in rendering financial statements materially misleading include: issuance of a report on the Firm's financial statements that is not warranted in the circumstances due to material violations of generally accepted accounting principles, generally accepted auditing standards, or other standards; non-performance of audit, review or other procedures required by generally accepted auditing standards or other professional standards failure to communicate matters to the Firm's audit committee or management. Any such actions could be deemed by regulation, law or the Firm to be "for the purpose of' rendering the financial statement misleading if the person involved knew or was unreasonable in not knowing that the improper action, if successful, would result in rendering financial statements materially misleading.

Section VI: Reporting of Violations; Supervision; Sanctions

Reporting Violations

Employees who know of, or suspect, a violation of the Firm's Code of Ethics, this Manual, or any rule, law or regulation that the Firm is subject to, should immediately report to the CCO. If an Employee makes a report of a violation or suspicion of a violation to a supervisor or other member of management or other member of the Firm's management, the person to whom the report was initially made must immediately make the CCO aware of such report so that the CCO can conduct a prompt investigation.

All suspected violations will be investigated fully, with documentation maintained by the CCO of any findings and resolution. Nothing contained in this Compliance Manual or Code of Ethics shall be deemed to prohibit an Employee from exercising their right to make a whistleblower complaint to the SEC. The Firm will not retaliate against any Employee who reports a suspected violation either internally or to the SEC.

If an Employee makes a report of a violation or suspicion of a violation to a supervisor, the person to whom the report was initially made must immediately make the CCO aware of such report so, that the CCO can conduct a prompt investigation.

Supervision and Record-Keeping

All Employees shall submit an annual compliance certification via the ACS acknowledging receipt of this Code of Ethics and the Compliance Manual, and shall be required to certify quarterly as to such compliance matters as the CCO shall deem necessary,

The CCO is responsible for the reviewing all Employee annual and quarterly compliance certifications, as well as any other reports submitted pursuant to this Code of Ethics. The CCO shall determine that all required reports have been submitted, that no conflicts or violations of policy have been reported and document any exceptions to the Firm's policies granted by the CCO or the Managing Member. The ACS will maintain records of all reports as well as any exceptions granted, including a description of the rationale used to approve the exception.

Sanctions

Any violation of any components of this Code of Ethics may result in disciplinary action. The Managing Member, in consultation with the CCO shall determine an appropriate sanction, which may include censure, suspension, demotion, monetary fines or termination.