# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001193125-23-016341
**Filing Date:** 2023-1
**Character Count:** 415202
**Document Hash:** a268b8f78ee0af42535c1a1b185f72f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-016341.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001193125-23-016341

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 23558580

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 351-4583

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### NTAM Treasury Assets Fund (Series ID: S000062062)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000200990 | NTAM Treasury Assets Fund | TAFXX           |

**As filed with the Securities and Exchange Commission on January 26, 2023** 

**Investment Company Act Registration No. 811-22538** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

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**FORM N-1A** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

**Amendment No. 114** 

**(Check appropriate box or boxes)** 

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## ADVISERS INVESTMENT TRUST
**(Exact name of registrant as specified in charter)** 

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**50 S. LaSalle Street** 

**Chicago, Illinois 60603** 

**(Address of principal executive offices) (Zip code)** 

**Registrant's Telephone Number, including Area Code: 866-638-5859** 

**Barbara J. Nelligan** 

**50 S. LaSalle Street** 

**Chicago, Illinois 60603** 

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***With copy to:***

**Michael V. Wible** 

**Thompson Hine LLP** 

**41 South High Street, Suite 1700** 

**Columbus, OH 43215-6101** 

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This Amendment No. 114 to the Registration Statement on Form N-1A has been filed by the Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended (the "1940 Act"), with respect to shares of beneficial interest in its NTAM Treasury Assets Fund. Shares of beneficial interest in this Fund are not registered under the Securities Act of 1933 (the "1933 Act"), in accordance with Regulation D under the 1933 Act, as amended.

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![LOGO](g363367g89y46.jpg)

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**NTAM TREASURY ASSETS FUND** 

(TICKER: TAFXX)

PROSPECTUS

**Dated January 28, 2023** 

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You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, the Fund cannot guarantee it will do so. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC"), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

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**NOTICE TO INVESTORS** 

THE FUND IS A SERIES OF ADVISERS INVESTMENT TRUST, WHICH IS REGISTERED AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED ("1940 ACT"). THE SHARES OF THE NTAM TREASURY ASSETS FUND WHICH ARE DESCRIBED IN THIS PROSPECTUS HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("1933 ACT"), OR THE SECURITIES LAWS OF ANY OF THE STATES OF THE UNITED STATES. THE OFFERINGS CONTEMPLATED BY THIS PROSPECTUS WILL BE MADE IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT FOR OFFERS AND SALES OF SECURITIES WHICH DO NOT INVOLVE ANY PUBLIC OFFERING, AND ANALOGOUS EXEMPTIONS UNDER STATE SECURITIES LAWS. INVESTMENT IN THE FUND MAY BE MADE ONLY BY INDIVIDUALS OR ENTITIES THAT ARE "ACCREDITED INVESTORS" WITHIN THE MEANING OF REGULATION D UNDER THE 1933 ACT UPON THE TERMS AND CONDITIONS SPECIFIED IN THE FUND'S PROSPECTUS. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, ANY INTEREST IN THE FUND.

THIS PROSPECTUS SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF SHARES OF THE NTAM TREASURY ASSETS FUND IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALE IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER, SOLICITATION OR SALE. NO PERSON HAS BEEN AUTHORIZED TO MAKE ANY REPRESENTATIONS CONCERNING THE NTAM TREASURY ASSETS FUND THAT ARE INCONSISTENT WITH THOSE CONTAINED IN THIS PROSPECTUS. PROSPECTIVE INVESTORS SHOULD NOT RELY ON ANY INFORMATION NOT CONTAINED IN THIS PROSPECTUS.

THIS PROSPECTUS IS INTENDED SOLELY FOR THE USE OF THE PERSON TO WHOM IT HAS BEEN DELIVERED FOR THE PURPOSE OF EVALUATING A POSSIBLE INVESTMENT BY THE RECIPIENT IN THE SHARES OF THE NTAM TREASURY ASSETS FUND DESCRIBED HEREIN, AND IS NOT TO BE REPRODUCED OR DISTRIBUTED TO ANY OTHER PERSONS (OTHER THAN PROFESSIONAL ADVISERS OF THE PROSPECTIVE INVESTOR RECEIVING THIS DOCUMENT).

PROSPECTIVE INVESTORS SHOULD NOT CONSTRUE THE CONTENTS OF THIS PROSPECTUS AS LEGAL, TAX, OR FINANCIAL ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT HIS OR HER OWN PROFES- SIONAL ADVISERS AS TO THE LEGAL, TAX, FINANCIAL, OR OTHER MATTERS RELEVANT TO THE SUITABILITY OF AN INVESTMENT IN THE NTAM TREASURY ASSETS FUND FOR SUCH INVESTOR.

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

THESE SECURITIES ARE SUBJECT TO SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE DECLARATION OF TRUST OF ADVISERS INVESTMENT TRUST, THE 1933 ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

PROSPECTIVE INVESTORS ARE URGED TO READ THIS PROSPECTUS CAREFULLY BEFORE INVESTING.

i

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**Table of Contents** 

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| | |
|:---|:---|
|  **[FUND SUMMARY](#toc363367_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [NTAM Treasury Assets Fund](#toc363367_2) | 1 |
|  **[Additional Information on the Fund's Investment Objective, Strategy, and Risks](#toc363367_3)** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Objective](#toc363367_4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Strategy](#toc363367_5) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Risks](#toc363367_6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Holdings Disclosure](#toc363367_7) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Cybersecurity](#toc363367_8) | 8 |
|  **[Management of the Fund](#toc363367_9)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser](#toc363367_10) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Administrator, Fund Accounting Agent, Transfer Agent, Custodian and Placement Agent](#toc363367_11) | 9 |
|  **[Your Account](#toc363367_12)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Pricing Your Shares](#toc363367_13) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to Purchase Shares](#toc363367_14) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; [How to Redeem Shares](#toc363367_15) | 11 |
|  **[Dividends and Distributions](#toc363367_16)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Fund Policy](#toc363367_17) | 13 |
|  **[Taxes](#toc363367_18)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Distributions](#toc363367_19) | 13 |
|  **[Shareholder Reports and Other Information](#toc363367_20)** | 15 |
|  **[Financial Highlights](#toc363367_21)** | 15 |

---

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| | |
|:---|:---|
|  **[To Learn More](#toc363367_22)** | Back Cover |

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ii

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**<u>FUND SUMMARY</u>**

**NTAM Treasury Assets Fund** 

**Investment Objective** 

The NTAM Treasury Assets Fund (the "Fund") seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing its net assets, under normal market conditions, exclusively in United States ("U.S.") Treasury securities and related repurchase agreements and other securities that limit their investments to, or are backed by, U.S. Treasury securities.

**Fees and Expenses of the Fund** 

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

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

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| | |
|:---|:---|
|  | **NTAM Treasury Assets Fund** |
|  Management Fee | 0.11% |
|  Other Expenses | 0.02% |
|  Total Annual Fund Operating Expenses | 0.13% |
|  Fee Waivers and Reimbursements<sup>1</sup> | (0.03)% |
|  Total Annual Fund Operating Expenses After Fee Waivers and Reimbursement | 0.10% |

---

<sup>1</sup> Northern Trust Investments, Inc. ("NTI" or the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to limit Total Annual Fund Operating Expenses (excluding the compensation paid to each Independent Trustee of Advisers Investment Trust (the "Trust"), expenses associated with each Independent Trustee's attendance at Board of Trustees meetings and other Trust related travel, expenses of third party consultants engaged by the Board of Trustees, membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to 0.10% of the average daily net assets of the Fund until January 28, 2024. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding the compensation paid to each Independent Trustee of the Trust, expenses associated with each Independent Trustee's attendance at Board of Trustees meetings and other Trust related travel, expenses of third party consultants engaged by the Board of Trustees, membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses automatically renews annually from year to year on the effective date of each subsequent annual update to the Fund's registration statement, until such time as the Adviser provide written notice of non-renewal and will terminate automatically upon termination of the investment advisory agreement. 

**Principal Investment Strategy** 

The Fund seeks to achieve its investment objective by investing, under normal circumstances, its total assets exclusively (and at least 99.5%) in:

&nbsp;&nbsp;&nbsp;&nbsp;• Cash;

&nbsp;&nbsp;&nbsp;&nbsp;• Short-term bills, notes, including floating rate notes, and other obligations issued or guaranteed by the U.S.
Treasury ("Treasury Obligations"); and

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreements collateralized fully by cash or Treasury Obligations.

The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Treasury Obligations and repurchase agreements collateralized solely by Treasury Obligations.

The Fund operates as a "government money market fund" pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). As a "government money market fund" under Rule 2a-7, the Fund (i) is permitted to use the amortized cost method of valuation to seek to maintain a stable net asset value ("NAV") of $1.00 share price, and (ii) is not

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required to impose a liquidity fee and/or a redemption gate on fund redemptions that might apply to other types of money market funds should certain triggering events specified in Rule 2a-7 occur.

The U.S. Securities and Exchange Commission (the "SEC") imposes strict requirements on the investment quality, maturity, diversification, and liquidity of the Fund's investments. Accordingly, the Fund's investments must have a remaining maturity of no more than 397 days and present minimal credit risks to the Fund. The Fund's Adviser may consider, among other things, credit, interest rate, and payment risks as well as general market conditions when deciding whether to buy or sell investments for the Fund.

**Principal Investment Risks** 

All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, the Fund cannot guarantee it will do so. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC"), any other government agency, or The Northern Trust Company, its affiliates, subsidiaries or any other bank. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. Below are the main risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

***U.S. Government Securities Risk.*** U.S. government securities are subject to market risk, interest rate risk, and credit risk. Securities backed by the full faith and credit of the U.S. are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities may fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the U.S., circumstances could arise that would prevent the payment of interest or principal, which could result in losses to the Fund.

***Credit (Or Default) Risk.*** The risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its payment or other financial obligations will adversely affect the value of the Fund's investments and its returns. Changes in the credit rating of a debt security or of the issuer of a debt security held by the Fund could have a similar effect. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty.

***Floating Rate Notes Risk.*** The risk that securities with variable or floating rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value and negatively impact the Fund, particularly if changes in prevailing interest rates are more frequent or sudden than the rate changes for the variable or floating rate securities, which only occur periodically. Although variable and floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to greater liquidity risk, credit risk and default risk, which could impede their value.

***Income Risk.*** The risk that the Fund's ability to distribute income to shareholders depends on the yield available from the Fund's investments. Falling interest rates will cause the Fund's income to decline. Income risk is generally higher for short-term debt securities.

***Interest Rate Risk.*** The risk that during periods of rising interest rates, the Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund's yield (and the market value of its securities) will tend to be higher. If interest rates rise, the Fund's yield may not increase proportionately. Changing interest rates may have unpredictable effects on the markets and the Fund's investments. A low or negative interest rate environment could cause the Fund's earnings to fall below the Fund's expense ratio, resulting in in a low or negative yield and a decline in the Fund's share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which would adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

***Large Shareholder Risk.*** The risk that the Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly and unexpectedly, may negatively impact its liquidity and/or net asset value, lead to an increase in the Fund's expense ratio due to expenses being allocated over a smaller asset base, and adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

***Management Risk.*** The Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated.

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***Market Risk.* **The risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, disruptions to business operations and supply chains, staffing shortages, or adverse investor sentiment could cause the value of your investment in the Fund, or its yield, to decline. The market value of the securities in which the Fund invests may go up or down in response to the prospects of particular sectors or governments, general economic conditions, and/or other events (such as pandemics, terrorism, etc.) throughout the world due to increasingly interconnected global economies and financial markets. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility.

***Regulatory Risk.*** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

***Repurchase Agreement Risk.*** A repurchase agreement is subject to the risk that the seller may fail to repurchase the security. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience delays in liquidating the underlying security and losses in the event of a decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement.

***Stable NAV Risk.*** The risk that the Fund will not be able to maintain a NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time when the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund's shares to decrease to a price less than $1.00 per share. If the Fund fails to maintain a stable NAV (or if there is a perceived threat of such a failure), the Fund could be subject to increased redemption activity, which could adversely affect the Fund's NAV.

**Performance Information** 

The following bar chart and table show the performance of the Fund and provide some indication of the risks of an investment in the Fund by comparing the Fund's performance with a broad measure of market performance. Of course, the Fund's past performance is not necessarily an indication of its future performance. Updated performance information is available by visiting www.northerntrust.com/ntam-treasury-assets-fund or by calling 855-351-4583 (toll free).

***Annual Total Return year ended December 31***

![LOGO](g363367g00h02.jpg)

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| | | |
|:---|:---|:---|
|  Best Quarter: | 4Q 2022 | 0.81% |
|  Worst Quarter: | 2Q 2021 | 0.0% |

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The Fund's fiscal year end is September 30. The Fund's most recent quarterly return (since the end of the last fiscal year) through December 31, 2022 was 0.81%.

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***Average Annual Total Returns for the Period Ended December 31, 2022***

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception\*** |
|  Return Before Taxes | 1.48% | 1.21% |

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\* The Fund commenced operations on April 4, 2018.

The 7-day yield of the Fund as of December 31, 2022 was 3.87%.

**Portfolio Management** 

***Investment Adviser***

Northern Trust Investments, Inc. ("NTI" or the "Adviser"), a subsidiary of Northern Trust Corporation, serves as the investment adviser to the Fund. The Northern Trust Company, an affiliate of NTI, serves as administrator and fund accounting agent, transfer agent, and custodian to the Fund.

***Buying and Selling Fund Shares***

Shares of the Fund are offered by the Trust on a private placement basis in accordance with Regulation D under the 1933 Act only to certain Northern Trust Corporate and Institutional Services clients and their affiliated entities, all of whom qualify as "Accredited Investors," as defined in Rule 501 of Regulation D. "Accredited Investors" include, but are not limited to, certain banks, broker-dealers, insurance companies, investment companies, governmental plans, employee benefit plans, corporations, partnerships, and business trusts ("Institutions").

Institutions who are Northern Trust Corporate and Institutional Services clients may purchase or sell (redeem) Fund shares by phone or by contacting your Northern Trust account representative.

***Minimum Initial Investment***

The Fund's minimum investment requirement is $5 billion. Such investment requirement may be determined by aggregating an Institution's related or affiliated accounts invested in the Fund. The Trust reserves the right to waive the Fund's minimum investment requirement. There is no minimum for additional investments in the Fund.

***To Buy or Sell Shares:***

NTAM Treasury Assets Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

Telephone: 855-351-4583 (toll free)

You can buy or sell shares of the Fund on any day that the Federal Reserve Bank of New York (the "New York Fed") is open for business that is not a day the Securities Industry and Financial Markets Association ("SIFMA") recommends the bond market be closed (individually, a "Business Day", and collectively "Business Days"). SIFMA may recommend that the bond market be closed on additional days as determined by market events, but the current SIFMA recommended holiday schedule is as follows: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas Day. In the event that the New York Fed is not open or SIFMA does not recommend that the bond market be open because of an emergency or unusual event, the Trust may, but is not required to, open the Fund for purchase and redemption transactions if the Federal Reserve wire payment system is open. To learn whether the Fund is open for business during an emergency situation or unusual event, please call 855-351-4583.

**Dividends, Capital Gains, and Taxes** 

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-exempt or tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Distributions may be taxable upon withdrawal from tax-deferred accounts.

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**Additional Information on the Fund's Investment Objective, Strategy, and Risks** 

**Investment Objective** 

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing its net assets, under normal market conditions, exclusively in U.S. Treasury securities and related repurchase agreements and other securities that limit their investments to, or are backed by, U.S. Treasury securities.

**Strategy** 

The investment objective of the Fund may be changed by the Trust's Board of Trustees without shareholder approval. Shareholders will, however, be notified of any changes. Any such change may result in the Fund having an investment objective different from the objective that the shareholder considered appropriate at the time of investment in the Fund.

During extraordinary market conditions and interest rate environments, all or any portion of the assets of the Fund may be uninvested. Uninvested assets do not generate income. The Fund may not achieve its investment objective during this time.

All investments carry some degree of risk that will affect the value of the Fund, its yield, and investment performance and the price of its shares. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the FDIC, any other government agency or Northern Trust, its affiliates, subsidiaries, or any other bank.

Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

This section takes a closer look at some of the Fund's principal investment strategies and related risks as well as information about additional risks and techniques that the Fund may employ in pursuing its investment objective.

The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• Limits its dollar-weighted average portfolio maturity to 60 days or less;

&nbsp;&nbsp;&nbsp;&nbsp;• Limits its dollar-weighted average portfolio maturity without regard to maturity shortening provisions applicable
to variable and floating rate securities (also known as dollar-weighted average portfolio life) to 120 days or less;

&nbsp;&nbsp;&nbsp;&nbsp;• Buys securities with remaining maturities of 397 days or less or securities otherwise permitted to be purchased
because of maturity shortening provisions under Rule 2a-7; and

&nbsp;&nbsp;&nbsp;&nbsp;• Invests only in U.S. dollar-denominated securities that represent minimal credit risks.

The Fund is required to comply with SEC requirements with respect to the liquidity of the Fund's investments. Specifically, the Fund will not acquire any security other than a daily liquid asset unless, immediately following such purchase, at least 10% of its total assets would be invested in "daily liquid assets". The Fund will not acquire any security other than a weekly liquid asset unless, immediately following such purchase, at least 30% of its total assets would be invested in "weekly liquid assets."

For these purposes, daily and weekly liquid assets are calculated as of the end of each Business Day. Daily liquid assets include: cash; direct obligations of the U.S. government; securities that will mature or are subject to a demand feature that is exercisable and payable within one Business Day; and amounts receivable and due unconditionally within one Business Day on pending sales of Fund securities. Weekly liquid assets include: cash; direct obligations of the U.S. government; certain U.S. government agency discount notes without provision for the payment of interest with remaining maturities of 60 days or less; securities that will mature or are subject to a demand feature that is exercisable and payable within five Business Days; and amounts receivable and due unconditionally within five Business Days on pending sales of Fund securities.

In addition, the Fund limits its investments to "Eligible Securities", which are defined in Rule 2a-7 as securities that have a remaining maturity of no more than 397 calendar days (unless otherwise permitted under Rule 2a-7), and which (i) have been determined by the Fund's Board of Trustees (or the Adviser if the Board of Trustees delegates such power to the Adviser) to present minimal credit risks to the Fund; (ii) are issued by other investment companies that are money market funds; or (iii) are U.S. government securities. In making this determination, the Adviser considers several factors including the capacity of each security's issuer or guarantor to meet its financial obligations.

In accordance with current SEC regulations, the Fund generally will not invest more than: (i) 5% of the value of its total assets at the time of purchase in the securities of any single issuer (and certain affiliates of that issuer); and (ii) 10% of the value of its total assets at the time of purchase in the securities subject to demand features or guarantees of any single

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institution. The Fund may, however, invest up to 25% of its total assets in the securities of a single issuer for up to three Business Days. These limitations do not apply to cash, certain repurchase agreements, U.S. government securities or securities of other investment companies that are money market funds. In addition, securities subject to demand features and guarantees as defined by the SEC are subject to different diversification requirements as described in the Statement of Additional Information ("SAI").

Securities in which the Fund may invest may not earn as high a level of income as long-term or lower quality securities, which generally have greater market risk and more fluctuation in market value.

**Investment Risks** 

Any investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. Below is a more detailed discussion of the principal risks outlined in the Fund Summary Section of this Prospectus as well as information about additional investment strategies, risks, and techniques that the Fund may employ in pursuing its investment objective.

***U.S Government Securities Risk.*** The Fund invests in short-term bills, notes and other obligations issued or guaranteed by the U.S. Treasury. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the Government National Mortgage Association (Ginnie Mae) or the U.S. Treasury, that are backed by the full faith and credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund.

To the extent the Fund invests in debt instruments or securities of non-U.S. government entities that are backed by the full faith and credit of the United States, pursuant to the FDIC Debt Guarantee Program or other similar programs, there is a possibility that the guarantee provided under the Debt Guarantee Program or other similar programs may be discontinued or modified at a later date.

Floating rate public obligations of the U.S. Treasury ("Floating Rate Notes" or "FRNs") have interest rates that adjust periodically. FRNs' floating interest rates may be higher or lower than the interest rates of fixed-rate bonds of comparable quality with similar maturities. Securities with floating rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value and negatively impact the Fund, particularly if changes in prevailing interest rates are more frequent or sudden than the rate changes for the FRNs, which only occur periodically.

***Credit (or Default) Risk.*** The risk that an issuer of fixed-income securities held by the Fund may default on its obligation to pay interest and repay principal. Lower quality securities generally have a greater the risk that the issuer of the security will default on its obligation. High quality securities are generally believed to have relatively low degrees of credit risk. The Fund intends to enter into financial transactions with counterparties that are creditworthy at the time of the transactions. There is always the risk that the Adviser's analysis of creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will be more susceptible to the risks associated with one or more counterparties.

***Floating Rate Notes Risk.*** The risk that securities with floating rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value and negatively impact the Fund, particularly if changes in prevailing interest rates are more frequent or sudden than the rate changes for the floating rate notes, which only occur periodically. Although floating rate notes are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could impede their value.

***Income Risk.*** The risk that falling interest rates will cause the Fund's income to decline. Income risk is generally higher for short-term debt securities.

***Interest Rate Risk.* **The Fund's yield will vary with changes in interest rates. During periods of rising interest rates, the Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund's yield (and the market value of its securities) will tend to be higher. In a period of rising interest rates, the Fund's yield may not rise as quickly as the yields of certain other short-term investments. Investments held by the Fund with longer maturities will tend to be more sensitive to interest rate changes than investments with shorter maturities. If interest rates rise, the Fund's yields may not increase proportionately. The risks associated with increasing interest rates are heightened given that interest rates recently were at historic lows and are expected to increase in the future with unpredictable effects on the markets and the Fund's investments. A low interest rate environment may prevent the Fund from providing a positive yield or paying Fund expenses out of Fund assets and could lead to a decline in the Fund's share price.

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Additionally, securities issued or guaranteed by the U.S. government, its instrumentalities and sponsored enterprises have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities held by the Fund may vary.

***Large Shareholder Transactions Risk.*** The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's liquidity. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

***Management Risk.*** The Adviser's reliance on its strategy and its judgments about the value and potential appreciation securities in which the Fund invests may prove to be incorrect, including the Adviser's tactical allocation of the Fund's portfolio among its investments. The ability of the Fund to meet its investment objective is directly related to the Adviser's proprietary investment process. The Adviser's assessment of the relative value of securities, their attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results.

***Market Risk.* **The risk that general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment could cause the value of your investment in the Fund, or its yield, to decline. The market value of the securities in which the Fund invests may go up or down in response to the prospects of particular sectors or governments, natural disasters, pandemics (including COVID-19), epidemics, terrorism, climate change or climate-related events, regulatory events, governmental or quasi-governmental actions, and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

***Regulatory Risk.*** Regulatory authorities in the U.S. or other countries may restrict the ability of the Fund to fully implement its strategy and could increase the operating expenses of the Fund. Policy and legislative changes in the United States and in other countries may also contribute to decreased liquidity and increased volatility in the financial markets.

***Repurchase Agreements.*** Agreements by the Fund to purchase securities subject to the seller's agreement to repurchase them at a mutually agreed upon date and price are known as "repurchase agreements". Repurchase agreements may be considered to be loans under the 1940 Act. The Fund may enter into repurchase agreements with domestic and foreign financial institutions such as banks and broker-dealers that are deemed to be creditworthy by the Adviser. Although the securities subject to a repurchase agreement may have maturities exceeding one year, settlement of the agreement generally will not be more than one year after the Fund acquires the securities and normally will be within a shorter period of time. In the event of a default, the Fund will suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral, due to adverse market action or delays in selling underlying securities, are less than the repurchase price. The Fund also will the bear costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of bankruptcy or insolvency, the Fund could suffer additional losses if a court determines that the Fund's interest in the collateral is unenforceable by the Fund. The Fund intends to enter into transactions with counterparties that are creditworthy at the time of the transactions. There is always the risk that the Adviser's analysis of creditworthiness is incorrect or may change due to market conditions. To the extent that the Fund focuses its transactions with a limited number of counterparties, it will be more susceptible to the risks associated with one or more counterparties. If the Fund allows the seller to assign its repurchase obligations to a central clearing organization, the Fund will be subject to that organization's rule, which may limit the Fund's rights and remedies, and may be exposed to the risk of that organization's insolvency.

If the Fund enters into a repurchase agreement with a foreign financial institution, it may be subject to the same risks associated with foreign investments. Unlike repurchase agreements with domestic financial institutions, in the event of default by the counterparty in a foreign repurchase agreement, the Fund may be unable to successfully assert a claim to the collateral under foreign laws. As a result, foreign repurchase agreements may involve higher credit risks than repurchase agreements with domestic financial institutions. Moreover, certain countries have less developed and less regulated banking and auditing, accounting and financial reporting systems than the United States. In addition, repurchase agreements with foreign financial institutions, particularly those located in emerging markets, may involve foreign financial institutions or counterparties with lower credit ratings than domestic financial institutions.

***Stable NAV Risk.*** The risk that the Fund will not be able to maintain a NAV per share of $1.00 at all times. A significant enough market disruption or drop in market prices of securities held by the Fund, especially at a time when the Fund needs to sell securities to meet shareholder redemption requests, could cause the value of the Fund's shares to decrease to a price less than $1.00 per share. The U.S. government may take numerous steps to alleviate these market concerns, including without

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limitation, acquiring ownership interests in distressed institutions. However, there is no assurance that such actions will be successful. Continuing market problems and government intervention in the economy may adversely affect the Fund.

**Portfolio Holdings Disclosure** 

A description of the Fund's policies and procedures with respect to the disclosure of the portfolio holdings is available in the SAI.

**Cybersecurity** 

With the increased use of the Internet and because information technology ("IT") systems and digital data underlie most of the Fund's operations, the Fund and its Adviser, custodian, transfer agent, placement agent, and other service providers and the financial intermediaries of each (collectively "Service Providers") are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks ("Cyber Risk"). This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or its shareholders. For instance, such attacks, failures or other events 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 Fund information, impede trading, or cause reputational damage. Such attacks, failures or other events could also subject the Fund or its Service Providers to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. Insurance protection and contractual indemnification provisions may be insufficient to cover these losses. The Fund or its Service Providers may also incur significant costs to manage and control Cyber Risk. While the Fund and its Service Providers have established IT and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate Cyber Risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated.

Cyber Risks are also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment in such issuers to lose value.

**Management of the Fund** 

**Investment Adviser** 

NTI, a subsidiary of Northern Trust Corporation, serves as the Adviser to the Fund. NTI is located at 50 South LaSalle Street, Chicago, Illinois 60603. NTI is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. It primarily manages assets for institutional and individual separately managed accounts, investment companies, and bank common and collective funds. Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended.

Under the Investment Advisory Agreement with the Trust, the Adviser, subject to the general supervision of the Trust's Board of Trustees, is responsible for making investment decisions for the Fund and for placing purchase and sale orders for portfolio securities.

As of December 31, 2022, Northern Trust Corporation, through its affiliates, had assets under custody of $10.6 trillion, and assets under investment management of $1.2 trillion.

Under the Fund's Investment Advisory Agreement, the Adviser receives an advisory fee from the Fund based on the following annual rate of the average daily net assets of the Fund:

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| | |
|:---|:---|
| **Fund** | **Management Fee<br>(as % of average daily net assets)** |
|  NTAM Treasury Assets Fund | 0.11% |

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The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses of the Fund (other than certain fees and expenses shown in the table under the caption "Fees and Expenses of the Fund" in the Fund Summary) so that "Total Annual Fund Operating Expenses After Expense Reimbursement" to the amount shown in the table under the caption "Fees and Expenses of the Fund" in the Fund Summary. The "Total Annual Fund Operating Expenses After Expense Reimbursement" for the Fund may be higher than the contractual limitation for the Fund as a result of certain excepted expenses that are not reimbursed. The contractual expense reimbursement arrangement is expected to continue until January 28, 2024. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses automatically renews annually from year to year on the effective date of each subsequent annual update to the Fund's registration statement, until such time as the Adviser provides written notice of non-renewal, and will terminate automatically upon termination of the investment advisory agreement. The Board of Trustees may terminate the arrangement at any time with respect to the Fund if it determines that it is in the best interest of the Fund and its shareholders.

The Adviser may reimburse additional expenses or waive all or a portion of the management fees of the Fund from time to time, including to avoid a negative yield. Any such additional expense reimbursement or fee waiver would be voluntary and could be implemented, increased or decreased, or discontinued at any time. There is no guarantee that the Fund will be able to avoid a negative yield.

Disclosure regarding the basis for the Board of Trustees' approval of the Investment Advisory Agreement between the Adviser and the Fund is available in the Fund's semi-annual report to shareholders for the period ended March 31, 2022.

**Administrator, Fund Accounting Agent, Transfer Agent, Custodian and Placement Agent** 

The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, an affiliate of NTI, serves as the Fund's Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), 3 Canal Plaza, Suite 100, Portland, ME 04101, provides compliance services and financial controls services for the Fund. Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) (the "Placement Agent"), is located at 3 Canal Plaza, Suite 100, Portland, Maine 04101 and serves as placement agent to the Fund.

**Your Account** 

**Pricing Your Shares** 

When you buy and sell shares of the Fund, the price of the shares is based on the Fund's NAV per share next determined after the order is received by the Fund.

***Calculating the Fund's NAV***

The Trust issues shares and redeems shares at NAV. The NAV for the shares of the Fund is calculated by dividing the value of the Fund's net assets by the number of the Fund's outstanding shares. The NAV is calculated at 2:00 p.m. Eastern Time ("ET")/1:00 p.m. Central Time ("CT"), on each Business Day. The NAV used in determining the price of your shares is the one calculated after your purchase or redemption order is timely received and in good order as described below.

The Fund seeks to maintain a stable NAV of $1.00 per share by valuing the obligations held by it at amortized cost in accordance with SEC regulations. Amortized cost will normally approximate fair value. A purchase or redemption request is considered to be "in good order" when all necessary information is provided and all required documents are properly completed, signed and delivered. Requests must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• The account number (if issued) and Fund name;

&nbsp;&nbsp;&nbsp;&nbsp;• The amount of the transaction, in dollar amount or number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;• For redemptions (other than telephone or wire redemptions), the signature of all account owners exactly as they
are registered on the account;

&nbsp;&nbsp;&nbsp;&nbsp;• Required signature guarantees, if applicable; and

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&nbsp;&nbsp;&nbsp;&nbsp;• Other supporting legal documents and certified resolutions that might be required in the case of estates,
corporations, trusts and other entities or forms of ownership. Call 855-351-4583 (toll free) for more information about documentation that may be required of these
entities.

Additionally, a purchase order initiating the opening of an account is not considered to be in "good order" unless you have provided all information required by the Fund's "Customer Identification Program" as described below.

***Telephone Transactions***

All calls may be recorded or monitored. The Transfer Agent has adopted procedures in an effort to establish reasonable safeguards against fraudulent telephone transactions. If reasonable measures are taken to verify that telephone instructions are genuine, the Fund and its Service Providers will not be responsible for any loss resulting from fraudulent or unauthorized instructions received over the telephone. In these circumstances, shareholders will bear the risk of loss. During periods of unusual market activity, you may have trouble placing a request by telephone. In this event, consider sending your request in writing to your Northern Trust account representative.

The proceeds of redemption orders received by telephone will be sent by wire according to proper instructions. The Fund reserves the right to refuse a telephone redemption, subject to applicable law.

**How to Purchase Shares** 

Shares of the Fund are not registered under the 1933 Act or any of the securities laws of any state and are sold in reliance upon an exemption from registration. Shares may not be transferred or resold without registration under the 1933 Act, except pursuant to an exemption from registration. Shares may, however, be redeemed from the Trust as described below under "How to Redeem Shares." Shares of the Fund are sold without a sales load or redemption fee. Assets of the Fund are not subject to a Rule 12b-1 fee.

Any non-U.S. shareholders generally would be subject to U.S. tax withholding on distributions by the Fund. This Prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation or partnership. Investment in the Fund by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Fund.

You may purchase Fund shares by contacting your Northern Trust account representative. Purchase requests received in good order by the Fund before 2:00 p.m. ET/1:00 p.m. CT (or before the close of the New York Fed if it closes before 2:00 p.m. ET/1:00 p.m. CT) will be effective at that day's share price. Purchase requests received in good order by the Fund after 2:00 p.m. ET/1:00 p.m. CT (or after the close of the New York Fed if it closes before 2:00 p.m. ET/1:00 p.m. CT) are processed at the share price determined on the following Business Day. Payment in federal or other immediately available funds must be received by the Transfer Agent by the close of the Federal Reserve wire transfer system (normally, 6:00 p.m. ET) the same Business Day of the purchase. In the event that payment is not received by the Transfer Agent by the close of the Federal Reserve wire transfer system, the Fund reserves the right to cancel your purchase order and you may be responsible for any loss incurred by the Fund. After you have made your minimum initial investment, you may invest any amount you choose, as often as you wish. Purchase requests received in good order by the Transfer Agent on a non-Business Day or after the deadlines described above on a Business Day will be executed on the next Business Day, at that day's closing share price for the Fund, provided that payment is made as noted above.

***Investors***

Shares of the Fund are offered on a private placement basis in accordance with Regulation D under the 1933 Act only to certain Northern Trust Corporate and Institutional Services clients and their affiliated entities, all of whom qualify as "Accredited Investors," as defined in Rule 501 of Regulation D. "Accredited Investors" include, but are not limited to, certain banks, broker-dealers, insurance companies, investment companies, governmental plans, pension employee benefit plans, corporations, partnerships and business trusts ("Institutions").

Institutions that are Northern Trust Corporate and Institutional Services clients may purchase or sell (redeem) Fund shares by phone or by contacting your Northern Trust account representative. The Fund's investment requirement is $5 billion. Such investment requirement may be determined by aggregating an Institution's related or affiliated accounts invested in the Fund. The Trust reserves the right to waive the Fund's investment requirement.

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***Customer Identification Program: Important Information About Procedures for Opening an Account***

Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, the Fund may ask for identifying information which may include but is not limited to the name, residential or business address, taxpayer identification number, or other identifying information for each account opened or reopened. For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified.

If we do not receive the required information, there may be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the Fund may restrict further investment until your identity is verified. Once the Fund is able to verify your identity, your investment will be accepted and processed at the next determined NAV. However, if we are unable to verify your identity, the Fund reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is liquidated. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. The Fund and its agents will not be responsible for any loss in your account resulting from a delay in providing all required identifying information or from closing an account and redeeming shares when your identity is not verified. If your account is closed at the request of governmental or law enforcement authorities, the Fund may be required by the authorities to withhold the proceeds.

***Fund Direct Purchases***

You may purchase shares of the Fund by contacting your Northern Trust account representative at 855-351-4583 (toll free). Your Northern Trust account representative will be able to assist you with all phases of the investment.

***By Directed Reinvestment***

Your dividend and capital gain distributions will be automatically reinvested unless you indicate otherwise on your application.

&nbsp;&nbsp;&nbsp;&nbsp;• Complete the "Dividend and Capital Gain Distributions" section on the New Account Application.

&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestments can only be directed to an existing Fund account.

***Other Purchase Information***

The Fund reserves the right to limit the amount of purchases and to refuse to sell to any person, Institution, or intermediary. If your wire does not clear, you may be responsible for any loss incurred by the Fund. If you are already a Fund shareholder, the Fund reserves the right to redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred or money owed to the Fund. You also may be prohibited or restricted from making future purchases in the Fund. In certain circumstances, the Trust may advance the time by which purchase orders must be received. The Fund reserves the right to advance the time for accepting purchase or redemption orders for same Business Day credit when SIFMA recommends the bond market close early, trading on the bond market is restricted, an emergency arises or as otherwise permitted by the SEC. In addition, on any Business Day when SIFMA recommends that the bond markets close early, the Fund reserves the right to close at or prior to the SIFMA recommended closing time. If the Fund does so, it will cease granting same Business Day credit for purchase and redemption orders received at the Fund's closing time and credit will be given on the next Business Day. In addition, the Board of Trustees of the Fund also may, for any Business Day, decide to change the time as of which the Fund's NAV is calculated in response to new developments such as altered trading hours, or as otherwise permitted by the SEC.

**How to Redeem Shares** 

You may redeem all or part of your investment in the Fund on any Business Day, subject to certain restrictions described below. Redemption requests received by the Fund before 2:00 p.m. ET/1:00 p.m. CT (or before the New York Fed closes, if it closes before 2:00 p.m. ET/1:00 p.m. CT) will be effective that day. Redemption requests received by the Fund after 2:00 p.m. ET/1:00 p.m. CT (or after the New York Fed closes, if it closes before 2:00 p.m. ET/1:00 p.m. CT) are processed at the NAV determined on the following Business Day.

The price you will receive when you redeem your shares will be the NAV next determined after the Fund receives your properly completed order to sell. You may receive proceeds from the sale by bank wire transfer or direct deposit into your bank account and in certain cases, payment may be made in securities of the Fund as described in "Additional Information

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About Redemptions." The Fund typically expects that it will pay out or credit redemption proceeds on a daily basis following receipt of a redemption request in good order. While not expected, payment of redemption proceeds may take up to seven days or ten days, if paid by electronic transfer. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time your redemption request is received. The Fund typically expects to hold cash or cash equivalents to meet redemption requests. The Fund also may use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions.

***Redeeming Directly from the Fund***

On any Business Day, you may sell (redeem) Fund shares by contacting your Northern Trust account representative at 855-351-4583 (toll free). Your Northern Trust account representative will be able to assist you with all phases of the investment.

The redemption request must include:

&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares or the dollar amount to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund account number; and

&nbsp;&nbsp;&nbsp;&nbsp;• The signatures of all account owners signed in the exact name(s) and any special capacity in which they are
registered.

***Additional Information About Redemptions***

It is expected that payment of redemption proceeds will normally be made from uninvested cash or short-term investments, proceeds from the sale of portfolio securities. The Fund reserves the right to defer crediting, sending or wiring redemption proceeds for up to 7 days (or such longer period permitted by the SEC) after receiving the redemption order if, in its judgment, an earlier payment could adversely affect the Fund. The Fund may hold proceeds from redemptions for shares purchased by electronic transaction, including ACH, until the purchase amount has been collected, which may be as long as ten Business Days. To eliminate this delay, you may purchase shares of the Fund by wire. Also, when the New York Fed is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the SEC, the Fund may suspend redemptions or postpone payment of redemption proceeds.

At the discretion of the Fund or the Transfer Agent, corporate investors, and other associations may be required to furnish an appropriate certification authorizing redemptions to ensure proper authorization.

Generally, all redemptions will be for cash. However, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash at the discretion of the Fund. Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a fund's net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and ask prices are available. They are distributed based on a weighted-average pro-rata basis of the Fund's holdings to the redeeming shareholder. Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the Fund and its remaining shareholders.

If you are redeeming recently purchased shares by electronic transaction, your redemption request may not be paid until your electronic transaction has cleared. This may delay your payment for up to 10 days. Subject to applicable law, the Trust and the Transfer Agent reserve the right to redeem shares held by any shareholder who provides incorrect or incomplete account information or when such involuntary redemptions are necessary to avoid adverse consequences to the Trust and its shareholders or the Transfer Agent. Subject to applicable law, the Trust, Northern Trust and their agents reserve the right to involuntarily redeem an account at the Fund's then current NAV, in cases of disruptive conduct, suspected fraudulent or illegal activity, inability to verify the identity of an investor, or other circumstances determined to be in the best interest of the Trust and its shareholders. The Trust, Northern Trust and their agents reserve the right, without notice, to freeze any account and/or suspend account services when: (i) notice has been received of a dispute regarding the assets in an account, or a legal claim against an account or (ii) if there is reason to believe a fraudulent transaction may occur or has occurred. The Trust may require any information from the shareholder reasonably necessary to ensure that a redemption request has been duly authorized. The Trust reserves the right to change or discontinue any of its redemption procedures. The Trust does not permit redemption proceeds to be sent by outgoing International ACH Transaction ("IAT"). An IAT is a payment transaction involving a financial institution's office located outside U.S. territorial jurisdiction.

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***Advanced Notification of Large Transactions***

The Trust requests that an Institution give advance notice to the Transfer Agent by noon ET if it intends to place a purchase or redemption order of $50 million or more on a Business Day.

***Excessive Trading in Fund Shares***

The Board of Trustees of the Trust has adopted, on behalf of the Fund, policies and procedures with respect to frequent purchases and redemptions of Fund shares in light of the nature and high quality of the Fund's investments. The Fund reserves the right to refuse a purchase order if management of the Fund determines that the purchase may not be in the best interests of the Fund.

**Dividends and Distributions** 

**Fund Policy** 

Dividends from net income are declared daily and paid monthly by the Fund to its shareholders. Net income includes the interest accrued on the Fund's assets less estimated expenses. The Fund's net realized short-term capital gains, if any, are distributed at least annually. The Fund does not expect to realize net long-term capital gains. Dividends are paid as soon as practicable following the end of each month, except in the case of a total redemption in an account that is not subject to a standing order for the purchase of additional shares. In that event, dividends will be paid promptly along with the redemption proceeds.

All distributions are reinvested automatically (without any sales charge) in additional shares of the Fund, unless you elect to receive distributions in cash by notifying the Transfer Agent in writing. You may make arrangements to credit these distributions to your account with Northern Trust or its affiliates. There are no fees or sales charges on reinvestments.

**Taxes** 

**Distributions** 

The following information is provided to help you understand the U.S. federal income tax you may have to pay on income dividends and capital gains distributions from the Fund, as well as on gains realized from your redemption of Fund shares. **This discussion is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local, or foreign tax consequences before making an investment in the Fund.**

The Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not be subject to Federal income taxes to the extent that it distributes substantially all of its net investment income and any net realized capital gains. Except as otherwise noted below, you will generally be subject to federal income tax at ordinary rates on the Fund's distributions to you, regardless of whether they are paid in cash or reinvested. U.S. individuals with "modified adjusted gross income" exceeding $200,000 ($250,000 if married and filing jointly) and trusts and estates with income above certain thresholds also are subject to a Medicare contribution tax on their "net investment income," which includes non-exempt interest, dividends, and capital gains at a rate of 3.8%.

The Fund generally will be invested in debt instruments and not in shares of stock on which dividend income will be received. As a result, the Fund does not expect to pay dividends that may be eligible for the reduced tax rate on corporate dividends or that may qualify for the dividends-received deduction for corporations.

Distributions from the Fund (both taxable income dividends and capital gains) are normally taxable to you as ordinary income or long-term capital gains, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax- deferred plan or account or are otherwise not subject to U.S. federal income tax). Due to the nature of the investment strategies used, distributions by the Fund generally are expected to consist primarily of income dividends and net realized capital gains; however, the nature of the Fund's distributions could vary in any given year. The Fund will mail to each shareholder after the close of the calendar year an Internal Revenue Service Form 1099 setting forth the federal income tax status of distributions made during the year. Income dividends and capital gains distributions also may be subject to state and local taxes.

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For federal income tax purposes, distributions of net investment income generally are taxable generally as ordinary income although certain distributions of qualified dividend income paid to a non-corporate U.S. shareholder may be subject to income tax at the applicable rate for long-term capital gain.

Distributions of net realized capital gains (that is, the excess of the net realized gains from the sale of investments that the Fund owned for more than one year over the net realized losses from investments that the Fund owned for one year or less) that are properly designated by the Fund as capital gains generally will be taxable as long-term capital gain regardless of how long you have held your shares in the Fund.

Distributions of net realized short-term capital gain (that is, the excess of any net short-term capital gain over net long-term capital loss), if any, will be taxable to shareholders at ordinary income tax rates. Capital gains distributed to a corporate shareholder (whether short-term or long-term) are taxed at the same rate as ordinary income.

If you are a taxable investor and invest in the Fund shortly before it makes a capital gain distribution, some of your investment may be returned to you in the form of a taxable distribution. Fund distributions will reduce the NAV per share. Therefore, if you buy shares after the Fund has experienced capital appreciation but before the record date of a distribution of those gains, you may pay the full price for the shares and then effectively receive a portion of the purchase price back as a taxable distribution. This is commonly known as "buying a dividend."

***Selling Shares***

Dividends on shares are earned through and including the day prior to the day on which they are redeemed. Redemptions are treated as sales for tax purposes and generally are taxable events for shareholders. In general, if Fund shares are sold, a shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the shareholder's adjusted tax basis in the shares. As long as the Fund maintains a constant NAV of $1.00 per share, generally no gain or loss should be recognized upon the sale of Fund shares. Realized capital gains are subject to federal income tax and capital losses may be deductible, subject to various limitations under applicable law. For individuals, long-term capital gains you realize from selling Fund shares generally are taxed at preferential income tax rates. Short-term capital gains are taxed at ordinary income tax rates. Any loss realized upon the redemption of Fund shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any distributions from the Fund treated as capital gain dividends during that six-month period. In addition, all or a portion of any loss realized upon the redemption of Fund shares may be disallowed to the extent Fund shares are purchased (including by means of reinvested dividends) within 30 days before or after such redemption.

***Backup Withholding***

By law, you may be subject to backup withholding (currently at a rate of 24%) on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that (i) this number is correct, (ii) you are not subject to backup withholding, and (iii) you are a US person (including a US resident alien). You also may be subject to withholding if the Internal Revenue Service instructs the Fund to withhold a portion of your distributions or proceeds. You should be aware that the Fund may be fined by the Internal Revenue Service for each account for which a certified taxpayer identification number is not provided. In the event that such a fine is imposed with respect to a specific account in any year, the Fund may make a corresponding charge against the account.

***U.S. Tax Treatment of Foreign Shareholders***

Fund distributions attributable to certain Fund income such as interest generally will be subject to a 30% withholding tax when paid to foreign shareholders. The withholding tax may, however be reduced (and in some cases eliminated) under an applicable tax treaty between the United States and a shareholder's country of residence or incorporation, provided that the shareholder furnishes the Fund with a properly completed Form W-8BEN or W-8BEN-E, as applicable, to establish entitlement for these treaty benefits. Dividends reported as short-term capital gain dividends or interest-related dividends generally are not subject to this U.S. withholding tax. The exemption may not apply, however, if the recipient's investment in the Fund is connected to a trade or business of the recipient in the United States or if the recipient is present in the United States for 183 days or more in a year and certain other conditions are met. Payments to a Fund shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by the Fund, and (b) certain capital gain distributions and the proceeds arising from the redemption of Fund shares after December 31, 2018. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the Internal Revenue Service ("IRS") to, among other requirements, report required information about certain direct and indirect ownership of foreign

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financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

All foreign investors should consult their own tax professionals regarding the tax consequences in their country of residence of an investment in the Fund.

***Tax Status for Retirement Plans and Other Tax-Deferred Accounts***

When you invest in the Fund through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

***Medicare Tax***

An additional 3.8% Medicare tax may be imposed on distributions you receive from a Fund and gains from selling, redeeming or exchanging your shares.

**Shareholder Reports and Other Information** 

Shareholders of record will be provided each year with a semi-annual report showing the Fund's investments and other information as of March 31 and with an annual report containing audited financial statements as of September 30. If we have received appropriate written consent, we send a single copy of all materials, including, prospectuses, financial reports, proxy statements or information statements to all shareholders who share the same mailing address, even if more than one person in a household holds shares of the Fund. If you do not want your mailings combined with those of other members of your household, you may opt-out at any time by contacting the NTAM Treasury Assets Fund Center by telephone at 855-351-4583. You also may send an e-mail to: ntamtreasury@ntrs.com. The Fund will begin sending individual copies to you within 30 days after receipt of your opt-out notice.

The Trust may reproduce this Prospectus in electronic format that may be available on the Internet. If you have received this Prospectus in electronic format you, or your representative, may contact the Transfer Agent for a free paper copy of this Prospectus by calling 855- 351-4583 or by sending an e-mail to: ntamtreasury@ntrs.com. The Adviser publishes on its website at www.northerntrust.com/ntam-treasury-assets-fund, no later than the fifth Business Day of each month and for a period of not less than six months, a complete schedule of the Fund's holdings and certain other information regarding Fund holdings of the Fund as of the last Business Day of the prior month. Certain Fund information concerning the Fund will be provided in monthly holdings reports to the SEC on Form N-MFP2. Form N-MFP2 will be made available to the public on the SEC's EDGAR database immediately upon filing after the end of the month to which the information pertains, and a link to each of the most recent 12 months of filings on Form N-MFP2 will be provided on the Adviser's website. A further description of the Trust's Policy on Disclosure of Fund Holdings is available in the SAI.

**Financial Highlights** 

The financial information about the Fund below is intended to help you understand the Fund's financial performance since its inception on April 4, 2018. The total return in the table represents the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions and excludes redemption fees). The information has been audited by Deloitte & Touche LLP, whose report, along with the Fund's financial statements, is included in the Fund's Annual Report for the fiscal year ended September 30, 2022, which is available upon request.

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**Advisers Investment Trust** 

**NTAM Treasury Assets Fund** 

**Financial Highlights** 

**For the fiscal years ended September 30, 2022, September 30, 2021, September 30, 2020, September 30, 2019 and the fiscal period from April 4, 2018, commencement of operations, to September 30, 2018** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NTAM Treasury Assets Fund** | **NTAM Treasury Assets Fund** | **NTAM Treasury Assets Fund** | **NTAM Treasury Assets Fund** | **NTAM Treasury Assets Fund** |
|  | **Year Ended<br>September 30,<br>2022** | **Year Ended<br>September 30,<br>2021** | **Year Ended<br>September 30,<br>2020** | **Year Ended<br>September 30,<br>2019** | **Period Ended<br>September 30,<br>2018<sup>(a)</sup>** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Income (loss) from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 0.01 | — <sup>(b)</sup> | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains from investments<sup>(b)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.01 |  | 0.01 | 0.02 | 0.01 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.01) | (—)<sup>(b)</sup> | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gains on investments | — <sup>(b)</sup> | (—)<sup>(b)</sup> | (—)<sup>(b)</sup> | (—)<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.01) |  | (0.01) | (0.02) | (0.01) |
|  Change in net asset value |  |  |  |  |  |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Total return<sup>(c)</sup> | 0.66% | 0.03% | 1.06% | 2.28% | 0.88% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of period (000's) | $7685839 | $7729359 | $7012840 | $8037595 | $7929722 |
|  Ratio of net expenses to average net assets<sup>(d)</sup> | 0.09% | 0.07% | 0.10% | 0.10% | 0.10% |
|  Ratio of net investment income to average net assets<sup>(d)</sup> | 0.68% | 0.02% | 0.93% | 2.25% | 1.81% |
|  Ratio of gross expenses to average net assets<sup>(d), (e)</sup> | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |

---

<sup>(a)</sup> For the period from April 4, 2018, commencement of operations, to September 30, 2018.

<sup>(b)</sup> Amount is less than $0.005 per share. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> During the period shown, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

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**Privacy Policy** 

**Safeguarding Privacy** 

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Advisers Investment Trust.

**Information We Collect and Sources of Information** 

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social
security number and investment information);

&nbsp;&nbsp;&nbsp;&nbsp;• Information about your transactions and experiences with us and our affiliates (e.g. your account balance,
transaction history and investment selections); and

&nbsp;&nbsp;&nbsp;&nbsp;• Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other
relationship with you (e.g. your account number, account balance and transaction history.

**Information We Share with Service Providers** 

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into a confidentiality agreements regarding the information.

**Information We May Share with Affiliates** 

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

**Safeguarding Customer Information** 

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and every year that you are a customer of the Advisers Investment Trust or anytime we make a material change to our privacy policy.

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**Investment Adviser** 

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

**Custodian** 

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

**Legal Counsel** 

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

**Placement Agent** 

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**For Additional Information, call** 

855-351-4583

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**To Learn More** 

Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this prospectus by reference, contains detailed information on Fund policies and operations.

Additional information about the Fund's investments will be available in the Fund's annual and semi-annual report to shareholders.

Call the Fund at 855-351-4583 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the Fund is open for business to request free copies of the SAI and the Fund's annual and semi-annual reports, to request other information about the Fund and to make shareholder inquiries. You may also visit the Fund on the web at https://www.northerntrust.com/united-states/what-we-do/investment-management/northern-funds/ntam-treasury-assets-fund to obtain free copies of the Fund's SAI and annual and semi-annual reports. You may also send an e-mail request to ntamtreasury@ntrs.com.

You may obtain reports and other information about the Fund on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov

Investment Company Act No. 811-22538

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![LOGO](g383381g89y46.jpg)

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**NTAM TREASURY ASSETS FUND** 

(Ticker: TAFXX)

A series of Advisers Investment Trust

**STATEMENT OF ADDITIONAL INFORMATION** 

**January 28, 2023** 

------

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 NTAM Treasury Assets Fund (the "Fund").

This SAI should be read in conjunction with the prospectus dated January 28, 2023. A copy of the prospectus can be obtained at no charge by writing to the transfer agent, NTAM Treasury Assets Fund, The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766, by visiting https://www.northerntrust.com/united-states/what-we-do/investment-management/northern-funds/ntam-treasury-assets-fund, or by calling 855-351-4583 (toll free). The Fund's prospectus ("Prospectus") is incorporated by reference into this SAI.

The Fund is a series of Advisers Investment Trust which is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The shares of the Fund which are described in this SAI have not been and will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any of the states of the United States. The offerings contemplated by this SAI will be made in reliance upon an exemption from the registration requirements of the 1933 Act for offers and sales of securities which do not involve any public offering, and analogous exemptions under state securities laws. Investment in the Fund may be made only by individuals or entities that are "Accredited Investors" within the meaning of Regulation D under the 1933 Act upon the terms and conditions specified in the Fund's Prospectus.

This SAI shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Fund in any jurisdiction in which such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer, solicitation or sale. No person has been authorized to make any representations concerning the Fund that are inconsistent with those contained in this SAI. Prospective investors should not rely on any information not contained in this SAI.

This SAI is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the recipient in the shares of the Fund described herein, and is not to be reproduced or distributed to any other persons (other than professional advisers of the prospective investor receiving this document).

Prospective investors should not construe the contents of this SAI as legal, tax, or financial advice. Each prospective investor should consult his or her own professional advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund for such investor.

In making an investment decision investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended by any federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this document. Any representation to the contrary is a criminal offense.

These securities are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Declaration of Trust of Advisers Investment Trust, the 1933 Act, and applicable state securities laws, pursuant to registration or exemption therefrom.

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS SAI OR IN THE PROSPECTUS IN CONNECTION WITH THE OFFERING OF SHARES MADE BY THE PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS PLACEMENT AGENT. THE PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE PLACEMENT AGENT IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT BE LAWFULLY MADE.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, the Fund cannot guarantee it will do so. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC"), any other government agency, or The Northern Trust Company ("Northern Trust"), its affiliates, subsidiaries or any other bank. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Description of the Trust and the Fund](#saitoc383381_1) | 1 |
|  [Additional Information About the Fund's Investments](#saitoc383381_2) | 1 |
|  [Management of the Trust](#saitoc383381_3) | 12 |
|  [Code of Ethics](#saitoc383381_4) | 15 |
|  [Control Persons and Principal Holders of Securities](#saitoc383381_5) | 16 |
|  [Investment Advisory and Other Services](#saitoc383381_6) | 16 |
|  [Brokerage Allocation and Other Practices](#saitoc383381_7) | 18 |
|  [Conflicts of Interest](#saitoc383381_8) | 19 |
|  [Disclosure of Portfolio Holdings](#saitoc383381_9) | 19 |
|  [Performance Information](#saitoc383381_10) | 21 |
|  [Net Asset Value](#saitoc383381_11) | 21 |
|  [Redemption In-Kind](#saitoc383381_12) | 23 |
|  [Tax Consequences](#saitoc383381_13) | 23 |
|  [Financial Statements](#saitoc383381_14) | 25 |
|  [More Information](#saitoc383381_15) | 25 |
|  [Appendix A - Description of Securities Ratings](#saitoc383381_16) | A-1 |

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i

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**Description of the Trust and the Fund** 

Advisers Investment Trust ("Trust") is a Delaware statutory trust operating under a Fourth Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 10, 2022. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. The Trust is an open-end investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest of separate series. This SAI relates to the Fund, a series of the Trust. The investment adviser to the Fund is Northern Trust Investments, Inc. ("NTI" or the "Adviser"). The Fund is a diversified fund.

The Fund does not issue share certificates. All shares are held in non-certificated form registered on the books of the Fund and the transfer agent for the account of the shareholder. Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Trustees. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of the shareholders of any other series are in no way affected. In case of any liquidation of a series, the shareholders of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

Any Trustee of the Trust may be removed by vote of the shareholders holding not less than two-thirds of the outstanding shares of the Trust. The Trust does not hold an annual meeting of shareholders. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each whole share he or she owns and fractional votes for fractional shares he or she owns. All shares of the Fund have equal voting and liquidation rights. The Trust Agreement can be amended by the Trustees, except that any amendment that adversely affects the rights of shareholders must be approved by the shareholders affected. All shares of the Fund are subject to involuntary redemption if the Trustees determine to liquidate the Fund. An involuntary redemption will create a capital gain or a capital loss, which may have tax consequences about which you should consult your tax adviser.

For information concerning the purchase and redemption of shares of the Fund, see "How to Purchase Shares" and "How to Redeem Shares" in the Prospectus. For a description of the methods used to determine the share price and value of the Fund's assets, see "Pricing Your Shares" in the Prospectus and "Net Asset Value" in this SAI.

**Additional Information About the Fund's Investments** 

**Classification and History** 

Shares of the Fund are offered by the Trust on a private placement basis in accordance with Regulation D under the 1933 Act only to certain Northern Trust Corporate and Institutional Services clients and their affiliated entities, all of whom qualify as "Accredited Investors," as defined in Rule 501 of Regulation D. "Accredited Investors" include, but are not limited to, certain banks, broker dealers, insurance companies, investment companies, governmental plans, pension employee benefit plans, corporations, partnerships, and business trusts. Shares of the Fund are not registered under the 1933 Act or the securities law of any state and are sold in reliance upon an exemption from registration. Shares may not be transferred or resold without registration under the 1933 Act, except pursuant to an exemption from registration. Shares, however, may be redeemed from the Trust as described under "How to Redeem Shares" in the Prospectus.

**Investment Strategies and Risks** 

All principal investment strategies and risks of the Fund are discussed in the Prospectus. This section contains a more detailed discussion of some of the investments the Fund may make, some of the techniques the Fund may use, and the risks related to those techniques and investments. Additional non-principal strategies and risks are also discussed here. The Fund seeks to achieve its objective by investing, under normal circumstances, its total assets exclusively (and at least 99.5%) in:

&nbsp;&nbsp;&nbsp;&nbsp;• Cash;

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&nbsp;&nbsp;&nbsp;&nbsp;• Short-term bills, notes, including floating rate notes, and other obligations issued or guaranteed by the U.S.
Treasury ("Treasury Obligations"); and

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreements that are collateralized fully by cash or Treasury Obligations.

The Fund, under normal circumstances, will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Treasury Obligations and repurchase agreements collateralized solely by Treasury Obligations. For these purposes, "net assets" include the amount of any borrowings for investment purposes and the amount of "net assets" is measured at the time of purchase. To the extent required by the United States Securities and Exchange Commission (the "SEC") regulations, shareholders of the Fund will be provided with sixty days' notice in the manner prescribed by the SEC before any change in this policy. The Fund's investment objective and, except as expressly noted below, investment strategies may be changed without shareholder approval. In addition to the instruments discussed below and in the Prospectus, the Fund may purchase other types of financial instruments, however designated, whose investment and credit quality characteristics are determined by the Adviser to be substantially similar to those of any other investment otherwise permitted by the Fund's investment strategies.

The Fund operates as a "government money market fund" in accordance with Rule 2a-7 under the 1940 Act. As a "government money market fund" under Rule 2a-7, the Fund (1) is permitted to use the amortized cost method of valuation to seek to maintain a stable net asset value ("NAV") of $1.00 share price, and (2) is not required to impose a liquidity fee and/or a redemption gate on fund redemptions that might apply to other types of money market funds should certain triggering events specified in Rule 2a-7 occur.

***Borrowings***

The Fund may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested by the Adviser in other securities or instruments in an effort to increase the Fund's investment returns. Reverse repurchase agreements may be considered to be a type of borrowing.

When the Fund invests borrowing proceeds in other securities, the Fund will be at risk for any fluctuations in the market value of the securities in which the proceeds are invested. Like other leveraging risks, this makes the value of an investment in the Fund more volatile and increases the Fund's overall investment exposure. In addition, if the Fund's return on its investment of the borrowing proceeds does not equal or exceed the interest that the Fund is obligated to pay under the terms of a borrowing, engaging in these transactions will lower the Fund's return.

The Fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its borrowing obligations. This could adversely affect the Adviser's strategy and result in lower Fund returns. Interest on any borrowings will be the Fund expense and will reduce the value of the Fund's shares. The Fund may borrow on a secured or on an unsecured basis. If the Fund enters into a secured borrowing arrangement, a portion of the Fund's assets will be used as collateral. During the term of the borrowing, the Fund will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, the Fund may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the Adviser's strategy and result in lower Fund returns. The Fund would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the Fund. In the event of a default by the lender, there may be delays, costs and risks of loss involved in the Fund exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

***Custodial Receipts for Treasury Securities.***

To the extent consistent with its investment objective and strategies, the Fund may acquire U.S. government obligations and their unmatured interest coupons that have been separated ("stripped") by their holder, typically a custodian bank or investment brokerage firm. Having separated the interest coupons from the underlying principal of the U.S. government obligations, the holder will resell the stripped securities in custodial receipt programs with a number of different names, such as TIGRs (Treasury Income Growth Receipts) and CATS (Certificates of Accrual on Treasury Securities). The stripped coupons are sold separately from the underlying principal, which usually is sold at a deep discount because the buyer receives only the right to receive a future fixed payment on the security and does not receive any rights to periodic interest (cash) payments. The underlying U.S. Treasury bonds and notes themselves are held in book-entry form at the Federal Reserve Bank or, in the case of bearer securities (i.e., unregistered securities, which are ostensibly owned by the bearer or holder), in trust on behalf of the owners. Counsel to the underwriters of these certificates or other evidences of ownership of

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U.S. Treasury securities have stated that, in their opinion, purchasers of the stripped securities most likely will be deemed the beneficial holders of the underlying U.S. government obligations for federal tax purposes. The Trust is unaware of any binding legislative, judicial or administrative authority on this issue.

***Cybersecurity Risk***

With the increased use of technologies such as mobile devices and Web-based or "cloud" applications, and the dependence on the Internet and computer systems to conduct business, the Fund is susceptible to operational, information security, and related risks. In general, cybersecurity incidents can result from deliberate attacks or unintentional events (arising from external or internal sources) that may cause the Fund to lose proprietary information, suffer data corruption, physical damage to a computer or network system or lose operational capacity. Cybersecurity attacks include, but are not limited to, infection by malicious software, such as malware or computer viruses or gaining unauthorized access to digital systems, networks or devices that are used to service the Fund's operations (e.g., through "hacking," "phishing" or malicious software coding), or other means for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cybersecurity attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on the Fund's websites (i.e., efforts to make network services unavailable to intended users). In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cybersecurity incidents affecting the Adviser, other service providers (including, but not limited to, the administrator, custodian, and transfer agent) or the Fund's shareholders have the ability to cause disruptions and impact business operations, potentially resulting in financial losses to both the Fund and shareholders, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of Fund shareholders to transact business and the Fund to process transactions (including fulfillment of Fund share purchases and redemptions), violations of applicable privacy and other laws (including the release of private shareholder information) and attendant breach notification and credit monitoring costs, regulatory fines, penalties, litigation costs, reputational damage, reimbursement or other compensation costs, forensic investigation and remediation costs, and/or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including other service providers), and other parties. In addition, substantial costs may be incurred in order to safeguard against and reduce the risk of any cybersecurity incidents in the future. In addition to administrative, technological, and procedural safeguards, the Adviser has established business continuity plans in the event of, and risk management systems to prevent or reduce the impact of, such cybersecurity incidents. However, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified, as well as the rapid development of new threats. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its shareholders. The Fund and its shareholders could be negatively impacted as a result.

***Illiquid Securities or Restricted Securities.***

The Fund may invest up to 5% of its net assets in securities that are illiquid. Illiquid securities are any investment that the Adviser 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 illiquid and restricted securities may be difficult to sell at an acceptable price, they may be subject to greater volatility and may result in a loss to the Fund. Securities purchased by the Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions, and/or investor perception.

***Inflation-Indexed Securities***

To the extent consistent with its investment objective and strategies, the Fund may invest in inflation-indexed securities, which are fixed-income securities whose value is periodically adjusted according to the rate of inflation. Two structures are common: the U.S. Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the security; most other issuers pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon.

Inflation-indexed securities issued by the U.S. Treasury have varying maturities and pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a

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period of deflation. However, the current market value of the bonds is not guaranteed and will fluctuate. The Fund also may invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal amount.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

The taxation of inflation-indexed Treasury securities is similar to the taxation of conventional bonds. Both interest payments and the difference between original principal and the inflation-adjusted principal will be treated as interest income subject to taxation. Interest payments are taxable when received or accrued. The inflation adjustment to the principal is subject to tax in the year the adjustment is made, not at maturity of the security when the cash from the repayment of principal is received. If an upward adjustment has been made (which typically should happen), investors in non-tax-deferred accounts will pay taxes on this amount currently. Decreases in the indexed principal can be deducted only from current or previous interest payments reported as income. Inflation-indexed Treasury securities therefore have a potential cash flow mismatch to an investor, because investors must pay taxes on the inflation-adjusted principal before the repayment of principal is received. It is possible that, particularly for high income tax bracket investors, inflation-indexed Treasury securities would not generate enough income in a given year to cover the tax liability they could create. This is similar to the current tax treatment for zero-coupon bonds and other discount securities. If inflation-indexed Treasury securities are sold prior to maturity, capital losses or gains are realized in the same manner as traditional bonds. The Fund, however, distributes income on a monthly basis. Fund investors will receive dividends that represent both the interest payments and the principal adjustments of the inflation-indexed securities held in the Fund.

***Investment Companies***

With respect to the investments of the Fund in the securities of other affiliated and unaffiliated investment companies, such investments will be limited so that, as determined after a purchase is made, either: (a) not more than 3% of the total outstanding stock of such investment company will be owned by the Fund, the Trust as a whole and its affiliated persons (as defined in the 1940 Act); or (b) (i) not more than 5% of the value of the total assets of the Fund will be invested in the securities of any one investment company, (ii) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group, and (iii) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. In addition, these limits will not apply to the investment of uninvested cash balances in shares of registered or unregistered money market funds whether affiliated or unaffiliated. The foregoing exemption, however, only applies to an unregistered money market fund that (i) limits its investments to those in which a money market fund may invest under Rule 2a-7 of the 1940 Act, and (ii) undertakes to comply with all the other provisions of Rule 2a-7.

Investments by the Fund in other investment companies, including exchange-traded funds ("ETFs"), will be subject to the limitations of the 1940 Act except as permitted by SEC orders. The Fund may rely on SEC orders that permit them to invest in certain ETFs beyond the limits contained in the 1940 Act, subject to certain terms and conditions. Generally, these terms and conditions require the Board to approve policies and procedures relating to certain of the Fund's investments in ETFs. These policies and procedures require, among other things, that (i) the Adviser conducts the Fund's investment in ETFs without regard to any consideration received by the Fund or any of its affiliated persons and (ii) the Adviser certifies to the

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Board quarterly that it has not received any consideration in connection with an investment by the Fund in an ETF, or if it has, the amount and purpose of the consideration will be reported to the Board and an equivalent amount of advisory fees shall be waived by the Adviser.

If required by the 1940 Act, the Fund expects to vote the shares of other investment companies that are held by it in the same proportion as the vote of all other holders of such securities.

To the extent consistent with its investment objective and strategies, the Fund may invest all or substantially all of its assets in a single open-end investment company or series thereof with substantially the same investment objective, strategy and restrictions as the Fund. However, the Fund currently intends to limit its investments in securities issued by other investment companies to the extent described above. The Fund may adhere to other limitations with respect to its investments in securities issued by other investment companies if required or permitted by the SEC or deemed to be in the best interests of the Trust.

***Large Trade Notification***

The transfer agent may from time to time receive notice of a large trade in the Fund's shares. The Fund may determine to enter into portfolio transactions in anticipation of that order, even though the order will not be processed until the following business day. This practice provides for a closer correlation between the time shareholders place trade orders and the time the Fund enters into portfolio transactions based on those orders, and permits the Fund to be more fully invested in investment securities, in the case of purchase orders, and to more orderly liquidate its investment positions, in the case of redemption orders. On the other hand, if a trade order is not processed, the Fund may be required to borrow assets to settle the portfolio transactions entered into in anticipation of that order, and would therefore incur borrowing costs. The Fund may also suffer investment losses on those portfolio transactions. Conversely, the Fund would benefit from any earnings and investment gains resulting from such portfolio transactions.

***Liquidity Risk***

Liquidity risk is the risk that the Fund will not be able to pay redemption proceeds within the time periods described in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing the Fund's ability to sell particular securities or close derivative positions at an advantageous market price or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that the Fund would like or difficult to value. The Fund may have to lower the price, sell other securities instead or forgo an investment opportunity. Any of these events could have a negative effect on portfolio management or performance. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

***Market Events Risk***

Market Events Risk relates to the increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets throughout the world during the past decade. These conditions may recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken steps to support financial markets, including by keeping interest rates at historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and Federal Reserve have reduced their market support activities and recently have begun raising interest rates. Certain foreign governments and central banks are implementing or discussing or have implemented so-called negative interest rates (e.g., charging depositors who keep their cash at a bank) to spur economic growth. Governmental or central bank actions, including interest rate increases, measures to address budget deficits, or contrary actions by different governments, as well as downgrades of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates and geopolitical events (including war and terror attacks) could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests.

Policy and legislative changes in the United States and in other countries (such as the United Kingdom referendum vote to exit the European Union) may also contribute to decreased liquidity and increased volatility in the financial markets.

***Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, terrorism, natural disasters and other circumstances in one country or region could have profound impacts on global economies or markets.***

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***Operational Risk***

The Adviser and other Fund service providers may experience disruptions or operating errors arising from factors such as processing errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third-party service providers or trading counterparties. In particular, these errors or failures in systems and technology, including operational risks associated with reliance on third party service providers, may adversely affect the Fund's ability to calculate its net asset values in a timely manner, including over a potentially extended period. While service providers are required to have appropriate operational risk management policies and procedures, their methods of operational risk management may differ from those of the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Adviser, through its monitoring and oversight of service providers, seeks to ensure that service providers take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors. However, it is not possible for the Adviser or other Fund service providers to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

***Repurchase Agreements***

The Fund may agree to purchase portfolio securities from domestic and foreign financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("repurchase agreements"). Repurchase agreements may be considered to be loans under the 1940 Act. Although the securities subject to a repurchase agreement may bear maturities exceeding one year, settlement for the repurchase agreement will never be more than one year after the Fund's acquisition of the securities and normally will be within a shorter period of time. Securities subject to repurchase agreements normally are held either by the Trust's custodian or subcustodian (if any), or in the Federal Reserve/Treasury Book-Entry System.

If the seller is a sponsoring member of the Fixed Income Clearing Corporation ("FICC"), the Fund may permit the seller's obligation to be notated FICC pursuant to an agreement among the Fund, FICC and the seller. In such case, FICC would become the Fund's counterparty and the Fund would be subject to FICC's rules, which may limit the Fund's rights and remedies (including recourse to collateral) or delay or restrict rights and remedies, and expose the Fund to the risk of FICC's insolvency.

The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Default by the seller or FICC would, however, expose the Fund to possible loss because of adverse market action or delay in connection with the disposition of the underlying obligations. In addition, in the event of a bankruptcy, the Fund could suffer additional losses if a court determines that the Fund's interest in the collateral is unenforceable. If the Fund enters into a repurchase agreement involving securities the Fund could not purchase directly, and the counterparty defaults, the Fund may become the holder of securities that they could not purchase. Apart from the risks associated with bankruptcy or insolvency proceedings, there is also the risk that the seller or FICC may fail to repurchase the security. If the market value of the securities subject to the repurchase agreement becomes less than the repurchase price (including accrued interest), generally, the seller of the securities or FICC will be required to deliver additional securities so that the market value of all securities subject to the repurchase agreement equals or exceeds the repurchase price.

In the event of default by the counterparty in a foreign repurchase agreement, the Fund may be unable to successfully assert a claim to the collateral under foreign laws. As a result, foreign repurchase agreements may involve higher credit risks than repurchase agreements with domestic financial institutions. Moreover, certain countries have less developed and less regulated banking and auditing, accounting and financial reporting systems than the United States. In addition, repurchase agreements with foreign financial institutions, particularly those located in emerging markets, may involve foreign financial institutions or counterparties with lower credit ratings than domestic financial institutions.

***Reverse Repurchase Agreements***

*The Fund may borrow funds by selling portfolio securities to financial institutions such as banks and broker/dealers and agreeing to repurchase them at a mutually specified date and price ("reverse repurchase agreements"). The Fund may use the proceeds of reverse repurchase agreements to purchase other securities either maturing, or under an agreement to resell, on a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements are considered to be borrowings under the 1940 Act. Reverse repurchase agreements involve the risk that the market value of the securities sold by the Fund may decline below the repurchase price. The Fund will pay interest on amounts obtained pursuant to a reverse repurchase agreement. While reverse repurchase agreements are outstanding, the Fund will segregate liquid assets in an amount at least equal to the market value of the securities, plus accrued interest, subject to the agreement.* ****

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***Stripped Securities***

To the extent consistent with its investment objective and strategies, the Fund, may purchase stripped securities. The Treasury Department has facilitated transfers of ownership of zero coupon securities by accounting separately for the beneficial ownership of particular interest coupon and principal payments on Treasury securities through the Federal Reserve book-entry record-keeping system. The Federal Reserve program as established by the Treasury Department is known as "Separate Trading of Registered Interest and Principal of Securities" or "STRIPS." The Fund may purchase securities registered in the STRIPS program. Under the STRIPS program, the Fund will be able to have its beneficial ownership of zero coupon securities recorded directly in the book-entry record-keeping system in lieu of having to hold certificates or other evidences of ownership of the underlying U.S. Treasury securities.

Other types of stripped securities may be purchased by the Fund, including stripped mortgage-backed securities ("SMBS"). SMBS usually are structured with two or more classes that receive different proportions of the interest and principal distributions from a pool of mortgage-backed obligations. A common type of SMBS will have one class receiving all of the interest, while the other class receives all of the principal. However, in some instances, one class will receive some of the interest and most of the principal while the other class will receive most of the interest and the remainder of the principal. If the underlying obligations experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully its initial investment in these securities. The market value of the class consisting entirely of principal payments generally is extremely volatile in response to changes in interest rates. The yields on a class of SMBS that receives all or most of the interest generally are higher than prevailing market yields on other mortgage-backed obligations because their cash flow patterns also are volatile and there is a risk that the initial investment will not be recouped fully. SMBS issued by the U.S. government (or a U.S. government agency, instrumentality, or sponsored enterprise) may be considered liquid under guidelines established by the Trust's Board of Trustees if they can be disposed of promptly in the ordinary course of business at a value reasonably close to that used in the calculation of the NAV per share.

***Temporary Investments***

For capital preservation and liquidity, the Fund may have a greater concentration in short-term securities, which may result in a reduction of the Fund's yield. Although the Adviser has the ability to take temporary positions, it may choose not to do so for a variety of reasons, even during volatile market conditions.

***Trading Risk***

In order to engage in certain transactions on behalf of the Fund, the Adviser will be subject to (or cause the Fund to become subject to) the rules, terms and/or conditions of any venues through which it trades securities, derivatives or other instruments. This includes, but is not limited to, where the Adviser and/or the Fund may be required to comply with the rules of certain exchanges, execution platforms, trading facilities, clearinghouses and other venues, or may be required to consent to the jurisdiction of any such venues. The rules, terms and/or conditions of any such venue may result in the Adviser (and/or the Fund) being subject to, among other things, margin requirements, additional fees and other charges, disciplinary procedures, reporting and recordkeeping, position limits and other restrictions on trading, settlement risks and other related conditions on trading set out by such venues.

***U.S. Government Obligations***

Examples of the types of U.S. government obligations that may be acquired by the Fund include U.S. Treasury Bills, Treasury Notes and Treasury Bonds. To the extent consistent with its investment objective and strategies the Fund also may acquire obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Fannie Mae, Ginnie Mae, General Services Administration, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks and the Maritime Administration.

Securities guaranteed as to principal and interest by the U.S. government or by its agencies, instrumentalities or sponsored enterprises also are deemed to include (i) securities for which the payment of principal and interest is backed by an irrevocable letter of credit issued by the U.S. government or by any agency, instrumentality or sponsored enterprise thereof, and (ii) participations in loans made to foreign governments or their agencies that are so guaranteed.

To the extent consistent with its investment objective and strategies, the Fund may invest in a variety of U.S. Treasury obligations and obligations issued by or guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Not all U.S. government obligations carry the same credit support. No assurance can be given that the U.S. government would provide financial support to its agencies, instrumentalities or sponsored enterprises if it were not obligated

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to do so by law. There is no assurance that these commitments will be undertaken or complied with in the future. In addition, the secondary market for certain participations in loans made to foreign governments or their agencies may be limited. In the absence of a suitable secondary market, such participations are generally considered illiquid.

Many states grant tax-free status to dividends paid to shareholders of a fund from interest income earned by that fund from direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the fund. Investments in securities issued by the Ginnie Mae or Fannie Mae, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for tax-free treatment.

***Variable and Floating Rate Instruments***

Variable and floating rate instruments have interest rates that periodically are adjusted either at set intervals or that float at a margin in relation to a generally recognized index rate. These instruments include long-term floating rate public obligations of the U.S. Treasury and variable and floating rate bonds (sometimes referred to as "put bonds") where the Fund obtains at the time of purchase the right to put the bond back to the issuer or a third party at par at a specified date.

With respect to the variable and floating rate instruments that may be acquired by the Fund, the Adviser will consider the earning power, cash flows and other liquidity ratios of the issuers and guarantors of such instruments and, if the instruments are subject to demand features, will monitor their financial status and ability to meet payment on demand. Where necessary to ensure that a variable or floating rate instrument meets the Fund's quality requirements, the issuer's obligation to pay the principal of the instrument will be backed by an unconditional bank letter or line of credit, guarantee or commitment to lend.

The Fund will invest in variable and floating rate instruments only when the Adviser deems the investment to involve minimal credit risk. Unrated variable and floating rate instruments will be determined by the Adviser to be of comparable quality at the time of the purchase to rated instruments that may be purchased by the Fund. In determining weighted average portfolio maturity, an instrument may, subject to the SEC's regulations, be deemed to have a maturity shorter than its nominal maturity based on the period remaining until the next interest rate adjustment or the time the Fund involved can recover payment of principal as specified in the instrument. In determining weighted average life under Rule 2a-7(d)(1)(iii) ("WAL"), a floating rate instrument shall be deemed to have a maturity equal to the period remaining until the principal amount can be recovered through demand.

Variable and floating rate instruments that may be purchased by the Fund include variable amount master demand notes, which permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate.

Variable and floating rate instruments held by the Fund will be subject to the Fund's limitation on illiquid investments, absent a reliable trading market, when the Fund may not demand payment of the principal amount within seven days. Because there is no active secondary market for certain variable and floating rate instruments, they may be more difficult to sell if the issuer defaults on its payment obligations or during periods when the Fund is not entitled to exercise its demand rights. As a result, the Fund could suffer a loss with respect to these instruments.

***Yields and Ratings***

The yields on certain obligations, including the instruments in which the Fund may invest, are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, financial condition of the issuer, size of the offering, maturity of the obligation and ratings of the issue. The ratings of S&P Global Ratings ("S&P"), DBRS Ratings Limited ("DBRS"), Moody's Investors Service, Inc. ("Moody's") and Fitch Ratings ("Fitch") represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. For a more complete discussion of ratings, see Appendix A to this SAI.

***Risks Related to When-Issued Securities, Delayed Delivery Transactions and Forward Commitments.***

A purchase of "when-issued" securities refers to a transaction made conditionally because the securities, although authorized, have not yet been issued. A delayed delivery or forward commitment transaction involves a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. To the extent consistent with its investment objective and strategies, the Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Although the Fund generally would purchase securities in these transactions with the intention of acquiring the securities, the Fund may dispose of such securities prior to settlement if the Adviser deems it appropriate to do so. Purchasing securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the securities may decrease by the time they actually are issued or delivered. Conversely, selling securities in these transactions involves the risk that the value of the securities may increase by the time they actually are issued or delivered.

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Therefore, these transactions may have a leveraging effect on the Fund, making the value of an investment in the Fund more volatile and increasing the Fund's overall investment exposure. These transactions also involve the risk that the counterparty may fail to deliver the security or cash on the settlement date.

The Fund may invest in other securities and are subject to further restrictions and risks that are described in the SAI. Additional information about the Fund, its investments and related risks can also be found in "Investment Objective and Strategies" in the SAI.

**Investment Restrictions** 

***Fundamental Investment Limitations.*** The Fund is subject to the fundamental investment restrictions enumerated below which may be changed with respect to the Fund only by a vote of the holders of a majority of the Fund's outstanding shares. As used in the Prospectus and the Statement of Additional Information, the term "majority" of the outstanding shares of a Fund means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices, which may be changed by the Board of Trustees without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy, are considered non-fundamental ("Non-Fundamental").<u> </u>

<u>The Fund may not:</u> 

1. Make loans, except through (a) the purchase of debt obligations in accordance with the Fund's
investment objective and strategies, (b) repurchase agreements with banks, brokers, dealers, and other financial institutions, (c) loans of securities, and (d) loans to affiliates of the Fund to the extent permitted by law or order of
the SEC.

2. Purchase or sell real estate or real estate limited partnerships, except to the extent permitted under the 1940
Act, the rules and regulations thereunder or any exemptions therefrom, as such statute, rules, or regulations may be amended or interpreted from time to time. This restriction shall not prevent the Fund from investing directly or indirectly in
portfolio instruments secured by real estate or interests therein or acquiring securities of REITs or other issuers that deal in real estate.

3. Invest in commodities or commodity contracts, except to the extent permitted under the 1940 Act, the rules and
regulations thereunder or any exemptions therefrom, as such statute, rules, or regulations may be amended or interpreted from time to time.

4. Concentrate its 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 that the Fund will concentrate its investments in U.S. treasury
obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, obligations (other than commercial paper) issued or guaranteed by U.S. banks and U.S. branches of foreign banks and repurchase agreements and securities
loans collateralized by such U.S. government obligations or such bank obligations as disclosed in the prospectus.

5. Borrow money or issue senior securities, except to the extent permitted under the 1940 Act, the rules and
regulations thereunder or any exemptions therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

6. Act as underwriter of securities, except to the extent permitted under the 1940 Act, the rules and regulations
thereunder or any exemptions therefrom, as such statute, rules, or regulations may be amended or interpreted from time to time.

7. Make any investment inconsistent with the Fund's classification as a diversified company under the 1940
Act.

In applying Investment Restriction No. 7 above, a security is considered to be issued by the entity, or entities, whose assets and revenues back the security.

The freedom of action reserved in Investment Restriction No. 4 with respect to U.S. branches of foreign banks is subject to the requirement that they are subject to the same regulation as domestic branches of U.S. banks. The freedom of action reserved with respect to foreign branches of U.S. banks is subject to the requirement that the U.S. parent of the foreign branch be unconditionally liable in the event that the foreign branch failed to pay on its instruments for any reason. Obligations of U.S. branches of foreign banks may include certificates of deposit, bank and deposit notes, bankers' acceptances and fixed time deposits. These obligations may be general obligations of the parent bank or may be limited to the issuing branch. Such obligations will meet the criteria for "Eligible Securities" as described in the Prospectus.

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Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation, or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

***Non-Fundamental.*** The following investment limitations are non-fundamental policies and may be changed by the Fund's Board without a vote of shareholders.

<u>The Fund may not:</u> 

1. Pledge, mortgage, or hypothecate assets, except to secure permitted borrowings or in relation to the deposit of
assets in escrow or in segregated accounts in compliance with the asset segregation requirements imposed by Section 18 of the 1940 Act, or any rule or SEC staff interpretation thereunder.

2. Purchase securities on margin or effect short sales, except that the Fund may: (i) obtain short-term
credits as necessary for the clearance of security transactions; (ii) provide initial and variation margin payments in connection with transactions involving futures contracts and options on such contracts; and (iii) make short sales
"against the box" or in compliance with the SEC's position regarding the asset segregation requirements of Section 18 of the 1940 Act.

The Fund may follow non-fundamental operational policies that are more restrictive than its fundamental investment limitations, as set forth in the Prospectus and this SAI, in order to comply with applicable laws and regulations, including the provisions of and regulations under the 1940 Act. In particular, the Fund intends to comply with the various requirements of Rule 2a-7 under the 1940 Act, as applicable, which regulates money market mutual funds. The Fund may change these operational policies to reflect changes in the laws and regulations without the approval of its shareholders.

The Fund intends, as a non-fundamental policy, to diversify its investments in accordance with current SEC regulations. Investments in securities (excluding cash, cash items, certain repurchase agreements, U.S. government securities and securities of other investment companies that are money market funds) will be limited to: (1) not more than 5% of the value of the Fund's total assets at the time of purchase of any single issuer (and certain affiliates of that issuer), except that 25% of the value of the total assets of the Fund may be invested in the securities of any one issuer for a period of up to three Business Days; and (2) not more than 10% of the value of the Fund's total assets at the time of purchase in the securities subject to demand features or guarantees from an institution. Subject to certain exceptions, immediately after the acquisition of any demand features or guarantees (i.e., generally, the right to sell the security at a price equal to its approximate amortized cost (for a demand feature) or principal amount (for a guarantee) plus accrued interest), no more than 10% of the Fund's total assets may be invested in securities issued by or subject to demand features or guarantees issued by the same issuer. Certain affiliated issuers will be treated as a single issuer for purposes of these requirements. Rule 2a-7 does not reference credit ratings but requires money market funds to purchase securities that have a remaining maturity of no more than 397 calendar days (unless otherwise permitted under Rule 2a-7) and (i) which have been determined by a money market fund's Board of Trustees (or the fund's investment adviser, if the Board of Trustees delegates such power to the adviser) to present minimal credit risks to the fund; or (ii) are issued by other investment companies that are money market funds; or (iii) are U.S. government securities. NTI considers several factors, including the capacity of each security's issuer or guarantor to meet its financial obligations.

The following descriptions from the 1940 Act may assist shareholders in understanding the above policies and restrictions.

***Concentration and Industry Classification.*** The SEC has presently defined concentration as investing 25% or more of an investment company's net assets in an industry or group of industries, with certain exceptions. In determining industry classification, a Fund may use any one of the following: the Bloomberg Industry Group Classification, S&P, J.J. Kenny Municipal Purpose Codes, FT Interactive Industrial Codes, Securities Industry Classification Codes or the Global Industry Classification Standard. For the purpose of determining the percentage of the Fund's total assets invested in securities of issuers having their principal business activities in a particular industry, (i) an asset-backed security will be classified separately based on the nature of its underlying assets; (ii) state and municipal governments and their agencies and authorities are not deemed to be industries; (iii) as to utility companies, the gas, electric, water and telephone businesses are considered separate industries; (iv) personal credit finance companies and business credit finance companies are deemed to be separate industries; and (v) wholly-owned financial companies are considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents.

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***Borrowing.*** The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets, including the amount borrowed (not including temporary borrowings not in excess of 5% of its total assets).

***Senior Securities.* **Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The 1940 Act generally prohibits funds from issuing senior securities, although it does permit certain borrowings provided a fund segregates assets to cover such obligation.

***Lending.*** Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies. The Fund's non-fundamental investment policy on lending is set forth above.

***Underwriting.*** Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. Under the 1940 Act, a diversified fund may not make any commitment as underwriter, if immediately thereafter the amount of its outstanding underwriting commitments, plus the value of its investments in securities of issuers (other than investment companies) of which it owns more than 10% of the outstanding voting securities, exceeds 25% of the value of its total assets.

***Real Estate.*** The 1940 Act does not directly restrict a fund's ability to invest in real estate, but does require that every fund have a fundamental investment policy governing such investments. The Fund has adopted a fundamental policy that would permit direct investment in real estate. However, the Fund has a non-fundamental investment limitation that prohibits it from investing directly in real estate. This non-fundamental policy may be changed only by vote of the Fund's Board.

Securities held in escrow or separate accounts in connection with the Fund's investment practices described in this SAI and the Prospectus are not deemed to be mortgaged, pledged or hypothecated for purposes of the foregoing restrictions.

Any Investment Restriction which involves a maximum percentage (other than the restriction set forth above with respect to borrowing money) will not be considered violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition or encumbrance of securities or assets of, or borrowings by, the Fund. The 1940 Act requires that if the asset coverage for borrowings at any time falls below 33 1/3% of its total assets including the amount borrowed plus an additional 5% of its total assets for temporary purposes, the Fund will, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the net asset coverage of such borrowings shall conform to such limits. As of the date of this SAI, the Fund does not engage in securities lending.

Although the foregoing Investment Restrictions would permit the Fund to acquire options, enter into forward currency contracts, and engage in short sales and interest rate and currency swaps, they are not currently permitted to engage in these transactions under SEC regulations.

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**Management of the Trust** 

**The Board of Trustees** 

The Board of Trustees supervises the business activities of the Trust and appoints the officers. Each Trustee serves until the termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Board generally meets four times a year to review the progress and status of the Trust. The following table provides information regarding each Trustee who is not an "interested person" of the Trust, as defined in the 1940 Act.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of<br>Office/Length**<br> **of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>the Trust<br>Overseen by<br>Trustee** | **Other Directorships<br>Held by Trustee<br>During Past 5 Years** |
|  Robert Gordon<br> Year of Birth: 1961 | Trustee | Indefinite/January 2022 to present | Independent Director, VAM Funds Luxembourg, 2018 to present; Independent Director, Anchor Capital Advisors, 2020 to present; Independent Director, Trust Company of Illinois, 2019 to 2021; President and Chief Executive Officer, Driehaus Capital Management, 2006 to 2017. | 8 | VAM Funds Luxembourg, Anchor Capital Advisors, Trust Company of Illinois |
|  D'Ray Moore<br> Year of Birth: 1959 | Trustee | Indefinite/July, 2011 to present | Independent Trustee, Diamond Hill Funds, 2007 to 2022; Chairperson, Diamond Hill Funds, 2014 to 2022. | 8 | Diamond Hill Funds (retired 2022) |
|  Steven R. Sutermeister<br> Year of Birth: 1954 | Trustee | Indefinite/July, 2011 to present | President, Vadar Capital LLC, 2008 to 2017. | 8 |  |

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<sup>1</sup> The mailing address of each Trustee is 50 S. LaSalle Street, Chicago, IL 60603.

The following table provides information regarding each officer of the Trust.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office/Length**<br> **of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>the Trust<br>Overseen by<br>Trustee** | **Other Directorships<br>Held by Trustee<br>During Past 5 Years** |
|  Barbara J. Nelligan<br> Year of Birth: 1969 | President | Indefinite/August 2017 to present | Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017. | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address**<br> **and Year of Birth<sup>1</sup>** | **Position(s) Held<br>with the Trust** | **Term of**<br> **Office/Length**<br> **of Time Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios in<br>the Trust<br>Overseen by<br>Trustee** | **Other Directorships<br>Held by Trustee<br>During Past 5 Years** |
|  Rodney L. Ruehle<br> Year of Birth: 1968 | Chief<br>Compliance<br>Officer and<br>AML<br>Officer | Indefinite/March 2019 to present | Director, Foreside Fund Officer Services, LLC (formerly Foreside Compliance Services, LLC) (financial services), 2016 to present. | N/A | N/A |
|  Toni M. Bugni<br> Year of Birth: 1973 | Secretary | Indefinite/June 2022 to present | Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2011 to present; Secretary of Datum One Series Trust, 2020 to present. | N/A | N/A |
|  Troy A. Sheets<br> Year of Birth: 1971 | Treasurer | Indefinite/January 2022 to present | Senior Principal Consultant, ACA Group, 2022 to present; Senior Director, Foreside Financial Group, LLC, 2016 to 2022; Treasurer of Advisers Investment Trust, 2011 to May 2021; Assistant Treasurer of Advisers Investment Trust, May 2021 to December 2021. | N/A | N/A |
|  Tracy L. Dotolo<br> Year of Birth: 1976 | Assistant<br>Treasurer | Indefinite/January 2022 to present | Senior Principal Consultant, ACA Group, 2022 to present; Director, Foreside Fund Officer Services, LLC, 2016 to 2022; Treasurer of Advisers Investment Trust, May 2021 to December 2021. | N/A | N/A |
|  Kara M. Schneider<br> Year of Birth: 1973 | Assistant<br>Secretary | Indefinite/May 2021 to present | Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2021 to present; Manager, Ultimus Fund Solutions LLC, 2017 to 2021. | N/A | N/A |

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<sup>1</sup> The mailing address of Messrs. Ruehle and Sheets and Ms. Dotolo is 3 Canal Plaza, Suite 100, Portland, ME 04101. The mailing address of Mses. Nelligan, Bugni, and Schneider is 333 S. Wabash Avenue, Chicago, IL 60604.

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee as of December 31, 2022 in the various series of the Trust (collectively, the "Funds").

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity<br>Securities in the Fund** | **Aggregate Dollar Range<br>of Equity Securities in All<br>Funds within the Trust<br>Overseen by Trustee** |
|  Robert Gordon |  | $50001 - $100000 |
|  D'Ray Moore |  | $50001 - $100000 |
|  Steven R. Sutermeister |  | Over $100,000 |

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**Trustee Compensation** 

Trustees who are deemed "interested persons" of the Trust and officers of the Trust receive no compensation from the Funds. The Trust has no retirement or pension plans. The compensation estimated to be paid to the Trustees for the fiscal period ending September 30, 2022 for the Trust is set forth in the following table.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation**<br>**from the Fund** | **Total Compensation**<br>**from the Trust** |
|  Robert Gordon<sup>1</sup> | $15234 | $94750 |
|  D'Ray Moore | $20313 | $126000 |
|  Steven R. Sutermeister | $20313 | $126000 |
|  Michael M. Van Buskirk<sup>2</sup> | $20313 | $126000 |

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<sup>1</sup> Mr. Gordon was elected to the Board of Trustees effective January 10, 2022.

<sup>2</sup> Mr. Van Buskirk retired from the Board of Trustees effective December 15, 2022.

**Leadership Structure and Board of Trustees** 

The primary responsibility of the Board of Trustees is to represent the interests of the shareholders of the Trust and to provide oversight of the management of the Trust. Each of the Trustees on the Board is independent of and not affiliated with the Adviser or its affiliates. The Chairperson of the Board of Trustees is D'Ray Moore, who is an independent Trustee. The Board has adopted Fund Governance Guidelines to provide guidance for effective leadership. The guidance sets forth criteria for Board membership, Trustee orientation and continuing education, and annual Trustee evaluations. The Board reviews quarterly reports from the Adviser, as well as quarterly reports from the Chief Compliance Officer ("CCO") and other service providers. This process allows the Board to effectively evaluate issues that impact the Trust as a whole as well as issues that are unique to the Fund. The Board has determined that this leadership structure is appropriate to ensure that the regular business of the Board is conducted efficiently while still permitting the Trustees to effectively fulfill their fiduciary and oversight obligations. The Board reviews its structure and the structure of its committees annually.

The Trustees have delegated day-to-day operations to various service providers whose activities they oversee. The Trustees have also engaged legal counsel (who is also legal counsel to the Trust) that is independent of the Adviser or its affiliates to advise them on matters relating to their responsibilities in connection with the Trust. The Trustees meet separately in an executive session on a quarterly basis and meet separately in executive session with the Fund's CCO at least annually. On an annual basis, the Board conducts a self-assessment and evaluates its structure and the structure of its committees. The Board has two standing committees, the Audit Committee and the Nominating and Governance Committee (the "Committees").

All of the independent Trustees are members of the Audit Committee. The Audit Committee's function is to oversee the Trust's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers; to oversee the quality and objectivity of the Trust's financial statements and the independent audit thereof; and to act as a liaison between the Trust's independent registered public accounting firm and the full Board of Trustees. The Audit Committee is able to focus Board time and attention to matters of interest to shareholders and, through its private sessions with the Fund's auditor, CCO, and legal counsel, stay fully informed regarding management decisions. During the fiscal period ended September 30, 2022, the Audit Committee held three meetings.

The Nominating and Governance Committee nominates candidates for election to the Board of Trustees, makes nominations for membership on all committees. The Nominating and Governance Committee also reviews as necessary the responsibilities of any committees of the Board and whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Nominating and Governance Committee makes recommendations for any such action to the full Board. The Nominating and Governance Committee also considers candidates for trustees nominated by shareholders. Shareholders may recommend candidates for Board positions by forwarding their correspondence to the Secretary of the Trust at the Trust's address and the shareholder communication will be forwarded to the Nominating and Governance Committee Chairperson for evaluation. During the fiscal period ended September 30, 2022, the Nominating and Governance Committee held one meeting. All of the independent Trustees are members of the Nominating and Governance Committee.

**Board Oversight of Risk** 

The Fund is subject to a number of risks, including investment, compliance, operational, and financial risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. Day-to-day risk management with respect to the Fund resides with the Adviser or other service

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providers, subject to supervision by Fund Management. The Audit Committee and the Board oversee efforts by management and service providers to manage the risk to which the Fund may be exposed. For example, the Board meets with portfolio managers and receives regular reports regarding investment and liquidity risks. The Board meets with the CCO and receives regular reports regarding compliance and regulatory risks.

The Audit Committee meets with the Trust's Treasurer and receives regular reports regarding fund operations and risks related to the valuation, and overall financial reporting of the Fund. From its review of these reports and discussions with management, the Board learns in detail about the material risks to which the Fund is exposed, enabling a dialogue about how management and service providers mitigate those risks.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Fund or the Adviser, its affiliates, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations. The Trustees believe that their current oversight approach is an appropriate way to manage risks facing the Fund, whether investment, compliance, financial, or otherwise. The Trustees may, at any time in their discretion, change the manner in which they conduct risk oversight of the Fund.

**Trustee Attributes** 

The Board believes each of the Trustees has demonstrated leadership abilities and possesses experience, qualifications, and skills valuable to the Trust. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them.

Below is additional information concerning each particular Trustee and his or her attributes. The information provided below, and in the chart above, is not all-inclusive. Many Trustee attributes involve intangible elements, such as intelligence, work ethic, the ability to work together and the ability to communicate effectively, exercise judgment, ask incisive questions, manage people and problems, or develop solutions.

**Robert Gordon** has over 35 years of experience in the investment management industry and 20 years serving in a Chief Executive capacity. His career includes roles at a diversity of investment firms, ranging from large global financial institutions to focused investment management boutiques. Mr. Gordon brings a broad range of skills to the Trust including investment management, risk oversight, fund administration, and sales and marketing with a particular focus on delivering best practices. His experience includes familiarity with a broad range of asset classes of equities, fixed income, alternative investments, and derivative products. In addition to serving as an Independent Director to the Trust, he serves as a board member and adviser to investment management companies both in the US and abroad.

**D'Ray Moore** worked for a major service provider to investment managers and mutual funds for over 10 years, including as Senior Vice President for European relationship management. Her expertise in mutual fund operations enables Ms. Moore to bring to the Trust a unique perspective on service provider oversight. Ms. Moore's experience also includes serving as Chairperson and independent trustee for other mutual funds and 10 years of experience in banking and financial services, including retail investment sales and sales management.

**Steven R. Sutermeister** has over 40 years of experience in the financial services industry (with significant experience in the mutual fund industry), including more than 25 years in management, executive management, and board experience at other financial institutions. His experience as the Chief Investment Officer of a life insurance company, Director and President of a mutual fund complex, and Director and Audit Committee Chair of a public bank holding company allows him to bring seasoned perspective, insight, and financial acumen into issues and strategies related to the Trust including regulatory relationships, investment risks, and enterprise risk management.

**Code of Ethics** 

The Trust, the Adviser, and the Placement Agent have each adopted a code of ethics under Rule 17j-1 of the 1940 Act. These codes of ethics permit, subject to certain conditions, personnel of each of those entities to invest in securities that may be purchased or held by the Trust. Shareholders may obtain a copy of the codes of ethics from the United States Securities and Exchange Commission's EDGAR web site http://www.sec.gov or by calling the Fund at 855-351-4583 (toll free).

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**Control Persons and Principal Holders of Securities** 

**Control Persons and Principal Holders** 

As of January 3, 2023, the following persons owned of record 5% or more of the Fund's outstanding shares. Shareholders owning more than 25% of the shares of a Fund are considered to "control" the Fund as that term is defined under the 1940 Act. Persons controlling a Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreement with the Adviser.

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| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  Northern Trust Custodian<br> P.O. Box 92956<br> FBO Bridgewater Pure Alpha Trading Co II Ltd<br> Chicago, IL 60675 | 37.02% |
|  Northern Trust Custodian<br> P.O. Box 92956<br> FBO All Weather Portfolio Trading LLC<br> Chicago, IL 60675 | 8.15% |
|  Northern Trust Custodian<br> P.O. Box 92956<br> FBO Bridgewater Short Term Investment Fund II LLC<br> Chicago, IL 60675 | 6.07% |

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**Management Ownership** 

As of January 3, 2023, the Trustees and officers of the Trust owned less than 1% of the Fund.

**Investment Advisory and Other Services** 

**The Adviser** 

NTI, a subsidiary of Northern Trust Corporation, serves as the Adviser and provides investment advisory services to the Fund. Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended. NTI is located at 50 South LaSalle Street, Chicago, Illinois 60603.

NTI is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. It primarily manages assets for institutional and individual separately managed accounts, investment companies, and bank common and collective funds.

Northern Trust is the principal subsidiary of Northern Trust Corporation and serves as the administrator, transfer agent, and custodian for the Fund. Northern Trust is located at 50 South LaSalle Street, Chicago, Illinois 60603. Northern Trust is a member of the Federal Reserve System. Since 1889, Northern Trust has administered and managed assets for individuals, institutions, and corporations.

*As of December 31, 2022, Northern Trust Corporation, through its affiliates, had assets under custody of $10.6 trillion, and assets under investment management of $1.2 trillion.* 

***Advisory Agreement***

Under the terms of the Trust's investment advisory agreement with the Adviser (the "Advisory Agreement"), the Adviser subject to the supervision of the Board of Trustees, provides or arranges to be provided to the Fund such investment advice as its deems advisable and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. As compensation for management services, the Fund is obligated to pay the Adviser fees computed and accrued daily and paid monthly at the annual rates set forth below:

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| | |
|:---|:---|
| **Fund** | **Percentage of Average<br>Daily Net Assets** |
|  NTAM Treasury Assets Fund | 0.11% |

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Pursuant to the Advisory Agreement, the Fund recorded investment management fees for the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020:

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| | | |
|:---|:---|:---|
|  | **Advisory**<br>**Fees Paid** | **Advisory**<br>**Fees Waived** |
| 2022 | $8658000 | $3281000 |
| 2021 | $8310000 | $4878000 |
| 2020 | $7769000 | $2108000 |

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The Advisory Agreement will continue on a year-to-year basis thereafter, provided that continuance is approved at least annually by specific approval of the Board of Trustees or by vote of the holders of a majority of the outstanding voting securities of the Fund. In either event, it must also be approved by a majority of the Trustees who are neither parties to the agreement nor interested persons, as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated at any time without the payment of any penalty by the Board of Trustees or by vote of a majority of the outstanding voting securities of the Fund on not more than 60 days' written notice to the Adviser. In the event of its assignment, the Advisory Agreement will terminate automatically.

The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that total annual operating expenses (excluding the compensation paid to each Independent Trustee of the Trust, expenses associated with each Independent Trustee's attendance at Board of Trustees meetings and other Trust related travel, expenses of third party consultants engaged by the Board of Trustees, membership dues paid to the Investment Company Institute, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to amounts specified in the prospectus of the Fund until January 28, 2023. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the total annual fund operating expenses (excluding the compensation paid to each Independent Trustee of the Trust, expenses associated with each Independent Trustee's attendance at Board of Trustees meetings and other Trust related travel, expenses of third party consultants engaged by the Board of Trustees, membership dues paid to the Investment Company Institute, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Advisory Agreement.

The balances of recoverable expenses to NTI by the Fund at September 30, 2022 were as follows (in thousands):

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| | | |
|:---|:---|:---|
| **For the:** | **Expiring** | **NTAM Treasury<br>Assets Fund** |
|  Year ended September 30, 2020 | September 30, 2023 | $2108 |
|  Year ended September 30, 2021 | September 30, 2024 | 2217 |
|  Year ended September 30, 2022 | September 30, 2025 | 2305 |
|  Balances of Recoverable Expenses to the Adviser |  | 6630 |

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**Fund Services** 

Northern Trust, located at 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Fund's Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. The Custodian acts as the Trust's depository, provides safekeeping of its portfolio securities, collects all income and other payments with respect thereto, disburses funds at the Trust's request and maintains records in connection with its duties. The Transfer Agent maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of Fund shares, acts as dividend and distribution disbursing agent and performs other accounting and shareholder service functions. The fees and certain expenses of the Transfer Agent, Custodian, Fund Accounting Agent, and Administrator are paid by the Fund. Pursuant to agreements with the Administrator, Fund Accounting Agent, Transfer Agent, and Custodian, the Fund paid the following fees to Northern Trust for the fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020:

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| | | |
|:---|:---|:---|
|  | **Fees Earned** | **Fees**<br>**Waived/Reimbursed** |
| 2022 | $998000 | $0 |
| 2021  | $969000 | $0 |
| 2020  | $940000 | $0 |

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Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) ("ACA Group"), located at 3 Canal Plaza, Suite 100, Portland, ME 04101 provides compliance services and financial controls services for the Fund. Services are provided to the Fund pursuant to written agreement between the Trust, on behalf of the Fund, and ACA Group. The fees are paid by the Fund.

For the fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020, the Fund paid to ACA Group the following fees:

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| | | |
|:---|:---|:---|
|  | **Fees Earned** | **Fees**<br>**Waived/Reimbursed** |
| 2022 | $252000 | $0 |
| 2021 | $364000 | $0 |
| 2020 | $351000 | $0 |

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**Placement Agent** 

The Trust has entered into a Placement Agency Agreement under which Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) (the "Placement Agent"), with principal offices at 3 Canal Plaza, Suite 100, Portland, Maine 04101, as agent, distributes the shares of the Fund. The Adviser pays the cost of printing and distributing prospectuses to persons who are not shareholders of the Trust (excluding preparation and typesetting expenses) and of certain other distribution efforts. No compensation is payable by the Fund to the Placement Agent for its services. However, the Adviser has entered into an agreement with the Placement Agent under which it makes payments to the Placement Agent in consideration for its services under the Placement Agency Agreement. The Placement Agent is not compensated for services under the Placement Agency Agreement. The payments made by the Adviser to the Placement Agent do not represent an additional expense to the Fund or its shareholders. The Placement Agency Agreement provides that the Fund will indemnify the Placement Agent against certain liabilities relating to untrue statements or omissions of material fact except those resulting from the reliance on information furnished to the Fund by the Placement Agent, or those resulting from the willful misfeasance, bad faith, or gross negligence of the Placement Agent, or the Placement Agent's breach of confidentiality.

**Independent Registered Public Accounting Firm** 

The firm of Deloitte & Touche LLP, has been selected as independent registered public accounting firm for the Fund for the fiscal period ending September 30, 2023 in accordance with the requirements of the 1940 Act and the rules thereunder. Deloitte & Touche LLP will perform an annual audit of the Fund's financial statements and provides audit and tax services.

**Brokerage Allocation and Other Practices** 

Subject to policies established by the Board of Trustees, the Adviser is responsible for the Fund's portfolio decisions and the placing of the Fund's portfolio transactions. In placing portfolio transactions, the Adviser seeks the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer. The Adviser generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received. All decisions concerning the purchase and sale of securities and the allocation of brokerage commissions on behalf of the Fund are made by the Adviser. In selecting broker-dealers to use for such transactions, the Adviser will seek to achieve the best overall result for the Fund taking into consideration a range of factors that include not just price, but also the broker's reliability, reputation in the industry, financial standing, infrastructure, research and execution services and ability to accommodate special transaction needs. The Adviser will use knowledge of the Fund's circumstances and requirements to determine the factors that the Adviser takes into account for the purpose of providing the Fund with "best execution."

In selecting qualified broker-dealers to execute brokerage transactions, the Adviser may consider broker- dealers who provide or procure for the Adviser brokerage or research services or products within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended. Such services and products may include fundamental research reports and technical and portfolio analyses. Certain of the brokerage and research services received may benefit some or all of the Adviser's clients and accounts under the management of the Adviser and may not benefit directly the Fund. Broker-dealers who provide such services may receive a commission which is in excess of the amount of the commission another broker-dealer may have charged if in the judgment of the Adviser the higher commission is reasonable in relation to the value of the brokerage and research services rendered. All commissions paid, regardless of whether the executing broker-dealer provides research services, will generally be within a competitive range for full service brokers.

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The Fund paid the following amounts in brokerage commissions for fiscal years ended September 30, 2022, September 30, 2021, and September 30, 2020:

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| | |
|:---|:---|
|  | **Brokerage<br>Commissions Paid** |
| 2022 | $0 |
| 2021 | $0 |
| 2020 | $0 |

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**Conflicts of Interest** 

In addition to the Fund, the Adviser's portfolio managers are often responsible for managing other affiliated funds of the Adviser, as well as other accounts, including separate accounts and other pooled investment vehicles. A portfolio manager may manage an affiliated fund, separate account or other pooled investment vehicle that may have a materially higher or lower fee arrangement with the Adviser than the Fund. The side-by-side management of these accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. In addition, while portfolio managers generally only manage accounts with similar investment strategies, it is possible, due to varying investment restrictions among accounts and for other reasons that certain investments could be made for some accounts and not others or conflicting investment positions could be taken among accounts. The Adviser has a responsibility to manage all client accounts in a fair and equitable manner. It seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management. In addition, the Adviser and the Trust have adopted policies limiting the circumstances under which cross-trades may be effected between the Fund and another client account. The Adviser conducts periodic reviews of trades for consistency with these policies.

The Adviser will give advice to and make investment decisions for the Fund as it believes is in the best interest of the Fund. Advice given to or investment decisions made for the Fund may differ from, and may conflict with, advice given or investment decisions made for the Adviser or its affiliates, or other portfolios or accounts managed by the Adviser or its affiliates. For example, other portfolios or accounts managed by the Adviser may sell short securities of an issuer in which the Fund has taken, or will take, a long position in the same securities. The subsequent purchase may result in an increase of the price of the underlying position in the short sale exposure of the Fund and such increase in price would be to the Fund's detriment. Conflicts may also arise because portfolio decisions regarding the Fund may benefit the Adviser or its affiliates or another portfolio or account managed by the Adviser or its affiliates. For example, the sale of a long position or establishment of a short position by the Fund may impair the price of the same security sold short by (and therefore benefit) another portfolio or account or managed by the Adviser or its affiliates, and the purchase of a security or covering a short position in a security by the Fund may increase the price of the same security held by (and therefore benefit) another account or portfolio managed by the Adviser or its affiliates. Actions taken with respect to the Adviser and its affiliates' other portfolios or accounts managed by them may adversely impact the Fund, and actions taken by the Fund may benefit the Adviser or its affiliates or its other portfolios or accounts.

**Disclosure of Portfolio Holdings** 

The Fund will not disclose (or authorize its custodian or Placement Agent to disclose) portfolio holdings information to any person or entity except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• To persons providing services to the Fund who have a need to know such information in order to fulfill their
obligations to the Fund, such as portfolio managers, administrators, custodians, pricing services, proxy voting services, accounting and auditing services, liquidity vendors, and research and trading services, and the Trust's Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;• In connection with periodic reports that are available to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• To mutual fund rating or statistical agencies or persons performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to a regulatory request or as otherwise required by law; or

&nbsp;&nbsp;&nbsp;&nbsp;• To persons approved in writing by the CCO or President of the Trust.

The Fund will publish on the its website, www.northerntrust.com/ntam-treasury-assets-fund, complete month-end portfolio holdings for the Fund subject to at least a five (5) business day lag between the date of the information and the date on which

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the information is disclosed. To find the month end portfolio holdings for the Fund, click on "Portfolio." The Fund also publishes on its website, no later than the fifth business day of each month and for a period of not less than six months, certain information required by Rule 2a-7 regarding the Fund's portfolio holdings as of the last business day of the prior month. The Fund may publish on the website complete portfolio holdings information more frequently if it has a legitimate business purpose for doing so. Portfolio holdings for the Fund will also be disclosed through required filings with the SEC. The Fund will disclose portfolio holdings quarterly, in the annual and semi-annual reports, as well as in filings with the SEC, in each case no later than 60 days after the end of the applicable fiscal period.

Certain information with respect to the Fund will be provided in monthly holdings reports to the SEC on Form N-MFP2. Form N-MFP2 will be made available to the public on the SEC's EDGAR database immediately upon filing after the end of the month to which the information pertains, and a link to each of the most recent 12 months of filings on Form N-MFP2 will be provided on the Fund's website. In addition, in the event that the Fund files information regarding certain material events with the SEC on Form N-CR, the Fund will disclose on its website certain information that the Fund is required to report on Form N-CR. Such material events include the provision of any financial support by an affiliated person of the Fund or a decline in weekly liquid assets below 10% of the Fund's total assets. This information will appear on the Fund's website no later than the same business day on which the Fund files Form N-CR with the SEC and will be available on the Fund's website for at least one year. Shareholders may obtain the Fund's Forms N-CSR, N-MFP2, and N-CR filings on the SEC's website at www.sec.gov.

Pursuant to policies and procedures adopted by the Board of Trustees, the Fund has ongoing arrangements to release portfolio holdings information on a daily basis to the Adviser, Administrator, Transfer Agent, Fund Accounting Agent, and Custodian and on an as needed basis to other third parties providing services to the Fund. The Adviser, Administrator, Transfer Agent, Fund Accounting Agent, and Custodian receive portfolio holdings information daily in order to carry out the essential operations of the Fund. The Fund discloses portfolio holdings to its auditors, legal counsel, proxy voting services (if applicable), pricing services, printers, parties to merger and reorganization agreements and its agents, and prospective or newly hired investment advisers or sub-advisers. The lag between the date of the information and the date on which the information is disclosed will vary based on the identity of the party to whom the information is disclosed. For instance, the information may be provided to auditors within days of the end of an annual period, while the information may be given to legal counsel at any time.

The Fund, the Adviser, the Transfer Agent, the Fund Accounting Agent, and the Custodian are prohibited from entering into any special or ad hoc arrangements with any person to make available information about the Fund's portfolio holdings without the specific approval of the Trust's CCO or President. Any party wishing to release portfolio holdings information on an ad hoc or special basis must submit any proposed arrangement to the CCO, which will review the arrangement to determine (i) whether the arrangement is in the best interests of the Fund's shareholders, (ii) whether the information will be kept confidential (based on the factors discussed below), (iii) whether sufficient protections are in place to guard against personal trading based on the information, and (iv) whether the disclosure presents a conflict of interest between the interests of Fund shareholders and those of the Adviser, or any affiliated person of the Fund or the Adviser. The CCO will provide to the Board of Trustees on a quarterly basis a report regarding all portfolio holdings information released on an ad hoc or special basis. Additionally, the Adviser, and any affiliated persons of the Adviser, is prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. The Trust's CCO monitors compliance with these procedures, and reviews their effectiveness on an annual basis. Information disclosed to third parties, whether on an ongoing or ad hoc basis, is disclosed under conditions of confidentiality. "Conditions of confidentiality" include (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships) or (iv) understandings or expectations between the parties that the information will be kept confidential. The agreements with the Fund's Adviser, Transfer Agent, Fund Accounting Agent, and Custodian contain confidentiality clauses, which the Board and these parties have determined extend to the disclosure of nonpublic information about the Fund's portfolio holdings and the duty not to trade on the non-public information. The Trust believes that these are reasonable procedures to protect the confidentiality of the Fund's portfolio holdings and will provide sufficient protection against personal trading based on the information.

**Performance Information** 

You may call 855-351-4583 to obtain the current 7-day yield and other performance information or visit www.northerntrust.com/ntam-treasury-assets-fund. Performance reflects expense limitations, fee waivers and reductions or expense reimbursements, as previously discussed in this SAI. If such expense limitations, fee waivers, reductions and expense reimbursements were not in

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place, the Fund's performance would have been reduced. Any fees imposed by the Adviser or other servicing agents on their customers in connection with investments in the Fund are not reflected in the calculation of performance for the Fund.

The performance of the Fund may be compared to the performance of other money market funds with similar investment objectives and other relevant indices or to rankings prepared by independent services or other financial or industry publications that monitor the performance of mutual funds. For example, the performance of the Fund may be compared to data prepared by iMoneyNet, Inc. or other independent mutual fund reporting services. Performance data as reported in national financial publications such as Money Magazine, Morningstar, Forbes, Barron's, The Wall Street Journal, and The New York Times, or in publications of a local or regional nature, also may be used in comparing the performance of the Fund.

From time to time, the Fund may advertise its "yield" and "effective yield." These yield figures will fluctuate, are based on historical earnings, and are not intended to indicate future performance. "Yield" refers to the net investment income generated by an investment in the Fund over a 7-day period identified in the advertisement. This net investment income is then "annualized." That is, the amount of net investment income generated by the investment during that week is assumed to be generated each week over a 52-week period and is shown as a percentage of the investment.

In arriving at quotations as to "yield," the Fund first determines the net change, exclusive of capital changes, during the 7-day period in the value of a hypothetical pre-existing account having a balance of one share at the beginning of the period, then divides such net change by the value of the account at the beginning of the period to obtain the base period return, and then multiplies the base period return by 365/7.

"Effective yield" is calculated similarly but, when annualized, the net investment income earned by an investment in the Fund is assumed to be reinvested. The "effective yield" will be slightly higher than the "yield" because of the compounding effect of this assumed reinvestment. The "effective yield" with respect to the Fund is computed by adding 1 to the base period return (calculated as above), raising the sum to a power equal to 365 divided by 7, and subtracting 1 from the result.

Quotations of yield and effective yield provided by the Fund are carried to at least the nearest hundredth of one percent. Any fees imposed by the Adviser or its affiliates on their customers in connection with investment in the Fund are not reflected in the calculation of yield for the Fund. A money market fund also may quote, from time to time, total return in accordance with SEC regulations.

The Fund's yield may not provide a basis for comparison with bank deposits and other investments which provide a fixed yield for a stated period of time. The Fund's yield fluctuates, unlike bank deposits or other investments which pay a fixed yield for a stated period of time. The annualization of one week's income is not necessarily indicative of future actual yields. Actual yields will depend on such variables as portfolio quality, average portfolio maturity, the type of portfolio instruments acquired, changes in money market interest rates, portfolio expenses and other factors. Yields are one basis investors may use to analyze the Fund as compared to comparable money market funds and other investment vehicles. However, yields of other money market funds and other investment vehicles may not be comparable because of the foregoing variables, and differences in the methods used in valuing their portfolio instruments, computing NAV and determining yield. The Fund also may quote, from time to time, total return in accordance with SEC regulations.

**Net Asset Value** 

As stated in the Prospectus, the Fund operates as a "government money market fund" under Rule 2a-7 of the 1940 Act and seeks to maintain a NAV of $1.00 per share and, in this connection, values its instruments on the basis of amortized cost pursuant to Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and thereafter assumes a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. While this method provides certainty in valuation, it may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if the Fund sold the instrument. During such periods, the yield to investors in the Fund may differ somewhat from that obtained in a similar entity which uses available indications as to market value to value its portfolio instruments. For example, if the use of amortized cost resulted in a lower (higher) aggregate Fund value on a particular day, a prospective investor in the Fund would be able to obtain a somewhat higher (lower) yield and ownership interest than would result from investment in such similar entity and existing investors would receive less (more) investment income and ownership interest. However, the Trust expects that the procedures and limitations referred to in the following paragraphs of this section will tend to minimize the differences referred to above.

Under Rule 2a-7, the Trust's Board of Trustees, in supervising the Trust's operations and delegating special responsibilities involving portfolio management to the Adviser, has established procedures that are intended, taking into account current

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market conditions and the Fund's investment objective, to stabilize the NAV of the Fund, as computed for the purposes of purchases and redemptions, at $1.00 per share. The Trustees' procedures include periodic monitoring of the difference (the "Market Value Difference") between the amortized cost value per share and the NAV per share based upon available indications of market value. Available indications of market value used by the Trust consist of actual market quotations or appropriate substitutes which reflect current market conditions and include (i) quotations or estimates of market value for individual portfolio instruments and/or (ii) values for individual portfolio instruments derived from market quotations relating to varying maturities of a class of money market instruments. In the event the Market Value Difference of the Fund exceeds certain limits or NTI believes that the Market Value Difference may result in material dilution or other unfair results to investors or existing shareholders, the Trust will take action in accordance with the 1940 Act (e.g., selling portfolio instruments to shorten average portfolio maturity or to realize capital gains or losses, reducing or suspending shareholder income accruals, redeeming shares in-kind, or utilizing a NAV per share based upon available indications of market value which under such circumstances would vary from $1.00) to eliminate or reduce to the extent reasonably practicable any material dilution or other unfair results to investors or existing shareholders which might arise from Market Value Differences. In particular, if losses were sustained by the Fund, the number of outstanding shares might be reduced in order to maintain a NAV per share of $1.00. Such reduction would be effected by having each shareholder proportionately contribute to the Fund's capital the necessary shares to restore such NAV per share. Each shareholder will be deemed to have agreed to such contribution in these circumstances by investing in the Fund.

Rule 2a-7 requires that the Fund limit its investments to instruments (i) which the Adviser determines (pursuant to guidelines established by the Board of Trustees) to present minimal credit risks; or (ii) are issued by other investment companies that are money market funds; or (iii) are U.S. government securities. The Rule also requires that the Fund maintain a dollar-weighted average portfolio maturity (not more than 60 days) and a dollar-weighted average portfolio maturity without regard to maturity shortening provisions applicable to variable and floating rate securities (also known as dollar-weighted average portfolio life) of 120 days or less appropriate to its policy of maintaining a stable NAV per share and precludes the purchase of any instrument deemed under the Rule to have a remaining maturity of more than 397 calendar days (as calculated pursuant to Rule 2a-7). Should the disposition of a portfolio security result in a dollar-weighted average portfolio maturity of more than 60 days, the Rule requires the Fund to invest its available cash in such a manner as to reduce such maturity to the prescribed limit as soon as reasonably practicable.

The Fund is required to comply with SEC requirements with respect to the liquidity of the Fund's investments. Specifically, the Fund is required to hold at least 10% of its total assets in "daily liquid assets," and at least 30% of its total assets in "weekly liquid assets." For these purposes, daily and weekly liquid assets are calculated as of the end of each business day. Daily liquid assets include: cash; direct obligations of the U.S. government; securities that will mature or are subject to a demand feature that is exercisable and payable within one business day; and amounts receivable and due unconditionally within one business day on pending sales of portfolio securities. Weekly liquid assets include: cash; direct obligations of the U.S. government; certain U.S. government agency discount notes without provision for the payment of interest with remaining maturities of 60 days or less; securities that will mature or are subject to a demand feature that is exercisable and payable within five business days; and amounts receivable and due unconditionally within five business days on pending sales of portfolio securities.

The NAV is calculated at 2:00 p.m. Eastern Time ("ET") /1:00 p.m. Central Time ("CT"), on each Business Day. A "Business Day" is each Monday through Friday that the Federal Reserve Bank of New York (the "New York Fed") is open for business, that is not a day the Securities Industry and Financial Markets Association ("SIFMA") recommends the bond market be closed. SIFMA may recommend that the bond market be closed on additional days as determined by market events, but the current SIFMA recommended holiday schedule is as follows: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas Day. In the event that the New York Fed is not open or SIFMA does not recommend that the bond market be open because of an emergency or unusual event, the Trust may, but is not required to, open the Fund for purchase and redemption transactions if the Federal Reserve wire payment system is open. To learn whether the Fund is open for business during an emergency situation or unusual event, please call 855-351-4583. The Fund reserves the right to limit the amount of purchases and to refuse to sell to any person or intermediary. If your wire does not clear, you will be responsible for any loss incurred by the Fund. If you are already a Fund shareholder, the Fund reserves the right to redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred or money owed to the Fund. You also may be prohibited or restricted from making future purchases in the Fund. In certain circumstances, the Trust may advance the time by which purchase orders must be received. The Fund reserves the right to advance the time for accepting purchase or redemption orders for same Business Day credit when SIFMA recommends the bond market close early, trading on the bond market is restricted, an emergency arises or as otherwise permitted by the SEC. In addition, on any Business Day when SIFMA recommends that the bond markets close early, the

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Fund reserves the right to close at or prior to the SIFMA recommended closing time. If the Fund does so, it will cease granting same Business Day credit for purchase and redemption orders received at the Fund's closing time and credit will be given on the next Business Day. In addition, the Board of Trustees of the Fund also may, for any Business Day, decide to change the time as of which the Fund's NAV is calculated in response to new developments such as altered trading hours, or as otherwise permitted by the SEC.

The Adviser is not required to calculate the NAV of the Fund on days during which no shares are tendered to the Fund for redemption and no orders to purchase or sell shares are received by the Fund, or on days on which there is an insufficient degree of trading in the Fund's portfolio securities for changes in the value of such securities to affect materially the NAV per share.

The Fund currently does not intend to avail itself of the ability to impose liquidity fees and/or redemption gates. However, the Board reserves the right, with notice to shareholders, to change this policy with respect to the Fund, thereby permitting the Fund to impose such fees and gates in the future.

**Redemption In-Kind** 

The Fund does not intend to redeem shares in any form except cash. However, if the amount redeemed is over the lesser of $250,000 or 1% of the Fund's net assets, the Fund has the right to redeem shares by giving the redeeming shareholder the amount that exceeds the lesser of $250,000 or 1% of the Fund's net assets in securities instead of cash. In the event that an in-kind distribution is made, a shareholder may incur additional expenses, such as the payment of brokerage commissions, on the sale or other disposition of the securities received from the Fund.

**Tax Consequences** 

The following summarizes certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussions here and in the Prospectus are not intended as a substitute for careful tax planning. Potential investors should consult their tax advisers with specific reference to their own tax situations.

The discussions of the federal tax consequences in the Prospectus and this SAI are based on the Internal Revenue Code of 1986, as amended (the "IRC") and the regulations issued under it, and court decisions and administrative interpretations, as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly alter the statements included herein, and any such changes or decisions may be retroactive.

The Fund intends to qualify as a regulated investment company under Subchapter M of Subtitle A, Chapter 1 of the IRC. As a regulated investment company, the Fund generally is exempt from federal income tax on its net investment income and realized capital gains which it distributes to shareholders. To qualify for treatment as a regulated investment company, it must meet three important tests each year.

**Federal – General Information** 

First, the Fund must derive with respect to each taxable year at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, other income derived with respect to the Fund's business of investing in stock, securities or currencies, or net income derived from interests in qualified publicly traded partnerships.

Second, generally, at the close of each quarter of the Fund's taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers as to which (a) the Fund has not invested more than 5% of the value of its total assets in securities of the issuer and (b) the Fund does not hold more than 10% of the outstanding voting securities of the issuer, and no more than 25% of the value of the Fund's total assets may be invested in the securities of (1) any one issuer (other than U.S. government securities and securities of other regulated investment companies), (2) two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses or (3) one or more qualified publicly traded partnerships.

Third, the Fund must distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss), before taking into account any deduction for dividends paid, and 90% of its tax-exempt income, if any, for the year.

The Fund intends to comply with these requirements. If the Fund were to fail to make sufficient distributions, it could be liable for corporate income tax and for excise tax in respect of the shortfall or, if the shortfall is large enough, the Fund could

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be disqualified as a regulated investment company. If for any taxable year the Fund were not to qualify as a regulated investment company, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders. In that event, taxable shareholders would recognize dividend income on distributions (including distributions attributable to tax-exempt income) to the extent of the Fund's current and accumulated earnings and profits, and corporate shareholders could be eligible for a dividends-received deduction.

The IRC imposes a non-deductible 4% excise tax on a regulated investment company that fails to distribute by the end of each calendar year an amount equal to 98% of its ordinary taxable income for the calendar year and 98.2% of its capital gain net income for the year ending October 31. The Fund intends to make sufficient distributions of its ordinary taxable income and capital gain net income each calendar year to avoid liability for this excise tax.

Generally, any capital losses realized by the Fund will be permitted to be carried forward indefinitely by the Fund and will retain their character as short or long-term capital losses. At September 30, 2022, capital losses incurred by the Fund are as follows:

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| | |
|:---|:---|
| **Short-Term<br>Capital Loss<br>Carry-Forward** | **Long-Term<br>Capital Loss<br>Carry Forward** |
| $(58) |  |

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**State and Local Taxes** 

Although the Fund expects to qualify as a "regulated investment company" and to be relieved of all or substantially all federal income taxes, depending upon the extent of its activities in states and localities in which its offices are maintained, in which its agents or independent contractors are located or in which it is otherwise deemed to be conducting business, the Fund may be subject to the tax laws of such states or localities.

Many states grant tax-free status to dividends paid to shareholders of a fund from interest income earned by that fund from direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the fund. Investments in securities issued by the Ginnie Mae or Fannie Mae, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. Government securities do not generally qualify for tax-free treatment.

**Potential Pass-Through of Tax Credits** 

If the Fund holds (directly or indirectly) one or more "tax credit bonds" (defined below) on one or more specified dates during the Fund's taxable year, the Fund may elect for U.S. Federal income tax purposes to pass through to shareholders certain tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond is defined in the IRC as a "qualified tax credit bond" (which includes certain qualified forestry conservation bonds, new clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds, and qualified school construction bonds, each of which must meet certain requirements specified in the IRC), certain "build America bonds" or certain other specified bonds. If the Fund were to make an election, a shareholder of the Fund would be required to include in income a proportionate share of the interest income attributable to the tax credits and would be entitled to claim as a tax credit a proportionate share of such credits. However, such tax credits are generally not refundable. There is no assurance that the Fund will elect to pass through any such income and credits. Certain limitations may apply on the extent to which the credit may be claimed.

The foregoing discussion is based on federal tax laws and regulations which are in effect on the date of this SAI. Such laws and regulations may be changed by legislative or administrative action. 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. On December 22, 2017, the President signed into law H.R. 1, originally known as the "Tax Cuts and Jobs Act." The law repeals the rules related to tax credit bonds and is effective for bonds issued after December 31, 2017, but does not affect the tax treatment of bonds issued prior to January 1, 2018.

An additional 3.8% Medicare tax generally will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that any such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

Shareholders should consult their tax advisors about the application of federal, state, local and foreign tax law in light of their particular situation.

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Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by the Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2020. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**NOTICE:** Under section 72.1021(a) of the Texas Property Code, initial investors in the Fund who are Texas residents may designate a representative to receive notices of abandoned property in connection with Fund shares. Texas shareholders who wish to appoint a representative should notify the Trust's Transfer Agent by calling 855-351-4583 to obtain a form for providing written notice to the Trust.

**Financial Statements** 

The audited financial statements, including the financial highlights appearing in the Annual Report to Shareholders of the Fund, for the fiscal year ended September 30, 2022 are incorporated herein by reference. The Fund will provide the Annual Report without charge at written request or request by telephone.

**More Information** 

Statements contained in the Prospectus or in this SAI as to the contents of any contract or other documents referred to are not necessarily complete, and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement of which the Prospectus and this SAI form a part, each such statement being qualified in all respects by such reference. The Registration Statement including the exhibits filed therewith may be examined at the office of the U.S. Securities and Exchange Commission in Washington, D.C. or on the U.S. Securities and Exchange Commission website at http://www.sec.gov.

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**Appendix A - Description of Securities Ratings** 

**Short-Term Credit Ratings** 

***An S&P Global Ratings*** short-term issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation having an original maturity of no more than 365 days. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

"A-1"—A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment 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 Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to "D" if it is subject to a distressed exchange offer.

Local Currency and Foreign Currency Ratings—S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. An issuer's foreign currency rating will differ from its local currency rating when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.

***Moody's Investors Service ("Moody's")*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"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.

"NR"—Is assigned to an unrated issuer.

***Fitch, Inc. / Fitch Ratings Ltd. ("Fitch")*** 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 not be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention. 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. The following summarizes the rating categories used by Fitch for short-term obligations:

"F1"—Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

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"F2"—Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.

"F3"—Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate.

"B"—Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

"C"—Securities possess 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.

Plus (+) or minus (-)—The "F1" rating may be modified by the addition of a plus (+) or minus (-) sign to show the relative status within that major rating category.

"NR"—Is assigned to an unrated issue of a rated issuer.

***The DBRS<sup>®</sup> Ratings Limited ("DBRS")*** short-term debt rating scale provides an opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. Ratings are based on quantitative and qualitative considerations relevant to the issuer and the relative ranking of claims. The R-1 and R-2 rating categories are further denoted by the sub-categories "(high)", "(middle)", and "(low)".

The following summarizes the ratings used by DBRS for commercial paper and short-term debt:

"R-1 (high)"—Short-term debt rated "R-1 (high)" is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

"R-1 (middle)"—Short-term debt rated "R-1 (middle)" is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from "R-1 (high)" by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

"R-1 (low)"—Short-term debt rated "R-1 (low)" is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

"R-2 (high)"—Short-term debt rated "R-2 (high)" is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

"R-2 (middle)"—Short-term debt rated "R-2 (middle)" is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

"R-2 (low)"—Short-term debt rated "R-2 (low)" is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

"R-3"—Short-term debt rated "R-3" is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events and the certainty of meeting such obligations could be impacted by a variety of developments.

"R-4"—Short-term debt rated "R-4" is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

"R-5"—Short-term debt rated "R-5" is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

"D"—Short-term debt rated "D" is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to "D" may occur. DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

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**Long-Term Credit Ratings** 

The following summarizes the ratings used by ***S&P Global Ratings*** for long-term issues:

"AAA"—An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

"AA"—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 Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

"C"—An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

"D"—An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 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. An obligation's rating is lowered to "D" if it is subject to a distressed exchange offer.

Plus (+) or minus (-)—The ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

"NR"—This indicates that a rating has not been assigned, or is no longer assigned.

Local Currency and Foreign Currency Risks—S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. An issuer's foreign currency rating will differ from its local currency rating when the obligor has a different capacity to meet its obligations denominated in its local currency, vs. obligations denominated in a foreign currency.

***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of one year or more. Such ratings reflect both on the likelihood of default on contractually promised payments and the expected financial loss suffered in the event of default. The following summarizes the ratings used by Moody's for long-term debt:

"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.

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"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.

"NR"—Is assigned to unrated obligations.

The following summarizes long-term ratings used by Fitch:

"AAA"—Securities considered to be of the 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"—Securities considered to be of 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"—Securities considered to be of 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"—Securities considered to be of 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"—Securities considered to be speculative. "BB" ratings indicate that there is 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"—Securities considered to be highly speculative. "B" ratings indicate that material credit risk is present.

"CCC"—A "CCC" rating indicates that substantial credit risk is present.

"CC"—A "CC" rating indicates very high levels of credit risk.

"C"—A "C" rating indicates exceptionally high levels of credit risk.

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. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" obligation rating category, or to corporate finance obligation ratings in the categories below "CCC".

"NR"—Is assigned to an unrated issue of a rated issuer.

The ***DBRS*** long-term rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been issued. Ratings are based on quantitative and qualitative considerations relevant to the issuer, and the relative ranking of claims. All rating categories

------

other than AAA and D also contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category. The following summarizes the ratings used by DBRS for long-term debt:

"AAA"—Long-term debt rated "AAA" is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

"AA"—Long-term debt rated "AA" is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from "AAA" only to a small degree. Unlikely to be significantly vulnerable to future events.

"A"—Long-term debt rated "A" is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than "AA." May be vulnerable to future events, but qualifying negative factors are considered manageable.

"BBB"—Long-term debt rated "BBB" is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

"BB"—Long-term debt rated "BB" is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

"B"—Long-term debt rated "B" is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

"CCC", "CC" and "C"—Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although "CC" and "C" ratings are normally applied to obligations that are seen as highly likely to default, or subordinated to obligations rated in the "CCC" to "B" range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the "C" category.

"D"—A security rated "D" is assigned when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods, a downgrade to "D" may occur. DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**Municipal Note Ratings** 

An ***S&P Global Ratings*** U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Municipal Short-Term Note rating symbols are as follows:

"SP-1"—A municipal note rated "SP-1" exhibits a 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"—A municipal note rated "SP-2" exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

"SP-3"—A municipal note rated "SP-3" exhibits a speculative capacity to pay principal and interest.

"D"—This rating is assigned upon failure to pay the note when due, completion of a distressed exchange offer, 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.

***Moody's*** uses the Municipal Investment Grade ("MIG") scale to rate U.S. municipal bond anticipation notes of up to five years maturity. Municipal notes rated on the MIG scale may be secured by either pledged revenues or proceeds of a take-out financing received prior to note maturity. MIG ratings expire at the maturity of the obligation, and the issuer's long-term

------

rating is only one consideration in assigning the MIG rating. MIG ratings are divided into three levels—"MIG-1" through "MIG-3" while speculative grade short-term obligations are designated "SG". The following summarizes the ratings used by Moody's for short-term municipal obligations:

"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.

"NR"—Is assigned to an unrated obligation.

In the case of variable rate demand obligations ("VRDOs"), a two-component rating is assigned: a long or short-term debt rating and a demand obligation rating. The first element represents Moody's evaluation of risk associated with scheduled principal and interest payments. The second element represents Moody's evaluation of risk associated with the ability to receive purchase price upon demand ("demand feature"). The second element uses a rating from a variation of the MIG scale called the Variable Municipal Investment Grade or "VMIG" scale. The rating transitions on the VMIG scale differ from those on the Prime scale to reflect the risk that external liquidity support generally will terminate if the issuer's long-term rating drops below investment grade.

"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 that ensure the timely payment of purchase price upon demand.

"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 that ensure the timely payment of purchase price upon demand.

"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 that ensure the timely payment of purchase price upon demand.

"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 an investment grade short-term rating or may lack the structural and/or legal protections necessary to ensure the timely payment of purchase price upon demand.

"NR"—Is assigned to an unrated obligation.

**About Credit Ratings** 

An ***S&P Global Ratings*** issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

***Moody's*** credit ratings must be construed solely as statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities.

***Fitch's*** credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Fitch credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in accordance with the terms on which they invested. Fitch's credit ratings cover the global spectrum of corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national entities) and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

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Credit ratings provided by ***DBRS*** are forward-looking opinions about credit risk which reflect the creditworthiness of an issuer, rated entity, and/or security. Credit ratings are not statements of fact. While historical statistics and performance can be important considerations, credit ratings are not based solely on such; they include subjective considerations and involve expectations for future performance that cannot be guaranteed. To the extent that future events and economic conditions do not match expectations, credit ratings assigned to issuers and/or securities can change. Credit ratings are also based on approved and applicable methodologies, models and criteria ("Methodologies"), which are periodically updated and when material changes are deemed necessary, this may also lead to rating changes.

Credit ratings typically provide an opinion on the risk that investors may not be repaid in accordance with the terms under which the obligation was issued. In some cases, credit ratings may also include consideration for the relative ranking of claims and recovery, should default occur. Credit ratings are meant to provide opinions on relative measures of risk and are not based on expectations of any specific default probability, nor are they meant to predict such.

The data and information on which DBRS bases its opinions is not audited or verified by DBRS, although DBRS conducts a reasonableness review of information received and relied upon in accordance with its Methodologies and policies. DBRS uses rating symbols as a concise method of expressing its opinion to the market, but there are a limited number of rating categories for the possible slight risk differentials that exist across the rating spectrum and DBRS does not assert that credit ratings in the same category are of "exactly" the same quality.

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**PART C** 

**OTHER INFORMATION** 

**Item 28. Exhibits.** 

(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Certificate of Conversion, which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 58 dated August 7, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312517249309/d376282dex9928aii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Fourth Amended and Restated Agreement and Declaration of Trust dated March 10, 2022 is filed herewith.](d383381dex99aii.htm)

(b) By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Registrant's Second Amended By-Laws dated June 21, 2018, which was filed as an Exhibit to Registrant's Amendment No. 79 dated January 25, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312519017238/d680932dex9928bi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment to Registrant's Second Amended By-Laws dated December 14, 2018, which was filed as an Exhibit to Registrant's Amendment No. 79 dated January 25, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312519017238/d680932dex9928bii.htm)

(c) Instruments Defining Rights of Security Holder. None other than in the Declaration of Trust and By-Laws of the
Registrant.

(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Investment Advisory Agreement between Registrant, on behalf of the series managed by Northern Trust Investments, Inc. and Northern Trust Investments, Inc. dated March 7, 2018, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928di.htm)

(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Placement Agent Agreement between Registrant, on behalf of the NTAM Treasury Assets Fund, and Foreside Financial Services, LLC dated March 20, 2018, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928ei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Novation of Placement Agent Agreement between the Registrant, on behalf of the NTAM Treasury Assets Fund and Foreside Financial Services, LLC Services, LLC, which was filed as an Exhibit to Registrant's Amendment No. 109 filed on January 27, 2022, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312522019585/d258090dex9928eii.htm)

(f) Bonus or Profit Sharing Contracts. None.

(g) Custodian Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Custody Agreement between Registrant, on behalf of the series managed by Northern Trust Investments, Inc., and The Northern Trust Company dated March 7, 2018, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928gi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment to Custody Agreement dated December 12, 2019 which was filed as an Exhibit to Registrant's Amendment No. 87 dated January 24, 2020, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312520014075/d643548dex9928gii.htm)

(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Transfer Agency and Service Agreement between the Registrant, on behalf of the series managed by Northern Trust Investments, Inc., and The Northern Trust Company dated March 7, 2018, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928hi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment to Transfer Agency and Service Agreement dated December 14, 2022 is filed herewith.](d383381dex99hii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Fund Administration and Accounting Services Agreement between Registrant, on behalf of the series managed by Northern Trust Investments, Inc., and The Northern Trust Company dated March 7, 2018, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928hii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amendment to Fund Administration and Accounting Services Agreement dated September 20, 2018 which was filed as an Exhibit to Registrant's Amendment No. 79 dated January 25, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312519017238/d680932dex9928hiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amended and Restated Services Agreement for Trust and Regulatory Governance between Registrant, on behalf of the series managed by Northern Trust Investments, Inc., and Foreside Fund Officer Services, LLC dated September 20, 2018 which was filed as an Exhibit to Registrant's Amendment No. 79 dated January 25, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312519017238/d680932dex9928hiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Expense Limitation Agreement between Registrant, on behalf of the series managed by Northern Trust Investments, Inc., and Northern Trust Investments, Inc., on behalf of the NTAM Treasury Assets Fund dated March 7, 2018, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928hiv.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [First Amendment to Expense Limitation Agreement dated June 11, 2020 which was filed as an Exhibit to Registrant's Amendment No. 101 dated January 27, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521019121/d98958dex9928hvi.htm)

(i) Legal Opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Legal Opinion of Thompson Hine LLP, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Legal Consent is filed herewith.](d383381dex99iii.htm)

(j) Other Opinions. Not required.

(k) Omitted Financial Statements. Not required.

(l) Initial Capital Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Purchase Agreement for shares of the NTAM Treasury Assets Fund, which was filed as an Exhibit to Registrant's Amendment No. 72 dated March 22, 2018, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312518092280/d547220dex9928li.htm)

(m) Rule 12b-1 Plan. None.

(n) Rule 18f-3 Plan. None.

(o) Reserved.

(p) Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Code of Ethics of the Registrant. Registrant's Amended Code of Ethics dated June 10, 2014, which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 22, dated August 11, 2014, and is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312514305005/d769221dex9928pii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Code of Ethics of the Adviser. Northern Trust Investments, Inc. Code of Ethics dated April 1, 2021,is filed herewith.](d383381dex99pii.htm)

(q) [Powers of Attorney for D'Ray Moore, Robert Gordon, and Steven R. Sutermeister are filed herewith](d383381dex99q.htm)

**Item 29. Persons Controlled by or Under Common Control with the Fund** None.

**Item 30. Indemnification** 

Reference is made to Article VII of the Registrant's Agreement and Declaration of Trust. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue. The Registrant may maintain a standard mutual fund and investment advisory professional and directors and officers' liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

**Item 31. Business and Other Connections of the Investment Adviser** 

Northern Trust Investments, Inc. ("NTI"), an indirect subsidiary of Northern Trust Corporation ("TNTC"), serves as investment adviser of the Fund. NTI is located at 50 S. LaSalle Street, Chicago, Illinois 60603. NTI is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. NTI primarily manages assets for institutional and individual separately managed accounts, investment companies and bank common and collective funds. Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended. Set forth below is a list of officers and directors of NTI, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years.

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| | | |
|:---|:---|:---|
| **Name and Position with<br>Investment Adviser (NTI)** | **Name of Other Company** | **Position with Other Company** |
| Abunassar, John<br> Director and Executive Vice President | The Northern Trust Company | Executive Vice President |
| Carroll, Stephen Elliott<br> Senior Vice President, Chief Financial Officer, and Treasurer | Belvedere Advisors LLC | Chief Financial Officer and Senior Vice President |
| Carberry, Craig R.<br> Senior Vice President, Chief Legal Officer, Senior Trust Officer and Secretary | The Northern Trust Company<br> 50 South Capital Advisors, LLC<br>Belvedere Advisors LLC<br> Northern Trust Securities, Inc.<br> Northern Institutional Funds<br> Northern Funds | Deputy General Counsel and Senior Vice President<br> Chief Legal Officer and Secretary<br> Chief Legal Officer and Secretary<br>Secretary<br> Chief Legal Officer<br> Chief Legal Officer |
| Chappell, Darlene<br> Vice President and Anti-Money Laundering Compliance Officer | 50 South Capital Advisors, LLC<br>Belvedere Advisors LLC<br> Northern Institutional Funds<br> Northern Funds | AML Compliance Officer<br> AML Compliance Officer<br> AML Compliance Officer<br> AML Compliance Officer |
| Del Real, Jose J.<br> Assistant Secretary | The Northern Trust Company<br> Northern Institutional Funds<br> Northern Funds | Assistant General Counsel and Senior Vice President<br> Secretary<br> Secretary |
| Ewing, Peter K.<br> Director and Senior Vice President | The Northern Trust Company<br> Northern Institutional Funds<br> Northern Funds | Senior Vice President<br> President and Principal Executive Officer<br> President and Principal Executive Officer |
| Hawkins, Sheri B.<br> Director and Executive Vice<br> President |  |  |
| Kumar, Archana<br> Director, Executive Vice President and Chief Operating Officer |  |  |
| Manioudakis, Angelo<br> Director, Chief Investment Officer and Executive Vice President |  |  |
| McInerney, Joseph W.<br> Senior Vice President and Chief Risk Officer |  |  |
| O'Grady, Michael G.<br> Director, Chairman, President, and Chief Executive Officer | Northern Trust Corporation | Chairman of the Board,<br> Chief Executive Officer, President |
| Teufel, Maya G.<br> Senior Vice President and Chief Compliance Officer |  |  |
| Wojnar, Darek<br> Director and Executive Vice<br> President | The Northern Trust Company<br> Northern Institutional Funds<br> Northern Funds | Executive Vice President<br> Trustee<br> Trustee |

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**Item 32. Principal Underwriters** 

(a) Foreside Financial Services, LLC (f/k/a/ BHIL Distributors, LLC) , a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), (the "Placement Agent ") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. 13D Activist Fund, Series of Northern Lights Fund Trust

2. 2nd Vote Funds

3. AAMA Equity Fund, Series of Asset Management Fund

4. AAMA Income Fund, Series of Asset Management Fund

5. Advisers Investment Trust

6. Alpha Alternative Assets Fund

7. AltShares Trust

8. Boston Trust Walden Funds (f/k/a The Boston Trust & Walden Funds)

9. Bow River Capital Evergreen Fund

10. Constitution Capital Access Fund, LLC

11. Conversus StepStone Private Markets

12. Cook & Bynum Funds Trust

13. Datum One Series Trust

14. Diamond Hill Funds

15. Driehaus Mutual Funds

16. Engine No. 1 ETF Trust

17. FMI Funds, Inc.

18. FlowStone Opportunity Fund

19. Inspire 100 ETF, Series of Northern Lights Fund Trust IV

20. Inspire Corporate Bond Impact ETF, Series of Northern Lights Fund Trust IV

21. Inspire Faithward Mid Cap Momentum ETF, Series of Northern Lights Fund Trust IV

22. Inspire Fidelis Multi Factor ETF, Series of Northern Lights Fund Trust IV

23. Inspire Global Hope ETF, Series of Northern Lights Fund Trust IV

24. Inspire International ESG ETF, Series of Northern Lights Fund Trust IV

25. Inspire Small Mid Cap Impact ETF, Series of Northern Lights Fund Trust IV

26. Inspire Tactical Balanced ESG ETF, Series of the Northern Lights Fund Trust IV

27. Monachil Credit Income Fund

28. Pax World Funds Series Trust

29. Pax World Funds Series Trust III

30. PPM Funds

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31. Praxis Mutual Funds

32. Primark Private Equity Investments Fund

33. Rimrock Funds Trust

34. SA Funds – Investment Trust

35. Sequoia Fund, Inc.

36. Siren ETF Trust

37. Simplify Exchange Traded Funds

38. Zacks Trust

(b) The following are the Officers and Manager of the Placement Agent. The Placement Agent's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

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| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Susan K. Moscaritolo | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202 | Treasurer |  |

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(c) Not applicable.

**Item 33. Location of Accounts and Records** 

Accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder are in the physical possession of TNTC and NTI, each located at 50 S. LaSalle St., Chicago, IL 60603. Records for Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), as placement agent, are located at 3 Canal Plaza, Suite 100, Portland, Maine 04101.

**Item 34. Management Services** Not applicable.

**Item 35. Undertakings** Not applicable.

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**SIGNATURES** 

Pursuant to the requirements of the Investment Company Act of 1940, as amended, the Registrant has duly caused this Amendment No. 114 to its registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Chicago and State of Illinois on the 26th day of January, 2023.

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| | |
|:---|:---|
| Advisers Investment Trust | Advisers Investment Trust |
| By: | /s/ Barbara J. Nelligan |
|  | Barbara J. Nelligan, President |

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**Exhibit Index** 

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| | | |
|:---|:---|:---|
| 1. | Fourth Amended and Restated Agreement and Declaration of Trust dated March 10, 2022 | Exhibit (a)(ii) |
| 2. | Amendment to Transfer Agency and Service Agreement dated December 14, 2022 | Exhibit (h)(ii) |
| 3. | Legal Consent | Exhibit (i)(ii) |
| 4. | Code of Ethics of the Adviser. Northern Trust Investments, Inc. Code of Ethics dated April 1, 2021 | Exhibit (p)(ii) |
| 5. | Powers of Attorney for D'Ray Moore, Robert Gordon, and Steven R. Sutermeister | Exhibit (q) |

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## Ex-99.Aii

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**ADVISERS INVESTMENT TRUST** 

**FOURTH AMENDED AND RESTATED** 

**AGREEMENT AND DECLARATION OF TRUST** 

**MARCH 10, 2022** 

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**ADVISERS INVESTMENT TRUST** 

**FOURTH AMENDED AND RESTATED** 

**AGREEMENT AND DECLARATION OF TRUST** 

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  ARTICLE I NAME AND DEFINITIONS | ARTICLE I NAME AND DEFINITIONS | 1 |
|  Section 1.1. | Name and Principal Office | 1 |
|  Section 1.2. | Definitions | 1 |
| (a) | The "Trust" | 1 |
| (b) | "Trustees" | 2 |
| (c) | "Shares" | 2 |
| (d) | "Series" | 2 |
| (e) | "Class" | 2 |
| (f) | "Shareholder" | 2 |
| (g) | The "1940 Act" | 2 |
| (h) | "Commission" | 2 |
| (i) | "Declaration of Trust" | 2 |
| (j) | "By-Laws" | 2 |
| (k) | "Person" | 2 |
| (l) | "Principal Underwriter" | 2 |
| (m) | "Trust Property" | 2 |
|  ARTICLE II PURPOSE OF TRUST | ARTICLE II PURPOSE OF TRUST | 2 |
|  ARTICLE III THE TRUSTEES | ARTICLE III THE TRUSTEES | 3 |
|  Section 3.1. | Number, Designation, Election, Term, etc. | 3 |
| (a) | Current Trustees | 3 |
| (b) | Number | 3 |
| (c) | Term | 3 |
| (d) | Resignation and Retirement | 3 |
| (e) | Removal | 3 |
| (f) | Vacancies | 3 |
| (g) | Effect of Death, Resignation, etc. | 4 |
| (h) | No Accounting | 4 |
|  Section 3.2. | Powers of Trustees | 4 |
| (a) | Investments | 5 |
| (b) | Disposition of Assets | 5 |
| (c) | Ownership Powers | 5 |
| (d) | Subscription | 5 |
| (e) | Form of Holding | 5 |

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| | | |
|:---|:---|:---|
| (f) | Reorganization, etc. | 5 |
| (g) | Voting Trusts, etc. | 5 |
| (h) | Compromise. | 6 |
| (i) | Partnerships, etc. | 6 |
| (j) | Borrowing and Security | 6 |
| (k) | Guarantees, etc.; | 6 |
| (l) | Insurance | 6 |
| (m) | Pensions, etc. | 6 |
|  Section 3.3. | Certain Contracts | 7 |
| (a) | Advisory | 7 |
| (b) | Administration | 7 |
| (c) | Distribution | 7 |
| (d) | Custodian and Depository | 7 |
| (e) | Transfer and Dividend Disbursing Agency | 7 |
| (f) | Shareholder Servicing | 7 |
| (g) | Accounting | 7 |
|  Section 3.4. | Payment of Trust Expenses and Compensation of Trustees | 8 |
|  Section 3.5. | Ownership of Assets of the Trust | 9 |
|  ARTICLE IV SHARES | ARTICLE IV SHARES | 9 |
|  Section 4.1. | Description of Shares | 9 |
|  Section 4.2. | Establishment and Designation of Series or Classes | 10 |
| (a) | Assets Belonging to Series | 10 |
| (b) | Liabilities Belonging to Series | 11 |
| (c) | Dividends | 12 |
| (d) | Liquidation | 12 |
| (e) | Voting | 13 |
| (f) | Redemption by Shareholder | 13 |
| (g) | Redemption by Trust | 13 |
| (h) | Net Asset Value | 14 |
| (i) | Transfer | 14 |
| (j) | Equality | 14 |
| (k) | Fractions | 14 |
| (l) | Exchange Privilege | 14 |
| (m) | Combination of Series | 14 |
| (n) | Elimination of Series | 14 |
|  Section 4.3. | Ownership of Shares | 15 |
|  Section 4.4. | Investments in the Trust | 15 |

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| | | |
|:---|:---|:---|
|  Section 4.5. | No Preemptive Rights | 15 |
|  Section 4.6. | Status of Shares and Limitation of Personal Liability | 15 |
|  ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | 15 |
|  Section 5.1. | Voting Powers | 15 |
|  Section 5.2. | Meetings | 16 |
|  Section 5.3. | Record Dates | 16 |
|  Section 5.4. | Quorum and Required Vote | 17 |
|  Section 5.5. | Action by Written Consent | 17 |
|  Section 5.6. | Inspection of Records | 17 |
|  Section 5.7. | Additional Provisions | 17 |
|  ARTICLE VI CUSTODIAN | ARTICLE VI CUSTODIAN | 17 |
|  Section 6.1. | Appointment and Duties | 17 |
|  Section 6.2. | Central Certificate System | 18 |
|  ARTICLE VII LIMITATION OF LIABILITY; INDEMNIFICATION | ARTICLE VII LIMITATION OF LIABILITY; INDEMNIFICATION | 18 |
|  Section 7.1. | Trustees, Shareholders, etc. Not Personally Liable; Notice | 18 |
|  Section 7.2. | Trustee's Good Faith Action; Expert Advice; No Bond or Surety | 19 |
|  Section 7.3. | Indemnification of Shareholders | 19 |
|  Section 7.4. | Indemnification of Trustees, Officers, etc. | 20 |
|  Section 7.5. | Advances of Expenses | 20 |
|  Section 7.6. | Indemnification Not Exclusive, etc. | 20 |
|  Section 7.7. | Liability of Third Persons Dealing with Trustees | 20 |
|  ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 21 |
|  Section 8.1. | Duration and Termination of Trust | 21 |

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| | | |
|:---|:---|:---|
|  Section 8.2. | Merger and Consolidation; Conversion | 21 |
| (a) | Merger and Consolidation | 21 |
| (b) | Conversion | 21 |
|  Section 8.3. | Reorganization | 22 |
|  Section 8.4. | Amendments | 22 |
|  Section 8.5. | Filing of Copies; References; Headings | 23 |
|  Section 8.6. | Applicable Law | 23 |
|  Section 8.7. | Provisions in Conflict with Law or Regulations | 24 |
|  Section 8.8. | Statutory Trust Only | 24 |
|  Section 8.9. | Fiscal Year | 24 |

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**ADVISERS INVESTMENT TRUST** 

**FOURTH AMENDED AND RESTATED** 

**AGREEMENT AND DECLARATION OF TRUST** 

This FOURTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made this 10<sup>th</sup> day of March, 2022,by the Trustees hereunder, and by the holders of Shares of beneficial interest to be issued hereunder as hereinafter provided.

WITNESSETH:

WHEREAS, this Trust was formed to carry on the business of an investment company; and

WHEREAS, this Trust was initially organized as an Ohio business trust on March 1, 2011 and subsequently converted to a Delaware statutory trust on March 31, 2017; and

WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Delaware statutory trust in accordance with the provisions of the Delaware Statutory Trust Act of 2002 (12 Del. C. § 3801, *et seq.*), as from time to time amended and including any successor statute of similar import (the "DSTA"), and the provisions hereinafter set forth; and

WHEREAS, the Trustees deem it desirable to amend and restate the Declaration of Trust to change the principal office address of the Trust and to incorporate all previous amendments to the Declaration of Trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.

**ARTICLE I** 

**NAME AND DEFINITIONS** 

Section 1.1. <u>Name and Principal Office</u>. This Trust shall be known as "Advisers Investment Trust" and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine. The principal office of the Trust shall be located at 50 South LaSalle Street, Chicago, Illinois 60603 or any other place within or outside of the State of Delaware as the Trustees may determine from time to time.

Section 1.2. <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "Trust" refers to the Delaware statutory trust established by this Fourth Amended and Restated Agreement and Declaration of Trust, as amended from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Trustees" refers to the Trustees of the Trust named herein or elected in accordance with Article III;

&nbsp;&nbsp;&nbsp;&nbsp;&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) "Shares" refers to the transferable units of interest into which the beneficial interest in the Trust, shall be divided from time to time, including the shares of any and all Series or Classes which may be established by the Trustees, and includes fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Series" refers to Series of Shares established and designated under or in accordance with the provisions of Article IV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Class" refers to a class or sub-series of any Series of Shares established and designated under and in accordance with the provisions of Article IV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Shareholder" means a record owner of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "1940 Act" refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Commission" shall have the meaning given it in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Declaration of Trust" shall mean the Agreement and Declaration of Trust as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "By-Laws" shall mean the By-Laws of the Trust as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Person" shall mean a natural Person, partnership, limited partnership, trust, estate, association, corporation, custodian, nominee or any other individual or entity in its own or any representative capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Principal Underwriter" shall have the meaning given it in the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Trust Property" shall mean any and all property, real or Personal, tangible or intangible, which is owned or held by or for the account of the Trust or one or more of any Series.

**ARTICLE II** 

**PURPOSE OF TRUST** 

The purpose of the Trust is to operate as an investment company, to offer Shareholders one or more investment programs primarily in securities and debt instruments and to engage in any and all lawful acts or activities for which statutory trusts may be formed under the general corporation law of the State of Delaware, now or hereafter in force.

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**ARTICLE III** 

**THE TRUSTEES** 

Section 3.1. <u>Number, Designation, Election, Term, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Current Trustee</u><u>s.</u> The current Trustees of the Trust as of the date of this Fourth Amended and Restated Declaration of Trust are Robert Gordon, D'Ray Moore, Steven R. Sutermeister, and Michael M. Van Buskirk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Number</u><u>.</u> The Trustees serving as such may increase or decrease the number of Trustees to a number other than the number theretofore determined; provided, however, that the number of Trustees subsequent to any sale of Shares pursuant to a public offering shall not be less than three. No decrease in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term, but the number of Trustees may be decreased in conjunction with the removal of a Trustee pursuant to subsection (e) of this Section 3.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Term</u><u>.</u> Each Trustee shall serve as a Trustee during the lifetime of the Trust and until its termination as hereinafter provided or until such Trustee sooner dies, resigns, retires or is removed. The Trustees may elect their own successors and may, pursuant to Section 3.1(f) hereof, appoint Trustees to fill vacancies; provided that, immediately after filling a vacancy, at least two-thirds of the Trustees then holding office shall have been elected to such office by the Shareholders at an annual or special meeting. If at any time less than a majority of the Trustees then holding office were so elected, the Trustees shall forthwith cause to be held as promptly as possible, and in any event within 60 days, a meeting of Shareholders for the purpose of electing Trustees to fill any existing vacancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Resignation and Retirement</u><u>.</u> Any Trustee may resign his trust or retire as a Trustee, by written instrument signed by him and delivered to the other Trustees or to any officer of the Trust, and such resignation or retirement shall take effect upon such delivery or upon such later date as is specified in such instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Removal</u><u>.</u> Any Trustee may be removed with or without cause at any time: (i) by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date upon which such removal shall become effective, (ii) by vote of the Shareholders holding not less than two-thirds of the Shares then outstanding, cast in Person or by proxy at any meeting called for the purpose, or (iii) by a declaration in writing signed by Shareholders holding not less than two-thirds of the Shares then outstanding and filed with the Trust's Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Vacancies</u><u>.</u> Any vacancy or anticipated vacancy resulting from any reason, including without limitation, the death, resignation, retirement, removal or incapacity of any of the Trustees, or resulting from an increase in the number of Trustees by the Trustees, may be filled either by a majority of the remaining Trustees through the appointment in writing of such other Person as such remaining Trustees in their discretion shall determine, unless a shareholder election is required by the 1940 Act, or by the election by the Shareholders, at a

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meeting called for that purpose. Such appointment or election shall be effective upon the written acceptance of the Person named therein to serve as a Trustee and agreement by such Person to be bound by the provisions of this Declaration of Trust, except that any such appointment or election in anticipation of a vacancy to occur by reason of retirement, resignation, or increase in number of Trustees to be effective at a later date shall become effective only at or after the effective date of said retirement, resignation, or increase in number of Trustees. As soon as any Trustee so appointed or elected shall have accepted such appointment or election and shall have agreed in writing to be bound by this Declaration of Trust and the appointment or election is effective, the Trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Effect of Death, Resignation, etc</u><u>.</u> The death, resignation, retirement, removal, or incapacity of the Trustees, or any one of them, shall not operate to annul or terminate the Trust or to revoke or terminate any existing agency or contract created or entered into pursuant to the terms of this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Accounting</u><u>.</u> Except to the extent required by the 1940 Act or under circumstances which would justify his removal for cause, no Person ceasing to be a Trustee as a result of his death, resignation, retirement, removal or incapacity (nor the estate of any such Person) shall be required to make an accounting to the Shareholders or remaining Trustees upon such cessation.

Section 3.2. <u>Powers of Trustees</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility and the purpose of the Trust. Without limiting the foregoing, the Trustees may adopt By-Laws not inconsistent with this Declaration of Trust providing for the conduct of the business and affairs of the Trust and may amend and repeal them to the extent that such By-Laws do not reserve that right to the Shareholders; they may as they consider appropriate elect and remove officers and appoint and terminate agents and consultants and hire and terminate employees, any one or more of the foregoing of whom may be a Trustee, and may provide for the compensation of all of the foregoing; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, including without implied limitation an executive committee, which may, when the Trustees are not in session and subject to the 1940 Act, exercise some or all of the power and authority of the Trustees as the Trustees may determine; in accordance with Section 3.3 they may appoint an advisory board, the members of which shall not be Trustees and need not be Shareholders; they may employ one or more advisers, administrators, depositories and custodians of the assets of the Trust and may authorize such depository or custodian to employ subcustodians or agents and to deposit all or any part of such assets in a system or systems for the central handling of securities and debt instruments, retain transfer, dividend, accounting or Shareholder servicing agents or any of the foregoing, provide for the distribution of Shares by the Trust through one or more distributors, Principal Underwriters or otherwise, set record dates or times for the determination of Shareholders or certain of them with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter; they may compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other agents, consultants and employees of the

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Trust or the Trustees on such terms as they deem appropriate; and in general they may delegate to any officer of the Trust, to any committee of the Trustees and to any employee, adviser, administrator, distributor, Principal Underwriter, depository, custodian, transfer and dividend disbursing agent, or any other agent or consultant of the Trust such authority, powers, functions and duties as they consider desirable or appropriate for the conduct of the business and affairs of the Trust, including without implied limitation the power and authority to act in the name of the Trust and of the Trustees, to sign documents and to act as attorney-in-fact for the Trustees.

Without limiting the foregoing and to the extent not inconsistent with the 1940 Act or other applicable law, the Trustees shall have power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investments</u><u>.</u> To invest and reinvest cash, securities, options, futures contracts, options on futures contracts and other property, and to hold cash or other property uninvested without in any event being bound or limited by any present or future law or custom in regard to investments by trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Disposition of Assets</u><u>.</u> To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Ownership Powers</u><u>.</u> To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities, debt instruments or property; and to execute and deliver proxies or powers of attorney to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons such power and discretion with relation to securities, debt instruments or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Subscription</u><u>.</u> To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities, debt instruments or other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Form of Holding</u><u>.</u> To hold any security, debt instrument or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or in the name of a custodian, subcustodian or other depository or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Reorganization, etc</u><u>.</u> To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security or debt instrument of which is or was held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer, and to pay calls or subscriptions with respect to any security or debt instrument held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Voting Trusts, etc</u><u>.</u> To join with other holders of any securities or debt instruments in acting through a committee, depository, voting trustee or otherwise, and in that connection to deposit any security or debt instrument with, or transfer any security or debt instrument to, any such committee, depository or trustee, and to delegate to them such power and authority with relation to any security or debt instrument (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depository or trustee as the Trustees shall deem proper;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Compromise</u><u>.</u> To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Partnerships, etc</u><u>.</u> To enter into joint ventures, general or limited partnerships and any other combinations or associations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Borrowing and Security</u><u>.</u> To borrow funds, securities or other assets and to mortgage and pledge the assets of the Trust or any part thereof to secure obligations arising in connection with such borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Guarantees, etc</u><u>.</u> To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust Property or any part thereof to secure any of or all such obligations or obligations incurred pursuant to subparagraph (j) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Insurance</u><u>.</u> To purchase and pay for, entirely out of Trust Property such insurance as they may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, Principal Underwriters, officers, employees, agents, consultants, investment advisers, managers, administrators, distributors, or independent contractors, or any thereof (or any Person connected therewith), of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such Person, Shareholder, Trustee, Principal Underwriter, officer, employee, agent, investment adviser, manager, or independent contractor in any such capacity, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Pensions, etc</u><u>.</u> To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.

Except as otherwise provided by the 1940 Act or other applicable law, this Declaration of Trust or the By-Laws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees (a quorum, consisting of at least a majority of the Trustees then in office, being present), within or outside of the State of Delaware, including any meeting held by means of a conference telephone or other communications equipment by means of which all Persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in Person at a meeting, or by written consents of a majority of the Trustees then in office (or such larger or different number as may be required by the 1940 Act or other applicable law).

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Section 3.3. <u>Certain Contracts</u>. Subject to compliance with the provisions of the 1940 Act, but notwithstanding any limitations of present and future law or custom in regard to delegation of powers by trustees generally, the Trustees may, at any time and from time to time and without limiting the generality of their powers and authority otherwise set forth herein, enter into one or more contracts with any one or more corporations, trusts, associations, partnerships, limited partnerships, other type of organizations, or individuals ("Contracting Party") to provide for the performance and assumption of some or all of the following services, duties and responsibilities to, for or of the Trust and/or the Trustees, and to provide for the performance and assumption of such other services, duties and responsibilities in addition to those set forth below as the Trustees may determine appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advisory</u><u>.</u> Subject to the general supervision of the Trustees and in conformity with the stated policy of the Trustees with respect to the investments of the Trust or of the assets belonging to any Series of Shares of the Trust (as that phrase is defined in subsection (a) of Section 4.2), to manage such investments and assets, make investment decisions with respect thereto, and to place purchase and sale orders for portfolio transactions relating to such investments and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Administration</u><u>.</u> Subject to the general supervision of the Trustees and in conformity with any policies of the Trustees with respect to the operations of the Trust, to supervise all or any part of the operations of the Trust, and to provide all or any part of the administrative and clerical Personnel, office space and office equipment and services appropriate for the efficient administration and operations of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Distribution</u><u>.</u> To distribute the Shares of the Trust, to be Principal Underwriter of such Shares, and/or to act as agent of the Trust in the sale of Shares and the acceptance or rejection of orders for the purchase of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Custodian and Depository</u><u>.</u> To act as depository for and to maintain custody of the property of the Trust and accounting records in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Transfer and Dividend Disbursing Agency</u><u>.</u> To maintain records of the ownership of outstanding Shares, the issuance and redemption and the transfer thereof, and to disburse any dividends declared by the Trustees and in accordance with the policies of the Trustees and/or the instructions of any particular Shareholder to reinvest any such dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Shareholder Servicing</u><u>.</u> To provide service with respect to the relationship of the Trust and its Shareholders, records with respect to Shareholders and their Shares, and similar matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Accounting</u><u>.</u> To handle all or any part of the accounting responsibilities, whether with respect to the Trust's properties, Shareholders or otherwise.

The same Person may be the Contracting Party for some or all of the services, duties and responsibilities to, for and of the Trust and/or the Trustees, and the contracts with respect thereto may contain such terms interpretive of or in addition to the delineation of the services, duties and responsibilities provided for, including provisions that are not inconsistent with the 1940 Act relating to the standard of duty of and the rights to indemnification of the Contracting Party and

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others, as the Trustees may determine. Nothing herein shall preclude, prevent or limit the Trust or a Contracting Party from entering into subcontractual arrangements relative to any of the matters referred to in Sections 3.3(a) through (g) hereof.

Subject to the provisions of the 1940 Act, the fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner,
trustee, employee, manager, adviser, Principal Underwriter or distributor or agent of or for any Contracting Party, or of or for any parent or affiliate of any Contracting Party or that the Contracting Party or any parent or affiliate thereof is a
Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Contracting Party may have a contract providing for the rendering of any similar services to one or more
other corporations, trusts, associations, partnerships, limited partnerships or other organizations, or has other business or interests,

shall not affect the validity of any contract for the performance and assumption of services, duties and responsibilities to, for or of the Trust and/or the Trustees or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders, provided that in the case of any relationship or interest referred to in the preceding clause (i) on the part of any Trustee or officer of the Trust either (l) the material facts as to such relationship or interest have been disclosed to or are known by the Trustees not having any such relationship or interest and the contract involved is approved in good faith reasonably justified by such facts by a majority of such Trustees not having any such relationship or interest (even though such unrelated or disinterested Trustees are less than a quorum of all of the Trustees), (2) the material facts as to such relationship or interest and as to the contract have been disclosed to or are known by the Shareholders not having such relationship or interest and who are entitled to vote thereon and the contract involved is specifically approved in good faith by majority vote of such Shareholders, or (3) the specific contract involved is fair to the Trust as of the time it is authorized, approved or ratified by the Trustees or by such Shareholders.

Section 3.4. <u>Payment of Trust Expenses and Compensation of Trustees</u>. The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust, or partly out of principal and partly out of income, and to charge or allocate the same to, between or among such one or more of the Series and Classes that may be established and designated pursuant to Article IV, as the Trustees deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser, administrator, distributor, Principal Underwriter, auditor, counsel, depository, custodian, transfer agent, dividend disbursing agent, accounting agent, Shareholder servicing agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur. Without limiting the generality of any other provision

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hereof, the Trustees shall be entitled to reasonable compensation from the Trust for their services as Trustees and may fix the amount of such compensation.

Section 3.5. <u>Ownership of Assets of the Trust</u>. Title to all of the assets of the Trust shall at all times be considered as vested in the Trustees.

**ARTICLE IV** 

**SHARES** 

Section 4.1. <u>Description of Shares</u><u>.</u> The beneficial interest in the Trust shall be divided into Shares, all without par value, as the Trustees may, without Shareholder approval, authorize. The Trustees shall have the authority from time to time to issue or reissue Shares in one or more Series of Shares (including without limitation the Series specifically established and designated in Section 4.2), as they deem necessary or desirable, to establish and designate such Series, and to fix and determine the relative rights and preferences as between the different Series of Shares as to right of redemption and the price, terms and manner of redemption, special and relative rights as to dividends and other distributions and on liquidation, sinking or purchase fund provisions, conversion rights, and conditions under which the several Series shall have separate voting rights or no voting rights and as are not inconsistent with any provision of this Declaration of Trust. The Trustees may from time to time divide or combine the Shares of any Series or Class into a greater or lesser number without thereby changing the proportionate beneficial interests in the series or class.

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The number of authorized Shares and the number of Shares of each Series and Class that may be issued is unlimited, and the Trustees may issue Shares of any Series or Class for such consideration and on such terms as they may determine (or for no consideration if pursuant to a Share dividend or split-up), all without action or approval of the Shareholders. All Shares when so issued on the terms determined by the Trustees shall be fully paid and non-assessable (but may be subject to mandatory contribution back to the Trust as provided in subsection (i) of Section 4.2). The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and reacquired of any Series or Class into one or more Series or Classes that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel, at their discretion from time to time, any Shares of any Series or Class reacquired by the Trust.

The Trustees may from time to time close the transfer books or establish record dates and times for the purposes of determining the holders of Shares entitled to be treated as such, to the extent provided or referred to in Section 5.3.

Any Trustee, officer or other agent of the Trust, and any organization in which any such Person is interested may acquire, own, hold and dispose of Shares to the same extent as if such Person were not a Trustee, officer or other agent of the Trust; and the Trust may issue and sell or cause to be issued and sold and may purchase Shares from any such Person or any such organization subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of Shares generally.

Section 4.2. <u>Establishment and Designation of Series or Classes</u>. The establishment and designation of any Series or Class of Shares shall be effective upon the resolution by a majority of the then Board of Trustees, adopting a resolution which sets forth such establishment and designation and the relative rights and preferences of such Series or class. Each such resolution shall be incorporated herein by reference upon adoption.

Each Series shall be separate and distinct from any other Series and shall maintain separate and distinct records on the books of the Trust, and the assets and liabilities belonging to any such Series shall be held and accounted for separately from the assets and liabilities of the Trust or any other Series.

Shares of each Series or class established pursuant to this Section 4.2, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Belonging to Series</u><u>.</u> Any portion of the Trust Property allocated to a particular Series or Class, and all consideration received by the Trust for the issuance or sale of Shares of a particular Series or Class, together with all assets in which such consideration is invested or reinvested, all interest, dividends, income, earnings, profits and gains therefrom, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series or Class for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books of

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account of the Trust, and Shareholders of such Series or Class shall not have, and shall be conclusively deemed to have waived, any claims to the assets of any Series or Class of which they are not Shareholders. Such consideration, assets, interests, dividends, income, earnings, profits, gains and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, together with any General Items allocated to that Series or Class as provided in the following sentence, are herein referred to as "assets belonging to" that Series or Class. In the event that there are any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series or Class (collectively "General Items"), the Trustees shall allocate such General Items to and among any one or more of the Series or Classes established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable; and any General Items so allocated to a particular Series or Class shall belong to that Series or Class. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes.

The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Belonging to Series</u><u>.</u> The assets belonging to each particular Series and Class thereof shall be charged with the liabilities with respect of that Series or Class and all expenses, costs, charges and reserves attributable to that Series or Class, and any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Series or Class shall be allocated and charged by the Trustees to and among any one or more of the Series and Classes established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, indebtedness, expenses, costs, charges and reserves allocated and so charged to a Series or Class are herein referred to as "liabilities belonging to" that Series or Class and shall be payable solely out of the assets of that Series or Class. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

Without limitation of the foregoing provisions of this Section 4.2(b), but subject to the right of the Trustees in their discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series or Class shall be enforceable against the assets belonging to such Series or Class only, and not against the assets of the Trust generally or any other Series or Class. Notice of this limitation on inter-Series or Class liabilities shall be set forth in the certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and upon the giving of such notice in the certificate of trust, the statutory provisions of Section 3804 of the DSTA relating to limitations on inter-Series or Class liabilities (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series or Class. Any Person extending credit to, contracting with or having any claim against the Trust with respect to a particular Series or Class may satisfy or enforce any debt, liability, obligation or expense incurred, contracted for or otherwise existing

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with respect to that Series or Class from the assets of that Series or Class only. No Shareholder or former Shareholder of any Series or Class shall have a claim on or any right to any assets allocated or belonging to any other Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends</u><u>.</u> Dividends and distributions on Shares of a particular Series may be paid with such frequency as the Trustees may determine, which may be daily or otherwise pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series, from such of the estimated income and capital gains, accrued or realized, from the assets belonging to that Series, as the Trustees may determine, after providing for actual and accrued liabilities belonging to that Series. All dividends and distributions on Shares of a particular Series shall be distributed pro rata to the holders of that Series in proportion to the number of Shares of that Series held by such holders at the date and time of record established for the payment of such dividends or distributions, except that in connection with any dividend or distribution program or procedure the Trustees may determine that no dividend or distribution shall be payable on Shares as to which the Shareholder's purchase order and/or payment have not been received by the time or times established by the Trustees under such program or procedure, and except that if Classes have been established for any Series, the rate of dividends or distributions may vary among such Class pursuant to resolution, which may be a standing resolution, of the Board of Trustees. Such dividends and distributions may be made in cash or Shares or a combination thereof as determined by the Trustees or pursuant to any program that the Trustees may have in effect at the time for the election by each Shareholder of the mode of the making of such dividend or distribution to that Shareholder. Any such dividend or distribution paid in Shares will be paid at the net asset value thereof as determined in accordance with subsection (h) of Section 4.2.

The Trust intends to qualify each Series as a "regulated investment company" under the Internal Revenue Code of 1986 (the "Code"), as amended, or any successor or comparable statute thereto, and regulations promulgated thereunder. Inasmuch as the computation of net income and gains for federal income tax purposes may vary from the computation thereof on the books of the Trust, the Board of Trustees shall have the power, in its sole discretion, to distribute in any fiscal year as dividends, including dividends designated in whole or in part as capital gains distributions, amounts sufficient, in the opinion of the Board of Trustees, to enable each Series to qualify as a regulated investment company and to avoid liability of the Series for federal income tax in respect of that year. However, nothing in the foregoing shall limit the authority of the Board of Trustees to make distributions greater than or less than the amount necessary to qualify as a regulated investment company and to avoid liability of each Series for such tax.

No dividend or distribution (including, without limitation, any distribution paid upon termination of the Trust or of any series) with respect to, nor any redemption or repurchase of, the Shares of any series (or of any class) shall be effected by the Trust other than from the assets of such series (or of the series of which such class is a part).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Liquidation</u><u>.</u> In event of the liquidation or dissolution of any Series or Class of the Trust, the Shareholders of each such Series or Class shall be entitled to receive, as a Series or Class, when and as declared by the Trustees, the excess of the assets belonging to that Series or Class over the liabilities belonging to that Series or Class. The assets so distributable to

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the Shareholders of any particular Series or Class shall be distributed among such Shareholders in proportion to the number of Shares of that Series or Class held by them and recorded on the books of the Trust. The liquidation of any particular Series or Class may be authorized by vote of a majority of the Trustees then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Voting</u><u>.</u> All Shares shall have "equal voting rights" as such term is defined in the Investment Company Act of 1940 and except as otherwise provided by that Act or rules, regulations or orders promulgated thereunder. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. Notwithstanding any other provision of this Declaration of Trust, on any matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall be voted in the aggregate as a single class without regard to Series or Class except (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more Series or Classes materially differently, Shares shall be voted by individual Series or Class; and (2) when the Trustees have determined that the matter affects only the interests of one or more Series or Classes, then only Shareholders of such Series or Classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Redemption by Shareholder</u><u>.</u> Each holder of Shares of a particular Series or Class shall have the right at such times as may be permitted by the Trust, but no less frequently than once each week, to require the Trust to redeem all or any part of his Shares of that Series or Class at a redemption price equal to the net asset value per Share of that Series or Class next determined in accordance with subsection (h) of this Section 4.2 after the Shares are properly tendered for redemption. Payment of the redemption price shall be in cash; provided, however, that if the Trustees determine, which determination shall be conclusive, that conditions exist which make payment wholly in cash unwise or undesirable, the Trust may make payment wholly or partly in securities or other assets belonging to the Series or Class of which the Shares being redeemed are part at the value of such securities or assets used in such determination of net asset value.

Notwithstanding the foregoing, the Trust may postpone payment of the redemption price and may suspend the right of the holders of Shares of any Series to require the Trust to redeem Shares of that Series during any period or at any time when and to the extent permissible under the 1940 Act, and such redemption is conditioned upon the Trust having funds or property legally available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Redemption by Trust</u><u>.</u> Each Share of each Series or Class that has been established and designated is subject to redemption by the Trust at the redemption price which would be applicable if such Share was then being redeemed by the Shareholder pursuant to subsection (f) of this Section 4.2 (i) at any time, if the Trustees determine in their sole discretion that failure to so redeem may have materially adverse consequences to all or any of the holders of the Shares, or any Series or Class thereof, of the Trust, or (ii) upon such other conditions as may from time to time be determined by the Trustees and set forth in the then current Prospectus of the Trust with respect to maintenance of Shareholder accounts of a minimum amount. Upon such redemption the holders of the Shares so redeemed shall have no further right with respect thereto other than to receive payment of such redemption price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Net Asset Value</u><u>.</u> The net asset value per Share of any Series or Class shall be the quotient obtained by dividing the value of the net assets of that Series or Class (being the value of the assets belonging to that Series or Class less the liabilities belonging to that Series or Class) by the total number of Shares of that Series or Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time. Net asset value shall be determined separately for each Class of a Series.

The Trustees, or any officer or officers or agent of the Trust designated for this purpose by the Trustees, may determine to maintain the net asset value per Share of any Series or Class at a designated constant dollar amount and in connection therewith may adopt procedures not inconsistent with the 1940 Act for the continuing declarations of income attributable to that Series or Class as dividends payable in additional Shares of that Series or Class at the designated constant dollar amount and for the handling of any losses attributable to that Series or Class. Such procedures may provide that in the event of any loss each Shareholder shall be deemed to have contributed to the capital of the Trust attributable to that Series or Class his pro rata portion of the total number of Shares required to be canceled in order to permit the net asset value per Share of that Series or Class to be maintained, after reflecting such loss, at the designated constant dollar amount. Each Shareholder of the Trust shall be deemed to have agreed, by investing in any Series with respect to which the Trustees shall have adopted any such procedure, to make the contribution referred to in the preceding sentence in the event of any such loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Transfer</u><u>.</u> All Shares of each particular Series or Class shall be transferable, but transfers of Shares of a particular Series or Class will be recorded on the Share transfer records of the Trust applicable to that Series or Class only at such times as Shareholders shall have the right to require the Trust to redeem Shares of that Series or Class and at such other times as may be permitted by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Fractions</u><u>.</u> Any fractional Share of any Series or Class, if any such fractional Share is outstanding, shall carry proportionately all the rights and obligations of a whole Share of that Series or Class, including with respect to voting, receipt of dividends and distributions, redemption of Shares, and liquidation of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Exchange Privilege.</u> The Board of Trustees shall have the authority to provide that the holders of Shares of any Series or Class shall have the right to exchange said Shares for Shares of one or more other Series or Classes in accordance with such requirements and procedures as may be established by the Board of Trustees, and in accordance with the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Combination of Series.</u> The Board of Trustees shall have the authority, without the approval of the Shareholders of any Series unless otherwise required by applicable law, to combine the assets and liabilities held with respect to any two or more Series into assets and liabilities held with respect to a single Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Elimination of Series.</u> At any time that there are no Shares outstanding of any particular Series or Class previously established and designated, the Board of

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Trustees may by resolution of a majority of the then Board of Trustees abolish that Series or Class and rescind the establishment and designation thereof.

Section 4.3. <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust or of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series and Class that has been established and designated. No certificates certifying the ownership of Shares need be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the use of facsimile signatures, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders and as to the number of Shares of each Series and Class held from time to time by each such Shareholder.

Section 4.4. <u>Investments in the Trust</u>. The Trustees may accept investments in the Trust from such Persons and on such terms and for such consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any distributor, Principal Underwriter, custodian, transfer agent or other Person to accept orders for the purchase of Shares that conform to such authorized terms and to reject any purchase orders for Shares whether or not conforming to such authorized terms.

Section 4.5. <u>No Preemptive Rights</u>. Shareholders shall have no preemptive or other right to receive, purchase or subscribe for any additional Shares or other securities issued by the Trust. No action may be brought by a Shareholder on behalf of the Trust unless a prior demand regarding such matter has been made on the Trustees and Shareholders of the Trust.

Section 4.6. <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be Personal property giving only the rights provided in this instrument. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind Personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time Personally agree to pay.

**ARTICLE V** 

**SHAREHOLDERS' VOTING POWERS AND MEETINGS** 

Section 5.1. <u>Voting Powers</u><u>.</u> The Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in Section 3.1, (ii) with respect to any contract with a Contracting Party as provided in Section 3.3 as to which Shareholder approval is required by the

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1940 Act, (iii) with respect to any merger or reorganization of the Trust or any Series to the extent and as provided in Sections 8.2 and 8.3, (iv) with respect to any amendment of this Declaration of Trust to the extent and as provided in Section 8.4, (v) to the same extent as the stockholders of a Delaware business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vi) with respect to such additional matters relating to the Trust as may be required by the 1940 Act, this Declaration of Trust, the By-Laws or any registration of the Trust with the Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. There shall be no cumulative voting in the election of any Trustee or Trustees. Shares may be voted in Person or by proxy. A proxy with respect to Shares held in the name of two or more Persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until Shares are then issued and outstanding, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the By-Laws to be taken by Shareholders.

Section 5.2. <u>Meetings</u>. Meetings (including meetings involving only the holders of Shares of one or more but less than all Series or Classes) of Shareholders may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or upon any other matter deemed by the Trustees to be necessary or desirable. Written notice of any meeting of Shareholders shall be given or caused to be given by the Trustees by mailing such notice at least seven days before such meeting, postage prepaid, stating the time, place and purpose of the meeting, to each Shareholder at the Shareholder's address as it appears on the records of the Trust. If the Trustees shall fail to call or give notice of any meeting of Shareholders (including a meeting involving only the holders of Shares of one or more but less than all Series or Classes) for a period of 30 days after written application by Shareholders holding at least 25% of the Shares then outstanding requesting a meeting be called for any other purpose requiring action by the Shareholders as provided herein or in the By-Laws, then Shareholders holding at least 25% of the Shares then outstanding may call and give notice of such meeting, and thereupon the meeting shall be held in the manner provided for herein in case of call thereof by the Trustees.

Section 5.3. <u>Record Dates</u>. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to participate in any dividend or distribution, or for the purpose of any other action, the Trustees may from time to time close the transfer books for such period, not exceeding 30 days (except at or in connection with the termination of the Trust), as the Trustees may determine; or without closing the transfer books the Trustees may fix a date and time not more than 180 days prior to the date of any meeting of Shareholders or other action as the date and time of record for the determination of Shareholders entitled to vote at such meeting or any adjournment thereof or to be treated as Shareholders of record for purposes of such other action, and any Shareholder who was a Shareholder at the date and time so fixed shall be entitled to vote at such meeting or any adjournment thereof or (subject to any provisions permissible under subsection (c) of Section 4.2 with respect to dividends or distributions on Shares that have not been ordered and/or paid for by the time or times established by the Trustees under the applicable dividend or distribution

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program or procedure then in effect) to be treated as a Shareholder of record for purposes of such other action, even though the shareholder has since that date and time disposed of its Shares, and no Shareholder becoming such after that date and time shall be so entitled to vote at such meeting or any adjournment thereof or to be treated as a Shareholder of record for purposes of such other action.

Section 5.4. <u>Quorum and Required Vote</u>. Subject to the provisions of the 1940 Act and other applicable law, one-third of Shares entitled to vote shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or of this Declaration of Trust permits or requires that holders of any Series or Class thereof shall vote as a Series or Class, then subject to the provisions of the 1940 Act and other applicable law, one-third of the aggregate number of Shares of that Series or Class thereof entitled to vote shall be necessary to constitute a quorum for the transaction of business by that Series or Class. The vote of a majority of shares present, with or without a quorum, shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further notice. Except when a different vote is required or permitted by any provision of this Declaration of Trust, the By-Laws or any provision of law, a majority of the Shares voted, at a meeting at which a quorum is present, shall decide any questions and a plurality shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust permits or requires that the holders of any Series or Class shall vote as a Series or Class, then a majority of the Shares of that Series or Class voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that Series or Class is concerned.

Section 5.5. <u>Action by Written Consent</u>. Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such other proportion thereof as shall be required by the 1940 Act or by any express provision of this Declaration of Trust or the By-Laws) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Section 5.6. <u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted stockholders of a Delaware corporation under the general corporation law of the State of Delaware.

Section 5.7. <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters not inconsistent with the provisions hereof.

**ARTICLE VI** 

**CUSTODIAN** 

Section 6.1. <u>Appointment and Duties.</u> The Trustees shall at all times employ a bank, a company that is a member of a national securities exchange, or a trust company, each having capital, surplus and undivided profits of at least two million dollars ($2,000,000) as custodian

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with authority as its agent, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By Laws of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To hold the securities owned by the Trust and deliver the same upon written order or oral order confirmed in writing, or by such electro-mechanical or electronic devices as are agreed to by the Trust and the custodian, if such procedures have been authorized in writing by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To receive and receipt for any moneys due to the Trust and deposit the same in its own banking department or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To disburse such funds upon orders or vouchers;

and the Trust may also employ such custodian as its agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To keep the books and accounts of the Trust or of any Series or class and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To compute, if authorized to do so by the Trustees, the Net Asset Value of any Series, or class thereof, in accordance with the provisions hereof; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize the custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian, and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall be a bank, a company that is a member of a national securities exchange, or a trust company organized under the laws of the United States or one of the states thereof and having capital, surplus and undivided profits of at least two million dollars ($2,000,000) or such other Person as may be permitted by the commission, or otherwise in accordance with the 1940 Act.

Section 6.2. <u>Central Certificate System.</u> Subject to such rules, regulations and order as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, as amended, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class or series of any issue deposited within the system are treated as fungible and maybe transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust or its custodians, subcustodians, or other agents.

**ARTICLE VII** 

**LIMITATION OF LIABILITY; INDEMNIFICATION** 

Section 7.1. <u>Trustees, Shareholders, etc. Not Personally Liable; Notice</u><u>.</u> All Persons extending credit to, contracting with or having any claim against any Series of the Trust (or the

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Trust on behalf of any Series) shall look only to the assets of that Series for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be Personally liable therefor. 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 the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only by or for the Trust or the Trustees and not Personally. Nothing in this Declaration of Trust shall protect any Trustee or officer against any liability to the Trust or the Shareholders to which such Trustee or officer would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or of such officer.

Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall give notice that this Declaration of Trust is on file with the Secretary of the State of Delaware pursuant to the DSTA, and shall recite to the effect that the same was executed or made by or on behalf of the Trust or by them as Trustees or Trustee or as officers or officer and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, and may contain such further recital as he or she or they may deem appropriate, but the omission thereof shall not operate to bind any Trustees or Trustee or officers or officer or Shareholders or Shareholder individually.

Section 7.2. <u>Trustee's Good Faith Action; Expert Advice; No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing, (a) the Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, consultant, adviser, administrator, distributor or Principal Underwriter, custodian or transfer, dividend disbursing, Shareholder servicing or accounting agent of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee; (b) the Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; and (c) in discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any officer appointed by them, any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a Contracting Party appointed by the Trustees pursuant to Section 3.3. The Trustees as such shall not be required to give any bond or surety or any other security for the performance of their duties.

Section 7.3. <u>Indemnification of Shareholders</u>. In case any Shareholder or former Shareholder shall be charged or held to be Personally liable for any obligation or liability of the Trust solely by reason of being or having been a Shareholder and not because of such Shareholder's acts or omissions or for some other reason, the Trust (upon proper and timely request by the Shareholder) shall assume the defense against such charge and satisfy any

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judgment thereon, and the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the Trust estate to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder; provided that, in the event the Trust shall consist of more than one Series, Shareholders of a particular Series that are faced with claims or liabilities solely by reason of their status as Shareholders of that Series shall be limited to the assets of that Series for recovery of such loss and related expenses. The rights accruing to a Shareholder under this Section 6.3 shall not exclude any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein.

Section 7.4. <u>Indemnification of Trustees, Officers, etc</u><u>.</u> Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the 1940 Act, the Trust shall indemnify each of its past, present and future Trustees and officers (including Persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil, criminal, administrative or investigative, and any appeal therefrom, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Section 7.5. <u>Advances of Expenses</u>. The Trust shall advance attorneys' fees or other expenses incurred by a Covered Person in defending a proceeding to the full extent permitted by the Securities Act of 1933, as amended, the 1940 Act, and applicable Delaware law.

Section 7.6. <u>Indemnification Not Exclusive, etc</u><u>.</u> The right of indemnification provided by this Article VI shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VI, "Covered Person" shall include such Person's heirs, executors and administrators. Nothing contained in this article shall affect any rights to indemnification to which Personnel of the Trust, other than Trustees and officers, and other Persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such Person.

Section 7.7. <u>Liability of Third Persons Dealing with Trustees</u>. No Person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

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**ARTICLE VIII** 

**MISCELLANEOUS** 

Section 8.1. <u>Duration and Termination of Trust</u><u>.</u> Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by a majority of the Trustees then in office.

Upon termination of the Trust (or a particular Series, as the case may be), the Trustees shall (in accordance with Section 3808 of the DSTA) pay or make reasonable provision to pay all claims and obligations of each series (or the particular Series, as the case may be), including all contingent, conditional or unmatured claims and obligations known to the Trust, and all claims and obligations which are known to the Trust but for which the identity of the claimant is unknown. If there are sufficient assets held with respect to each Series of the Trust (or the particular Series, as the case may be), such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to each Series of the Trust (or the particular Series, as the case may be), such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (including without limitation, cash, securities, or any combination thereof) held with respect to each Series of the Trust (or the particular Series, as the case may be) shall be distributed to the Shareholders of such Series, ratably according to the number of Shares of such Series held by the several Shareholders on the record date for such termination distribution.

Section 8.2. <u>Merger and Consolidation; Conversion.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Merger and Consolidation. Pursuant to an agreement of merger or consolidation, the Trust, or any one or more Series, may, by act of a majority of the Board of Trustees, merge or consolidate with or into one or more trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state or the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration of Trust, which would otherwise require the approval of such Shareholders. In accordance with Section 3815(f) of the DSTA, an agreement of merger or consolidation may affect any amendment to this Declaration of Trust or the By Laws or affect the adoption of a new declaration of trust or by laws of the Trust if the Trust is the surviving or resulting trust. Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the DSTA.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Conversion. A majority of the Board of Trustees may, without the vote or consent of the Shareholders, cause (i) the Trust to convert to a common-law trust, a general partnership, limited partnership or a limited liability company organized, formed or created under the laws of the State of Delaware as permitted pursuant to Section 3821 of the DSTA; (ii) the Shares of the Trust or any Series to be converted into beneficial interests in another trust (or series thereof) created pursuant to this Section 8 of this Article VIII, or (iii) the shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by

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law; *provided*, however, that if required by the 1940 Act, no such statutory conversion, Share conversion or Share exchange shall be effective unless the terms of such transaction shall first have been approved at a meeting called for that purpose by the "vote of a majority of the outstanding voting securities," as such phrase is defined in the 1940 Act, of the Trust or Series, as applicable; *provided further*, that in all respects not governed by statute or applicable law, the Board of Trustees shall have the power to prescribe the procedure necessary or appropriate to accomplish a sale of assets, merger or consolidation including the power to create one or more separate trusts to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and to provide for the conversion of Shares of the Trust or any Series into beneficial interests in such separate trust or trusts (or series thereof).

Section 8.3. <u>Reorganization</u>. A majority of the Board of Trustees may cause the Trust to sell, convey and transfer all or substantially all of the assets of the Trust, or all of substantially all of the assets associated with any one or more Series, to another trust, business trust, partnership, limited partnership, limited liability company, association or corporation organized under the laws of any state, or to one or more separate series thereof, or to the Trust to be held as assets associated with one or more other Series of the Trust, in exchange for cash, shares or other securities (including, without limitation, in the case of a transfer to another Series of the Trust, Shares of such other Series) with such transfer either (a) being made subject to, or with the assumption by the transferee of, the liabilities associated with each Series the assets of which are so transferred, or (b) not being made subject to, or not with the assumption of, such liabilities; *provided however*, that if required by the 1940 Act, no assets associated with any particular Series shall be sold, conveyed or transferred unless the terms of such transaction shall first have been approved at a meeting called for that purpose by the "vote of a majority of the outstanding voting securities," as such phrase is defined in the 1940 Act, of that series. Following such sale, conveyance and transfer, the Board of Trustees shall distribute such cash, shares or other securities (giving due effect to the assets and liabilities associated with and any other differences among the various Series the assets associated with which have be so been sold, conveyed and transferred) ratably among the Shareholders of the Series the assets associated with which have been so sold, conveyed and transferred (giving due effect to the differences among the various classes within each such Series); and if all of the assets of the Trust have been so sold, conveyed and transferred, the Trust shall be terminated.<u> </u>

Section 8.4. <u>Amendments</u>. All rights granted to the Shareholders under this Declaration of Trust are granted subject to the reservation of the right to amend this Declaration of Trust as herein provided, except that no amendment shall repeal the limitations on Personal liability of any Shareholder or Trustee or repeal the prohibition of assessment upon the Shareholders without the express consent of each Shareholder or Trustee involved. Subject to the foregoing, the provisions of this Declaration of Trust (whether or not related to the rights of Shareholders) may be amended at any time so long as such amendment does not adversely affect the rights of any Shareholder with respect to which such amendment is or purports to be applicable and so long as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in writing signed by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees). Except as provided in the first sentence of this Section 7, any amendment to this Declaration of Trust that adversely affects the rights of Shareholders may be adopted at any time by an instrument signed in writing by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority

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of such Trustees) when authorized to do so by the vote in accordance with subsection (e) of Section 4.2 of Shareholders holding a majority of the Shares entitled to vote; (a "Majority Shareholder Vote"); provided, however, than an amendment that shall affect the Shareholders of one or more Series (or of one or more Classes), but not the Shareholders of all outstanding Series (or Classes), shall be authorized by a Majority Shareholder Vote of each Series (or Class, as the case may be) affected, and no vote of a Series (or Class) not affected shall be required. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution of such instrument and of a certificate (which may be a part of such instrument) executed by a Trustee or officer to the effect that such amendment has been duly adopted. Copies of the amendment to this Declaration of Trust shall be filed as specified in Section 7.4. A restated Declaration of Trust, integrating into a single instrument all of the provisions of the Declaration of Trust which are then in effect and operative, may be executed from time to time by a majority of the then Trustees (or by an officer of the Trust pursuant to the vote of a majority of such Trustees) and shall be effective upon filing as specified in Section 7.4.

Section 8.5. <u>Filing of Copies; References; Headings</u>. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the State of Delaware, as well as any other governmental office where such filing may from time to time be required, but the failure to make any such filing shall not impair the effectiveness of this instrument or any such amendment. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made, as to the identities of the Trustees and officers, and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like "herein", "hereof" and "hereunder" shall be deemed to refer to this instrument as a whole as the same may be amended or affected by any such amendments. The masculine gender shall include the feminine and neuter genders. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 8.6. <u>Applicable Law</u>. This Trust is a Delaware statutory trust, and it is created under and is to be governed by and construed and administered according to the laws of the State of Delaware and the applicable provisions of the 1940 Act and the Code, as the same may be amended from time to time, but the reference to said Corporation Law is not intended to give the Trust, the Trustees, the Shareholders or any other Person any right, power, authority or responsibility available only to or in connection with an entity organized in corporate form. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

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Section 8.7. <u>Provisions in Conflict with Law or Regulations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration of Trust are severable, and if the Board of Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the Code, the DSTA, or with other applicable laws and regulations, the conflicting provision shall be deemed not to have constituted a part of this Declaration of Trust from the time when such provisions became inconsistent with such laws or regulations; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration of Trust shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 8.8. <u>Statutory Trust Only.</u> It is the intention of the Trustees to create a statutory trust pursuant to the DSTA, and thereby to create the relationship of trustee and beneficial owners within the meaning of the DSTA between the Trustees and each Shareholder. It is not the intention of the Trustees to create a general or limited partnership, limited liability company, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the DSTA. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 8.9. <u>Fiscal Year.</u> The fiscal year of the Trust shall end on a specified date as set forth in the By Laws, *provided however,* that the Trustees may, without Shareholder approval, change the fiscal year of the Trust.

------

IN WITNESS WHEREOF, the undersigned has hereunto set her hand for herself and her assigns, as of the day and year first above written.

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| |
|:---|
| /s/ Barbara J. Nelligan |
| Barbara J. Nelligan, President |
| /s/ Robert Gordon |
| Robert Gordon |
| /s/ D'Ray Moore |
| D'Ray Moore |
| /s/ Steven R. Sutermeister |
| Steven R. Sutermeister |
| /s/ Michael M. Van Buskirk |
| Michael M. Van Buskirk |

---

## Ex-99.Hii

**AMENDMENT TO** 

**TRANSFER AGENCY AND SERVICE AGREEMENT** 

This Amendment to Transfer Agency and Service Agreement is entered into as of December 14, 2022 (the "<u>Amendment</u>"), by and between Advisers Investment Trust, a Delaware statutory trust (the "<u>Trust</u>"), acting on its own behalf and on behalf of each of its series managed by Northern Trust Investments, Inc., listed in Schedule A to the Transfer Agency Agreement (as defined below), and The Northern Trust Company, an Illinois corporation (the "<u>Transfer Agent</u>").

WHEREAS, the Trust and the Transfer Agent are party to a Transfer Agency and Service Agreement, dated as of March 7, 2018, (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Transfer Agency Agreement</u>"), wherein the Transfer Agent agreed to provide certain services to the Trust; and

WHEREAS, in addition to the provisions contained in the Transfer Agency Agreement, effective as of the date hereof, the Trust and the Transfer Agent wish to make certain amendments to the Transfer Agency Agreement.

NOW THEREFORE, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**1. DEFINITIONS; INTERPRETATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Transfer
Agency Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings to the clauses of this Amendment shall not affect its interpretation.

**2. AMENDMENTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The **Table of Contents** to the Transfer Agency Agreement is hereby amended as of the date hereof by deleting the
reference to "Schedule E Internet Account Management Services".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 12.1 of the Transfer Agency Agreement is hereby amended as of the date hereof by replacing such
section with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 *Term*. The initial term of this Agreement (the "<u>Initial Term</u>") shall be two (2) years from the date first stated above unless terminated pursuant to the provisions of this <u>Section</u> <u>12</u>. Unless a party gives written notice to the other party sixty (60) days before the expiration of the Initial Term or any Renewal Term (as hereinafter defined), this Agreement will renew automatically from year to year (each such year-to-year renewal term a "<u>Renewal Term</u>"), subject to annual review by the Board of Trustees. Notwithstanding the termination or non-renewal of this Agreement, the terms and conditions of this Agreement shall continue to apply until the completion of Deconversion (as hereinafter defined). The notification requirements herein shall not apply to a termination for cause, which shall be governed by the provisions of <u>Section</u> <u>12.7</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section 14.1 of the Transfer Agency Agreement is hereby amended as of the date hereof by replacing such
section with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Transfer Agent may, without further consent on the part of the Trust, subcontract for the performance hereof with an affiliate of the Transfer Agent or an unaffiliated third party; <u>provided</u>, <u>however</u>, that if the subcontractor is providing transfer agency services that require being registered as a transfer agent pursuant to Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended, such subcontractor is duly registered as such; <u>provided</u>, <u>further</u> that the Transfer Agent shall be fully responsible to the Trust for the acts and omissions of its affiliates as it is for its own acts and omissions. With regard to print/mail services or other services that are provided by a vendor not affiliated with the Transfer Agent, the Transfer Agent will use all reasonable commercial efforts to coordinate with such outside vendor and to timely and accurately provide all

AIT – NTAM Fund Page 1

------

information requested by such vendor; <u>provided</u>, <u>however</u>, that the Transfer Agent shall not be held liable to the Trust or any affiliated party of the Trust for any act or failure to act by such outside vendor except where the Transfer Agent's negligent acts or omissions were the proximate cause of such vendor's non-performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Section 15.13(b) of the Transfer Agency Agreement is hereby amended as of the date hereof by replacing
such section with the following:

If to the Trust, to:

Advisers Investment Trust, c/o President

50 South LaSalle Street

Chicago, Illinois 60603

Attention: Advisers Investment Trust

**3. GOVERNING LAW.** This Amendment shall be construed and the substantive provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

**5. EFFECT OF AMENDMENT.** All other terms and conditions set forth in the Transfer Agency Agreement shall remain unchanged and in full force and effect. On and after the date hereof, each reference to the Transfer Agency Agreement in the Transfer Agency Agreement and all schedules thereto shall mean and be a reference to the Transfer Agency Agreement as amended by this Amendment.

[Signature Page Follows]

AIT – NTAM Fund Page 2

------

IN WITNESS WHEREOF, each of the Trust and the Transfer Agent has caused this Amendment to be signed and delivered by its duly authorized representative.

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| | |
|:---|:---|
| ADVISERS INVESTMENT TRUST | ADVISERS INVESTMENT TRUST |
| By: | /s/ Barbara J. Nelligan |
| Name: | Barbara J. Nelligan |
| Title: | President |
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/ Gina Meyer |
| Name: | Gina Meyer |
| Title: | Vice President |

---

AIT – NTAM Fund Page 3

## Ex-99.Iii

![LOGO](g383381g0106073530583.jpg)

January 26, 2023

Advisers Investment Trust

50 S. LaSalle Street

Chicago, Illinois 60603

Re: Advisers Investment Trust; File No. 811-22538

Ladies and Gentlemen:

A legal opinion that we prepared was filed with Amendment No. 72 to the Registration Statement under the Investment Company Act of 1940, as amended (the "1940 Act") for Advisers Investment Trust (the "Legal Opinion"). We hereby give you our consent to incorporate by reference the Legal Opinion into Amendment No. 114 to the Registration Statement (the "Amendment"), and consent to all references to us in the Amendment.

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| |
|:---|
|  Very truly yours, |
|  /s/ Thompson Hine LLP |
|  Thompson Hine LLP |

---

![LOGO](g383381g0106073902471.jpg)

## Ex-99.Pii

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**Northern Trust Asset Management Code of Ethics** 

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**I.** **Policy Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Authority** 

Rule 17j-1(c)(1) of the Investment Company Act of 1940 (the "1940 Act")

Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act")

Market Abuse Regulation

FCA Handbook COBS 11.7 ("FCA Rules")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement of Purpose** 

The policy was created to address Rule 17j-1(c)(1) under the 1940 Act and Rule 204A-1 of the Advisers Act. In the UK, the policy is intended to address relevant provisions of the Market Abuse Regulation and relevant FCA rules. The policy establishes general principles governing the conduct of all persons covered by the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Scope and Applicability** 

The policy covers the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Securities Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons Reporting Requirements (Initial, Quarterly and Annual)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Governing Body with Oversight** 

NTAM Ethics Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Related Policies** 

The Northern Trust Corporation Securities Transaction Policy and Procedures

The Northern Trust Corporation Disclosure Policy

The Northern Trust Corporation Standards of Conduct

Northern Trust Policy and Procedures Relating to SEC Pay-to-Play Rule (Rule 206(4)-5)

NTI Gifts and Entertainment Policy

NTI Self-Indexing Information Barrier Policy

NT EMEA Gifts and Entertainment toolkit

NT EMEA Conflicts of Interest and Inducements Policy

Northern Trust APAC – Gifts and Entertainment Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Effective Date** 

April 1, 2021

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**II.** **Policy Details** 

The Code of Ethics (the "Code") has been adopted by Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors, LLC and Belvedere Advisors LLC (collectively "the Advisors") in compliance with the 1940 Act and Advisers Act.

All persons covered by the Code (defined as Access Persons) agree to read, understand, and comply with the Code. Access Persons have an obligation to seek guidance or take any other appropriate steps to make sure they understand their obligations under the Code. On a quarterly basis Access Persons are required to certify in writing their understanding of, and adherence to, the Code (as amended) and their agreement to comply with its requirements.

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**Northern Trust Asset Management** 

Code of Ethics

Northern Trust Investments, Inc.

Northern Trust Global Investments Limited

50 South Capital Advisors, LLC

Belvedere Advisors LLC

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**Table of Contents** 

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| | | |
|:---|:---|:---|
| **I.** | **Introduction** | **7** |
| **A.** | **General Principles** | **7** |
| **II.** | **Scope of the Code** | **8** |
| **A.** | **Who is Subject to the Code?** | **8** |
| **B.** | **What Accounts are Subject to the Code?** | **9** |
| **C.** | **What are Discretionary (Managed Accounts)?** | **10** |
| **D.** | **Where can my Covered Accounts be Held?** | **10** |
| **E.** | **What Securities are Subject to the Code?** | **11** |
| **III.** | **Personal Securities Transactions - Restrictions** | **11** |
| **A.** | **Initial Public Offerings** | **12** |
| **B.** | **Limited Offerings** | **12** |
| **C.** | **Client Accounts and Affiliated Funds** | **12** |
| **D.** | **Blackout Periods** | **12** |
| **E.** | **Holding Period** | **13** |
| **F.** | **Pre-Clearance** | **13** |
| **G.** | **Prohibited Trading** | **13** |
| **H.** | **Trading in Northern Trust Corporation Securities** | **14** |
| **IV.** | **Compliance Procedures** | **14** |
| **A.** | **Pre-Clearance** | **14** |
| **B.** | **Initial and Annual Holdings Reporting** | **15** |
| **C.** | **Covered Account Reporting** | **15** |
| **D.** | **Quarterly Transaction Reporting** | **16** |
| **E.** | **Certifications of Compliance** | **16** |
| **F.** | **Reporting Violations** | **17** |
| **V.** | **Standards of Business Conduct** | **17** |
| **A.** | **Compliance with Laws and Regulations** | **17** |
| **B.** | **Insider Trading** | **18** |
| **C.** | **Gifts and Entertainment** | **18** |
| **D.** | **Political Contributions and Pay-to-Play** | **18** |
| **E.** | **Confidentiality** | **18** |
| **F.** | **Outside Employment and Activities** | **18** |

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|:---|:---|:---|
| **VI.** | **Governance** | **19** |
| **A.** | **Oversight** | **19** |
| **B.** | **Sanctions** | **19** |
| **C.** | **Exceptions to the Code** | **19** |
| **VII.** | **Recordkeeping and Administration** | **19** |

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**I.** **Introduction** 

The Code of Ethics (the "Code") has been adopted by Northern Trust Investments, Inc., Northern Trust Global Investments Limited, 50 South Capital Advisors, LLC and Belvedere Advisors LLC (collectively "the Advisors") in compliance with Rule 17j-1(c)(1) of the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"). It has also been adopted by Northern Trust Global Investments Limited in compliance with FCA rules related to personal account dealing.

All persons covered by the Code agree to read, understand, and comply with the Code. You have an obligation to seek guidance or take any other appropriate steps to make sure you understand your obligations under the Code. Any questions relating to this document should be brought to the attention of Asset_Management_Compliance@ntrs.com. On a quarterly basis you will be required to certify in writing your understanding of, and adherence to, the Code (as amended) and your agreement to comply with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Principles** 

The Code establishes general principles governing the conduct of all persons covered by the Code in connection with the Advisors' investment advisory services, as well as procedures to ensure compliance with these general principles. These principles emphasize the Advisors' fiduciary duties to clients and the obligation of persons covered under the Code to uphold these fundamental duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The duty at all times to place the interests of clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The requirement that all personal securities transactions be conducted in such a manner as to be consistent
with the Code and to seek to avoid, manage or mitigate any actual or potential conflict of interest or any abuse of a person's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The principle that no person should take inappropriate advantage of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The fiduciary principle that information concerning the identity of security holdings and financial
circumstances of clients is confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The principle that independence in the investment decision-making process is paramount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The duty to preserve the Advisors' reputation for honesty, integrity and professionalism; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In personal securities investing, individuals should follow a philosophy of investment rather than trading.

**II.** **Scope of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Who is Subject to the Code?** 

All of the following persons are deemed "Access Persons."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors , officers and employees of the Advisors (or other persons occupying a similar status or performing
similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic
information regarding the portfolio holdings of any client account the Advisors or their affiliates manage, or any fund which is advised or sub- advised by the Advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Makes recommendations or investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Has the power to exercise a controlling influence over the management and policies over investment decisions of
the Advisors, or who obtains information concerning recommendations made to a client account with regard to a purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other person who provides investment advice and is subject to the Advisors' supervision and control;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any other persons deemed to be an Access Person by the Advisors' Chief Compliance Officers (e.g.,
consultants, contractors, interns).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What Accounts are Subject to the Code?** 

Covered Accounts include accounts in which Covered Securities can be bought, sold or held. All of the following, if held, are subject to the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts in the name of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accounts of the Access Person's spouse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts of all immediate children or other relatives (by marriage or otherwise) living in the Access
Person's home

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts in which any of the foregoing Access Persons had any beneficial ownership1 interest or over which he
or she can exercise control or investment influence.

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| |
|:---|
| **Covered Accounts Include:**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brokerage Accounts, Investment Club Accounts , Tax Efficient Wrapper Accounts [e.g. self-select Individual Savings Accounts (ISAs) or Child Trust Funds] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IRA and IRA Rollover Accounts or any Pension Plan that has a self-select option with the ability to exercise discretion in Covered Securities [e.g. Self- Invested Personal Pension Accounts (SIPPs)] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee Stock Ownership and Purchase Plan Accounts (ESOPs/ESPPs) held at third party record keepers (e.g. Capita) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust and Investment Management Accounts managed by Northern Trust or third parties exercising discretionary investment authority (e.g. managed accounts) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Northern Fund Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UTMA and UGMA accounts (Uniform Transfers to Minors Act/Uniform Gifts to Minors Act) |

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<sup>1</sup> As defined in §240.16a-1 of the Securities Exchange Act of 1934, "the term beneficial owner shall mean any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities, subject to the following: (i) The term pecuniary interest in any class of equity securities shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities. (ii) The term indirect pecuniary interest in any class of equity securities shall include, but not be limited to: (A) Securities held by members of a person's immediate family sharing the same household; provided, however, that the presumption of such beneficial ownership may be rebutted; (B) A general partner's proportionate interest in the portfolio securities held by a general or limited partnership. (C) A performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; (D) A person's right to dividends that is separated or separable from the underlying securities. Otherwise, a right to dividends alone shall not represent a pecuniary interest in the securities; (E) A person's interest in securities held by a trust, as specified in §240.16a-8(b); and (F) A person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable." 

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|:---|
| **Covered Accounts Do Not Include:**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. based Northern Trust Thrift-Incentive Plan (TIP), Northern Trust Employee Stock Ownership Plan (ESOP), UK All Employee Share Ownership Plan (AESOP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal Savings and Checking Accounts, Defined Contribution Plans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend Reinvestment Plan (DRIP) Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 529 College Savings Plans, Health Savings Accounts (HSAs) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual fund only accounts that can only hold shares of open-end mutual funds registered under the 1940 Act or UCITS (Undertakings for the Collective Investment in Transferable Securities) funds that are not advised or sub-advised by the Advisors or their affiliates |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What are Discretionary (Managed) Accounts?** 

Any accounts over which the Employee has no direct or indirect influence or control, such as an account managed by an investment advisor on a discretionary basis.

Evidence that this arrangement is in place must be provided to the local compliance team and uploaded into MyCompliance. Once such evidence is provided, quarterly disclosure of holdings within the account is not required. The Access Person must immediately disclose to Compliance if at any future point the Employee has direct or indirect influence or control over the Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Where can my Covered Accounts be Held?** 

All U.S. based Access Persons must maintain their Covered Accounts at a designated broker as set forth in the Corporate Partner Passport intranet page.

Non U.S. based Access Persons do not have a designated broker requirement for Covered Accounts. For Access Persons based in Hong Kong, it is a requirement to notify and request approval from the local compliance team before new accounts are opened. Please submit a request by email to AM_APAC_Risk_and_Compliance@ntrs.com.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **What Securities are Subject to the Code?** 

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| |
|:---|
| **Covered Securities<sup>2</sup> Include:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any stock, bond, future, investment contract or any other instrument that may be considered a security |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities and indexes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited Offerings (e.g., private placements, private equity funds, hedge funds, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end mutual funds and unit investment trusts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proprietary open-end mutual funds registered under the 1940 Act (e.g. Northern Funds, etc.),except money market funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities issued by Northern Trust Corporation (including NTRS incentive awards e.g., option grants, restricted stock units) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-tradedfunds registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proprietary non-U.S. unit investment trusts and Proprietary non-U.S. investment funds (e.g. Northern Trust proprietary UCITS) |

---

---

| |
|:---|
| **Covered Securities Do Not Include:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the sovereign governments, including but not limited to those of the United States and United Kingdom (e.g., treasury securities) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers acceptances, bank certificates of deposit, commercial paper and high quality short- term debt obligations, including repurchase agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by registered money market funds including those registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-Proprietary open-end mutual funds registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end mutual funds registered under the 1940 Act that are not advised or sub-advised by the Advisors or their affiliates |

---

<sup>2</sup> As defined by Section 202(a)(18) of the Investment Advisers Act of 1940, "'Security' means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ''security'', or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoin 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Personal Securities Transactions - Restrictions** 

Access Persons must comply with the following restrictions regarding personal securities transactions in Covered Accounts.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 11.0 | ![LOGO](g383381footer002.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Public Offerings** 

Access Persons are prohibited from acquiring any securities in an initial public offering without pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Limited Offerings** 

Access Persons must separately pre-clear through MyCompliance any buy or sell of a "limited offering" (e.g., private placements, private equity funds, hedge funds, etc.) as defined in Rule 204A-1of the Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Client Accounts and Affiliated Funds** 

No Access Person shall engage in a securities transaction when the Access Person knows at the time of the transaction that such security is being considered for purchase or sale by the Advisors or their affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blackout Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons are prohibited from buying or selling a Covered Security during the period beginning seven
calendar days before and ending seven calendar days after the day on which a client account has bought or sold that same Covered Security. This does not apply when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A client account buys or sells Covered Securities with a market capitalization above $10 billion or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A client account buys or sells Covered Securities with a market capitalization below $10 billion and the
trading volume of securities traded on behalf of clients is below 0.25% of the thirty day average daily trading volume of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A client account buys or sells a broad based ETF (as identified by the NTAM Risk Department and maintained by the
NTAM Compliance Department) or the trading volume of the ETF traded on behalf of clients is below 0.25% of the thirty day average daily trading volume of that ETF.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 12.0 | ![LOGO](g383381footer002.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Access Person shall purchase or sell any Covered Security for a period of five business days after the
Covered Security has been added to the listing of securities that the Northern Trust Research Department provides guidance on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Access Persons may also be prohibited from transacting in Northern Trust Securities during quarterly earnings
blackout periods as defined in the Northern Trust Corporation Securities Transactions Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons are prohibited from transacting in FlexShares ETFs with low trading volume during the during the
monthly blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access Persons are prohibited from executing a transaction in constituents of NTI Indices during a
reconstitution or indicative optimization of an index as defined in the NTI Self-Indexing Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Holding Period** 

Access Persons are subject to a minimum 60-day holding period for any Covered Security. This period starts on the date a security was purchased (whether or not the individual was an Access Person at the time) or, where no transaction occurred, from the date on which beneficial ownership or entitlement transferred to the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Pre-Clearance** 

The maximum number of shares an Access Persons may transact is limited to the number of shares pre-cleared in MyCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Prohibited Trading** 

Access Persons are prohibited from trading options, futures and derivative securities (e.g. swaps, warrants, etc.) and short-selling Covered Securities. Access Persons should not engage in speculative or excessive trading or execute any transactions intended to raise, lower, or maintain the price of any Covered Security or to create a false appearance of active trading. On a case by case basis, the NTAM Compliance Department may prohibit other transactions in securities where deemed appropriate.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 13.0 | ![LOGO](g383381footer002.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Northern Trust Corporation Securities** 

Access Persons are subject to and must comply with the Northern Trust Corporation Securities Transactions Policy and Procedures and Disclosure Policy.

**IV.** **Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance** 

Access Persons are required to obtain pre-clearance for a transaction in a Covered Security by submitting a request through MyCompliance. For market and limit orders, each approval for a transaction shall be valid on the day approval is received through the following business day financial markets are open for trading. If an order has not been executed in the market at the end of this period, the approval expires and a new request must be submitted.

---

| |
|:---|
| **Exceptions to Pre-Clearance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of Covered Securities in trust and investment management accounts managed by Northern Trust or third parties exercising discretionary investment authority (i.e. managed accounts) approved by the NTAM Compliance Department |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales pursuant to an automatic investment plan, a program in which regular periodic purchases or withdrawals are made automatically in (or from) accounts in accordance with a predetermined schedule and allocation (including a dividend reinvestment plan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of any Non-Proprietary open-end mutual funds registered under the 1940 Act, including money market funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of Non-Proprietary non-U.S. unit investment trusts and Non-Proprietary non-U.S.investment funds. |

---

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 14.0 | ![LOGO](g383381footer002.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initial and Annual Holdings Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons must submit through MyCompliance a report of all holdings of Covered Securities within 10
calendar days of becoming an Access Person and thereafter on an annual basis. The information in the initial holdings report must be current as of a date no more than 45 days prior to the individual becoming an Access Person or the date the annual
holdings report is submitted and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Title and exchange ticker symbol or CUSIP/ISIN number, type of security, number of shares and principal amount
(if applicable) of each Covered Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Name of any broker, dealer or bank with which the Access Person maintains an account in which any securities
are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Covered Account Reporting** 

Access Persons must disclose the following information about any Covered Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of the broker, dealer or bank with which the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date the report is submitted.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 15.0 | ![LOGO](g383381footer002.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Quarterly Transaction Reporting** 

Access Persons must submit a quarterly transaction report through MyCompliance no later than 30 days after the end of each calendar quarter covering all transactions in Covered Securities during the quarter where the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership. The quarterly transaction report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Date of the transaction, the title and exchange ticker symbol or CUSIP/ISIN number, the interest rate and
maturity date (if applicable), the number of shares and the principal amount (if applicable) of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Date the quarterly transaction report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Certifications of Compliance** 

A copy of the Code will be distributed to Access Persons on an initial and quarterly basis no later than 30 days after the end of each quarter. Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They have received, understood and complied with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They have submitted all required reports and have not engaged in prohibited conduct.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 16.0 | ![LOGO](g383381footer002.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting Violations** 

Access Persons must report violations of the Code promptly to the NTAM Compliance Department. Retaliation against any Access Person who reports a violation is prohibited. Access Persons must also comply with the policy requiring reporting violations contained in the Northern Trust Corporation Standards of Conduct.

**V.** **Standards of Business Conduct** 

Behavior that does not meet the proper standards of market conduct and/or which may disadvantage investors or otherwise may manipulate a market for a security may be deemed market abuse/manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

Access Persons must comply with all applicable laws and regulations.

In the case of an investment company registered under the Investment Company Act advised or sub-advised by the Advisers, a security "held by or to be acquired for" is defined as within the most recent 15 days it (1) is or has been held by a client, (2) is being or has been considered by a client or its investment advisers for purchase by the client and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in (1) or (2). Access Persons are not permitted in connection with a security held by or to be acquired for a client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. to defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. to mislead such client, including by making a statement that is untrue or omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. to engage in any act, practice or course of conduct that operates or would operate as a fraud or deceit upon
such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. to engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. to engage in any manipulative practice with respect to securities.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 17.0 | ![LOGO](g383381footer002.jpg) |

---

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| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Insider Trading** 

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information as well as communicating material, nonpublic information to others in violation of the law. Access Persons are subject to and must comply with the Northern Trust Corporation Securities Transactions Policy and Procedures and Disclosure Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Gifts and Entertainment** 

Access Persons are subject to and must comply with the policy on Gifts, Meals and Hospitality from clients or vendors contained in the Northern Trust Corporation Standards of Conduct and NTI Gifts and Entertainment Policy. Access Persons located in or acting for, NTGIL, TNTCHK, or other Northern affiliated entities within EMEA or APAC must consult with the NTAM Compliance Department to follow the requirements set forth in their local policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Political Contributions and Pay-to-Play** 

Access Persons are subject to and must comply with the policies on Political Contributions contained in the Northern Trust Corporation Standards of Conduct and Northern Trust Policy and Procedures Relating to SEC Pay-to-Play Rule (Rule 206(4)-5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Confidentiality** 

Client information is confidential. Access Persons must keep all information concerning clients (including former clients) in strict confidence, including the client's identity (unless the client consents), the financial circumstances, the security holdings and advice furnished to the client by the Advisors.

Access Persons are prohibited from sharing information with persons employed by affiliated entities, except for legitimate business purposes and in accordance with applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Outside Employment and Activities** 

In accordance with the Northern Trust Standards of Conduct an Access Person must obtain approval through MyCompliance to accept outside employment; serve as a director, officer, partner, sole proprietor, consultant, or controlling stockholder of any-for-profit company or entity that is not affiliated with Northern Trust; or serve as an elected or appointed official for any governmental entity, including a school board, village board, zoning board, or otherwise.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 18.0 | ![LOGO](g383381footer002.jpg) |

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| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

**VI.** **Governance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Oversight** 

The Code is governed by the Asset Management Ethics Committee which meets quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Sanctions** 

Failure to comply with the Code may result in any action that the Asset Management Ethics Committee deems appropriate, including but not limited to a warning, fine, unwinding of a transaction, disgorgement and suspension of trading privileges. Code violations may also result in referral to civil or criminal authorities where appropriate. Notwithstanding any sanctions imposed by the Asset Management Ethics Committee, Northern Trust may take additional corporate action up to and including termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to the Code** 

Exceptions to the requirements of the Code may be granted from time-to-time, in the discretion of the Asset Management Ethics Committee, or the NTAM Compliance Department based upon individual facts and circumstances. Such exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

**VII.** **Recordkeeping and Administration** 

The Advisors' compliance departments shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A record of any violation of the Code and any action taken as a result of such violation, for a period of five
years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each report (or broker confirmations and statements provided in lieu thereof) made by an Access
Person for a period of five years from the end of the fiscal year in which the report was made, the first two years in an easily accessible place;

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 19.0 | ![LOGO](g383381footer002.jpg) |

---

------

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| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A list of all Access Persons who are, or within the prior five years have been, required to make reports and a
list of all Access Persons responsible for reviewing such reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of each report furnished to the board of any registered investment company pursuant to the 1940 Act,
describing issues arising under the Code and certifying that the Advisors have adopted procedures reasonably designed to prevent violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of any decision, and the reasons supporting the decision, to approve the acquisition by Access Persons
of securities in initial public offerings and limited offerings, for at least five years after the end of the fiscal year in which the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A record of all written acknowledgements for each Access Person who is currently, or within the past five years
was, required to acknowledge their receipt of the Code and any amendments thereto. All acknowledgements for an Access Person must be kept for the period such person is an Access Person and until five years after the person ceases to be an Access
Person of the Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A record of all written acknowledgements for each Access Person who is currently, or within the past five years
was, required to acknowledge their receipt of the Code and any amendments thereto. All acknowledgements for an Access Person must be kept for the period such person is an Access Person and until five years after the person ceases to be an Access
Person of the Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Code also adheres to The Northern Trust Company's Records Information Management Program, which
governs the retention and destruction of all business records created or received on behalf of firm employees.

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 20.0 | ![LOGO](g383381footer002.jpg) |

---

------

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| | |
|:---|:---|
| ![LOGO](g383381dsp019a.jpg) | ![LOGO](g383381dsp019b.jpg) |

---

As amended: April 1, 2016; July 1, 2017; October 3, 2018; July 1, 2019; April 1, 2020, April 1, 2021

As amended: April 1, 2021 (to incorporate blackout period amendments, pre-clearance of proprietary mutual funds, removal of IPO restriction, and provide additional clarification of prohibited trading)

---

| | | |
|:---|:---|:---|
| ![LOGO](g383381footer001.jpg) | 21.0 | ![LOGO](g383381footer002.jpg) |

---

## Ex-99.Q

**<u>POWER OF ATTORNEY</u>**

WHEREAS, Advisers Investment Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), periodically files amendments to its Registration Statement with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is a Trustee of the Trust.

IT IS THEREFORE RESOLVED, that the undersigned hereby constitutes and appoints Michael V. Wible, Barbara J. Nelligan, Toni M. Bugni, and Troy A. Sheets as attorneys for it and in its name, place and stead, and its capacity as a Trustee, to execute and file any Amendment or Amendments to the Trust's Registration Statement hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the time doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 15th day of December, 2022.

---

| |
|:---|
| /s/ D'Ray Moore |
| D'Ray Moore |
| Trustee |

---

------

**<u>POWER OF ATTORNEY</u>**

WHEREAS, Advisers Investment Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), periodically files amendments to its Registration Statement with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is a Trustee of the Trust.

IT IS THEREFORE RESOLVED, that the undersigned hereby constitutes and appoints Michael V. Wible, Barbara J. Nelligan, Toni M. Bugni, and Troy A. Sheets as attorneys for it and in its name, place and stead, and its capacity as a Trustee, to execute and file any Amendment or Amendments to the Trust's Registration Statement hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the time doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 15th day of December, 2022.

---

| |
|:---|
| /s/ Robert H. Gordon |
| Robert H. Gordon |
| Trustee |

---

------

**<u>POWER OF ATTORNEY</u>**

WHEREAS, Advisers Investment Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), periodically files amendments to its Registration Statement with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is a Trustee of the Trust.

IT IS THEREFORE RESOLVED, that the undersigned hereby constitutes and appoints Michael V. Wible, Barbara J. Nelligan, Toni M. Bugni, and Troy A. Sheets as attorneys for it and in its name, place and stead, and its capacity as a Trustee, to execute and file any Amendment or Amendments to the Trust's Registration Statement hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the time doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 15th day of December, 2022.

---

| |
|:---|
| /s/ Steven R. Sutermeister |
| Steven R. Sutermeister |
| Trustee |

---